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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 and Brookfield Renewable have announced a strategic partnership to launch a Charging-as-a-Service (CaaS) solution aimed at revolutionizing electric vehicle charging infrastructure. This innovative offering eliminates significant upfront payments, allowing for easier deployment of charging networks for various sectors, including fleets and multi-unit dwellings. By leveraging Brookfield's extensive renewable energy expertise and Shoals' efficient charging technology, the partnership targets commercial and public sector customers with flexible, technology-agnostic solutions. The CaaS model supports a monthly subscription fee structure, enabling clients to allocate capital to other priorities while benefiting from tailored infrastructure solutions. This collaboration is expected to accelerate the adoption of EV charging across the U.S., addressing barriers to entry in the market.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced it will disclose its first quarter 2023 results on May 8, 2023, after market close. Following the earnings release, a conference call will take place at 5:00 p.m. Eastern Time. Investors can access the live call through the Company's Investor Relations webpage or by phone. The telephonic replay will be available shortly after the call, lasting until May 22, 2023. Shoals Technologies is a leader in providing electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle infrastructure, with over 20 GW of solar systems deployed globally since its founding in 1996.
Shoals Technologies Group (Nasdaq: SHLS) has secured a 120 MW contract to supply its BLA+ solution for a utility-scale solar project in Western Australia. The BLA+ solution, previously known as BLA 2.0, integrates all necessary components for installation, promoting efficiency. Ben Macias, Chief Revenue Officer, emphasized that the system’s above-ground installation eliminates the need for costly trench digging and utilizes fewer materials, thereby reducing construction time and costs. Deliveries are anticipated by Q4 2023.
With over 20 GW of solar systems deployed globally, Shoals is a recognized leader in renewable energy solutions, enhancing installation efficiency and safety.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) has announced a public offering of 24,501,650 shares of its Class A common stock by Selling Stockholders, Solon Holdco I and II. The underwriters may also purchase up to 3,675,247 additional shares. The company will not receive any proceeds from this offering, as the shares are being sold by these stockholders. The offering is made under a shelf registration statement filed with the SEC. Morgan Stanley is the sole book-running manager for the offering. Shoals is recognized in the renewable energy sector, providing electrical solutions for solar and battery applications.
Shoals Technologies Group reported remarkable financial results for Q4 2022, with revenue nearly doubling to $94.7 million, a 97% year-over-year increase. The Company's System Solutions revenue surged by 150%, while gross margin expanded by over 950 basis points to 42.7%. Shoals ended the year with a backlog of $428.6 million, reflecting a 43% increase year-over-year. For 2023, the Company anticipates revenue between $470 million and $510 million and adjusted EBITDA of $140 million to $155 million, indicating strong growth momentum.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced that President Jeffery Tolnar will serve as Interim Chief Executive Officer following the departure of Jason Whitaker. This decision follows an extensive search for a permanent CEO. The Board of Directors expressed gratitude for Whitaker's leadership and emphasized their commitment to identifying a successor who can significantly impact the company's growth strategy. Tolnar previously launched the eMobility business unit and has extensive experience in electric mobility solutions and global software. Shoals is a leader in electrical balance of system solutions, deployed in over 20 GW of solar systems globally.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) will release its fourth quarter 2022 results after market close on February 28, 2023. Investors can participate in the conference call at 5:00 p.m. Eastern Time on the same day, available via webcast on the company's Investor Relations website. Shoals is recognized for its electrical balance of systems solutions for solar and storage, having deployed its technology across over 20 GW of solar systems worldwide. The company aims to enhance installation efficiency and system reliability in the renewable energy sector.
Shoals Technologies Group (Nasdaq: SHLS) announced key promotions to strengthen its leadership team. Effective December 19, 2022, Jeff Tolnar has been appointed President, Ben Macias as Chief Revenue Officer (CRO), and Jessica Uecker as Chief Human Resources Officer (CHRO). Tolnar aims to enhance EV charging infrastructure, Macias focuses on improving sales performance, and Uecker will develop recruiting strategies. CEO Jason Whitaker highlighted their significant contributions to the company’s success and future growth potential.
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