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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 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.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced an upsized public offering of 26 million shares of Class A common stock, priced at $22.25 per share. The offering includes 2 million shares from the company and 24 million shares from selling stockholders. Proceeds will help fund a $58.1 million termination of the Tax Receivable Agreement. The offering is expected to close on December 6, 2022, with underwriters having a 30-day option for an additional 3.9 million shares. The stock is traded on the Nasdaq Global Market.
Shoals Technologies Group (Nasdaq: SHLS) announced an underwritten public offering of 20 million shares of its Class A common stock. The offering consists of 2 million shares from the Company and 18 million shares from selling stockholders, including Dean Solon. They aim to grant underwriters a 30-day option for an additional 3 million shares. The proceeds will partly fund a termination consideration of $58.1 million related to their Tax Receivable Agreement. Joint book-running managers for the offering include J.P. Morgan, Guggenheim, and Morgan Stanley.
Shoals Technologies Group (Nasdaq: SHLS) announced that CEO Jason Whitaker will step down for health reasons in early 2023 but will remain in an advisory role until mid-March. Brad Forth, Chairman of the Board, is leading the search for a new CEO with executive search firm Spencer Stuart. Whitaker expressed pride in leaving the company positioned strongly, with a robust customer base and record adjusted EBITDA. The company has made significant investments in its operations and expects to attract top talent during this transition.
Shoals Technologies Group reported record third-quarter revenues of $90.8 million, a 52% increase year-over-year, driven by an 80% rise in System Solutions revenue. Gross profit rose 66% to $36.0 million, with margins expanding over 330 bps to 39.7%. Backlog and awarded orders reached $471.2 million, a 74% year-over-year increase. The company raised its full-year 2022 revenue outlook to between $310 million and $325 million.
Shoals Technologies Group (Nasdaq: SHLS) announced a significant contract for 1 GWdc to supply its BLA and storage solutions for one of the largest solar plus storage projects in the U.S. The company recognizes the growing demand for its solutions that enhance quality and performance while mitigating labor-related risks. Deliveries have started, with completion anticipated by Q4 2023. Shoals, a leader in electrical balance of systems (EBOS) for solar and EV infrastructure, has contributed to over 20 GW of solar installations globally.
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