Shoals Technologies Group Inc
NASDAQ:SHLS
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Shoals Technologies Group Inc
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Shoals Technologies Group Inc
Shoals Technologies Group, Inc. provides electrical balance of system solutions for solar energy projects. The company is headquartered in Portland, Tennessee and currently employs 697 full-time employees. The company went IPO on 2021-01-27. The firm designs, manufactures and distributes system solutions for the two types of wiring architectures used by the United States solar industry: homerun and combine-as-you-go. The company also designs, manufactures and distributes individual EBOS and other components including Combiners, Plug-n-play branch connectors and inline fuses, AC disconnects, Recombiners, Wireless monitoring, and Junction boxes. The firm provides products to engineering, procurement and construction firms (EPCs) that build solar energy projects.
Shoals Technologies Group, Inc. provides electrical balance of system solutions for solar energy projects. The company is headquartered in Portland, Tennessee and currently employs 697 full-time employees. The company went IPO on 2021-01-27. The firm designs, manufactures and distributes system solutions for the two types of wiring architectures used by the United States solar industry: homerun and combine-as-you-go. The company also designs, manufactures and distributes individual EBOS and other components including Combiners, Plug-n-play branch connectors and inline fuses, AC disconnects, Recombiners, Wireless monitoring, and Junction boxes. The firm provides products to engineering, procurement and construction firms (EPCs) that build solar energy projects.
Revenue Growth: Shoals reported Q4 revenue of $148.3 million, up 38.6% year-over-year, in line with expectations, and full-year 2025 revenue grew 19% to $475 million.
Record Backlog: Backlog and awarded orders (BLAO) reached a record $747.6 million, up 18% year-over-year, with $603.4 million scheduled for delivery in 2026.
Profitability: Q4 gross margin declined to 31.6% from 37.6% last year due to tariffs, higher labor, shipping costs, and product mix; full-year profit margins are expected to remain in the low to mid-30s for 2026.
Guidance: 2026 revenue guidance is $560–600 million (22% growth at midpoint), with adjusted EBITDA expected between $110–130 million. Q1 2026 revenue is guided to $125–135 million.
BESS Growth: Battery Energy Storage System (BESS) backlog grew to $67 million from $18 million last quarter, with over half expected as revenue in 2026.
International Expansion: International revenue rose from less than $1 million in 2024 to $13 million in 2025, with a record $90 million in international BLAO.
Operational Investments: Shoals is completing a move to a new consolidated facility, expected to be fully operational by mid-2026, aiming for future productivity and cost improvements.
