Welcome to our dedicated page for Shoals Technologies Group news (Ticker: SHLS), a resource for investors and traders seeking the latest updates and insights on Shoals Technologies Group stock.
Shoals Technologies Group, Inc. (symbol: SHLS) is a leading provider of electrical balance of systems (EBOS) solutions for solar energy projects. Established in 1996 and headquartered in Portland, Tennessee, Shoals has consistently driven innovation in the renewable energy sector. The company's diverse portfolio includes PV balance of systems products, such as combiner/re-combiner boxes, master fuse boxes, custom harnessing solutions, junction boxes, PV wire, in-line fuses, racking, and PV monitoring solutions.
Shoals Technologies Group serves a global customer base, primarily partnering with engineering, procurement, and construction firms that build solar energy projects. Through high standards of excellence, the company has established strong relationships with top integrators and project developers worldwide. Shoals' solutions are deployed on over 62 GW of solar systems globally, making it a significant player in the alternative energy industry.
Recently, Shoals announced a major expansion of its manufacturing and distribution operations in Portland, Tennessee. This $80 million investment will create approximately 550 new jobs over the next five years, bringing the company's total headcount in the region to roughly 1,400. The expansion includes relocating manufacturing operations to a 638,000-square-foot facility, enabling Shoals to meet growing customer demand for solar power.
Among the company's latest achievements is its stance on intellectual property protection. Shoals is actively pursuing legal avenues to safeguard its unique Big Lead Assembly (BLA) technology through patent litigations. Despite recent challenges, Shoals remains committed to defending its innovations and maintaining its leadership position in the industry.
Shoals Technologies Group continues to support the clean energy transition by investing in US manufacturing and delivering cutting-edge solutions for solar, storage, and electric vehicle charging infrastructure. With a robust financial performance, including a reported adjusted gross profit of $230 million for the full year, Shoals is well-positioned for sustained growth and success in the renewable energy market.
Shoals Technologies Group (SHLS) reported Q3 2024 financial results with revenue of $102.2 million, down 24% year-over-year. The company posted a net loss of $0.3 million and Adjusted EBITDA of $24.5 million. Despite project delays affecting revenue, quoting volume increased nearly 50% from the prior year. The company's backlog and awarded orders stood at $596.6 million, with international markets comprising over 13%. Shoals raised its full-year 2024 revenue outlook to $390-400 million, with expected Adjusted EBITDA of $96-101 million.
Shoals Technologies Group, a leader in electrical balance of system (EBOS) solutions, has announced its participation in multiple upcoming investor events from November 2024 through January 2025. The schedule includes virtual fireside chats with Jefferies (Nov 14) and Truist Securities (Nov 22), followed by in-person conferences with UBS (Dec 3), Morgan Stanley (Dec 5), Bank of America (Dec 6), Mizuho (Dec 10), and Goldman Sachs (Jan 7, 2025). Senior management, including CEO Brandon Moss, CFO Dominic Bardos, and VP of IR Matt Tractenberg, will participate in various formats including fireside chats, panels, and investor meetings.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) has announced the date for its third quarter 2024 earnings release. The company will disclose its financial results before market open on Tuesday, November 12, 2024. Following the release, Shoals will host a conference call at 8:00 a.m. Eastern Time on the same day.
Investors and other interested parties can access a live webcast of the conference call through the Investor Relations section of the company's website at https://investors.shoals.com. For those unable to attend the live event, an archived replay of the webcast will be made available shortly after the call concludes.
Shoals Technologies Group, a global leader in electrical balance of system (EBOS) solutions for the energy transition market, has announced two key appointments to strengthen its executive team. Kirsten Moen has been named Chief Operations Officer, bringing extensive experience from organizations like Eaton and Stanley Black & Decker. Moen's expertise in lean manufacturing and process optimization is expected to enhance Shoals' position in the renewable energy industry.
Additionally, Chad Warpula has been appointed as interim Chief Legal Officer. Warpula, a corporate partner at Troutman Pepper, brings a wealth of experience in corporate law, securities, M&A, and governance. These appointments are aimed at driving operational excellence and positioning Shoals to execute its strategy effectively in the evolving energy market.
Shoals Technology Group, Inc. (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS) solutions, is hosting its inaugural Investor Day on September 5, 2024, in Nashville, TN. The event will feature presentations from CEO Brandon Moss, CFO Dominic Bardos, and other senior leaders, focusing on:
- Strategy for profitable growth and revenue diversification
- Innovative product offerings
- Operational excellence initiatives
- Capital allocation priorities
The company will also introduce long-term financial targets and showcase its positioning for delivering shareholder returns. A live webcast of the event will be available at investors.shoals.com, with registration required.
Shoals Technologies Group (Nasdaq: SHLS), a leader in electrical balance of system (EBOS) solutions, has signed a non-binding memorandum of understanding (MoU) with United Utilities Environmental Services (UUES) in Riyadh. The partnership aims to localize solar EBOS manufacturing for the Kingdom of Saudi Arabia (KSA) and the region.
The KSA plans to develop up to 130 GW of renewable power generation in the next six years, with a significant focus on solar power. Shoals' plug-and-play, prefabricated EBOS solutions are expected to accelerate this development in a market lacking the necessary trade skills.
The localization of Shoals' products will include solutions that have proven successful in the United States for improving utility-scale project reliability, enhancing developer IRR, and eliminating the need for a skilled workforce in EBOS installation.
Shoals Technologies Group (Nasdaq: SHLS) has secured a favorable initial ruling from the U.S. International Trade Commission (ITC) in its patent infringement case against Voltage, The ruling found that Voltage violated Section 337 of the Tariff Act of 1930 by importing infringing LYNX trunk bus products into the United States. Shoals has also been issued two new patents covering its BLA technology. If upheld, the ruling will prevent unlawful imports of photovoltaic connectors that infringe on Shoals' intellectual property.
Shoals' patented Big Lead Assembly (BLA) connectors offer significant cost savings and maintenance benefits. The company views this ruling as a victory for the U.S. solar industry and American jobs. The ITC investigation is scheduled for completion in late December, with final resolution expected in February 2025. Shoals plans to pursue monetary damages in a separate District Court case against Voltage following the ITC case resolution.
Shoals Technologies Group (Nasdaq: SHLS), a leader in electrical balance of system (EBOS) solutions, has released its 2023 Environmental, Social, and Governance (ESG) report. The report highlights significant progress in ESG initiatives, including:
- First-time reporting of Scope 1 and 2 emissions and total energy usage
- Creation of a cross-functional ESG team
- Addition of key roles such as Director of Sustainability and Director of Quality
- Integration and expansion of environmental and health and safety programs
- Investment in robust data infrastructure
CEO Brandon Moss emphasized the company's commitment to integrating ESG principles into its core identity and strategy. The full report is available on Shoals' website.
Shoals Technologies Group (Nasdaq: SHLS), a leader in electrical balance of systems solutions, has appointed Niharika Taskar Ramdev to its Board of Directors and Audit Committee, effective August 9, 2024. She replaces Peter Wilver, who resigned from the Board. Ms. Ramdev brings extensive experience as a global finance leader, having held senior roles at General Motors, including CFO of Global Cadillac from 2018-2019. She currently serves on the Board of Silgan Holdings (NYSE: SLGN) and has previously served on boards of several public companies. Brad Forth, Chairman of Shoals' Board, expressed confidence that Ms. Ramdev's global experience and proven track record in strategy and operations align well with Shoals' global growth strategy.
Shoals Technologies Group (NASDAQ: SHLS) reported Q2 2024 financial results with revenue of $99.2 million, down 17% year-over-year due to project delays. Gross margin was 40.3%, and net income was $11.8 million. The company's backlog and awarded orders increased 18% year-over-year to $642.3 million. Despite market uncertainties, Shoals remains focused on expanding offerings and improving operations. For Q3 2024, Shoals expects revenue between $95-105 million and adjusted EBITDA of $25-30 million. The full-year 2024 outlook projects revenue of $370-400 million and adjusted EBITDA of $96-110 million. CEO Brandon Moss highlighted the company's execution and potential for growth in solar energy amid increasing demand for generation capacity.
FAQ
What is the current stock price of Shoals Technologies Group (SHLS)?
What is the market cap of Shoals Technologies Group (SHLS)?
What does Shoals Technologies Group, Inc. do?
Where is Shoals Technologies Group headquartered?
What recent investment has Shoals Technologies Group announced?
Who are the primary customers of Shoals Technologies Group?
What is the Big Lead Assembly (BLA) technology?
How many solar systems globally use Shoals' solutions?
What is the financial performance of Shoals Technologies Group?
How does Shoals Technologies Group protect its intellectual property?
What industries does Shoals Technologies Group serve?
How can one apply for a career at Shoals Technologies Group?
