Tigo Energy, Inc.

Good afternoon. Welcome to Tygo Energy's fiscal fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Joining us today from Tygo are Svi Alon, CEO, and Bill Rushline, CFO. As a reminder, this call is being recorded. I will now turn the call over to Bill Rushline, Chief Financial Officer. Please go ahead.

Good afternoon. Welcome to Tygo Energy's fiscal fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Joining us today from Tygo are Zvi Alon, CEO, and myself, Bill Roschlein, CFO. As a reminder, this call is being recorded. We'd like to remind everybody that some of the matters that we discussed on this call include our expected business outlook, our ability to increase our revenues and achieve and maintain profitability, and our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, statements about demand for our products, our competitive position and market share, the impact of tariffs, our current and future inventory levels, charges and reserves, and their impact on future financial results. inventory supply and its impact on our customer shipments, statements about our revenue and adjusted EBITDA for the first fiscal quarter of 2026, and our revenue for the full year fiscal 2026, as well as our ability to penetrate new markets, expand our market share, including expansion in international markets, and investments in our product portfolio are forward-looking. And as such, they're 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 factor section of our most recent annual report on Form 10-K and other reports we may have filed or may file with the SEC from time to time. These risks and uncertainties could cause actual results to differ material from those expressed on this 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 10-8-K. The non-GAAP financial measures 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, and a recording will be made available for replay on Tygo's investor relations website at investors.tygoenergy.com. With that, I'd like to now turn the call over to Tygo CEO, Zvi Alon. Zvi?

Thank you, Bill. To begin today's discussion, I will highlight key areas in our recent financial and operational performance before turning the call over to our CFO, Bill Rochelein. He will discuss our financial results for the fourth quarter in more depth, as well as provide our guidance for the first quarter of 2026 and full year of 2026. After that, I will share some closing remarks, tell you about our outlook, and then open the call for questions from the analysts. I'm pleased to report that we ended 2025 with yet another strong quarter, and that against the backdrop of seasonally slower periods for our industry. During the year, we continuously built on our 2024 results and I'm exceptionally proud of what our team here at Tygo has accomplished in 2025. Beginning with achieving $103.5 million in revenue, representing annual year-over-year growth of 91.7%. Moving to the fourth quarter of 2025, we reported total revenue of $30 million, A 73.8% increase over the 17.3 million in revenue was reported in Q4 of 2024. During the quarter, we shipped 744,567 megawatts of MLPE. During the total MLPE, the total ship to customers is 2.7 million units. for the year. I will also note that our optimizer unit volume outgrew that of our main competitor in this space, indicative of the market share gains we achieved in 2025. Turning now to our geographical results, we saw continued sequential growth in several countries within the EMEA and america's region during the fourth quarter which comprised 60.3 and 30.8 respectively of our quarterly revenue by country we performed exceptionally well again in the uk which grew 72.3 percent sequentially and in the u.s which grew 24.4 percent sequentially these results were offset by seasonal softness in Germany and Italy, and lower revenue from Eastern Europe, specifically the Czech Republic and Poland. An unusually cold weather pattern this year has significantly impacted the solar installations. While the environment has improved lately, we do expect some lingering effects to spill into our first quarter of 2026 revenue, expectation. Within the APAC region, we saw renewed growth as revenue more than doubling sequentially with particularly strong results in Australia. Looking ahead, we're excited about a number of growth drivers that we believe will propel continued growth in 2026 and beyond. In the US market, we have a number of initiatives in play. We have now established a domestic contract manufacturing operation in the U.S. that allows us to provide, to produce 45X qualified domestic content and FEOC compliant MLP to support our U.S. customers and our EG4 partnership. Initial deliveries are scheduled for May and we believe that our combined optimized inverter product will be well received by the market. In addition, we also see continued growth in our re-power initiative and expect further growth in this area in 2026. Finally, we recently announced our new GO battery for the U.S. market, featuring 5 to 30 kilowatt hours capacity in 5 kilowatt hour modules and 11.4 kilowatt hour optimized output, continuous output. We expect this new battery to further enhance upsell opportunities and produce additional growth for us in the U.S. market. In EMEA and APAC regions, we have witnessed some competitors reducing their physical footprint in the market. We expect to benefit from this dynamic as the year progresses, and we are currently making investments in this area. Finally, we continue to push the envelope technologically and have a robust pipeline of new product introductions in the three market segments we serve, mainly MLPE, energy storage, solutions and AI-driven software solutions that we look forward to updating investors as the year progresses. I would like to close by stating that we achieved an important milestone during the fourth quarter of 2025 by eliminating our $50 million convertible promissory note ahead of its January 2026 maturity. This allowed us to end the year with no outstanding debt maturities, remove $2.5 million in annual interest payments obligations, strengthen our balance sheet and capital structure, and set us up to success in 2026. And with that, I will turn it over to Bill.