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Tigo Energy reported a record revenue of $81.3 million for 2022, marking an 86% increase from $43.6 million in 2021. Gross profit rose by 96% to $24.8 million, improving the gross profit margin to 30%. Despite a net loss of $7.0 million, up from $4.9 million in 2021, adjusted EBITDA improved to $2.5 million. The company ended 2022 with a strong backlog of $96.1 million and successfully entered into a business combination agreement with Roth CH Acquisition IV Co. to go public. Tigo also acquired Foresight Energy to enhance data analytics capabilities.
Tigo Energy, a prominent provider of solar and energy storage solutions, announced its participation in the 35th Annual Roth Conference from March 12-14, 2023, in Laguna Niguel, California. CEO Zvi Alon and CFO Bill Roeschlein will hold one-on-one meetings and a fireside chat on March 13 at 1:30 p.m. PT. Tigo's strategic merger with Roth CH Acquisition IV Co. (NASDAQ: ROCG) was announced on December 6, 2022, with plans to list as Tigo Energy, Inc. under ticker TYGO upon completion. This merger is expected to finalize in Q2 2023, enhancing Tigo's market positioning in solar technology.
Tigo Energy, a leader in solar solutions, has entered a definitive agreement with L1 Energy to issue $50 million in Convertible Notes, aimed at fostering growth and repaying debt. These Notes feature a 5% annual interest rate and a 36-month maturity, with an option for conversion into Tigo stock based on a $550 million valuation. The financing comes alongside a planned merger with Roth CH Acquisition IV Co. (ROCG), which should be completed in Q2 2023, potentially elevating Tigo to public company status under the ticker TYGO.
Roth CH Acquisition IV Co. (NASDAQ: ROCGU) announced that, effective August 31, 2021, holders of its IPO units can separately trade shares of common stock and the associated warrants. The common shares will trade under the symbol 'ROCG,' while the warrants will trade under 'ROCGW.' Units not separated will continue to trade under the symbol 'ROCGU.' This announcement facilitates more flexible trading options for investors, enabling them to separate their ownership interests as desired.
Roth CH Acquisition IV Co. has announced the pricing of its initial public offering (IPO) of 10,000,000 units at $10.00 each. Trading under the ticker symbol ROCGU on Nasdaq will commence on August 6, 2021, with the offering expected to close on August 10, 2021. Each unit consists of one common stock share and a half warrant, with each whole warrant exercisable at $11.50. Roth Capital Partners and Craig-Hallum Capital Group serve as joint book-running managers. A 45-day option for underwriters to purchase an additional 1,500,000 units is also available.