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Shoals Technologies Group, Inc. is a leading provider of electrical balance of system (EBOS) solutions and components for the global energy transition market. The company designs, manufactures, and sells products that enable the efficient and safe transfer of electrical current in solar and battery storage systems. Shoals primarily serves engineering, procurement, and construction firms (EPCs) involved in large-scale solar energy projects, with a growing focus on international markets and new sectors like battery energy storage and commercial applications.
- System Solutions - Provides complete EBOS systems that integrate design, engineering support, proprietary components, and innovative installation methods into a single offering.
- EBOS Components - Manufactures and sells individual components such as cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and battery energy storage cabinets.
- Battery Energy Storage Solutions (BESS) - Offers specialized solutions for battery energy storage systems, including cabinets and other critical components.
- Operations and Maintenance Offerings - Provides products and services that support the ongoing operation and maintenance of solar and battery storage systems.
- EV Charging Infrastructure - Develops and supplies components and systems for electric vehicle charging stations, expanding its reach into the growing EV market.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brandon Moss Executive | Chief Executive Officer | Board Member, Solar Energy Industries Association | Extensive experience in the electrical industry, M&A, global supply chains, and efficient manufacturing processes. Previously held leadership roles at Southwire Company and Lutron Electronics. | |
Dominic Bardos Executive | Chief Financial Officer | None | Over 20 years of financial leadership experience, previously CFO at Holley Inc. and VP of Finance at Tractor Supply Company. | |
Inez Lund Executive | Chief Accounting Officer | None | Promoted internally from Controller; previously worked at Ernst & Young and American International Group. | |
Jeffery Tolnar Executive | President | Chairman of the Board, IONATE Limited; Board Member, Smith Seckman Reid, Inc. | Over 30 years of experience in telecommunications, energy, and electric mobility. Previously led Shoals' eMobility business and served as interim CEO. | |
Mehgan Peetz Executive | Chief Legal Officer | None | Joined SHLS in December 2020. Extensive legal expertise in corporate governance and compliance. | |
Brad Forth Board | Chair of the Board | Board Member, Array Technologies | Over 30 years of experience in the energy industry, including leadership in digital power metering and energy management systems. | |
Jeannette Mills Board | Board Member | EVP and Chief External Relations Officer, Tennessee Valley Authority (TVA) | Over 30 years of experience in energy and utilities sectors, specializing in business operations, risk management, and strategy development. | |
Niharika Taskar Ramdev Board | Board Member | Board Member, Silgan Holdings | Former CFO of Global Cadillac and GM International. Extensive board experience across multiple public companies. | |
Robert Julian Board | Board Member | Consultant, The RealReal, Inc.; Board Member, Rayton Solar Inc. | Over 30 years of financial leadership experience. Former CFO of The RealReal and Sportsman’s Warehouse. | |
Toni Volpe Board | Board Member | CEO and Board Member, Renantis S.p.A. | Global leader in renewable energy development and management. Former President and CEO of Enel Green Power North America. | |
Ty Daul Board | Board Member | CEO and Board Member, Primergy Solar; Board Member, Solar Energy Industries Association; Board Member, Infinigen Renewables | Over 11 GW of renewable energy projects developed. Extensive leadership in solar and wind energy sectors. |
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Your adjusted gross margin in Q4 was 37.6%, below your long-term target of 40%, and you've mentioned competitive pricing pressures and product mix as factors. Can you provide more details on the specific actions you're taking to improve margins in 2025, and how confident are you in achieving the 40% target given the potential headwinds from the move to the new factory and ongoing competitive pressures?
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Regarding the recent reversal in the Voltage Section 337 case by the ITC and your subsequent appeal, how do you anticipate this legal uncertainty will impact your competitive position and pricing strategy in the near term, and have you seen any changes in customer behavior or market dynamics as a result?
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International markets are a key part of your growth strategy, but you've only recognized about $10 million in revenue from international projects in 2024, with $15 million expected in 2025. Given the long sales cycles and potential regulatory challenges, what steps are you taking to accelerate international expansion, and how confident are you in achieving meaningful revenue growth outside the U.S.?
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You've mentioned that 69% of your backlog and awarded orders are expected to convert to revenue over the next 12 months, down from 76% in Q3. Can you elaborate on the reasons behind this decline, and what measures are you implementing to improve backlog conversion rates and mitigate potential project delays?
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With the consolidation into a new, state-of-the-art factory underway, how do you anticipate this will impact your operational efficiency and margins during the transition period in 2025, and what risks are there that this move could cause further disruptions or inefficiencies beyond what you've planned for?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
TerraSmart, LLC | The company identifies this competitor as one of its principal rivals in the market for EBOS system solutions and components, competing on product performance, installation cost, reliability, warranty duration, sales and distribution capabilities, and customer support. |
Bentek Corporation | This competitor is noted as one of the principal rivals in the EBOS market, with competition intensifying as new and existing players enter the market. |
Voltage, LLC | The company has filed patent infringement complaints against this competitor, alleging violations related to photovoltaic connectors and components. |
Construction Innovation | Listed as one of the principal competitors in the EBOS market, competing on various factors including product reliability and cost. |
Premier PV | Identified as a competitor in the EBOS market, with competition based on product features, reliability, and customer support. |
Hikam America, Inc. | The company has filed patent infringement complaints against this competitor, alleging violations related to photovoltaic connectors and components. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ConnectPV | 2021 | Acquired by Shoals Technologies Group for $13.8 million in cash (net of $0.8 million cash acquired) and 209,437 shares of Class A Common stock valued at $6.5 million; the deal was funded through Shoals’ Revolving Credit Facility and resulted in $19.1 million of goodwill, with the acquisition strengthening their utility-scale battery energy storage systems offering and expanding market access and engineering capabilities, expected to be accretive to 2022 earnings per share. |
No recent press releases or 8-K filings found for SHLS.