Tigo Energy sinks to all-time lows, dragging down solar names, after cutting view
Bilanol
Tigo Energy (NASDAQ:TYGO) -25.2% in Monday's trading after cutting Q3 guidance far below analyst consensus, now seeing revenues of $17M-$18M compared to its prior outlook for $41M-$45M and $43.3M consensus.
Tigo (TYGO) Chairman and CEO Zvi Alon said a "significant" number of customers requested the company delay purchase order deliveries to Q4 or early 2024.
The company said inventory remains elevated, and the order pushouts "reflect the ongoing inventory digestion that our customers are experiencing, along with a general market slowdown affecting our customers in the quarter," and it experienced a "smaller number" of unanticipated purchase order cancellations and returns, which will cause Q3 revenues to come in below the low end of previous guidance.
The news may have hurt bigger solar stocks, including SunPower (SPWR) -4.8%, Maxeon Solar Technologies (MAXN) -4.7%, Sunnova Energy (NOVA) -4.3%, SolarEdge Technologies (SEDG) -4.2%, First Solar (FSLR) -2.3%, but Enphase Energy (ENPH) +0.4%.

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