Shoals Technologies Group, Inc. - SHLS STOCK NEWS

Shoals Technologies Group, Inc. (NASDAQ: SHLS) has announced a strategic collaboration with Luminace, a leading decarbonization-as-a-service provider. The partnership aims to enhance the deployment of renewable energy generation and electric vehicle (EV) charging solutions across the U.S. Both companies will provide technical and operational solutions at no upfront cost to customers. This collaboration is expected to improve the efficiency of solar and eMobility projects while accelerating the adoption of renewable energy technologies.

Shoals Technologies Group (Nasdaq: SHLS) has partnered with SKYCHARGER to enhance EV charging infrastructure in the US. This collaboration includes a purchase order for Shoals' Fuel by Shoals eMobility solutions for use in the 2022 pipeline, with shipments starting in Q4 2021. The partnership aims to reduce capital costs and accelerate deployment times for EV projects. Shoals' solutions will enable SKYCHARGER to deploy more charging stations efficiently, contributing to the broader adoption of electric vehicles.

Shoals Technologies Group, Inc. (SHLS) reported a record revenue of $59.8 million for Q3 2021, marking a 14% year-over-year increase. System Solutions revenue rose 5% to $38.6 million. The company achieved a gross margin of 36.4% and a record backlog of $270.7 million, up 101% year-over-year. Shoals acquired ConnectPV, enhancing its product portfolio for energy storage. Despite robust demand and growth in backlog, supply chain disruptions led to revised revenue expectations for Q4 2021, projected between $40 million and $50 million.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) will announce its third quarter 2021 results after market close on November 9, 2021, followed by a conference call at 5:00 p.m. ET. Investors can access the live webcast on the Investor Relations section of the Company's website. For phone access, domestic callers can dial 1-844-826-3033 and international callers can use +1-412-317-5185. A replay will be available approximately two hours post-call until November 23, 2021. Shoals is a leader in electrical balance of systems solutions for solar and renewable energy infrastructure.

Shoals Technologies Group (Nasdaq: SHLS) has partnered with Ernst & Young to enhance its electric vehicle (EV) charging solutions. This collaboration aims to achieve a 20%–30% reduction in installation costs compared to traditional systems. The EV charging market is projected to grow from $300 million to $1.2 billion by 2023, emphasizing the need for efficient deployment. The partnership also seeks to optimize investments from the Federal Government's infrastructure plan, aimed at improving capital efficiency and expanding charging station deployment.

Shoals Technologies Group (Nasdaq: SHLS) reported a remarkable second quarter, with revenues rising 38% year-over-year to $59.7 million. System Solutions revenue surged 62% to $51.2 million, making up 86% of total revenue. Gross profit margin expanded by more than 500 basis points to 43.8%. Backlog and awarded orders increased 63% year-over-year to $200.5 million. The company reaffirms its 2021 revenue outlook of $230-$240 million.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) will announce its second quarter 2021 results after market close on August 10, 2021. Following the release, the Company will hold a conference call at 5:00 p.m. Eastern Time the same day. Investors can access the live call through the Company's Investor Relations website or by phone. Shoals is a key provider of electrical balance of systems solutions for solar and electric vehicle charging, recognized for its innovative technologies and substantial global deployment, exceeding 20 GW in solar systems.

Shoals Technologies Group (Nasdaq: SHLS) announced the resignation of Jason Lee and Frank Cannova from its Board of Directors. The Board expressed gratitude for their contributions and is currently exploring options for appointing a new independent director to address the resulting vacancy. Shoals, a leader in electrical balance of systems solutions for solar, storage, and electric vehicle charging infrastructure, has deployed over 20 GW of solar solutions worldwide, demonstrating its influence in the renewable energy sector.

Shoals Technologies Group (Nasdaq: SHLS) announced a public offering of 13,384,155 shares of Class A common stock at $28.00 each. The offering includes 8,394,463 shares offered directly by the Company, with net proceeds aimed at purchasing equity interests from existing stockholders, including founder Dean Solon. The Company will not benefit financially from the 4,989,692 shares sold by current stockholders, including Oaktree Capital. Additionally, underwriters received an option for an extra 2,007,623 shares. The offering is set to close on July 19, 2021.