[Form 4] MillerKnoll, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Tigo Energy (Nasdaq: TYGO) Q2 2025 10-Q highlights

• Revenue surged 89% YoY to $24.1 m (H1 25: $42.9 m, +91%), driven largely by EMEA (76% of quarterly sales).
• Gross margin expanded to 44.7% (30.4% prior-year), lifting gross profit to $10.8 m.
• Operating expenses were flat at $12.3 m, shrinking operating loss to $1.5 m vs. $8.4 m.
• Net loss narrowed to $4.4 m (-$0.07/sh) from $11.3 m (-$0.19/sh); H1 loss cut 50% to $11.4 m.
• Positive operating cash flow of $7.2 m (vs. -$12.9 m) helped fund working-capital needs.
• Balance sheet remains tight: cash & equivalents $10.2 m, marketable securities $17.8 m, but $45.0 m convertible note becomes current; total current liabilities $68.0 m exceed current assets, producing -$7.7 m working-capital deficit.
• Stockholders’ equity fell to $1.7 m from $8.4 m; company added 1.8 m shares mainly via ATM ($1.0 m net) and equity compensation.
• Management issued a going-concern warning; refinancing or additional capital is needed before the note’s 9 Jan 2026 maturity.
• Key risks disclosed: tariff exposure on Thailand/China sourcing, potential Nasdaq listing issues, FEOC/domestic-content rules under new U.S. tax law.

Bottom line: Strong top-line growth and margin improvement, but liquidity stress and looming debt maturity dominate the investment view.

Positive

• Revenue growth of 89% YoY and 91% YTD demonstrates strong product demand rebound.
• Gross margin expanded to 44.7%, indicating improved pricing and cost controls.
• Operating cash flow turned positive at $7.2 m versus a $12.9 m outflow last year.
• Operating loss narrowed by 82%, showing early operating leverage.

Negative

• Going-concern warning due to $50 m convertible note maturing 9 Jan 2026 and limited liquidity.
• Negative working capital of $7.7 m and equity nearly wiped out at $1.7 m.
• Interest expense remains high at $2.9 m for the quarter, pressuring net results.
• Regulatory/tariff exposure on Thailand and China supply chain could inflate costs.

Insights

Equity Research Analyst

TL;DR – Growth impressive, liquidity fragile; equity story hinges on refinancing.

Revenue nearly doubled and gross margin jumped 1,430 bps, validating TYGO’s product demand rebound, especially across Europe. Operating leverage emerged: opex flat, yielding a 6-point narrower operating margin (-6%). H1 operating cash generation is encouraging after last year’s burn. However, only $28 m of cash & near-cash contrasts with a $50 m note coming due in 18 months. Equity dilution has been modest so far, but more capital raises seem inevitable. Without clarity on refinancing, valuation will likely stay depressed despite improving P&L trends.

Credit Risk Analyst

TL;DR – Debt cliff and negative working capital flag elevated default risk.

The $50 m convertible note (5%, due Jan-26) now sits in current liabilities, pushing leverage to >3× annualised gross profit and leaving equity at $1.7 m. Cash covers only 20% of the note; operating cash flow alone cannot amortise the obligation. The going-concern disclosure, combined with tariff and FEOC uncertainty, suggests a heightened probability of covenant breach or restructuring. Unless management secures a refinancing within the next 12 months, creditors face increasing loss-given-default exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Propst Debbie F

(Last) (First) (Middle)

855 EAST MAIN AVENUE

P.O. BOX 302

(Street)

ZEELAND MI 49464

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MILLERKNOLL, INC. [ MLKN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President Global Retail

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	08/01/2025		M		4,632	A	$0.0	47,457.6545	D
Common Stock	08/01/2025		F		2,386.138	D	$18.21	45,071.5165	D
Common Stock(1)	08/01/2025		M		5,391	A	$0.0	50,462.5165	D
Common Stock	08/01/2025		F		2,668.522	D	$18.21	47,793.9945	D
Common Stock(2)	08/01/2025		A		682	A	$0.0	48,475.9945	D
Common Stock	08/01/2025		F		316.039	D	$18.21	48,159.9555	D
Common Stock(2)	08/01/2025		A		979	A	$0.0	49,138.9555	D
Common Stock	08/01/2025		F		453.669	D	$18.21	48,685.2865	D
Common Stock(2)	08/01/2025		A		2,045	A	$0.0	50,730.2865	D
Common Stock	08/01/2025		F		947.654	D	$18.21	49,782.6325	D
Common Stock(2)	08/01/2025		A		1,208	A	$0.0	50,990.6325	D
Common Stock	08/01/2025		F		559.788	D	$18.21	50,430.8445	D
Common Stock(2)	08/01/2025		A		741	A	$0.0	51,171.8445	D
Common Stock	08/01/2025		F		343.38	D	$18.21	50,828.4645	D
Common Stock(2)	08/01/2025		A		181	A	$0.0	51,009.4645	D
Common Stock	08/01/2025		F		83.876	D	$18.21	50,925.5885	D
Common Stock(2)	08/01/2025		A		523	A	$0.0	51,448.5885	D
Common Stock	08/01/2025		F		242.359	D	$18.21	51,206.2295	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	08/01/2025		M			4,632	(4)	(4)	Common Stock	4,632	$0.0	59,447	D
Restricted Stock Units	(3)	08/01/2025		M			5,391	(4)	(4)	Common Stock	5,391	$0.0	54,056	D

Explanation of Responses:

1. The Number of Derivative Securities Beneficially Owned Following Reported Transaction reflected in Table I of this form includes dividend equivalent units reinvested in the corresponding vesting RSUs, which satisfies the exemption of Rule 16b-2.

2. Shares issued August 1, 2025 pursuant to Performance Share Units granted on July 12, 2022 under the Company's 2020 LTIP.

3. Each restricted stock unit represents a contingent right to receive one share of MLKN common stock.

4. The restricted stock units are subject to a three-year vest schedule, vesting 25% at year one, 25% at year two, and 50% at year three. Vesting is on August 1 of each respective year.

	By: Jacqueline H. Rice For: Debbie F. Propst	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did Tigo Energy (TYGO) grow revenue in Q2 2025?

Net revenue rose 89% year-over-year to $24.1 million.

What is TYGO's cash position and upcoming debt maturity?

Cash and equivalents were $10.2 m; a $50 m convertible note matures on 9 Jan 2026.

Did Tigo Energy achieve positive cash flow?

Yes, operating cash flow was $7.2 m for the first six months of 2025.

Why did the company issue a going-concern warning?

Management lacks sufficient liquidity to repay or refinance the $50 m note, creating substantial doubt about continuing operations.

What was TYGO’s loss per share for Q2 2025?

Basic and diluted loss per share was $0.07, an improvement from $0.19 last year.

Which region drove most of TYGO’s sales?

The EMEA region contributed 76% of Q2 2025 revenue.