• Intel for solar energy systems
• Honeywell for solar and battery energy management

• Flex MLPE (Module Level Power Electronics): These smart hardware products maximize solar performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level.
• Solar Optimizer Technology: This technology is combined with MLPE to enhance safety, increase energy yield, and lower operating costs of solar systems.
• Cloud-based Software for Energy Monitoring and Control: This intelligent software provides capabilities for energy system monitoring and control.
• Inverters: These hardware products convert solar-generated DC electricity to AC electricity for residential solar-plus-storage systems.
• Battery Storage Systems: These hardware products store energy for residential solar-plus-storage applications.

Based on the provided company description, Tigo Energy (TYGO) primarily sells its products and solutions to other companies (B2B) rather than directly to individual consumers.

The company develops and manufactures smart hardware and software solutions, including Flex MLPE (Module Level Power Electronics), solar optimizer technology, inverters, and battery storage systems. These products are designed to enhance safety, increase energy yield, and lower operating costs when integrated into residential, commercial, and utility-scale solar systems.

As such, Tigo Energy's major customers would typically be other companies involved in the solar energy value chain, such as:

• Solar Installers and Contractors: Companies that design, procure, and install complete solar energy systems for homes, businesses, and industrial facilities.
• Solar System Integrators and Developers: Businesses that develop large-scale solar projects, combining various components into full commercial or utility-scale power plants.
• Solar Equipment Distributors: Wholesalers that supply solar components, including Tigo's optimizers, MLPEs, and inverters, to installers and system integrators.
• Other Solar Equipment Manufacturers: Companies that might integrate Tigo Energy's specialized components, like MLPEs or optimizers, into their own solar panel or inverter offerings.

The provided background information does not identify specific major customer companies by name or include their stock symbols.

• Flex Ltd. (FLEX)
• Wistron Corporation (3231)
• Hon Hai Precision Industry Co., Ltd. (2317)

Zvi Alon, Chief Executive Officer and Chairman

Zvi Alon has over 30 years of business experience as an executive, partner, and advisor to various venture capital groups in high tech, clean tech, and real estate. He has served as chairman, chief executive, president, and founder of several companies, with two (NetManage in the US and NetVision in Israel) having IPO'ed into the public market. He led NetManage, Inc. through its growth and sale in 2008. He is the Founder and Chairman of the California Israel Chamber of Commerce (CICC) and a Co-Founder of the California Israel Angels (CIA). Since 2014, he has also been Chairman of Business Intelligence Associates, Inc., a private eDiscovery firm.

Bill Roeschlein, Chief Financial Officer

Bill Roeschlein leads Tigo's Legal, HR, IT, and Finance teams and played a key role in the company's private to public transition via de-SPAC in 2023. Prior to joining Tigo, he served as CFO for two public companies, Perceptron and Intermolecular, where he enhanced operating profitability and oversaw cross-border M&A acquisitions. He also previously served as Chief Financial Officer at Nanosys, Inc., where he led its most recent financing, and at Perceptron, Inc., where he managed the M&A sale and integration process to Atlas Copco. His early career included financial planning and audit roles at Coopers & Lybrand, Hewlett-Packard, and Asyst Technologies.

Anita Chang, Chief Operating Officer

Anita Chang is responsible for leading Tigo's product delivery and fulfillment obligations globally. She brings over 17 years of experience in global Sales, Engineering, Quality Assurance, Product Management, and Supplier Management across diverse industries. Her previous leadership positions include roles at TE Connectivity, Quanta Storage Inc., and Taiwan Video & Monitor Corp.

Jing Tian, Chief Growth and Revenue Officer

Jing Tian is responsible for spearheading Tigo's strategic growth initiatives, driving revenue generation, and scaling the company's business worldwide.

James (JD) Dillon, Chief Marketing & Customer Experience Officer

Here are the key risks to Tigo Energy's business:

1. Challenges in Achieving and Sustaining Profitability and Financial Health: Tigo Energy has faced significant financial challenges, including negative operating and net margins, which indicate operational inefficiencies and substantial losses relative to revenue. The company has historically struggled with liquidity and a high debt-to-equity ratio, though recent efforts have been made to strengthen the balance sheet by eliminating convertible notes. Despite demonstrating strong revenue growth, the ability to consistently achieve and maintain profitability remains a critical risk, with uncertainties surrounding future earnings expectations.
2. Intense Competition and Rapid Technological Evolution in the Solar Industry: Tigo Energy operates within a highly competitive and rapidly evolving solar and energy storage market. The company is constantly exposed to swift technological advancements, pricing pressures, and the need for continuous innovation. Maintaining and expanding market share against larger, more established players presents an ongoing and significant challenge. The company's ability to sustain its competitive edge and profitability in this dynamic landscape is crucial.
3. Dependence on Government Policies, Subsidies, and Regulatory Landscape: The solar industry is heavily influenced by government regulations, economic incentives, and policy shifts. Changes in these areas, such as alterations to government subsidies, tax incentives for solar energy solutions, or the imposition of trade tariffs, can directly and materially impact Tigo Energy's operations, market demand for its products, and overall financial performance.

Tigo Energy (NASDAQ: TYGO) operates in several growing addressable markets globally for its intelligent solar and energy storage solutions.

Module Level Power Electronics (MLPE) and Solar Optimizers

The global Module Level Power Electronics (MLPE) market, which includes solar optimizers, was valued at approximately $3.1 billion in 2024 and is projected to reach $10.7 billion by 2033. Another estimate places the global MLPE market at $5.82 billion in 2025, with a projected growth to $15.36 billion by 2033. Specifically, the global solar power optimizer market was valued at approximately $1.75 billion (US$ 1752 million) in 2025 and is anticipated to reach around $3.15 billion (US$ 3147 million) by 2032.

Intelligent, Cloud-Based Software for Energy Monitoring and Control

The global solar monitoring software market was valued at approximately $1.2 billion in 2024 and is expected to grow to about $3.7 billion by 2033. Other estimates for the global solar software market, which includes monitoring and control, show a valuation of approximately $1.5 billion in 2023, projected to reach around $3.8 billion by 2032. Another source projects the global Solar Monitoring Software market to reach approximately $5.5 billion (USD 5,500 million) by 2025.

Inverters for the Residential Solar-Plus-Storage Market

The global residential solar PV inverter market was estimated at $4.2 billion in 2024 and is projected to grow from $4.5 billion in 2025 to $7.6 billion in 2034. Other reports indicate the residential solar PV inverter market size was $5.35 billion in 2025 and is expected to reach $7.34 billion by 2030.

Battery Storage Systems for the Residential Solar-Plus-Storage Market

The global residential battery market size was valued at $14.86 billion in 2023 and is expected to reach $61.33 billion in 2032. Another estimate for the global residential energy storage market values it at $13 billion. For Residential Battery Energy Storage Systems (BESS), the market was valued at $9.83 billion in 2025 and is expected to reach $30.96 billion by 2033. More broadly, the global residential battery market size is estimated at $26.02 billion in 2026 and is expected to reach $57.93 billion by 2031.

Tigo Energy (TYGO) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Expansion of Energy Storage and Software Solutions: The introduction of new products, such as the GO Battery for the U.S. market, is anticipated to enhance upsell opportunities and contribute significantly to growth in the rapidly expanding solar-plus-storage sector. Tigo Energy is also expanding its technology platform to include broader energy storage systems and "AI-driven software solutions" aimed at boosting sales in 2026 and beyond. Furthermore, new software for active commissioning is expected to support installers with both basic and advanced solar-plus-storage configurations.
2. Strategic Partnerships and U.S. Manufacturing: A key partnership with EG4 Electronics for the domestic manufacturing of optimized inverters and Module Level Power Electronics (MLPE) in the United States is expected to drive revenue. This initiative supports the production of U.S. domestic content-compliant MLPE and enhances product availability for installers.
3. Continued Market Share Gains: Tigo Energy has demonstrated market share gains, with its optimizer unit volume outgrowing its main competitor in 2025. Management anticipates that the company will continue to outpace its competitors, especially as some competitors reduce their physical footprint in key regions like EMEA and APAC, which is expected to benefit Tigo.
4. Growth in the Solar Repowering Market: The increasing adoption of repowering solutions, which involve upgrading aging solar installations with modern electronics, is identified as a significant driver. With over one million residential solar systems in the U.S. exceeding ten years in age, the inverter replacement market presents a rapidly expanding opportunity for Tigo's Inverter Power Output Control (IPOC) and other solutions that facilitate system updates.
5. Geographic Expansion and Increasing International Demand: Tigo Energy is experiencing expanding demand across various international markets, including EMEA, the Americas, and APAC. The company has achieved certification for its EI Residential solar-plus-storage solution with Romanian grid operators, marking a significant market expansion in Europe. Strong performance in the U.S. and sequential growth in several other countries are also contributing factors, alongside expected market growth opportunities in regions like Italy.

Share Issuance

• Tigo Energy completed a registered direct offering in February 2026, selling 5 million shares of common stock at $3.00 per share, which generated gross proceeds of approximately $15 million intended for general corporate and working capital purposes.
• In connection with its business combination on May 23, 2023, Tigo issued 56,326,024 new shares of common stock to holders of Legacy Tigo common stock and an additional 118,021 shares.
• The company's outstanding common shares increased to 70.3 million in fiscal year 2025 from 60.76 million in fiscal year 2024, reflecting a 15.69% year-over-year dilution.

Inbound Investments

• Institutional investors participated in Tigo Energy's $15 million registered direct offering in February 2026.
• As of Q3 2025, institutional investors and hedge funds owned approximately 15.72% of Tigo Energy's stock, with Vanguard Group Inc. significantly increasing its holdings and other firms like Hillsdale Investment Management Inc., GSA Capital Partners LLP, and JPMorgan Chase & Co. acquiring new stakes.

Capital Expenditures

• Tigo Energy's capital expenditures were approximately $1.3 million in 2024.