Tigo Energy Inc (TYGO) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to Tigo Energy's fiscal third quarter 2025 earnings conference call. (Operator Instructions). Joining us today from Tigo's are Zvi Alon, CEO, and Bill Roeschlein, CFO. As a reminder, this call is being recorded.

午安.歡迎參加Tigo Energy 2025財年第三季業績電話會議。（操作說明）今天我們邀請到了 Tigo 公司的執行長 Zvi Alon 和財務長 Bill Roeschlein。再次提醒，本次通話正在錄音。

I would now like to turn the call over to Bill Roeschlein, Chief Financial Officer. You may begin.

現在我將把電話交給財務長比爾·羅施萊因。你可以開始了。

Thank you, operator, and it's a pleasure to join you today. Also, with us Zvi Alon our CEO. I'd like to remind everyone that some of the matters we'll discuss on this call, including our expected business outlook, our ability to increase our revenues and become profitable in our overall long-term growth prospects.

謝謝接線員，很高興今天能為您服務。此外，我們的執行長 Zvi Alon 也和我們在一起。我想提醒大家，我們將在本次電話會議上討論的一些事項，包括我們對業務前景的預期、我們提高收入和實現盈利的能力，以及我們整體的長期成長前景。

Expectations regarding recovery in our industry, including the timing thereof, statements about our demand for our products, our competitive position and market share, the impact of tariffs and our current and future inventory levels, charges and reserves, and their impact on future financial results, inventory supply and its impact on our customer shipments, statements about the recovery of the solar industry, statements about our revenue adjusted for the fourth quarter of fiscal 2025.

對我們行業復甦的預期，包括復甦的時間；關於我們產品需求的聲明；關於我們競爭地位和市場份額的聲明；關稅的影響以及我們當前和未來的庫存水平、費用和準備金及其對未來財務業績的影響；庫存供應及其對我們客戶出貨量的影響；關於太陽能行業復甦的聲明；關於我們 2025 財年收入的聲明。

And a revenue for the full fiscal year 2025. Well statements about our existing backlog and bookings, statements about the anticipated benefits of our manufacturing and marketing partnership with EG4, and our ability to realize such benefits as well as our ability to expand market share in the US for power market, our ability to refinance our convertible debt prior to maturity, our ability to obtain funding on acceptable, that's acceptable to fund our working capital needs.

以及 2025 財年全年的收入。關於我們現有積壓訂單和預訂情況的聲明，關於我們與 EG4 的製造和營銷合作的預期收益的聲明，以及我們實現這些收益的能力，以及我們在美國電力市場擴大市場份額的能力，我們在到期前為可轉換債務進行再融資的能力，以及我們獲得可接受的資金以滿足我們營運資金需求的能力。

Our ability to penetrate new markets and expand our market share, including expansion in international markets, investments in our product portfolio are all forward-looking and as such are subject to known and unknown risks and uncertainties, including but not limited to those factors described in today's press release and discussed in the risk factors section of our most recent annual report on Form 10-K, a quarterly report on Form 10-Q.

我們開拓新市場和擴大市場份額的能力，包括拓展國際市場，以及對產品組合的投資，都是前瞻性的，因此會受到已知和未知風險及不確定性的影響，包括但不限於今天新聞稿中描述的因素，以及我們在最新的 10-K 表格年度報告和 10-Q 表格季度報告的風險因素部分中討論的因素。

For the fiscal quarter ended September 30, 2025, and other reports we may file with the SEC from time to time. These risks and uncertainties may cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made. During our call today, we will reference certain non-GAAP financial measures.

截至 2025 年 9 月 30 日的財政季度，以及我們可能不時向美國證券交易委員會提交的其他報告。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。這些前瞻性陳述僅代表其作出之日的觀點。在今天的電話會議中，我們將提及一些非GAAP財務指標。

We include non-GAAP to GAAP reconciliations in a press release furnished as an exhibit to or Form 8-K. The non-GAAP financial measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

我們在新聞稿中提供了非GAAP與GAAP的調節表，作為8-K表格的附件。非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。

Finally, I'd like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Tigo's investor relations website at investors. tigoenergy.com. With that, I'd like to now turn the call over to our CEO, Zvi.

最後，我想提醒大家，本次電話會議正在進行網路直播，錄音將在Tigo的投資者關係網站investors.tigoenergy.com上提供回放。接下來，我將把電話交給我們的執行長茲維。

Thank you, Bill. To begin today's discussion, I will highlight key areas in our recent financial and operational performance before turning the call over to our CFO, Bill Roeschlein. He will discuss our financial results for the third quarter in more depth, as well as provide our guidance for the fourth quarter of 2025 and updated guidance for the full year of 2025.

謝謝你，比爾。在今天的討論開始之前，我將重點介紹我們最近的財務和營運業績的關鍵領域，然後再將電話交給我們的財務長比爾·羅施萊因。他將更深入地討論我們第三季的財務業績，並提供我們對 2025 年第四季的業績指引以及對 2025 年全年業績的最新指引。

After that, I will share some closing remarks, tell you about our outlook, and then open the call for questions from the analyst. I'm pleased to report that we ended the third quarter of 2025 with our seventh increase on sequential quarterly revenue growth. Quarter to quarter, we grew more than 27%. And on the year-over-year basis, we go 115%.

之後，我將作總結發言，談談我們的展望，然後開放分析師提問環節。我很高興地宣布，我們在 2025 年第三季實現了季度收入環比增長，這是我們第七次實現季度收入環比增長。季度環比增長超過 27%。與上年同期相比，我們成長了 115%。

We are pleased to see a return to growth similar to what we saw before the industry downturn and believe our top-line growth and market share gains are evidence of the value that Tigo brings to the marketplace. Now to the numbers. In the third quarter of 2025, we reported total revenue of $30.6 million and shipped 795,000 units or 600 megawatts of MLPE.

我們很高興看到成長勢頭恢復到行業低迷之前的狀態，並相信我們的營收成長和市場份額提升證明了 Tigo 為市場帶來的價值。現在來看具體數字。2025 年第三季度，我們報告總收入為 3,060 萬美元，MLPE 出貨量為 795,000 台，即 600 兆瓦。

Importantly, we have also returned to GAAP operating profitability for the quarter, which we had guided towards the high end of our estimates on our last quota code. And for the second time in a row, we are reporting positive adjusted EBITDA. I'm exceptionally proud of what our team here at Tigo has accomplished.

重要的是，我們本季也恢復了 GAAP 營運獲利能力，而我們在上一季的配額代碼中曾預測該獲利能力將接近我們估計的上限。我們連續第二次實現了調整後 EBITDA 為正值。我為我們Tigo團隊所取得的成就感到無比自豪。

To give some geographical color to our results. We saw strong growth in the EMEA and America's region. We complied 70%, which complies 70% and 26% of our revenue. Noteworthy, we performed exceptionally well in the US. The sales grew by approximately 68% sequentially, making it our largest sales region this quarter on a country level.

為了為我們的研究結果增添一些地理色彩。我們在 EMEA 和美洲地區都實現了強勁成長。我們合規率為 70%，合規率占我們收入的 70% 和 26%。值得一提的是，我們在美國的表現非常出色。銷售額環比成長約 68%，使其成為本季我們在國家層級上最大的銷售區域。

Contributing to this is our sustained effort in the US repower market, where we continue to make significant inroads in this area. During the third quarter, we also announced a domestic manufacturing marketing partnership with EG4 Electronics in the US.

這也得益於我們在美國電力系統改造市場的持續努力，我們在這個領域持續取得重大進展。第三季度，我們也宣布與美國 EG4 Electronics 建立國內製造行銷合作夥伴關係。

This partnership will allow Tigo NEG4 to offer an ITC and domestic content bonus tax credit, Tigo optimized inverter for the US customers along with the 45x tax credit for Tigo and EG4. Although analysts expect weakness in the US market next year, we believe this partnership combined with our repower initiative, may mitigate the macro headwinds in the US market and potentially provide significant growth opportunities for (inaudible) in 2026.

此次合作將使 Tigo NEG4 能夠為美國客戶提供 ITC 和國產化率獎勵稅收抵免、Tigo 優化逆變器，以及 Tigo 和 EG4 的 45 倍稅收抵免。儘管分析師預計明年美國市場將疲軟，但我們相信，此次合作加上我們的動力升級計劃，可能會緩解美國市場的宏觀不利因素，並有可能在 2026 年為（聽不清楚）提供重要的成長機會。

And with that, I will turn it over to Bill. Bill?

接下來，我將把麥克風交給比爾。帳單？

Thank you, Zvi. Turning now to our financial results for the third quarter ended September 30, 2025. Revenue for the third quarter of 2025 increased 115% to $30.6 million from $14.2 million in the prior year period. On a sequential basis, revenue increased 27.3% with improved results coming from many countries in the EMEA and America's regions, including Italy, the United Kingdom, Czech Republic, and the United States.

謝謝你，茲維。現在來看看截至 2025 年 9 月 30 日的第三季財務表現。2025 年第三季營收成長 115%，從去年同期的 1,420 萬美元增至 3,060 萬美元。與上一季相比，營收成長了 27.3%，歐洲、中東和非洲以及美洲地區的許多國家業績均有所改善，包括義大利、英國、捷克共和國和美國。

By region, a mere revenue was $21.6 million, or 70.5% of total revenues. America's revenue was $8 million or 26% of total revenues, and APEC revenue was $1.1 million or 3.5% of total revenues. By product family for the third quarter of 2025, MLPE revenue represented $26.8 million of revenue, or 87.5% of total revenues.

按地區劃分，光是收入就達到了 2,160 萬美元，佔總收入的 70.5%。美國的收入為 800 萬美元，佔總收入的 26%；亞太經合組織的收入為 110 萬美元，佔總收入的 3.5%。按產品系列劃分，2025 年第三季 MLPE 營收為 2,680 萬美元，佔總營收的 87.5%。

GO ESS represented $3.1 million or 10.3% of total revenues and Predict+ and licensing revenue represented $0.7 million or 2.2% of total revenues during the quarter. Gross profit for the third quarter of 2025 was $13.1 million, or 42.7% of revenue, compared to a gross profit of $1.8 million or 12.5% of revenue in the comparable year ago period.

本季度，GO ESS 的收入為 310 萬美元，佔總收入的 10.3%；Predict+ 和授權收入為 70 萬美元，佔總收入的 2.2%。2025 年第三季毛利為 1,310 萬美元，佔營收的 42.7%，去年同期毛利為 180 萬美元，佔營收的 12.5%。

Sales of [GO ESS], which included reserved inventories, had a positive [1.5] gross margin impact during the quarter. Operating expenses for the third quarter increased 1.8% to $12.4 million compared to $12.2 million in the prior year period. The increase was driven primarily by higher sales and marketing costs in the quarter.

本季度，[GO ESS] 的銷售額（包括預留庫存）對毛利率產生了正向 [1.5] 的影響。第三季營運支出成長1.8%，達1,240萬美元，而上年同期為1,220萬美元。此成長主要是由於本季銷售和行銷成本增加所致。

Operating income for the third quarter increased by 106.2% to $0.6 million compared to an operating loss of $10.4 million in the prior year period. GAAP net loss for the third quarter was $2.2 million compared to a net loss of $13.1 million for the prior year period. And adjusted EBITDA in the third quarter increased 134.3% to $2.9 million compared to adjusted EBITDA loss of $8.3 million in the prior year period.

第三季營業收入成長106.2%，達到60萬美元，而上年同期營業虧損為1,040萬美元。第三季GAAP淨虧損為220萬美元，而上年同期淨虧損為1,310萬美元。第三季調整後 EBITDA 成長 134.3%，達到 290 萬美元，去年同期調整後 EBITDA 虧損為 830 萬美元。

These results reflect both top-line growth and operating expense management. As a reminder, adjusted EBITDA is a non-GAAP measure that represents net loss, as adjusted for interest and other expenses, income tax expense, depreciation, amortization, stock-based compensation, and M&A transaction expenses.

這些結果既反映了營收成長，也反映了營運費用控制。提醒一下，調整後的 EBITDA 是一個非 GAAP 指標，代表淨虧損，已根據利息和其他費用、所得稅費用、折舊、攤提、股票選擇權費用和併購交易費用進行了調整。

Primary shares outstanding were $69.5 million at the end of the third quarter of 2025. During the quarter, we issued $6.5 million shares from our ATM program for gross proceeds of $10.9 million representing an average purchase price of $1.69 per share. Subsequent to quarter end, we completed the ATM program with the issuance of 837,000 shares for gross prices of $2.2 million, representing an average purchase price of $261 per share.

截至 2025 年第三季末，已發行股份總額為 6,950 萬美元。本季度，我們透過 ATM 計畫發行了 650 萬美元的股票，總收益為 1,090 萬美元，平均每股購買價格為 1.69 美元。季度末之後，我們完成了 ATM 計劃，發行了 837,000 股股票，總價為 220 萬美元，平均每股購買價格為 261 美元。

Now turning to the balance sheet, accounts receivable net increased $5.4 million in the third quarter to $15.8 million compared to $10.4 million last quarter and [$8 million] in the year ago comparable period. Inventory net increased by $9.6 million or 50.8% to 28.5 million compared to $18.9 million last quarter and $46.8 million in the year ago comparable period.

現在來看資產負債表，第三季應收帳款淨額增加了 540 萬美元，達到 1,580 萬美元，而上一季為 1,040 萬美元，去年同期為 800 萬美元。庫存淨額增加 960 萬美元，增幅 50.8%，達到 2,850 萬美元，上一季為 1,890 萬美元，去年同期為 4,680 萬美元。

Our inventory buildup comes as a result of increased activity that we're seeing in our business. Cash equivalents in short-term and long-term marketable securities totaled $40.3 million at September 30, 2025. Principal on our convertible debt due in early January 2026 is $50 million.

由於我們業務活動的增加，導致庫存積壓。截至 2025 年 9 月 30 日，短期及長期有價證券形式的現金等價物總額為 4,030 萬美元。我們可轉換債券的本金將於 2026 年 1 月初到期，金額為 5,000 萬美元。

We've been working diligently with certain financial parties regarding refinancing this debt, and while we have not entered into any binding agreements yet, we expect to complete this process in the fourth quarter. We further expect to utilize a combination of cash on hand and borrowing arrangements to complete the refinance and fund our working capital needs as we continue to grow the business in 2026.

我們一直在與一些金融機構積極協商債務再融資事宜，雖然我們尚未達成任何具有約束力的協議，但我們預計將在第四季度完成這項程序。我們預計，在 2026 年繼續發展業務的過程中，我們將利用現有現金和借款安排來完成再融資，並滿足我們的營運資金需求。

Turning now to our financial outlook for fourth quarter of 2025 and full year of 2025, as a reminder, Tigo provides quarterly guidance for revenue as well as adjusted EBITDA, as we believe these metrics to be key indicators for the overall performance of our business.

現在，讓我們展望一下 2025 年第四季和 2025 年全年的財務前景。需要提醒的是，Tigo 會提供季度收入和調整後 EBITDA 的指導，因為我們認為這些指標是我們業務整體表現的關鍵指標。

For the fourth quarter of 2025, which traditionally is a seasonally slow quarter in our industry, we expect revenues and adjusted EBITDA to be in the following range. We expect revenues in the fourth quarter ended December 31, 2025, to range between $29 million and $31 million.

對於 2025 年第四季（傳統上這是我們行業的淡季），我們預計收入和調整後的 EBITDA 將在以下範圍內。我們預計截至 2025 年 12 月 31 日的第四季營收將在 2,900 萬美元至 3,100 萬美元之間。

We expect adjusted EBITDA in the fourth quarter ended December 31, 2025, to range between $2 million and $4 million. For the full year of 2025, we anticipate revenue to be between $102.5 million and $104.5 million.

我們預計截至 2025 年 12 月 31 日的第四季調整後 EBITDA 將在 200 萬美元至 400 萬美元之間。我們預計 2025 年全年營收將在 1.025 億美元至 1.045 億美元之間。

That completes my summary, and I'd like to now turn the call back over to Zvi for final remarks. Zvi?

我的總結到此結束，現在我想把電話交還給茲維，請他做最後的總結發言。茲維？

Thanks Bill. As we look ahead, I am happy to say that even against the backdrop of the economic uncertainty, we believe that our track record of seven consecutive quotas with top-line growth and discipline expense management builds a strong foundation for possible future growth, as we near the end of 2025 and look into 2026. We firmly believe in the growth prospects of our business and look forward to providing additional updates in the coming quarters.

謝謝你，比爾。展望未來，我很高興地說，即使在經濟不確定的背景下，我們相信，我們連續七年實現營收成長和嚴格控製成本的良好記錄，為未來可能的成長奠定了堅實的基礎，尤其是在 2025 年即將結束並展望 2026 年之際。我們堅信公司業務的成長前景，並期待在接下來的幾季提供更多最新資訊。

With that, operator, please open the call for Q&A.

操作員，請開啟問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum Capital Group.

（操作說明）埃里克·斯泰恩，克雷格-哈勒姆資本集團。

Hi Zvi, hi Bill. Hello, so I'm wondering maybe we could just dig in -- on the improvement, that you were seeing in the US, since that obviously was a highlight in the quarter. And then, just curious, you've got this new arrange arrangement with EG4, what kind of -- I know it's early, but early impressions what you think that potentially can become here as we get into fiscal '26.

嗨，茲維，嗨，比爾。您好，我想問一下，我們是否可以深入探討您在美國看到的改善情況，因為這顯然是本季的一大亮點。然後，我很好奇，你和 EG4 達成了新的合作安排，我知道現在還早，但你覺得隨著我們進入 2026 財年，這可能會發展成什麼樣子？

So, let me start with the first question on the improvements in North America. We in the last couple of quarters highlighted that we've identified a segment, which is not very well served and it's not necessarily new installations, it's the repowering of existing ones and it's a very large installed base and we targeted it.

那麼，讓我先回答第一個問題，關於北美地區的改進情況。在過去的幾個季度裡，我們強調我們已經確定了一個服務不太完善的細分市場，這個市場不一定是新安裝的，而是現有設備的升級改造，而且安裝量非常大，所以我們瞄準了這個市場。

We are very happy to say that it has been very successful. So we have seen a major increase in our revenue, as we've just reported for North America and we see a major continuation in the future. We have a unique solution that really is aiming at solving this problem.

我們很高興地說，它非常成功。正如我們剛剛公佈的北美地區業績報告所示，我們的收入大幅增長，而且我們預計未來這一增長勢頭還將繼續。我們有一個獨特的解決方案，旨在真正解決這個問題。

In addition, we have seen a (inaudible) inroad with the new installations and new storage to the point, where we actually are getting close to the depletion of all the inventory we actually had before. So it's all very positive indications. In at least, being able to address the growth in North America, unlike the general market, which is actually down.

此外，隨著新設備的安裝和新存儲的增加，我們已經看到了（聽不清楚的）進展，以至於我們之前擁有的所有庫存實際上都快要耗盡了。所以，這些都是非常正面的跡象。至少，它能夠應對北美市場的成長，這與整體市場（實際上正在下滑）的情況截然不同。

In Europe, since we are diversified, and needless to say, Germany is still a fairly big chunk of our business, but we see very good inroads in Italy, the UK, Czech Republic, which that diversification helps us quite a bit to actually eliminate some of the downside of some of the countries. So in general, this strategy has been really working well for us. In trying to avoid the biggest downfall of shortcoming of the market is as the market is recovering.

在歐洲，由於我們業務多元化，德國仍然是我們業務中相當大的一部分，這一點毋庸置疑，但我們在義大利、英國和捷克共和國取得了非常好的進展，這種多元化在很大程度上幫助我們消除了一些國家的不利因素。總的來說，這個策略對我們來說非常有效。在試圖避免市場復甦過程中出現的最大缺陷時。

Now on the EG4 for North America relationship and partnership. EG4 is a very well-known supplier that started with the off grid and expanded well beyond that, and we've had that relationship with them, for quite some time, in complementing the inverter and storage solutions with our MLPE.

現在，EG4 正在北美地區建立關係和夥伴關係。EG4 是一家非常知名的供應商，最初從離網領域起家，後來業務範圍擴展到其他領域。我們與他們保持著相當長時間的合作關係，用我們的 MLPE 來補充他們的逆變器和儲能解決方案。

What we have announced is that together what we will bring to the market is a domestic content applicable solution, which will be an optimized inverter solution that includes obviously the inverter and optimizers, as well.

我們已經宣布，我們將共同為市場帶來一款適用於國內市場的解決方案，它將是一款優化的逆變器解決方案，其中顯然包括逆變器和優化器。

And this progress is actually continuing as planned. And early indication we provided when we just made the announcement that we foresee an opportunity to start shipments early in Q1 or sometimes mid Q1, and that has not changed so far.

而且，這項進展實際上正按計劃進行。我們在剛剛宣布的時候就已給出初步跡象，我們預計有機會在第一季初或有時在第一季中期開始發貨，到目前為止，這一情況還沒有改變。

I believe that it will provide a significant increase in our footprint to new installations with that partnership. And really providing a very competitive solution in the optimized inverter market.

我相信，透過此次合作，我們將大幅提升我們在新安裝專案方面的影響力。並且在優化逆變器市場中提供了極具競爭力的解決方案。

Got it. That is helpful. And then maybe, just sticking with part of that answer when you talk about repowering, I mean, I would assume the [Open-Architecture] set up of your optimizer is important going after that market opportunity and just competitively. I mean, is that, does that mean that or I'm curious what you think that means in terms of how you stack up events against others who may be looking at repowering as well.

知道了。那很有幫助。然後，也許，當你談到重新賦能時，就堅持這個答案的一部分，我的意思是，我認為你的優化器的[開放式架構]設置對於抓住市場機會和保持競爭力至關重要。我的意思是，這是否意味著…？或者我很好奇，就你如何將這些事件與其他可能也在考慮重新賦能的事件進行比較而言，你認為這意味著什麼？

So you're absolutely 100% correct. The Open-Architecture is really very well positioned to address any repowering capability, but in addition, we have a very strong invertible solution that is also an open system and can work with pretty much any old installation in the market and can be easily adjusted with the power requirements to whatever, power needs of that one specific system is.

所以你的說法完全正確。開放式架構在應對任何改造升級方面都具有非常優越的優勢，此外，我們還擁有非常強大的可逆解決方案，它也是一個開放系統，幾乎可以與市場上任何舊裝置配合使用，並且可以根據特定係統的任何功率需求輕鬆調整功率要求。

And that's really very unique. So the combination of these two is what's really very unique in the market. Needless to say, it also benefits from the fact that it's very easy to install. It pretty much is 100% compatible with all the other components that you have in the system, so you don't need to replace the whole system and provides all those benefits to the installer and to the owners of those systems.

這確實非常獨特。因此，這兩者的結合才是市場上真正獨一無二的。毋庸置疑，它的另一個優點是安裝非常簡單。它與系統中所有其他組件幾乎 100% 相容，因此您無需更換整個系統，並為安裝人員和系統所有者帶來所有這些好處。

Philip Shen, Roth Capitals.

Philip Shen，Roth Capitals。

Hey guys, wanted to get some more clarity on the EG4 partnership, I'm sorry if I missed it because I'm navigating a couple of calls at the same time, but when do you expect your initial output to be available? Thanks.

大家好，我想進一步了解 EG4 的合作關係。如果我錯過了什麼，請見諒，因為我同時在處理幾個電話會議。請問你們預計何時能公佈初步成果？謝謝。

So, as we've indicated before, and I just repeated it to Phil, which will be sometimes in Q1, middle to the second part. But we don't know have this specific date, but we're targeting Q1 shipments. And we have a fairly good indication, as to the potential for us next year and it is significant.

所以，正如我們之前所指出的，我也只是向菲爾重複了一遍，這有時會出現在 Q1 的中間部分到第二部分之間。但我們目前還無法確定具體日期，但我們的目標是第一季出貨。我們對明年的發展潛力已經有了相當不錯的預判，而且前景十分光明。

Great, so how much of your overall volume of production could come from EG4 for 2026 and it could be half, or do you think it's maybe a third?

太好了，那麼到 2026 年，EG4 能佔到你們總產量的多少呢？可能是 2026 年的一半，還是你認為可能是三分之一？

So in the US, it's a brand-new production capacity for us. So it would initially be the majority for EG4, but we plan to actually utilize it also beyond the EG4 as well. And so the initial production capacity will be really dedicated to the EG4 relationship. But it's a brand-new line which we are just in the final stages of getting it up and running.

所以，在美國，這對我們來說是一個全新的生產能力。因此，它最初將主要用於 EG4，但我們計劃將其應用於 EG4 以外的其他領域。因此，最初的產能將真正用於EG4計畫。但這是一條全新的生產線，我們目前正處於最後階段，即將完成調試並投入營運。

Right, okay, so --

好的，好的。--

This is additional capacity which we did not have before. It's not replacing any. We are adding capacity.

這是我們之前所沒有的額外產能。它不會取代任何現有的東西。我們正在增加產能。

Right. And do you think you could use this US EG4 facility to ship units to Europe or elsewhere in the world.

正確的。你認為可以利用這家美國EG4工廠向歐洲或世界其他地方出貨嗎？

Correct. You're absolutely 100% correct, yes, and we do plan to get the maximum utilization we can, as you can imagine.

正確的。您所說的完全正確，是的，正如您所想，我們的確計劃盡可能地提高利用率。

Right? And, okay, great, thanks. Shifting over, I know you have not provided. Any guidance for 2026 but wanted to see if we could get a sense for what you're looking for -- from a seasonality standpoint, would you expect Q1 to be similar to -- a past Q1, maybe which one might be a useful comparison, and then what kind of growth could we see in '26, year-over-year or you know maybe sequential growth. However, you think you can describe the '26 outlook in a -- in a way that makes you feel comfortable but can give the market color would be fantastic. Thanks.

正確的？好的，太好了，謝謝。轉移話題，我知道你還沒提供。2026 年有什麼指導嗎？我想了解您具體想了解什麼——從季節性角度來看，您預計第一季會和過去的某個季度類似嗎？哪個季度比較合適？然後，我們預計 2026 年會有什麼成長？是年比還是季增？但是，如果你能以一種讓你感到安心但又能展現市場風貌的方式來描述 2026 年的前景，那就太好了。謝謝。

Thank you. So you're absolutely right. We did not provide the guidance for '26 yet. We will do it, early in Q1, as we traditionally have been doing it at the beginning of the year. But I was trying to communicate that, as you can see in Q3 and some of the guidance we provided to Q4, which normally is a down quarter, we actually provided guidance to a flat quarter, not down.

謝謝。所以你的說法完全正確。我們尚未提供 2026 年的指導意見。我們將在第一季初完成這項工作，就像我們歷來在年初所做的那樣。但我想表達的是，正如你們在第三季和我們對第四季（通常是下滑季度）的一些預測中所看到的，我們實際上預測第四季業績將持平，而不是下滑。

And we feel fairly strong about the outcome, and where we are. I don't want to unveil too much specificity, but I can tell you we are very comfortable with that guidance we just provided, which gives us a very good indication as to how we get into 2026.

我們對結果和我們所處的位置都相當有信心。我不想透露太多細節，但我可以告訴你們，我們對剛才提供的指導意見非常有信心，這讓我們對如何邁入 2026 年有了很好的了解。

So, we do believe it's going to be a goal here for us. And we will provide a bit more guidance as to the specificity, as I said in early Q1. And as far as seasonality, normally, as Q4 and Q1 are a little bit more challenged, but Q3 and Q2 and Q3 are actually on the upside, and we've been demonstrating it also this year.

所以，我們相信這將是我們在這裡的目標。正如我在第一季初所說，我們將就具體細節提供更多指導。至於季節性，通常情況下，第四季和第一季會面臨更大的挑戰，但第三季和第二季實際上會呈現上升趨勢，我們今年也已經證明了這一點。

So we do believe that we will see a very similar behavior, in the market. I will tell you that, we are happy with the results of the repowering the North America market, and that has no seasonality at all. And so that's a little bit more comforting, and it might actually provide some more stability for us in North America as we move through the year.

因此，我們相信市場將會出現非常類似的現象。我可以告訴大家，我們對北美市場改造的結果非常滿意，而且這完全不受季節性影響。這樣一來，我們稍微安心了一些，而且隨著一年的進行，它或許真的能為我們北美地區帶來一些穩定性。

Right, okay, interesting. And from a margin standpoint as we get through '26, you also feel very comfortable with the current levels, call it 40%-plus (multiple speaker), remain steady through '26.

好的，有意思。從利潤率的角度來看，到了 2026 年，你也會對目前的水平感到非常滿意，比如說 40% 以上（多位發言人），並保持穩定到 2026 年。

Absolutely. Yes.

絕對地。是的。

Great, so that's good. And then one last one I'll pass it on. You just mentioned the repowering initiative, and can you share, what percentage of the market might be repowering or what percentage of your revenue could be repowering for next year.

太好了，那就好。最後，我再傳下一個。您剛才提到了電力升級計劃，能否透露一下，明年市場上有多少比例的電力升級項目，或者您的收入中有多少比例可能來自電力升級項目？

I'm not sure ready to actually share this number in more specificity, but I can tell you in Q3, the North America results have been substantially impacted by the repowering. And that has demonstrated for us the depth and strengths. So obviously, as we move into 2026, we believe it's going to gain much more momentum and can be much more significant.

我目前還不確定是否準備好更具體地分享這個數字，但我可以告訴你，第三季北美地區的業績受到了改造升級的顯著影響。這向我們展示了我們的實力和深度。因此很明顯，隨著我們進入 2026 年，我們相信它將獲得更大的發展勢頭，並可能產生更大的影響。

So the boost in the North America business really was substantially positively impacted by the repowering efforts.

因此，北美業務的成長確實受到了動力升級改造的顯著正面影響。

It was a very strong addition, yes, absolutely.

是的，這絕對是一個非常有力的補充。

That momentum can continue through Q4 and through '26 as well.

這種勢頭可以持續到第四季度，甚至到2026年。

Correct. And I will tell you it does not suffer from the problems of the new installations that the whole market is going through, including us. Because when you do the repowering, it's installations that you have, and they don't quite work and operate, and you really have no choice but to repower it.

正確的。我可以告訴你，它不會像整個市場（包括我們）一樣，受到新安裝產品所面臨的問題的影響。因為當你進行電力系統改造時，你現有的設備無法正常工作和運行，你別無選擇，只能進行電力系統改造。

Amit Dayal, H C Wainwright.

阿米特·達亞爾，H·C·溫賴特。

Thank you. Good afternoon, everyone, and congrats on another strong quarter. We just touching on, it's just your last comments. I'm just trying to get a better understanding of what's driving sort of this repowering trend here in the US. Is this more market driven or is there any regulatory element that is also supporting, some of this repowering related, sales improvements?

謝謝。各位下午好，祝賀公司又一個季度業績出色。我們只是略微提及一下，這只是你最後的評論。我只是想更了解是什麼因素推動了美國這股汽車動力升級的趨勢。這主要是市場驅動的結果，還是也有一些監管因素在支持這些與電力升級相關的銷售改善？

Hi Amit, thanks for the question. So to be very, very clear and to the point and focus. There is no regulation or government or anything that is impacting it. It's purely financially driven. Customers who installed the systems that are aging, and they don't perform anymore, and they did benefit from the solar installations they did want to continue, and they have no choice either to repeat.

嗨，Amit，謝謝你的提問。所以，要非常、非常清楚地表達觀點，直奔主題，重點突出。沒有任何法規、政府或其他因素對其產生影響。完全是出於經濟利益驅動。安裝了這些老舊系統、這些系統已經無法正常運作的客戶，雖然他們從太陽能裝置中受益，但他們仍然希望繼續安裝，而且他們也別無選擇，只能重新安裝。

Apart, start from scratch, which is very expensive, or to repower. So it is Just a ready-made a problem that is looking for a solution, and we've identified it and aimed at this market, and we have a solution which is superior and is not relying on any benefits from any local governments or any changes at all. It's a purely financial decision by the owners of those systems.

除此之外，還可以從頭開始，但這非常昂貴，或是進行改造升級。所以，這只是一個現成的問題，需要找到解決方案。我們已經發現了這個問題，並瞄準了這個市場，我們有一個更優越的解決方案，它不依賴任何地方政府的任何優惠或任何變更。這是這些系統所有者的純粹財務決定。

Understood. That's very helpful. And do you get similar efficiencies from the post-repowered setup that you might have had before? Or are there even more improvements?

明白了。那很有幫助。改造後的系統是否能達到與改造前類似的效率？或是還有更多改進空間？

There are actually more improvements because most of those aging systems have been suffering from a reduction in performance before they actually broke or about to break. And so yes, there is an uptick in performance for those. And in some cases, this is not yet a big phenomenon, but in some cases, customers opt to also add storage too. So that's an additional source that potentially is available for us.

實際上還有更多改進，因為大多數老化的系統在真正損壞或即將損壞之前，性能就已經下降。所以，是的，這些產品的性能確實有所提升。在某些情況下，這還不是一種普遍現象，但在某些情況下，客戶會選擇同時新增儲存功能。所以這是我們可能可以利用的另一個資源。

Interesting. And then this could -- this repowering trend could begin in other geographies for you in the future also, it looks like?

有趣的。那麼，這種能源更新換代的趨勢未來也可能在其他地區出現，對嗎？

That is absolutely correct. We started focusing here in the US, and it seems to be working for us well. But this phenomenon is a global phenomenon. And many of the systems are aging. They are 7, 8, 9, 10 years-old-plus. And in many cases, you cannot get replacement parts. It's just you have no choice. So it's a problem that has been created over time and now it is coming to fruition, and it's a ready-made market basically.

完全正確。我們開始專注於美國市場，而且似乎效果很好。但這種現像是全球性的。而且許多系統都已老化。他們年齡在7歲、8歲、9​​歲、10歲以上。而且在很多情況下，你根本找不到替換零件。你別無選擇。所以這是一個隨著時間推移而產生的問題，現在它正在變成現實，基本上已經形成了一個現成的市場。

Understood. Just one last one for me. This -- you have the EG4 sort of manufacturing setup here in the US now. What is happening on the business development side, Zvi, to sort of take advantage of this? Are you making any investments in like sales teams over here or any other partnerships you may be looking to capitalize on the manufacturing setup you have over here now?

明白了。最後一個給我。現在美國已經有類似EG4的生產模式了。Zvi，在業務拓展方面，你們採取了哪些措施來利用這個機會？您是否正在對銷售團隊或其他合作夥伴關係進行任何投資，以充分利用您目前在這裡的生產設施？

The beauty of this relationship is such that it is relying on the strengths of the two entities. EG4 is a very good brand in a specific market, which is doing well and growing nicely. And the Tigo-MLPE optimization has been growing and very well known in our space. And so the combination of them do not require any additional new sales or marketing activities. It's utilizing the existing channels we have, and that's the beauty of the relationship.

這種關係的美妙之處在於它依賴雙方的優勢。EG4 在特定市場中是一個非常優秀的品牌，發展勢頭良好，成長迅速。Tigo-MLPE 優化技術在我們這個領域發展迅速，並且廣為人知。因此，它們的結合不需要任何額外的銷售或行銷活動。它利用了我們現有的管道，這就是這種合作關係的妙處所在。

At this time, this concludes a question-and-answer session. I would like to turn the call back over to Mr. Alan for closing remarks.

至此，問答環節結束。我謹將電話交還給艾倫先生，請他作總結發言。

Thanks again, everyone, for joining us today. I especially want to thank our dedicated employees for their ongoing contributions as well as our customers and partners for their continued hard work. I also want to thank our investors for their continued support. Operator?

再次感謝各位今天蒞臨。我特別要感謝我們敬業的員工們一直以來的貢獻，以及我們的客戶和合作夥伴們持續的辛勤付出。我還要感謝各位投資人的持續支持。操作員？

Thank you for joining us today for Tigo's third quarter 2025 earnings conference call. You may now disconnect.

感謝您今天參加Tigo 2025年第三季財報電話會議。您現在可以斷開連線了。