Tigo Energy, chairman and CEO of the company, has announced that it plans to lower its inventory by Q1 2024 due to increased inventory levels and significant losses of adjusted EBITDA in Q4 2023. The company experienced order push-outs and cancellations significantly higher than expected, largely due to elevated inventory levels in the channel. In response, Tigo Energy reduced its workforce by 15% and expects the ongoing inventory digestion cycle to be substantially complete by the end of the current quarter of 2024. In FY 2023, revenue totalled US$145.2 million, a 78.6% increase from US$81.3 million in 2022, and adjusted EBTDA in 2023 decreased to US$1 million.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
