Start here if you're new
what it is
It makes solar hardware and software that help panels work better, shut down safely, and cost less to run.
how it gets paid
FY 2025 Tigo Energy made ~$103.5M in revenue (+91.7% YoY). MLPE/hardware is the bulk of the mix; segment rows below are scaled to that FY total (see Feb 24, 2026 release).
what just happened
Q4 2025 revenue was $30.0M; net income was $11.7M but included a ~$14.6M gain on sale of intangible assets— read GAAP vs. operating trends separately.
At a glance
C+ balance sheet — struggling to keep the lights on
FY 2025 basic EPS ~$(0.03)
FY 2025 revenue ~$103.5M
Q4 2025 operating income ~$0.3M
1.3 beta
xvary composite: 29/100 — weak
What they do
It makes solar hardware and software that help panels work better, shut down safely, and cost less to run.
MLPE (module-level power electronics → panel-by-panel control → fewer headaches) sits inside the solar system, so ripping it out is a project. Your installer learns one stack, not a pile of vendors. In February 2026, installers logged 1,500 Green Glove engagements, which is what sticky looks like in a boring industry.
How they make money
~$103.5M
FY 2025 revenue · +91.7% YoY (company release)
Flex MLPE and optimizers
~$46.6M
Inverters
~$20.7M
Cloud software and monitoring
~$15.5M
Battery storage systems
~$12.5M
Service and other
~$8.2M
The products that matter
solar optimization hardware
Module-Level Power Electronics (MLPE)
~$93.2M · roughly 90% of revenue
it's the center of gravity. using the current revenue mix, MLPE contributes about $93.2M of the $103.5M total, which means your investment case still rides on hardware volumes.
main revenue driver
solar monitoring software
Tigo Energy Intelligence (TEI)
~$10.3M · roughly 10% of revenue
software and services are only about $10.3M today. that's the cleaner-margin piece investors want, but right now it's still a side business.
small but strategic
residential energy storage
GO Battery
2026 launch
management tied its 26–30% 2026 growth target to new products like this. that makes GO Battery less of a nice add-on and more of an execution test.
2026 bet
Key numbers
~$(0.03)
FY 2025 basic EPS
~$103.5M
FY 2025 revenue
42.8%
FY gross margin
FY 2025 gross profit was ~42.8% of revenue; Q4 2025 was ~44.5% (company release).
n/a
dividend yield
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2M (1% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for TYGO right now.
source: institutional data · return history unavailable
What just happened
Q4 + FY25 print
Q4 2025 revenue $30.0M (+73.8% YoY); basic EPS $0.17 (net income included a ~$14.6M intangible sale gain).
FY 2025 revenue ~$103.5M (+91.7%); net loss ~$(1.9)M; basic EPS ~$(0.03). The company repaid a $50M convertible note in Q4 and guided FY 2026 revenue ~$130–$135M.
$30.0M
Q4 2025 revenue
$0.17
Q4 basic EPS
44.5%
Q4 gross margin
the number that mattered
Separating the ~$14.6M intangible gain from run-rate operations— otherwise you mistake a GAAP print for a clean operating inflection.
source: Tigo Energy Q4/FY 2025 release (Feb 24, 2026) · investors.tigoenergy.com
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What could go wrong
Your top risk is failing to sustain post-rebound solar equipment demand. Tigo just printed a big recovery year. Now it has to prove 2025 was the start of a business trend, not a bounce.
med
Enphase still sets the competitive temperature
Enphase holds more than 50% of the U.S. market in the category Tigo is trying to win. Tigo's 44.5% Q4 gross margin is respectable. It does not change who has scale.
If pricing tightens or channel demand weakens, a smaller player feels it first. That's what happens when your rival has the installed base and the brand.
med
The 2026 guide is now part of the valuation
Management guided to 26–30% revenue growth after 91.7% growth in 2025. That's the new bar. The stock does not need hypergrowth. It does need the rebound to keep looking real.
A miss would matter because this is only a $259M company. When the market cap is that small, credibility can move faster than revenue.
med
Thin financial cushion
The long-term debt figure is only $2M, which sounds comforting. The balance sheet grade is still C+, the risk rank is 5, and price stability is 5 / 100. That's a reminder that low debt and low risk are not the same thing.
If growth slows, the market will focus on funding flexibility again. Small-cap turnarounds rarely get the benefit of the doubt twice.
You own a $259M company with $103.5M of revenue, a still-fragile balance sheet, and a thesis that depends on 26–30% growth holding after a 91.7% rebound year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
revenue follow-through
Can growth stay inside the 26–30% target
2025 revenue jumped 91.7% to $103.5M. The next question is simpler: can Tigo deliver a second year that still looks like a real expansion, not a payback period.
q1 2026 earnings
First scorecard on the post-rebound year
This should be the first hard read on whether demand stayed healthy after the Q4 print. For a turnaround, one quarter can reset the tone fast.
gross margin
See if 44.5% was a level or a peak
Margin is the quiet part here. If it holds near 44.5% while revenue grows, the business quality argument gets stronger. If it slips, this reverts to a volume story.
go battery launch
New product execution has to show up in sales
GO Battery is part of the 2026 growth plan. If the launch lands softly, the company has fewer ways to support the next leg of the turnaround.
Analyst rankings
coverage depth
thin
This is a lightly followed small cap. In human-speak, you are not getting the comfort blanket of broad Wall Street coverage.
earnings outlook
51.4%
Analysts forecast 51.4% annual EPS growth. You're supposed to hear the caveat too: that growth is coming from a weak earnings base.
risk profile
high
A 1.3 beta, 5 / 100 price stability, and a 29 / 100 composite score all say the same thing. This name trades like a speculative turnaround.
source: institutional data
Institutional activity
institutional ownership data for TYGO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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