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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 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.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced an upsized revolving credit facility from $100 million to $150 million, closing on May 2, 2022. This increase, facilitated by Wilmington Trust and JPMorgan Chase, aims to enhance financial flexibility for growth and strategic initiatives. CEO Jason Whitaker emphasized that this additional liquidity will support the company's ongoing business development. Shoals specializes in electrical balance of system solutions for solar, battery storage, and EV infrastructure, with its products significantly utilized in U.S. solar projects.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) announces the appointment of Kevin Hubbard as interim Chief Financial Officer, effective May 4, 2022. Hubbard, previously a partner at Ham, Langston & Brezina, LLP, succeeds Philip Garton, who is leaving for another opportunity. The board is actively searching for a permanent successor. The company will discuss its first quarter financial results on a conference call scheduled for May 16, 2022, after market close. Shoals is a key provider of electrical balance of system solutions for solar and battery storage.
Shoals Technologies Group (Nasdaq: SHLS) announced the opening of a new 219,000 sq. ft. manufacturing facility in Portland, TN, set to enhance operational efficiency and double EBOS production capacity. The facility is expected to be operational in Q2 2022 and will support the development of innovative products in solar, energy storage, and electric vehicle charging sectors. CEO Jason Whitaker emphasized that the site will allow the company to deliver more value to customers, particularly with its Fuel by Shoals® eMobility solutions.
Shoals Technologies Group (SHLS) announced a record revenue of $48 million for Q4 2021, marking a 24% increase year-over-year. The company's gross profit rose to $15.9 million, despite a decline in gross margin to 33.1% due to rising material costs. For the full year 2021, revenue grew 21% and gross profit 24%, with a gross margin of 38.8%. Shoals reported a net loss of $2.2 million compared to a net income of $4.2 million in the prior year. Backlog reached a record $299 million, nearly doubling year-over-year. 2022 guidance anticipates revenue between $300 million and $350 million.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) will announce its fourth quarter 2021 results on March 10, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern Time, where investors can access a live webcast via the company's Investor Relations website. Shoals is noted for its electrical balance of systems (EBOS) solutions, significantly enhancing efficiency in solar, storage, and electric vehicle charging infrastructures. The company has deployed systems on over 20 GW of solar installations worldwide.
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