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Overview of Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. (SHLS) specializes in electrical balance of systems (EBOS) solutions for the solar energy sector. With a robust portfolio that includes combiner boxes, re-combiner systems, master fuse boxes, custom harnessing, junction boxes, and inline fuses, the company provides essential components that ensure safe and efficient electrical current transfer in solar projects. Their products are engineered to enhance installation efficiency, system performance and safety, affirming their critical role in the renewable energy value chain.
Product Innovation and Technological Expertise
Shoals has built a reputation for innovation by integrating cutting‐edge technologies with a focus on quality and reliability. Their patent‐protected Big Lead Assembly (BLA) technology exemplifies their commitment to advancing solar installation solutions. The company maintains strict quality standards through continuous research and development, and a proactive approach to intellectual property protection. This ensures that every product not only meets but exceeds industry specifications for performance and durability.
Market Position and Business Model
Operating mainly in the United States, Shoals sells its EBOS solutions directly to engineering, procurement, and construction firms involved in large-scale solar projects. Its comprehensive suite of products supports installations ranging from private ventures to government-backed initiatives. By focusing on pre-designed, plug-and-play components, the company significantly reduces installation costs and labor requirements while increasing system reliability. This operational model has allowed Shoals to secure strategic partnerships with top integrators and project developers in the solar industry, thereby reinforcing its market position.
Commitment to Quality and Intellectual Property Protection
Throughout its history since its founding in 1996, Shoals Technologies Group has adhered to the highest standards of excellence in engineering and manufacturing. The company has successfully safeguarded its innovations through strategic patent filings and robust legal measures, ensuring that its technological advancements, like BLA connectors, remain exclusively protected. These measures not only safeguard its innovations but also underscore its longstanding commitment to protecting American manufacturing and intellectual property.
Industry Impact and Competitive Landscape
Shoals plays a pivotal role in the energy transition market by supplying products that are fundamental to high-quality solar installations. Their solutions are recognized for enhancing installation efficiency and improving the overall safety and performance of solar energy systems. In a competitive market where technological differentiation is vital, Shoals distinguishes itself with its advanced product designs, strong intellectual property portfolio, and deep manufacturing expertise. This methodical approach to product development and quality control has enabled the company to remain a key contributor to renewable energy projects across the United States.
Expertise and Engineering Excellence
The company’s technical acumen is evident in every aspect of its operations, from design engineering to product manufacturing. By adhering to rigorous quality control protocols and leveraging industry-specific innovations, Shoals ensures that its products deliver consistent and reliable performance. This steadfast dedication to engineering excellence and customer safety forms the backbone of its operational philosophy.
In summary, Shoals Technologies Group, Inc. stands as an influential provider of EBOS solutions within the solar industry. Their commitment to innovative technology, stringent quality standards, and robust intellectual property protection enables them to serve a wide range of customers from large-scale project developers to specialized integrators. With a focus on improving installation efficiency and system reliability, the company continues to influence the renewable energy landscape through its advanced, carefully engineered products.
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.
Shoals Technologies Group has launched its eMobility Innovation Center in Portland, TN, showcasing advanced electric vehicle (EV) charging solutions. This 'living lab' allows customers to experience the 'Fuel by Shoals' product line, aimed at disrupting traditional EV charging deployment. Key challenges addressed include high installation costs, deployment time, and quality reliability. The center features various chargers, supporting improved scalability and efficiency in EV infrastructure development. CEO Jason Whitaker emphasized the company's goal to simplify and enhance EV charging system deployment.
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.
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