Tigo Energy, Inc.

Good afternoon. Welcome to Tygo Energy's fiscal third quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Joining us today for Tygo is Zvi Alon, CEO, and Bill Roeschlein, CFO. As a reminder, this call is being recorded. I would now like to turn the call over to Bill Roeschlein, Chief Financial Officer.

Thank you, Operator. We would like to remind everyone that some of the matters we'll discuss on this call, including our expected business outlook, our ability to increase our revenues and become profitable, and our overall long-term growth prospects, expectations regarding the recovery in our industry, including the timing thereof, statements about our demand for our products, our competitive position and market share, our current and future inventory levels and reserves and their impact on future financial results, Inventory supply and its impact on our customer shipments and our revenue and adjusted EBITDA for the fourth quarter of 2024, our ability to penetrate new markets and expand our market share, including expansion in international markets, investments in our product portfolio are forward-looking and as such are subject to known and unknown risks and uncertainties, including but not limited to those factors described in today's press release and discussed in the risk factors section of of our annual report on Form 10-K for the fiscal year ended December 31st, 2023, our quarterly report on Form 10-Q for the fiscal quarter ended September 30th, 2024, and other reports we may file with the SEC from time to time. These risks and uncertainties could cause actual results to differ materially from those expressed on the call. These forward-looking statements are made only as of the date when made. During our call today, we will reference certain non-GAAP financial measures. We include non-GAAP to GAAP reconciliations in our press release furnished as an exhibit to our Form 8K. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. Finally, I would like to remind everyone that this conference call is being webcast. Any recording will be made available for replay at Tygo's investor relations website at investors.tygoenergy.com. With that, I'd like to now turn the call over to Tygo CEO, Vy Alon. Vy?

Thank you, Bill. To begin today's discussion, I will highlight key areas in our recent performance as well as provide some commentary on market trends and conditions. before turning the call over to our CFO, Bill Roschlein. He will discuss our financial results for the quarter in more depth, as well as provide our outlook for the fourth quarter of 2024. After that, I will share some closing remarks before opening the call for questions. Okay, let's get started. Since the fourth quarter of 2023, we have experienced increased quarterly revenue growth in each of the last three quarters of 2024. In addition to benefiting from the improved conditions in the solar industry, we are also gaining market share as illustrated by recent industry data showing Tygo's global DC optimizer market share increasing from 9% in 2022 to 13% in 2023. A key area of focus for us has been within the utility scale market, where we are seeing good success as evidenced by the recent selection of Tygo to deliver more than 97,000 MLP units for Brazil's largest floating system, which includes our newest TS4XO devices. As we shared with you last quarter, The TS4XO is our newest MLP device, which we believe is ideally positioned to address the high-reflection bifacial platform as the one that we're using in Brazil. Meanwhile, we expect to complete the final delivery to our EPC customer this quarter for the previously announced 142 megawatt utility scale project in Spain. We continue to see positive trends coming from this market and have a strong pipeline of opportunities which we hope to talk about in more details in the future. Another key focus area is within our AI software solution, where our PredictPlus AI-based energy consumption and production platform continues to grow with 62,000 meters under management. During the quarter, we signed six new contracts, having a total multi-year contract value of $700,000. Most contracts are for five years, And both new contracts and additional meters enable us to increase our annual recurring revenue, or ARR, which now stands at $1.3 million per year. To give some geographical color on our results, we saw positive sales growth in Czech Republic, Spain, and the United Kingdom during the quarter. We also saw a solid growth sales growth in Puerto Rico and announced a new partnership in Costa Rica, driven by increasing regulatory requirements for rapid shutdown capabilities in Latin America. In this equation, which exhibits some volatility on a quarter-over-quarter basis, we saw some notable sales growth in both Thailand and Australia. Expanding our sales footprint into new markets has been key area and focus for us as we are seeing the benefits. Additionally, these regions I mentioned are helping us offset the sluggish or negative growth we are seeing in some other larger markets, including Germany, Italy, and Netherlands. Bill will have some additional or more details in a minute. Lastly, we welcome Anita Cheng back as our Chief Operating Officer, who originally joined TIGO in 2015 as VP Operation and served as the COO from 2020 to 2023. We are confident that her extensive experience and knowledge of supply chain operations in the industry will make her a key asset in driving operations forward. And with that, I would like to turn to Bill.