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 (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.
Shoals Technologies Group (Nasdaq: SHLS) has announced its upcoming second quarter 2024 earnings release and conference call. The company will disclose its Q2 2024 results after the market closes on Tuesday, August 6, 2024, followed by a conference call at 5:00 p.m. Eastern Time. Investors can access the live webcast through the company's Investor Relations website. For those preferring a phone connection, domestic callers can dial 1-877-407-0789, while international participants should use +1-201-689-8562. A replay will be available until August 20, 2024, accessible via 1-844-512-2921 (domestic) or +1-412-317-6671 (international) with the access ID 13745188.
Shoals Technologies Group (Nasdaq: SHLS) announced the launch of a new suite of system solutions at Intersolar Europe from June 19-21, 2024.
These solutions are designed for international developers and EPC contractors, featuring innovations like unobstructed rows, agri-solar, and North-South configurations.
The new products include SuperJumper, Trenched BLA, Mini BLA, and Smart Combiner. Additionally, Shoals is localizing production in Europe and Australia to meet delivery expectations in these markets.
Shoals Technologies Group (Nasdaq: SHLS) will hold its first-ever Investor Day on September 5, 2024, in Nashville, Tennessee. The event starts at 8:30 a.m. CT and features key presentations by CEO Brandon Moss, CFO Dominic Bardos, and other senior leaders. They will discuss the company's strategy, growth opportunities, and financial objectives. A Q&A session follows, wrapping up the webcast by noon CT. Attendees can tour the Portland, Tennessee manufacturing plant and enjoy a reception in Nashville later in the day. The event will be webcast live, with replays available on Shoals' Investor Relations website.
Shoals Technologies Group has announced a $150 million share repurchase program, approved by its Board of Directors, effective through December 31, 2025. The repurchases can occur in various formats, including open market and private transactions. Shoals will fund this initiative using cash on hand, free cash flow, and borrowings under its credit facilities. Additionally, the company has entered into a $25 million Accelerated Share Repurchase (ASR) agreement with Jefferies Under the ASR, Shoals will initially receive approximately 2.2 million shares at a closing price of $6.81 per share. The ASR will complete in Q3 2024, and the final number of repurchased shares will depend on the daily volume-weighted average price during the ASR term. CEO Brandon Moss and CFO Dominic Bardos emphasize that this program is part of Shoals' broader value creation strategy.
Shoals Technologies Group (Nasdaq: SHLS), a leader in electrical balance of system (EBOS) solutions for solar, battery storage, and EV charging, has announced participation in several upcoming investor events. These include:
- June 4, 2024: Mizuho Virtual Fireside Chat with CEO Brandon Moss and VP of Finance Matt Tractenberg.
- June 5, 2024: Oppenheimer Non-Deal Roadshow in Boston, MA.
- June 17, 2024: J.P. Morgan Energy, Power & Renewables Conference in New York, NY.
- June 26, 2024: ROTH London Conference in London, England.
Interested investors should contact the respective sales representatives for each event.
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