This week marked a significant milestone for Tigo as we debuted publicly on the Nasdaq exchange (Nasdaq: TYGO). In the ever-expanding world of startups, only a privileged few attain the right balance of product excellence, market penetration, and solid financial performance to earn the esteemed status of a public company. Below is the Nasdaq Opening Bell Speech given by our CEO, Chairman and Leader Zvi Alon.
"There is a phrase in Hebrew, “סבלנות, התמדה ויזע יוצרים שילוב מנצח להצלחה.” This is roughly translated as, “Patience, persistence and perspiration make an unbeatable combination for success.” That is how I feel about Tigo Energy, who provides intelligent solar and energy storage solutions to all seven continents.
Today is the culmination of tremendous patience on the part of many people. There are three people in attendance that have been with Tigo since the beginning. And of course, my wife has shown infinite patience with me personally. When we invested on May 1st of 2013, I did not plan to become Chairman and CEO. While it was the right business decision soon after, I never expected to be leading the company ten years later. Thank you for your patience, Ricki.
This is the third company I have taken public. Each had its challenges, but Tigo has proven that persistence is often required for success in business and in life. We have been forced to stop product shipments, seen a potential acquisition come and go, and reinvented the company in 2019 with an open platform for our customers. To the 14 executives, 6 board members and 7 investors in attendance, thank you for your persistence.
Perspiration is an absolute requirement for a technology startup to succeed, hence I must thank the Tigo employees. Since the founding in 2007, Tigo employees have worked very, very hard to provide innovative solutions for solar installers and consumers worldwide in residential, commercial and utility markets. With 1 GWh of daily monitored PV production, 138 patents and 86% annual revenue growth at 30% gross margin, the past 15 years have been successful. It is now up to the ever-growing Tigo team to make the next 15 years successful and profitable as a proud member of NASDAQ."
We want to thank everyone who has supported Tigo Energy over the years. The future is bright, and this is just the beginning.