# Tigo Energy, Inc. (TYGO)

> Source: Nexqual · https://nexqual.com/TYGO · data as of 2026-10-23 17:22 UTC · cite as "Nexqual, Tigo Energy, Inc. (TYGO), nexqual.com/TYGO" · informational, not investment advice.

**Price:** USD 1 (+8.31% today) · US market open, as of October 23, 2026 at 17:22 UTC; quotes may be delayed. Prev close 0.93 · day 0.91–1.05 · 52w 0.79–5.33 · market cap $77.0M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $104B, net income $10.0M (0.0% margin), free cash flow -$8.1M (SEC filings).
- Valuation: P/E 7.7x.
- Earnings quality: non-operating income $9.9M vs operating income -$3.1M over the last four quarters; P/E excluding non-operating income ≈762.5x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $1.6M; 5 not under a Rule 10b5-1 plan ($1.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 3.33 (range 3–3.5).
- Total return with dividends: 1Y -59.5% vs S&P 500 +14.4%; 5Y -89.8% vs S&P 500 +77.0%.
- Next earnings: 2026-11-04, EPS estimate USD -0.02, revenue estimate $25.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $81.3B | $145B | $54.0B | $104B | $104B |
| Gross profit | — | $24.8M | $51.3M | -$4.2M | $44.4M | — |
| Operating income | -$416K | -$896K | -$8.3M | -$52.0M | -$4.5M | -$3.1M |
| Net income | -$403K | -$7.0M | -$984K | -$62.7M | -$1.9M | $10.0M |
| EPS (diluted) | — | -$2.71 | -$0.14 | -$1.04 | -$0.03 | — |
| Free cash flow | — | -$17.6M | -$39.3M | -$13.6M | $9.7M | -$8.1M |
| Gross margin | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating margin | — | 0.0% | 0.0% | -0.1% | 0.0% | -0.0% |
| Net margin | — | 0.0% | 0.0% | -0.1% | 0.0% | 0.0% |
| Revenue growth | — | — | +78.6% | -62.8% | +91.7% | — |
| Cash + short-term investments | $803K | $36.2M | $31.2M | $19.9M | — | — |
| Total debt | — | $20.6M | $50.0M | $50.0M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 7.7x · P/E ex non-operating (est.) ≈762.5x · P/S 0.0x · P/B 1.7x · FCF yield -10.56% · Earnings yield 12.95%

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Manor Sagit | Director | 63,500 | $181K | 16.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Conley Joan C | Director | 50,000 | $155K | 18% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Alon Zvi | CEO / Chairperson | 72,057 | $246K | 0.5% | No | Too little history (no open-market trades in 2025) |
| 2026-06-01…2026-06-03 | Alon Zvi | CEO / Chairperson | 214,435 | $786K | 1.3% | No | Too little history (no open-market trades in 2025) |
| 2026-05-26 | Babai Tomer | Director | 63,452 | $263K | 22.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 3.33 (low 3, high 3.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | HC Wainwright & Co. | Target lowered | Buy | $6 → $3.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -59.5% | -89.8% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -59.6% | -36.7% |
| Volatility (annualized) | 104.9% | 85.6% |
| Max drawdown | -84.1% (May 2026→Sep 2026) | -97.1% (Jul 2023→Mar 2025) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.34 +2.46% · ARRY (Array Technologies, Inc.) USD 3.18 -3.64% · CSIQ (Canadian Solar Inc.) USD 9.22 -0.00% · SHLS (Shoals Technologies Group, Inc.) USD 7.6 -1.75% · RUN (Sunrun Inc.) USD 7.55 -2.01% · SEDG (SolarEdge Technologies, Inc.) USD 33.21 +0.82%

## More
Full page: https://nexqual.com/TYGO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TYGO's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1855447/000119312526115952/tygo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Tesla (TSLA) | "The markets for our GO ESS product line and EI Platform are also competitive, and we compete primarily with SolarEdge, Enphase, and Tesla, as well as a number of other companies." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $18.6M | 73.1% | +1.7% |
| Americas | $4.3M | 16.8% | -6.9% |
| Asia Pacific | $2.6M | 10.1% | +113.2% |
| Total revenue | $25.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 11.6% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "Financial Guidance and Full Year 2026 Outlook The Company provides guidance for the third quarter ending September 30, 2026 as follows: ● Revenue is expected to be within the range of $24 million to $26 million . ● Adjusted EBITDA (loss) is expected to be within the range of $(1) million to $0.5 million ."

Analysts expect $25.3M for the current quarter, +1.3% vs the guidance midpoint $25.0M. Source: https://www.sec.gov/Archives/edgar/data/1855447/000121390026085202/ea030030901ex99-1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $0.04 | -154.5% | $25.3M | 3 |
| Next quarter (ends 2026-12-31) | $-0.01 | $0.04 | -128.6% | $27.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.03 | $0.06 | -141.7% | $103.5M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.05 | $0.14 | -133.3% | $119.1M | 3 |