Shoals Technologies Group, Inc. - SHLS STOCK NEWS

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.

Shoals Technologies Group (Nasdaq: SHLS) has announced a public offering of 13,384,155 shares of Class A common stock. This includes the sale of 8,394,463 shares by the company and 4,989,692 shares by selling stockholders, notably involving Oaktree Capital and a company executive. The offering also allows underwriters a 30-day option for an additional 2,007,623 shares. Proceeds will be utilized to acquire equity interests from existing stockholders. Goldman Sachs and J.P. Morgan are the lead underwriters for this transaction.

Shoals Technologies Group reported record first quarter revenues of $45.6 million, a 12% increase compared to $40.7 million last year. The System Solutions revenue surged by 46% to $33.4 million, representing 73% of total revenue. Gross margin improved by 635 basis points year-over-year to 41.2%. The company's backlog increased by 42% year-over-year to $180.6 million. Despite a net loss of $8.3 million mainly due to a $16 million loan repayment charge, Shoals reaffirmed its full-year guidance of $230 million to $240 million in revenue.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) will release its first quarter 2021 results on May 3, 2021, after market close. A conference call is scheduled for 5:00 p.m. ET the same day, allowing investors to gain insights into the company's performance. Interested parties can access the call via the Company's website or through designated phone numbers. The Company specializes in electrical balance of systems solutions for solar, storage, and electric vehicle charging infrastructure, recognized for innovations that enhance installation efficiency and system performance.

Shoals Technologies Group (Nasdaq: SHLS) announced the addition of four senior hires aimed at enhancing growth in the solar, energy storage, and electric vehicle sectors. Jeff Tolnar is named SVP of Electric Vehicle Solutions, bringing 25 years of experience, while Brian Van Heel and Josep Tienda join as VPs of Sales focusing on the U.S. and EMEA markets, respectively. Kathy Heilmann, as VP of Marketing, will drive brand strategies internationally. This expansion is expected to strengthen Shoals' market position and support its growth objectives.

Shoals Technologies Group reported record revenue of $175.5 million in 2020, marking a 21.5% increase year-over-year. In Q4, revenues reached $38.8 million, with a gross margin expansion of 530 bps to 38.3%. The company’s backlog surged by 46% to $157 million. For 2021, Shoals anticipates revenues between $230 million and $240 million, indicating potential growth of 31% to 36.7%. Shoals remains focused on growth strategies in solar and EV infrastructure, expecting continued success in these areas.