Cash flow generation remains erratic and heavily dependent on working capital timing, as evidenced by the 5.29x OCF/NI ratio in 2026Q1 and a persistent quarterly share-based compensation expense averaging over $1.7 million.
Tigo Energy, Inc. (TYGO) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -16.49M | 10.3M | -12.35M | -37.22M | -16.47M | -4.99M | -1.74K | 0 |
| Operating CF Margin % | - | 9.95% | -22.87% | -25.63% | -20.26% | -11.43% | -0.01% | - |
| Operating CF Growth % | -1456.1% | 183.37% | 66.81% | -125.97% | -230.1% | -286681.61% | - | - |
| Net Income | 9.97M | -1.88M | -62.75M | -984K | -7.04M | -4.86M | -1.97K | -1.23K |
| Depreciation & Amortization | 1.63M | 1.27M | 1.22M | 1.11M | 562K | 419K | 625K | 0 |
| Stock-Based Compensation | 8.58M | 7.86M | 7.72M | 3.81M | 813K | 179K | 105K | 0 |
| Deferred Taxes | -3.37M | 0 | 0 | -21K | 5.35M | 0 | 835K | 0 |
| Other Non-Cash Items | -7.2M | -2.98M | 30.98M | -2.62M | 908K | -147K | -1.56M | 0 |
| Working Capital Changes | -24.36M | 6.04M | 10.47M | -38.51M | -17.07M | -578K | 225 | 1.23K |
| Change in Receivables | -5.93M | -5.9M | 570K | 5.2M | -12.53M | 815K | -1.74M | 0 |
| Change in Inventory | 3.23M | -10.77M | 16.3M | 713K | -14.97M | -5.48M | -1.62M | 0 |
| Change in Payables | -18.24M | 20.91M | -6.63M | -8.58M | 10.89M | 4.58M | 3.37M | 0 |
| Cash from Investing | 34.3M | 22.62M | 19.76M | -30.91M | -1.6M | -323K | -273K | 0 |
| Capital Expenditures | -1.11M | -642K | -1.29M | -2.11M | -1.15M | -323K | -273K | 0 |
| CapEx % of Revenue | 1% | 0.62% | 2.38% | 1.46% | 1.41% | 0.74% | 0.82% | - |
| Acquisitions | 0 | 0 | 0 | -16K | -93.25M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 17.39M | 14.64M | 0 | -450K | -456K | 0 | 0 | 0 |
| Cash from Financing | -7.21M | -36.99M | -61K | 34.82M | 48.32M | 7.3M | -469 | 25K |
| Debt Issued (Net) | -46.1M | -50.25M | 0 | 29.17M | 10.84M | -7.1M | 14.15M | 0 |
| Equity Issued (Net) | 28.02M | 157K | 16K | 215K | 325K | 15M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 10.87M | 13.1M | -77K | 5.44M | 37.16M | -604K | -14.15M | 25K |
| Net Change in Cash | 10.61M | -4.08M | 7.34M | -33.31M | 30.24M | 1.98M | 5.49M | 25K |
| Free Cash Flow | -17.59M | 9.66M | -13.64M | -39.79M | -17.62M | -5.31M | -274.74K | 0 |
| FCF Margin % | -15.82% | 9.33% | -25.25% | -27.39% | -21.67% | -12.17% | -0.83% | - |
| FCF Growth % | -364.63% | 170.8% | 65.72% | -125.81% | -231.62% | -1833.83% | - | - |
| FCF per Share | -0.22 | 0.15 | -0.23 | -0.92 | -3.57 | -0.36 | -0.02 | - |
| FCF Conversion (FCF/Net Income) | -1.76x | -5.48x | 0.20x | 37.83x | 2.34x | 1.03x | 0.00x | - |
| Interest Paid | 0 | 0 | 2.51M | 1.42M | 1.24M | 817K | 0 | 0 |
| Taxes Paid | 0 | 0 | 575K | 95K | 109K | 21K | 0 | 0 |
Quick answers to the most common questions about buying TYGO stock.
Tigo Energy, Inc. (TYGO) generated $10.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tigo Energy, Inc. (TYGO) generated $9.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tigo Energy, Inc. (TYGO) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and cash burn
Metrics are mathematically derived from official filings.
Earnings and Cash Flow Disconnect
According to recent financial disclosures, Tigo's operating cash flow frequently diverges from net income, with the OCF/NI ratio exhibiting extreme volatility, such as the 5.29x multiple observed in 2026Q1, which highlights the significant impact of non-cash items and working capital fluctuations on the company's reported earnings quality.
The persistent gap between net income and operating cash flow suggests that accounting profits are heavily influenced by non-cash charges and timing differences rather than core operational efficiency. Investors should monitor this divergence closely, as it indicates that the company's ability to generate actual cash remains decoupled from its bottom-line performance.
Free Cash Flow Volatility Persists
As reported in quarterly filings, Tigo's free cash flow trajectory remains highly erratic, swinging from a negative $11.6 million in 2024Q1 to a positive $7.5 million in 2025Q2, reflecting a business model that struggles to maintain consistent cash generation amidst fluctuating demand and high operating costs.
The lack of a stable free cash flow trend suggests that the company is currently unable to self-fund its operations through internal cash generation. This inconsistency implies that Tigo remains reliant on external financing or working capital management to bridge the gap between its capital-intensive growth strategy and its current operational reality.
Working Capital as Cash Driver
Based on historical cash flow statements, Tigo's operating cash flow is heavily dependent on working capital movements, with a notable $7.3 million inflow in 2025Q2 that temporarily masked underlying operational weaknesses, suggesting that cash generation is more a function of timing than sustainable core business profitability.
The reliance on working capital shifts to bolster cash flow indicates that the company's liquidity is sensitive to inventory and accounts receivable cycles. Analysts should investigate whether these inflows represent genuine operational improvements or merely the temporary deferral of cash outflows that could reverse in subsequent periods.
SBC Obscures True Cash Burn
Analysis of recent SEC filings reveals that share-based compensation, which averaged over $1.7 million per quarter, consistently masks the true extent of Tigo's cash burn, effectively subsidizing operating expenses while diluting shareholders and complicating the assessment of the company's underlying cash-generating capability in a high-growth environment.
By adding back significant share-based compensation to arrive at operating cash flow, the company presents a more favorable liquidity picture than the underlying business operations might otherwise support. This practice warrants further investigation into the long-term sustainability of the company's compensation structure relative to its actual cash-generating capacity.