Shoals Technologies Group, Inc. - SHLS STOCK NEWS

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.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced a change in its Board of Directors on August 15, 2022. Mr. Peter Jonna has resigned, while Ms. Jeannette Mills and Mr. Robert Julian have been appointed, expanding the Board from seven to eight members. Ms. Mills brings over 30 years of experience in the energy sector and will serve on the Compensation Committee, while Mr. Julian, a financial executive with extensive experience, will serve on the Audit Committee. The new appointments reflect the company's commitment to strong governance and strategic growth.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) has signed an agreement with Consultoria e Inversiones Hondureñas en Energia S.A. (CIHESA) to provide its BLA system for the 53.4 MWdc San José solar project in Honduras. The BLA system is recognized for reducing field work and enhancing safety, quality, and reliability. CIHESA noted that the above-ground design minimizes soil disturbance and accelerates installation time. Power generation is set to commence by the end of Q4 2023, boosting Shoals' international presence in the renewable energy sector.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) will release its Q2 2022 results after market close on August 15, 2022. A conference call will follow at 5:00 p.m. ET on the same day. Investors can access the live webcast through the company's Investor Relations website, or by phone at 1-855-327-6837 (domestic) or +1-631-891-4304 (international). A telephonic replay will be available after the call until August 29, 2022. Shoals is a leader in electrical balance of systems solutions for solar and electric vehicle charging, with over 20 GW of solar systems deployed globally.

Shoals Technologies Group (Nasdaq: SHLS) supports President Biden’s Executive Action aimed at enhancing U.S. solar manufacturing through a 24-month tariff exemption on imported solar panels. CEO Jason Whitaker highlighted the importance of this initiative for solidifying domestic supply chains and creating tens of thousands of American jobs in clean energy. Shoals, a key player with over half of U.S. solar projects utilizing its EBOS solutions, anticipates growth and further job creation at its facilities across Tennessee, Alabama, and California.

Shoals Technologies Group (SHLS) reported a record first-quarter revenue of $68.0 million, marking a 49% increase year-over-year. System Solutions revenue rose 40%, contributing to a gross margin expansion of 550 basis points to 38.7%. The company’s backlog and awarded orders hit $302.3 million, up 67% year-over-year. Despite robust performance, Shoals reaffirmed its low revenue guidance due to ongoing supply chain disruptions and an investigation into import duties that could pose significant challenges. Adjusted EBITDA rose 17% to $16.5 million.