Tigo Q3 Revenue Falls 21.5% to $24 Million as US Sales Halve

• Tigo Energy's third-quarter revenue fell 21.5% from a year earlier to $24.0 million, with US revenue down 51.4%.
• The optimizer maker shipped 517 MW of MLPE, and gross margin rose to 46.2%; the quarter included a $0.8 million tariff refund.
• Tigo guided Q4 revenue to $20–22 million and cut its 2026 outlook to $95–97 million.

Tigo Energy's revenue fell 21.5% from a year earlier to $24.0 million in the third quarter, as US sales halved and Europe recovered only gradually, the Los Gatos, California-based maker of solar optimizers said on Nov. 4. It guided fourth-quarter revenue to $20 million to $22 million.

Tigo shipped 698,000 units, or 517 MW, of module-level power electronics (MLPE), which brought in $22.1 million, or 92% of revenue. US revenue fell 51.4% year on year as the market adjusts to the end of the Section 25D residential tax credit, CEO Zvi Alon said in a statement. EMEA, at 76.5% of sales, declined 14.8%. The Czech Republic and Germany, its two largest markets, each made up about a fifth of revenue.

Gross margin rose to 46.2% from 42.7%. The quarter included a $0.8 million tariff refund for prior periods and $0.4 million of bad debt expense. GAAP net income was $0.4 million, against a $2.2 million loss a year earlier.

The quarter in numbers

• $24.0 million in revenue, the bottom of the $24 million to $26 million range Tigo guided in August.
• 5.4% lower revenue than the $25.4 million of the second quarter (list.solar calculation).
• 517 MW of MLPE shipped, down from 527 MW in the second quarter.
• About 4.3 cents of MLPE revenue per watt shipped (list.solar calculation).
• $21 million at the midpoint of fourth-quarter guidance, 12.6% below third-quarter revenue (list.solar calculation).
• $95 million to $97 million of 2026 revenue now expected, down from $100 million to $110 million in August.
• $16.8 million in cash at Sept. 30, up from $7.7 million at the end of 2025.

Among larger rivals, Enphase posted third-quarter revenue of $293.3 million, down 28.5% from a year earlier, while SolarEdge reported $326.1 million, down 4.1%.

Revenue from Tigo's GO ESS batteries fell 58.6% to $1.3 million. APAC grew 56.3%, led by Australia. Tigo also sells cloud-based monitoring software alongside its inverter and optimizer hardware.

"In 2027, we plan to invest in growing markets where we are already succeeding, such as Eastern Europe and Australia, to expand our market share," Alon said.

Tigo booked about $0.8 million from shipments to an unnamed optimized inverter partner. The partner's delayed launch may affect the timing of future orders, the company said. Tigo expects a fourth-quarter adjusted EBITDA loss of $1.5 million to $3.0 million.