Shoals Technologies Group (SHLS) Company Report

Shoals delivered record revenue of $135.8 million in Q3 2025, marking a 32.9% increase year-over-year and 22.5% sequential growth over Q2 results.
The company achieved a record backlog and awarded orders (BLAO) of $720.9 million as of September 30, 2025, representing a 21% year-over-year increase.
Adjusted gross profit percentage for the quarter was 37%, and adjusted EBITDA was $32.0 million, or 23.5% of revenue.
Shoals increased its anticipated revenue range for the full year 2025 to between $467 million and $477 million, and adjusted EBITDA to between $105 million and $110 million.
The company is actively pursuing new growth opportunities, including international markets and Battery Energy Storage Solutions (BESS), having signed two MSAs to deliver products in emerging BESS markets with $18 million of BESS in backlog at the end of Q3.

Nov 4, 2025, 1:00 PM

Transcript

Shoals Technologies Group, Inc. Announces Q3 2025 Earnings and 2025 Outlook

SHLS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shoals Technologies Group, Inc. reported record quarterly revenue of $135.8 million for the third quarter ended September 30, 2025, marking a 32.9% increase year over year.
For Q3 2025, the company achieved net income of $11.9 million and Adjusted EBITDA of $32.0 million.
The company's backlog and awarded orders reached a record $720.9 million as of September 30, 2025, representing a 21.0% increase compared to the prior-year period.
Shoals Technologies Group, Inc. provided a Q4 2025 revenue outlook in the range of $140.0 million to $150.0 million and a full-year 2025 revenue outlook between $467.0 million and $477.0 million.

Nov 4, 2025, 12:13 PM

8-K

Shoals Technologies Group Announces Q3 2025 Financial Results

SHLS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shoals Technologies Group reported record quarterly revenue of $135.8 million for the third quarter ended September 30, 2025, an increase of 32.9% year-over-year, with a gross margin of 37.0% and Adjusted EBITDA of $32.0 million.
Net income for Q3 2025 was $11.9 million, resulting in diluted earnings per share of $0.07.
The company achieved record backlog and awarded orders of $720.9 million as of September 30, 2025, representing a 21.0% increase compared to the prior-year period.
For Q4 2025, the company expects revenue in the range of $140.0 million to $150.0 million and Adjusted EBITDA between $35.0 million and $40.0 million. The full year 2025 revenue outlook is $467.0 million to $477.0 million, with Adjusted EBITDA projected to be $105.0 million to $110.0 million.

Nov 4, 2025, 12:00 PM

Press Release

Shoals Technologies Group, Inc. Reports Q2 2025 Financial Results and Increases Full Year 2025 Revenue Outlook

SHLS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shoals Technologies Group, Inc. reported Q2 2025 revenue of $110.8 million, an 11.7% increase year-over-year.
The company achieved a gross margin of 37.2% and Adjusted EBITDA of $24.5 million for Q2 2025.
Backlog and awarded orders reached a record level of $671.3 million as of June 30, 2025, representing a 4.4% increase compared to the prior-year period.
Shoals provided a Q3 2025 revenue outlook in the range of $125.0 million to $135.0 million and increased its full-year 2025 revenue outlook to a range of $450.0 million to $470.0 million.

Aug 5, 2025, 12:00 AM

8-K

Shoals Technologies Group Discusses Strong Demand, Favorable Regulatory Environment, and Margin Outlook

SHLS

New Projects/Investments

Legal Proceedings

Guidance Update

Shoals Technologies Group is experiencing very strong demand with projects moving forward and EPC customers having full slates. The company recently signed a new 12 GW master supply agreement with Blattner through mid-2027 and a 12 GW memorandum of understanding with UGT for international projects.
The company anticipates that the foreign entity of concern (FIOC) provision will be favorable, as Shoals produces all of its eBOS solutions in the United States, just north of Nashville, Tennessee. This domestic manufacturing capability positions them well against competitors with overseas supply chains.
Management expects gross margins to be in the mid-30s to high-30s percentage in the near term, with a long-term target of getting back over 40%. Battery energy storage (BESS) and export businesses are noted as accretive to margins.
Remediation work for the warranty issue related to defective wire is largely on track to be completed this year, with litigation in the fact discovery phases expected to conclude in the next few months.

Jun 24, 2025, 7:55 PM

Shoals Technologies Group Q1 2025 Performance & Strategic Initiatives

SHLS

Earnings

Guidance Update

New Projects/Investments

Q1 2025 financial performance: Revenue was $80.4 million with a 35.0% gross margin, adjusted EBITDA of $12.8 million, GAAP net loss of $(0.3) million, $5.2 million net income, and $0.03 diluted EPS
Strong order momentum: Secured approximately $91 million in new orders, with updated backlog and awarded orders of $645.1 million and about $500 million scheduled for delivery over the next 4 quarters
Forward guidance: Q2 2025 revenue is expected between $100–$110 million and adjusted EBITDA of $20–$25 million, while full‐year guidance projects revenue of $410–$450 million and adjusted EBITDA of $100–$115 million
Operational & strategic initiatives: Advancing domestic manufacturing with the new 1,500 Shoals Way factory, addressing $9.5 million in remediation costs and a $30.4 million warranty liability, alongside an international MoU to help deliver up to 12GW of solar power

May 6, 2025, 12:01 PM

Transcript Presentation 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Shoals Technologies Group.

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