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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, 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.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) will announce its third quarter 2022 results on November 14, 2022, after market close. A conference call will follow at 5:00 p.m. ET, with a live webcast available on the Company’s Investor Relations website. Interested parties can join via phone or access a replay later. Shoals is recognized for its innovative electrical balance of systems solutions for the solar industry, with deployments exceeding 20 GW globally.
Shoals Technologies Group (Nasdaq: SHLS) has achieved certification for its eMobility charging solutions to UL standards, enhancing its position in the EV infrastructure market. The certified products include the Fuel Power Center and Big Lead Assembly, facilitating faster, lower-cost deployment of EV solutions. This milestone not only underscores Shoals' commitment to safety and performance but also expands its electrical balance of systems (EBOS) offerings from solar to electric vehicles. The company aims to support scalable EV charging infrastructure across various applications.
Shoals Technologies Group (Nasdaq: SHLS) has launched a new North-South Big Lead Assembly (BLA) trunk bus product, optimized for Nextracker's NX Horizon™ solar trackers. This innovation reduces installation labor costs by 43% and DC wiring O&M costs by 60%, while increasing energy yield by 0.25%.
This collaboration aims to enhance installation efficiency and long-term operations and maintenance (O&M) for utility-scale solar projects, showcasing Shoals' commitment to cost-effective renewable energy solutions. The product will be featured at the RE+ trade show in Anaheim, California.
Shoals Technologies Group reported a 23% revenue growth year-over-year, achieving a record $73.5 million in Q2 2022. The company also posted a record gross profit of $28.6 million. Backlog and awarded orders surged 63% year-over-year, reaching $327.2 million. System Solutions contributed 77% of total revenue. However, net income declined to $7.3 million from $9.2 million in the prior-year period due to increased general and administrative expenses. The company reaffirmed its 2022 revenue outlook between $300 million and $325 million.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) has appointed Dominic Bardos as Chief Financial Officer, effective October 3, 2022. Bardos brings over 30 years of global finance experience, previously serving as CFO of Holley Inc. and holding senior finance roles at Tractor Supply Company and Terminix. The CEO of Shoals, Jason Whitaker, expressed optimism about Bardos' contribution to enhancing the company's financial performance and global growth strategies. Bardos holds a Bachelor’s and MBA from the University of Memphis.
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