[Management View]
Tigo Energy reported a 115% year-over-year revenue increase to $30.6 million for Q3 2025, marking its seventh consecutive quarter of sequential revenue growth. The company highlighted its strategic focus on the U.S. repowering market and a new partnership with EG4 Electronics to drive future growth.

[Outlook]
For Q4 2025, Tigo Energy projects revenue between $29 million and $31 million, with adjusted EBITDA forecasted between $2 million and $4 million. The company anticipates full-year 2025 revenue to range from $102.5 million to $104.5 million. The EG4 partnership is expected to enhance U.S. production capacity starting in Q1 2026.

[Financial Performance]
Revenue for Q3 2025 increased by 115% YoY and 27.3% QoQ. Gross profit margin improved to 42.7% from 12.5% in the prior year. Operating income reached $600,000, reversing a $10.4 million loss from the previous year. Adjusted EBITDA was $2.9 million, up from a loss of $8.3 million.

[Q&A Highlights]
Question 1: Can you elaborate on the improvement in the U.S. market and the EG4 partnership's potential impact in 2026?
Answer: The U.S. market improvement is driven by targeting the repowering segment, which is under-served. The EG4 partnership will initially focus on EG4 but aims to expand production capacity for broader use. Shipments are expected to start in early to mid-Q1 2026.

Question 2: How does the open architecture of your optimizer benefit the repowering market?
Answer: The open architecture allows compatibility with existing installations, making it easy to integrate without replacing entire systems. This flexibility is a competitive advantage in the repowering market.

Question 3: What is the expected output from the EG4 partnership, and can it serve markets outside the U.S.?
Answer: The new U.S. production capacity will initially serve EG4 but is designed for broader applications, including international markets.

Question 4: Can you provide guidance for 2026, particularly regarding seasonality and growth expectations?
Answer: While specific guidance for 2026 is not yet available, the company expects continued growth, with Q4 2025 projected to be flat rather than down. The repowering initiative in North America is expected to provide stability.

Question 5: What drives the repowering trend in the U.S., and are there similar opportunities globally?
Answer: The repowering trend is financially driven, addressing aging systems that need upgrades. This trend is expected to expand globally as more systems age.

Question 6: How is the EG4 partnership being leveraged without additional salesforce investment?
Answer: The partnership utilizes existing commercial channels, leveraging the strengths of both companies without needing additional sales or marketing resources.

[Sentiment Analysis]
Analysts expressed optimism about Tigo Energy's strategic initiatives and growth prospects, particularly in the U.S. market. Management conveyed confidence in maintaining growth and margin stability.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------|---------|---------|
| Revenue | $30.6M | $14.2M |
| Gross Profit Margin | 42.7% | 12.5% |
| Operating Income | $600K | -$10.4M |
| Adjusted EBITDA | $2.9M | -$8.3M |

[Risks and Concerns]
The primary risk is the pending refinancing of $50 million in convertible debt due in January 2026. While discussions are ongoing, no binding agreement has been reached.

[Final Takeaway]
Tigo Energy's Q3 2025 results demonstrate robust revenue growth and a return to profitability, driven by strategic focus on the U.S. repowering market and a new partnership with EG4 Electronics. The company's outlook for Q4 2025 and beyond remains positive, with expectations of continued growth and margin stability. However, the pending refinancing of convertible debt poses a potential risk that needs to be addressed.