Tigo Energy, Inc. (TYGO) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Tigo Energy's fiscal first-quarter 2026 earnings conference call. (Operator Instructions) Joining us today, Tigo's Zvi Alon, CEO; and Bill Roeschlein, CFO. As a reminder, this call is being recorded.

下午好。歡迎參加 Tigo Energy 2026 會計年度第一季財報電話會議。(接線員指示) 今天與會的有 Tigo 執行長 Zvi Alon，以及財務長 Bill Roeschlein。提醒各位，本次電話會議將被錄音。

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

現在我想把電話交給財務長 Bill Roeschlein。

Thank you, operator, and it's a pleasure to join you today from our corporate offices in Los Gatos, California. Also with us is Zvi Alon, our CEO.

謝謝接線員，很高興今天在加州洛斯加托斯（Los Gatos）的公司辦公室與各位一同參與。同時與會的還有我們的執行長 Zvi Alon。

We'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 our overall long-term growth prospects, expectations regarding a recovery in our industry, including the timing thereof, statements about demand for our products, our competitive position and market share, the impact of tariffs, 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 our revenue and adjusted EBITDA and non-GAAP net loss for the second fiscal quarter 2026, and our revenue for the full fiscal year 2026, our ability to penetrate new markets and expand our market share, including expansion in international markets and investments in our product portfolio were all forward-looking statements 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, our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026, and other reports we may file with the SEC from time to time.

我們想提醒各位，本次電話會議中將討論的部分事項，包括我們預期的業務展望、提升營收的能力與整體長期成長前景、對產業復甦（含其時點）的預期、關於產品需求的陳述、我們的競爭地位與市占率、關稅影響、目前與未來的庫存水位、費用與準備金及其對未來財務結果的影響、庫存供應及其對客戶出貨的影響、關於 2026 會計年度第二季營收、調整後 EBITDA 與非 GAAP 淨損，以及 2026 全年營收的陳述、我們切入新市場並擴大市占率的能力（包括國際市場擴張）以及對產品組合的投資等，均屬前瞻性陳述，因此可能受到已知與未知的風險與不確定性影響，包括但不限於今日新聞稿所述因素，以及我們最近一期 Form 10-K 年報的「風險因素」章節、截至 2026 年 3 月 31 日止會計季度的 Form 10-Q 季報，以及我們不時向美國證券交易委員會（SEC）提交的其他報告中所討論的因素。

These risks and uncertainties may cause actual results to differ materially from those expressed on this call. Those forward-looking statements are made only as of the date when made.

這些風險與不確定性可能導致實際結果與本次電話會議所表達者存在重大差異。上述前瞻性陳述僅截至其作出之日有效。

During our call today, we will reference certain non-GAAP financial measures. We include GAAP, non-GAAP to GAAP reconciliations in our press release furnished as an exhibit to our 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.

在今天的電話會議中，我們將引用若干非 GAAP 財務衡量指標。我們在作為 Form 8-K 附件提供的新聞稿中，包含 GAAP 與非 GAAP 對 GAAP 的調節表。非 GAAP 財務衡量指標不應被視為依 GAAP 編製之財務績效衡量指標的替代或更優指標。

Finally, I'd like to remind everyone that this conference call is being webcast and the recording will be made available for replay on Tigo's Investor Relations website at investors.tigoenergy.com.

最後，提醒各位，本次財報電話會議將以網路直播方式進行，錄音也將提供重播，並可於 Tigo 投資人關係網站 investors.tigoenergy.com 取得。

With that, I'd like to now turn the call over to Tigo's CEO, Zvi Alon. Zvi?

接下來，我想把電話交給 Tigo 執行長 Zvi Alon。Zvi？

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. He will discuss our financial results for the first quarter in more depth as well as provide our guidance for the second quarter of 2026, and full year of 2026. After that, I will share some closing remarks, tell you about the outlook and then open the call for questions from the analysts.

謝謝你，Bill。為開始今天的討論，我將先重點說明我們近期財務與營運表現的關鍵面向，之後把電話交給我們的財務長 Bill。他將更深入說明第一季財務結果，並提供我們對 2026 年第二季與 2026 全年的財測指引。之後我會做一些結語，分享展望，並開放分析師提問。

Business update. We delivered a strong start to 2026 despite the typical weather-related seasonality in our end markets. To be more specific, in the first quarter of 2026, we reported a total revenue of $25.2 million, representing a 33.7% increase compared to the first quarter of 2025. By geography, we saw seasonally stronger performance on a year-over-year basis with the EMEA region during the quarter, which comprised 69.5% of our revenue.

業務更新。儘管我們終端市場通常會受到天候相關季節性影響，我們在 2026 年仍取得強勁開局。更具體而言，2026 年第一季我們的總營收為 2,520 萬美元，較 2025 年第一季成長 33.7%。以地區來看，本季 EMEA 地區的表現較去年同期呈現季節性更強勁，該地區占我們營收的 69.5%。

Recently, we also announced that our enhanced Tigo GO battery is now available in the European residential market and is expected to further strengthen our European presence with storage capacity up to 47.9 kilowatt hours and integrated heating for cold weather operations.

近期我們也宣布，升級版 Tigo GO 電池已在歐洲住宅市場上市，預期將進一步強化我們在歐洲的布局；其儲能容量最高可達 47.9 千瓦時，並整合加熱功能以支援寒冷天候運作。

Within Americas region, which comprised 20.9% of our revenue, we saw higher performance on a year-over-year basis, but lower results quarterly as the buyers accelerated purchases late last year, ahead of the expiration of residential clean energy tax credit.

在美洲地區（占我們營收的 20.9%），我們的表現較去年同期提升，但較上一季下滑，原因是買方在去年年底加速採購，以趕在住宅清潔能源稅收抵免到期之前完成購買。

By country, we performed exceptionally well in Italy, which grew 140.8% sequentially. And again, in APAC, in Australia, which grew 64.3% compared to Q4. I would also like to highlight strong growth in the Czech Republic and Poland where an unusually cold weather patterns during Q4 has significantly impacted solar installations as mentioned in our last earnings call. These results were offset by seasonal softness in Germany and weaker results in the UK market were robust growth in 2025 moderated for us the current -- in the current quarter.

以國家別來看，我們在義大利表現特別出色，較上一季成長 140.8%。此外，在亞太地區的澳洲，較第四季成長 64.3%。我也想強調捷克共和國與波蘭的強勁成長；如同我們上次財報電話會議所提到，第四季異常寒冷的天候型態已顯著影響太陽能安裝。上述成果部分被德國的季節性疲弱所抵銷，而英國市場在 2025 年的強勁成長於本季有所趨緩，導致我們在當前季度的表現較弱。

As we look at the energy sector as a whole, Energy security is an increasingly important priority for governments, businesses and homeowners across the globe. The recent geopolitical developments in Iran continue to highlight importance of energy independence worldwide. As energy markets remain volatile, we believe Tigo is well positioned to support installers, homeowners and commercial customers seeking flexible, reliable and intelligent solar and storage solutions.

從整體能源產業來看，能源安全正成為全球各國政府、企業與屋主日益重要的優先事項。近期伊朗的地緣政治發展持續凸顯全球能源自主的重要性。在能源市場仍然波動之際，我們相信 Tigo 已具備良好定位，可支援安裝商、屋主與商用客戶對彈性、可靠且智慧化的太陽能與儲能解決方案之需求。

Finally, as we look forward towards the rest of the year, I would like to share three specific growth catalysts that I expect will drive accelerated growth for title.

最後，展望今年剩餘時間，我想分享三項我預期將推動 Tigo 加速成長的具體成長催化劑。

First is our partnership with G4, which is just now beginning to kick off with the first deliveries occurring this month. This partnership is expected to provide the US market with an IRS 45X and IRS 48E, ITC credit-qualified optimized inverter solutions. Second, in our new line of new GO ESS batteries for the US and EMEA markets, this provides a compelling and complete solution for TPOs in the US and addresses market requirements for additional storage capacity in EMEA region. And third is the positive activity we are seeing in our pipeline for large-scale utility deals, where we believe as a competitive advantage.

第一是我們與 G4 的合作夥伴關係，現正開始啟動，本月將進行首批交付。預期此合作將為美國市場提供符合 IRS 45X 與 IRS 48E、可適用投資稅額抵免（ITC）的最佳化逆變器解決方案。第二是我們針對美國與 EMEA 市場推出的新一代 GO ESS 電池產品線，為美國的 TPO 提供具吸引力且完整的解決方案，並滿足 EMEA 地區對更高儲能容量的市場需求。第三是我們在大型公用事業規模專案的商機管線中看到的正向動能，我們相信這是我們的競爭優勢。

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

接下來，我想把電話交給 Bill。Bill？

Thank you, Zvi. Turning now to our financial results for the first quarter ended March 31, 2026. The Revenue for the first quarter of 2026 increased 33.7% to $25.2 million from $18.8 million in the prior-year period. On a sequential basis, revenues decreased 16.1% and despite improved results coming from many countries in the EMEA region, including the Czech Republic, Italy and Spain.

謝謝你，Zvi。接著說明截至 2026 年 3 月 31 日止第一季的財務結果。2026 年第一季營收較去年同期成長 33.7%，由 1,880 萬美元增至 2,520 萬美元。以季比來看，營收下滑 16.1%，儘管 EMEA 地區多個國家（包括捷克共和國、義大利與西班牙）帶來改善的表現。

By region, EMEA revenue was $17.5 million or 69.5% of total revenues and a 3.2% sequential decrease. Americas revenue was $5.3 million or 20.9% of total revenues and a 43% sequential decrease. And APAC revenue was $2.4 million or 9.6% of total revenues and a 10.2% sequential decrease.

以地區別來看，EMEA 營收為 1,750 萬美元，占總營收 69.5%，季比下滑 3.2%。美洲營收為 530 萬美元，占總營收 20.9%，季比下滑 43%。亞太營收為 240 萬美元，占總營收 9.6%，季比下滑 10.2%。

By product family, for the first quarter of 2026, MLPE revenue represented $20.8 million of revenue or 82.4% of total revenues. GO ESS represented $4 million or 15.8% of total revenues and Predict+ represented $0.5 million or 1.8% of total revenues during the quarter.

以產品系列別來看，2026 年第一季 MLPE 營收為 2,080 萬美元，占總營收 82.4%。GO ESS 為 400 萬美元，占總營收 15.8%；Predict+ 為 50 萬美元，占總營收 1.8%。

Gross profit for the first quarter of 2026 was $10.8 million or 42.8% of revenue compared to a gross profit of $7.2 million or 38.1% of revenue in the comparable year-ago period. Improvement in gross margin is largely due to the absence of warranty-related charges in the most recent quarter compared to the year-ago period.

2026 年第一季毛利為 1,080 萬美元，毛利率為 42.8%；相較之下，去年同期毛利為 720 萬美元，毛利率為 38.1%。毛利率改善主要是因為最近一季未發生與保固相關的費用，而去年同期則有。

Operating expenses for the first quarter increased 18.4% to $13.2 million compared to $11.2 million in the prior-year period. The increase was driven primarily by bad debt expense of $1 million as a result of the bankruptcy of a European distributor during the quarter. We do expect a portion of this amount to be recoverable through (technical difficulty) in a future period.

第一季營運費用較去年同期增加18.4%，由1,120萬美元增至1,320萬美元。增加主要是因本季一位歐洲經銷商破產，導致100萬美元的壞帳費用。我們預期其中一部分金額可在未來期間透過（技術問題）追回。

Operating loss for the first quarter (technical difficulty) compared to an operating loss of $4 million in the prior-year period. GAAP net loss for the first quarter was $1.8 million compared to a net loss of $7 million for the prior-year period.

第一季營運損失為（技術問題），相較去年同期營運損失400萬美元。第一季GAAP淨損為180萬美元，相較去年同期淨損700萬美元。

Non-GAAP net loss, which we are introducing this quarter and reconciled from GAAP net loss solely by excluding stock-based compensation totaled $0.1 million, compared to a non-GAAP net loss of $5.4 million in the prior year period. We believe this measure provides investors with additional insight into our progress for achieving consistent GAAP net income.

非GAAP淨損（我們於本季開始採用，並僅透過排除以股份為基礎之薪酬自GAAP淨損調節而得）為10萬美元，相較去年同期非GAAP淨損540萬美元。我們相信此衡量指標可為投資人提供額外洞見，以了解我們在達成穩定GAAP淨利方面的進展。

Adjusted EBITDA loss for the first quarter decreased 76.8% to $0.5 million compared to an adjusted EBITDA loss of $2 million in the prior-year period. 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. Primary shares outstanding at the end of the quarter were $75.9 million.

第一季調整後EBITDA損失較去年同期下降76.8%，由200萬美元降至50萬美元。提醒一下，調整後EBITDA為非GAAP指標，代表淨損經利息及其他費用、所得稅費用、折舊、攤銷、以股份為基礎之薪酬以及併購交易費用調整後之結果。本季末基本流通股數為7,590萬股。

Turning to the balance sheet. Accounts receivable net increased this quarter to $14.2 million, compared to $13.9 million last quarter, an increase from $10.4 million in the year-ago comparable period. Inventories net decreased by $6.5 million or 20.7% to $24.8 million compared to $31.3 million last quarter, an increase compared to $18.9 million in the year-ago comparable period.

接著看資產負債表。本季應收帳款淨額增至1,420萬美元，較上季的1,390萬美元增加，亦高於去年同期可比期間的1,040萬美元。存貨淨額較上季下降650萬美元或20.7%，由3,130萬美元降至2,480萬美元；但相較去年同期可比期間的1,890萬美元仍為增加。

Cash, cash equivalents and short and long-term marketable securities totaled $11.6 million at March 31, 2026. On a sequential basis, cash increased by $3.9 million as we successfully closed the registered direct offering of approximately $15 million during the quarter. In addition, we closed on a credit facility with Wells Fargo Bank at the end of the first quarter.

截至2026年3月31日，現金、約當現金以及短期與長期有價證券合計為1,160萬美元。以季對季而言，現金增加390萬美元，因我們於本季成功完成約1,500萬美元的註冊直接發行。此外，我們在第一季末與富國銀行（Wells Fargo Bank）完成一項信貸融資。

The facility provides up to $10 million of availability based upon a borrowing-based formula consisting of certain accounts receivable and inventory held by the company. No drawdowns were taken during the first quarter.

該融資依據由公司特定應收帳款與存貨所構成的借款基礎公式，提供最高1,000萬美元的可用額度。第一季未動用任何借款。

Turning now to our financial outlook for the second quarter of 2026 and full year of 2026. As a reminder, Tigo provides quarterly guidance for revenue as well as adjusted EBITDA, as we believe these metrics are key indicators for the overall performance of our business.

接下來談我們對2026年第二季及2026年全年的財務展望。提醒一下，Tigo提供營收及調整後EBITDA的季度指引，因我們認為這些指標是衡量整體業務表現的關鍵指標。

For the second quarter of 2026, we expect revenues and adjusted EBITDA to be in the following range. We expect revenues in the second quarter ended June 30, 2026, to range between $30 million and $32 million. We expect adjusted EBITDA to range between $1 million and $3 million. For the full year of 2026, we continue to expect revenues to range between $130 million and $135 million.

對於2026年第二季，我們預期營收與調整後EBITDA將落在以下區間。我們預期截至2026年6月30日止第二季營收介於3,000萬至3,200萬美元。我們預期調整後EBITDA介於100萬至300萬美元。對於2026年全年，我們仍預期營收介於1.30億至1.35億美元。

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

以上是我的摘要，接下來我想把電話交回給Zvi做最後結語。Zvi？

Thanks, Bill. We are pleased with how we have started 2026 and the traction we are seeing across our key markets. The continued predictability of our business reinforces our confidence in sustaining growth through the remainder of the year, and we expect to maintain our competitive outperformance. We entered the remainder of the year with a strong foundation and a clear task to forward, and we are excited about the opportunities ahead.

謝謝，Bill。我們對2026年的開局以及在主要市場看到的動能感到滿意。業務持續的可預測性強化了我們對於在今年剩餘期間維持成長的信心，我們也預期將持續保持競爭上的超越表現。我們以穩固的基礎進入今年剩餘時間，並有明確的推進任務，對於未來的機會感到振奮。

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

接下來，接線員，請開放問答。

(Operator Instructions) Philip Shen, Roth Capital Partners.

（接線員指示）Philip Shen，Roth Capital Partners。

Wanted to start with the potential for the EU to ban Chinese inverters. And I wanted to understand if you could be a beneficiary of that? What have you learned about this? And how quickly could this ban become effective?

我想先從歐盟可能禁止中國逆變器的議題開始。我想了解你們是否可能因此受惠？你們對此了解了什麼？而這項禁令最快可能多快生效？

It seems like it could be or may it be effective already. So are you seeing a change in the business at all?

看起來它可能會生效，或許已經生效了。所以你們在業務上有看到任何變化嗎？

So we are aware of the change. It actually started, I would say, probably last year some time, and there are a couple of countries already that are banning Chinese-controlled monitoring systems and devices. And so we do believe that it would actually increase the market share for our solutions out there.

我們確實注意到這項變化。我會說它其實大概在去年某個時候就開始了，而且已經有幾個國家在禁止由中國控制的監控系統與設備。因此我們確實相信，這將會提升我們解決方案在當地的市占率。

And so we see it as a positive contributor for our solutions in the market. We have been touting the security of us being the US, the motor in the US solutions for quite some time. And that seems to be, obviously, working with those sentiments which are in the market in general.

所以我們把它視為對我們市場解決方案的正面助力。我們一直在強調我們作為美國公司、提供美國解決方案的安全性。而這顯然與市場整體的情緒相呼應，且似乎正在發揮作用。

Okay. Are you seeing a change in demand for your business because of this? Or is it hard to discern that the demand is coming from this?

了解。你們是否因為這件事而看到需求的變化？還是很難判斷需求是否來自於此？

It's how to -- yes, right now, it's hard to actually say that it is correlated. In general, I can tell you that we've seen Europe starting to wake up towards the end of the quarter -- the first quarter. And from that perspective, we are fairly confident it will continue.

這要怎麼說——是的，目前確實很難直接說兩者有相關性。整體而言，我可以告訴你，我們看到歐洲在本季末——第一季末——開始回溫。從這個角度來看，我們相當有信心這個趨勢會延續。

And that addition of the vending of Chinese will just accelerated and help more. But I can tell you that our optimizers are doing exceptionally well in the -- what we see in the market.

而對中國（產品）的禁售只會加速並帶來更多助益。但我可以告訴你，我們的優化器在市場上的表現非常出色。

Great. Can you elaborate more on that? I know you had a lot of volume, most of it from Europe in the quarter, that mix of, call it, 70% from EMEA or Europe. Do you think that mix stays similar through the rest of this year?

很好。你能再多談一些嗎？我知道你們本季出貨量很大，其中大部分來自歐洲，組合大概是70%來自EMEA或歐洲。你認為今年剩餘時間這個組合會維持類似嗎？

And maybe give us a little bit more color on which countries are strong and maybe which countries have been less strong but could become stronger ahead?

另外也請多給一些細節：哪些國家表現強勁？以及哪些國家相對較弱但未來可能轉強？

So we've been sort of trending in these percentages for a little bit of time here, about 65%, 70% from EMEA, was [1] higher than that. But the US has really picked up steam for us. And with the repower initiatives that we've had and now with the introduction of our new hybrid inverter battery solution along with EG4 partnership for optimized inverters, we think that Europe -- the US could be a market where we pick up a good share regardless of the macro condition there.

我們在這些比例上已經維持一段時間了，大約65%到70%來自EMEA，曾經[1]高於這個水準。但美國市場對我們而言確實正在加速成長。隨著我們推動的repower計畫，以及我們推出新的混合式逆變器電池解決方案，並與EG4合作提供最佳化逆變器，我們認為歐洲——美國可能會成為我們能取得不錯市占的市場，不論當地宏觀環境如何。

So that might drive the EMEA region perhaps to be a little bit less than 7% by the time we get to the end of the year. We'll just have to see how that plays out.

因此到今年年底，EMEA地區的占比可能會略低於7%。我們得再看看實際發展如何。

Within the European area, we've historically been strong in Italy, Germany. Those being the two biggest economies of last year with the UK. Germany has been, by most accounts, big but sluggish. And I'd say we've had just -- we've had decent growth, but the areas where we've seen some really outsized growth that's really working in our favor, and I think it's going to work out this way in 2026 as well as the UK was really great because we came in with almost zero market share and quickly established a good revenue base coming into that country.

在歐洲地區，我們歷來在義大利、德國表現強勁。這兩個國家加上英國，是去年最大的兩個經濟體。就多數觀點而言，德國市場規模大但成長遲緩。我會說我們一直——我們有不錯的成長，但我們看到一些真正超預期、且對我們非常有利的成長領域；我認為在2026年也會如此。英國表現非常好，因為我們進入時幾乎是零市占，卻很快在該國建立起良好的營收基礎。

And in 2026, we're making a concerned effort to go after more of the European -- Eastern European theater, where we talked about them on this call before. Some competitors have withdrawn a bit or reduce their footprint. And so that's where Slovenia, Romania, Poland, even the Czech Republic, which again, we've been doing strong for a while now, but there's still additional market share to be picked up there. So we're sort of expanding beyond our traditional strength in Italy, Germany and going a little bit more East than north, if you will.

而在2026年，我們正投入一項審慎的努力，去爭取更多歐洲——東歐戰場的機會，我們之前在這通電話中也談過。有些競爭對手已稍微撤出或縮減其布局。因此，斯洛維尼亞、羅馬尼亞、波蘭，甚至捷克共和國——同樣地，我們在那裡已經強勁了一段時間，但仍有額外的市占可以爭取。所以我們算是在擴展，超越我們在義大利、德國的傳統優勢，若你這麼說的話，就是往東而不是往北走一些。

Great. You mentioned repowering. Can you give us some sense of how the success that you're having there? It sounds like this is a big opportunity. If you can quantify anything in terms of how much of your total revenue or total US revenue that could be for '26. That could be very helpful.

很好。你提到了汰舊換新（repowering）。你能否讓我們了解一下你們在那方面的成功程度？聽起來這是一個很大的機會。如果你能量化一下，就2026年而言，這可能占你們總營收或美國總營收的多少。那會非常有幫助。

Sure. So it more than doubled. It was about 23% of 2025. Most recently, it was 20%. Again, Zvi mentioned we did have a lot of -- we believe we had some pull-in orders related to the [25V] expiration that kind of muddled the overall measurement of that. But we're still working with the same installers who are -- have a brisk book of business. And we, again, expect another year of growth coming from that side of the house.

當然。所以它超過翻倍。在2025年約占23%。最近則是20%。再次強調，Zvi提到我們確實有很多——我們認為有一些與[25V]到期相關的提前拉貨訂單，讓整體衡量變得有些混淆。但我們仍與同一批安裝商合作，他們——手上的案量很旺。而我們也同樣預期，這一塊今年還會再帶來一年的成長。

We have a very unique hybrid inverter that fits nicely, it's got the right form factor, and it's got the right ability to accept both varying voltage levels and minimal amount of wiring rewiring required. So there's a lot of advantages to our solution that fits in well with repower.

我們有一款非常獨特的混合式逆變器，非常契合需求；它的外形尺寸合適，也具備同時接受不同電壓等級、且只需最少配線/重新配線的能力。因此，我們的解決方案有很多優勢，與汰舊換新（repower）非常契合。

But really, I think you're going to now layer in our initiative with our GO ESS battery hybrid inverter for the year And actually along with EG4 and I think the US market could be very, very strong growth for us this year.

但我認為，接下來你會看到我們把今年的GO ESS電池混合式逆變器計畫疊加進來；再加上與EG4的合作，我認為美國市場今年對我們而言可能會是非常、非常強勁的成長動能。

And actually, on the [repower], one additional point is that the model systems age, the better it is for us. We've been an early -- we've identified this market early and we've been playing for it for quite some time and gaining quite nice momentum. So as it ages, it should be better for us.

另外，關於[repower]，還有一點是：系統機齡越老，對我們越有利。我們很早就——很早就識別到這個市場，並且已經投入耕耘相當長一段時間，動能累積得相當不錯。所以隨著機齡增加，對我們應該會更有利。

Great. Okay. Last one for me. That sounds exciting. Let's move over to the utility scale solar opportunity, as Zvi mentioned, that there's a large pipeline of opportunity there. And so I'm guessing this is tied to Predict+, which is a software package that you guys have.

很好。好的。我最後一個問題。聽起來很令人振奮。我們來談談公用事業級太陽能的機會；如Zvi提到，那裡有很大的機會管線。所以我猜這與Predict+有關，也就是你們的一套軟體套件。

I was wondering if this is also tied to your optimizer opportunity? So just give us a little more color on what that looks like and how that could drive 2026.

我想問的是，這是否也與你們的優化器（optimizer）機會相關？請再多給我們一些細節，說明那會是什麼樣子，以及它如何推動2026年的表現。

So yes, I did mention last time that we see an increase in activity in utility scale, and that continues. I don't want to make any pre-announcements which is not the right thing to do. But in general, we do see a momentum in both the Predict+ as well as the optimization.

是的，我上次確實提到我們看到公用事業級領域的活動增加，而這個趨勢仍在延續。我不想做任何提前公告，這並不恰當。但整體而言，我們確實看到Predict+以及優化（optimization）兩方面的動能。

And on the optimization, I will add that we see two main drivers. One is obviously new installations. And we did mention the large installation in Spain which is now operational, up and running right next to the Madrid Airport, which we got late last year. It was 142 megawatts. And we see in the pipeline similar-sized projects and a number of them. So we are fairly excited about it and optimistic.

而在優化方面，我補充我們看到兩個主要驅動因素。其一顯然是新裝機。我們也提到西班牙那個大型案場目前已投入運轉、順利上線，就在馬德里機場旁邊，是我們去年底拿下的。規模為142兆瓦。而我們在管線中也看到一些同等規模的專案，而且不只一個。因此我們相當興奮，也很樂觀。

Eric Stine, Craig-Hallum Capital Group.

Eric Stine，Craig-Hallum Capital Group。

So I know you talked about the EU, the outlook here in '26, but it was kind of more from a strategic point of view. I'm wondering if you can just dig in a little bit on the market improvement, people starting to talk about green shoots. You mentioned that you saw that towards the end of the quarter. I mean, where does that stand?

我知道你談到了歐盟、以及你們對2026年的展望，但那比較偏策略層面。我想請你再深入一點談談市場改善的情況，大家開始在談所謂的「綠芽」（green shoots）。你提到在季度末看到那樣的跡象。我的意思是，現在進展到哪裡了？

I know that you mentioned, at least in Q1, some softness in Germany and the UK. And those are two countries where you are starting to see indications of that improvement. So when do you anticipate you might start to see the benefit from that? Is it Q2? It seems like it's not -- that type of expectation is not necessarily part of your outlook.

我知道你提到，至少在第一季，德國和英國有些疲弱。而這兩個國家也是你開始看到改善跡象的地方。那你預期何時會開始看到這些改善帶來的好處？是第二季嗎？看起來這類期待不一定被納入你們的展望之中。

But when might you see it? And when do you become convinced that it is something that is sustainable market improvement?

但你們可能何時會看到？以及你們何時會確信這是可持續的市場改善？

Thanks, Eric. So we started seeing an improvement in the second part of Q1. The first part of Q1 was very sleepy to be honest, which is fine, that's normal. It's not like it was different. But despite the fact, we still have seen a 30% growth quarter over quarter, year over year.

謝謝你，Eric。所以我們在第一季後半段開始看到改善。坦白說，第一季前半段非常平淡，這沒關係，這很正常。並不是說它有什麼不同。但即便如此，我們仍看到季對季、年對年都有30%的成長。

I believe that Q2, by the guidance we provided, is also demonstrating a nice growth year over year. And obviously, it is based on some of the confidence we see in all regions, including Europe, which is the largest region we have. And so from our perspective, we do believe that we will continue to see market share gains.

我相信，依照我們提供的指引，第二季也呈現出不錯的年對年成長。而且顯然，這是基於我們在所有地區看到的一些信心，包括歐洲——這是我們最大的區域。因此從我們的角度來看，我們確實相信我們將持續看到市占提升。

And also Bill mentioned that we expanded into Eastern Europe, in some places where our competitors have left and we've seen some fairly good momentum. So Europe for us is actually showing some fairly good signs despite the fact that Germany was a little bit slow.

另外，Bill提到我們擴展到東歐，在一些競爭對手退出的地方，我們看到相當不錯的動能。所以對我們而言，歐洲其實展現出一些相當好的跡象，儘管德國稍微慢了一點。

I will highlight that we have seen Germany starting to get back to like the second part of Q1, the same as what I've highlighted for Q1. So we are not quite sure they will get back to the same full strengths of last year or more but we have seen an improvement there, which is causing us to build a bit more optimistic.

我也要強調，我們看到德國從第一季後半段開始回溫，和我剛才提到的第一季情況一致。所以我們還不太確定它是否會回到去年同等的全面強勢、或更強，但我們確實看到改善，這讓我們建立起更樂觀一些的看法。

In addition, the -- my mention on the success in the utility scale projects, a good portion of them are in Europe. So we don't want to get into specificity right now. But this is a new area for us, which is based on the success in Spain we had and some new opportunities we've identified. And so we have actually [tell] we believe very strong that Europe is going to be a very good place lot going moving forward.

此外——我提到的公用事業級專案成功案例，其中相當一部分在歐洲。所以我們現在不想談得太具體。但這對我們而言是一個新領域，是建立在我們在西班牙的成功以及我們識別到的一些新機會之上。因此我們其實[告訴]我們相信，歐洲在未來將會是一個非常好的地方。

Yeah. Okay. That is helpful. And then, I guess, maybe sticking with utility scale. I know that you have talked about several times. You've got a number of opportunities. You've set the guidance in a spot that you believe is a good place to be. It's obviously very good growth. But you've also talked about these opportunities, whether it's GO ESS, EG4, that would mean potentially significant growth in '26.

是的。好的。這很有幫助。然後，我想，或許繼續談公用事業級。我知道你們已經談過好幾次。你們有不少機會。你們把指引設定在你們認為合適的位置。顯然成長非常好。但你們也談到這些機會，不論是 GO ESS、EG4，都可能意味著在 2026 年出現顯著成長。

So I'm curious, I mean, where would you put utility scale in that? Is that something that you're starting to see good signs, but that's more of a 2027 event where it really starts to impact financials? Or is it something that potentially, depending on timing, could be more of a 2026 event?

所以我很好奇，我是說，你會把公用事業級放在這裡面的哪個位置？這是不是你們開始看到不錯的跡象，但更像是 2027 年的事件，才會真正開始影響財務？還是說這件事可能取決於時點，而更可能是 2026 年的事件？

So let me categorically be very clear. The increase in utility footprint is in 2026 and not the end of the year, and I will just leave it there. So it's, yeah.

所以讓我明確、斷然地說清楚。公用事業版圖的擴大是在 2026 年，而且不是在年底，我就先說到這裡。所以，是的。

I would say just add, we're -- we don't normally talk about the pipeline, but the deals that we're working on are getting to the point where they are right for a decision. And so there's enough of those in our pipeline where we are at least finalists where we feel confident that we'll have something to talk about this year.

我想補充的是，我們——我們通常不談管線，但我們正在推進的交易已經進展到適合做決策的階段。而且我們的管線裡有足夠多這樣的案子，至少我們是決選名單中的候選者，因此我們有信心今年會有一些事情可以對外說明。

And you have been following us for quite some time. So we generally are more conservative. We don't share. Our confidence is high.

而且你關注我們已經有一段時間了。所以我們一般都比較保守。我們不會分享。我們的信心很高。

Yeah. That's why I'm asking. And so I mean I would just assume we should put this in the category along with those others that could mean upside to kind of what your view is now

是的。這就是我為什麼要問。所以我的意思是，我會假設我們應該把這個和其他那些放在同一類，因為它們可能意味著相對於你們目前觀點的上行空間。

Okay. Maybe last one for me. This is just more clarification on the repowering. I know that the primary focus there is on the inverter side. But is that also something that potentially develops from an optimizer sign as well as some of these older systems as they upgrade and perhaps they decide they're 10 years old, and decide that they want that control at the panel level?

好的。也許我最後一個問題。這只是想更釐清一下 repowering（汰舊換新/升級改造）。我知道那裡的主要重點在逆變器端。但這是否也可能從優化器的角度發展？也就是一些較舊的系統在升級時，可能覺得系統已經 10 年了，並決定想要面板級的控制能力？

So it's an outstanding question, Eric. And so you just hit the [name at] the top. It actually gives us an access to two potential expansions. One is the optimizer, as you described it. And the second one, since all the solutions we provide with a hybrid inverter, adding a value is very cost effective.

這是個非常好的問題，Eric。你正好點到重點。它其實讓我們有機會切入兩個潛在的擴張方向。第一個是你所說的優化器。第二個是，由於我們提供的所有解決方案都搭配混合式逆變器，因此加值（例如加裝儲能）非常具成本效益。

So by virtue of increasing that market share with our solutions in repower it will give us an opportunity to sell additional batteries as well at a very cost-effective way compared to any other solution.

因此，透過在 repower 市場以我們的解決方案提高市占，我們也將有機會以非常具成本效益的方式，額外銷售電池，相較於任何其他解決方案都更具成本優勢。

Sameer Joshi, HC Wainwright.

Sameer Joshi，HC Wainwright。

A lot of topics have been covered, but I don't think we've discussed enough the GO ESS opportunity and attraction. It seems that with $4 million-ish in revenues, it is sort of high since 2023. Are you looking at the meaningful contribution from GO ESS during 2026? And is it a contributor to growth?

很多主題都談到了，但我覺得我們對 GO ESS 的機會與吸引力討論得還不夠。看起來以約 400 萬美元左右的營收來說，自 2023 年以來算是偏高。你們是否預期 GO ESS 在 2026 年會有實質性的貢獻？它會是成長的貢獻來源嗎？

We believe that with our next generation that we have here, we expect that it will be widely affected by the market. And the feature functionality, price point, et cetera, and side are all line up to what customers are asking for. And so both in the US with new sales, TPO opportunities and even repower, which is a captive market for us to get battery revenue from.

我們相信，憑藉我們這一代的新產品，我們預期它會在市場上獲得廣泛採用。其功能特性、價格定位等等，各方面都符合客戶的需求。因此，無論是在美國的新銷售、TPO 機會，甚至是 repower（汰舊換新/升級改造）——這對我們而言是個可鎖定的市場，可從中取得電池營收。

And then in Europe, we have got or we've addressed the market's desire for a larger storage capacity for both three-phase and single-phase markets, especially in the base markets. So our new our new generation of battery have both the cold weather functionality, which is important in that market and ability to expansion, ability up to almost 48-kilowatt hours.

另外在歐洲，我們已經回應了市場對更大儲能容量的需求，涵蓋三相與單相市場，特別是在核心市場。所以我們的新一代電池同時具備低溫功能（這在該市場很重要）以及可擴充能力，容量最高可接近 48 度電（kWh）。

And so that's what the market has been asking for, and that's why we're excited about being able to introduce it now. So we expect '26 to be -- we expect to get a lot of positive momentum out of both markets. Yeah.

這正是市場一直在要求的，因此我們很興奮能在此時推出。所以我們預期 2026 年將會——我們預期在兩個市場都能獲得很多正向動能。是的。

Understood. And then the second question is, inventory was down quarter over quarter sequentially, $6.5 million down. Should we read anything into this?

了解。第二個問題是，庫存季對季下降，減少了 650 萬美元。我們需要從中解讀出什麼嗎？

Or -- and then part two of that question is how is the supply chain? And how quickly can you rebuild this inventory, especially given traction or projections for second -- or outlook for second half as well as the hinted progress on utility scale.

或者——第二部分是供應鏈狀況如何？你們能多快把庫存補回來，特別是考量到下半年動能或預測，以及你們暗示的公用事業級進展？

We're still in an eight-week factory to customer supply chain environment. So we're not seeing major hurdles there. We -- as a corporate metric, we try to keep 90 to 100 days of inventory. We were trending higher than that. So us bringing it down was just part of us trying to again run the working capital at an optimal level for us. And so we'll continue to do it that way.

我們仍處於從工廠到客戶約 8 週的供應鏈環境。所以我們沒有看到重大的障礙。我們——以公司指標來看，我們會努力把庫存維持在 90 到 100 天。我們之前的趨勢高於這個水準。因此把庫存降下來，只是我們再次嘗試把營運資金維持在對我們而言最優水準的一部分。所以我們會持續以這種方式進行。

We have no problem meeting the utility -- any big utility win. The benefit of having an outsourced contract manufacturing business model allows you to scale up and down very quickly. And it's not very difficult to do. We've got the floor space to do it. We can add another line if and when we need to.

我們在滿足公用事業——任何大型公用事業案的需求方面沒有問題。採用外包的合約製造商業模式的好處，是你可以非常快速地擴產或縮產。而且這並不困難。我們有足夠的廠房空間來做。如果有需要，我們也可以再增加一條產線。

Understood. And then the last one, just a quick one. On operating expenses through the year, should we expect to see any marginal increases or do you have enough manpower and resources so that we won't see any meaningful increase in OpEx?

了解。最後一個，簡短的問題。關於今年的營業費用（OpEx），我們是否應該預期會有些微增加？還是你們的人力與資源已足夠，因此不會看到 OpEx 有任何顯著增加？

Yeah. I think we're trending in that $12.5 million to $13 million range for the rest of the year. If I were to put a wider lens on it, $12.5 million to $13.5 million, so midpoint $13 million, somewhere in there, we are able to grow this year without having to add a lot of OpEx, demonstrating the leveragability in our operating model.

是的。我認為今年剩下的時間，我們大致會落在 1,250 萬到 1,300 萬美元的區間。如果用更寬的範圍來看，可能是 1,250 萬到 1,350 萬美元，中位數約 1,300 萬美元，大概在那附近；我們今年可以在不需要增加太多 OpEx 的情況下成長，這也展現了我們營運模式的槓桿性。

So we've been at this level, around $13 million for several quarters now. So I think that's the right ballpark for the rest of the year.

所以我們已經在這個水準、約 1,300 萬美元，維持好幾個季度了。因此我認為今年剩下時間大概就是這個合理區間。

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Alon for closing remarks.

此時，我們的問答環節到此結束。接下來我想把電話交回給 Alon 先生作結語。

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.

再次感謝各位今天加入我們。我特別要感謝我們敬業的員工持續的貢獻，也感謝我們的客戶與合作夥伴持續的努力。我也要感謝投資人一直以來的支持。

Operator?

接線員？

Thank you for joining us today for Tigo's first-quarter 2026 earnings conference call. You may now disconnect.

感謝您今天參加 Tigo 2026 年第一季財報電話會議。您現在可以掛線。