Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2024
Shoals Technologies Group, Inc. reported financial results for Q1 2024, with quarterly revenue of $90.8 million, gross margin of 40.2%, net income of $4.8 million, and adjusted EBITDA of $20.5 million. Backlog and awarded orders increased 17% year-over-year to $615.2 million. Despite revenue decreasing by 14% compared to Q1 2023, the company remains confident in long-term industry drivers. The company's outlook for Q2 and full year 2024 is cautiously optimistic, expecting revenue in the range of $85-$95 million for Q2 and $440-$490 million for the full year.
Backlog and awarded orders increased by 17% year-over-year, reaching $615.2 million, reflecting consistent demand for the company's products.
CEO Brandon Moss remains confident in the long-term fundamental drivers of the industry and the company's strategic plan, despite project delays and industry disruptions.
The company's outlook for Q2 and full year 2024 indicates cautious optimism, with revenue expected in the range of $85-$95 million for Q2 and $440-$490 million for the full year.
Revenue decreased by 14% in Q1 2024 compared to the prior year, attributed to lower sales volumes from fewer production days and project delays.
Adjusted EBITDA decreased by $17.6 million to $20.5 million compared to the prior-year period, impacting the company's financial performance.
Net income and adjusted net income both decreased significantly in Q1 2024 compared to the prior year, affecting the company's bottom line.
Insights
– Quarterly Revenue of
– Gross Margin of
– Net Income of
– Adjusted EBITDA of
– Backlog and Awarded Orders Increased
– Provides Second Quarter and Full Year 2024 Outlook –
PORTLAND, Tenn., May 07, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced results for its first quarter ended March 31, 2024.
“Despite additional project delays in the period, the team’s continued strong execution allowed Shoals to meet our first quarter outlook. While some industry and supply chain disruptions persist, including extended equipment lead times and long interconnection queues, we remain confident in the long-term fundamental drivers of the industry and our ability to execute our strategic plan. Our offering continues to resonate with customers, supported by backlog and awarded orders increasing
“In the short term, our results will continue to be impacted by project timing, but the medium- and long-term outlook for domestic utility scale solar remains bright, as reflected in robust quoting activity and pipeline levels. Load growth is expected to increase significantly over the next five years, driven by a combination of data center growth, reshoring of manufacturing, electric vehicles and increased weather volatility, requiring more heating and cooling. Meeting all that new demand will require more generation capacity and we expect solar to be a prime beneficiary. We remain very excited about the opportunity ahead,” added Mr. Moss.
First Quarter 2023 Financial Results
Revenue decreased
Gross profit was
General and administrative expenses were
Income from operations was
Net income was
Net income attributable to Shoals Technologies Group, Inc. was
Adjusted EBITDA* decreased
Adjusted net income* decreased
* A reconciliation of the Company’s non-GAAP measures to the most closely comparable U.S. generally accepted accounting principles (“GAAP”) measures are found within this release.
Backlog and Awarded Orders
The Company’s backlog and awarded orders as of March 31, 2024, were
Backlog represents signed purchase orders or contractual minimum purchase commitments with take-or-pay provisions and awarded orders are orders we are in the process of documenting a contract but for which a contract has not yet been signed.
Second Quarter 2024 Outlook
The Company is providing an outlook for the second quarter given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2024, the Company expects:
- Revenue to be in the range of
$85 million to$95 million - Adjusted EBITDA to be in the range of
$20 million to$25 million
Full Year 2024 Outlook
Based on current business conditions, business trends and other factors, for the full year 2024, the Company expects:
- Revenue to be in the range of
$440 million to$490 million - Adjusted EBITDA* to be in the range of
$130 million to$150 million - Adjusted net income* to be in the range of
$85 million to$100 million - Cash Flow from operations to be in the range of
$100 million to$115 million - Capital expenditures to be in the range of
$15 million to$20 million - Interest expense to be in the range of
$15 million to$20 million
A reconciliation of Adjusted EBITDA guidance and Adjusted net income guidance, which are forward-looking measures that are non-GAAP measures, to the most closely comparable GAAP measures is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future.
Webcast and Conference Call Information
Company management will host a webcast and conference call on May 7, 2024, at 5:00 p.m. Eastern Time, to discuss the Company’s financial results.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at https://investors.shoals.com.
The conference call can be accessed live over the phone by dialing 1-877-407-0789 (domestic) or +1-201-689-8562 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 or for international callers, +1-412-317-6671. The access ID number for the replay is 13743838. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 21, 2024.
About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 62 GW of solar systems globally. For additional information, please visit: https://www.shoals.com.
Investor Relations Contact
Shoals Technologies Group, Inc.
Email: investors@shoals.com
Forward-Looking Statements
This report contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations; including our financial guidance for the second quarter of 2024 and for the full year ending December 31, 2024; expectations regarding the utility scale solar market; project delays; regulatory environment; pipeline and orders; business strategies; technology developments; financing and investment plans; warranty, litigation and liability accruals and estimates of loss or gains; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; competitive position; potential growth opportunities, including international growth, production and capacity at our plants; and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the key factors that could cause actual results to differ from our expectations include, among others, if demand for solar energy projects does not continue to grow or grows at a slower rate than we anticipate, we may not be able to achieve our anticipated level of growth and our business will suffer; if we fail to accurately estimate the potential losses related to the wire insulation shrinkback matter, or fail to recover the costs and expenses incurred by us from the supplier, our profit margins, financial results, business and prospects could be materially adversely impacted; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; we may experience delays, disruptions, quality control or reputational problems in our manufacturing operations in part due to our vendor concentration; if we or our suppliers face disputes with labor unions, we may not be able to achieve our anticipated level of growth and our business could suffer; if we fail to retain our key personnel and attract additional qualified personnel, or successfully integrate our new Chief Executive Officer, our business strategy and prospects could suffer; our products are primarily manufactured and shipped from our production facilities in Tennessee, and any damage or disruption at these facilities may harm our business; we may face difficulties with respect to the planned consolidation and relocation of our Tennessee-based manufacturing and distribution operations, and may not realize the benefits thereof; unsatisfactory safety performance may subject us to penalties, negatively impact customer relationships, result in higher operating costs, and negatively impact employee morale and turnover; the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share; current macroeconomic events, including high inflation, high interest rates, a potential recession and geopolitical instability could impact our business and financial results; our industry has historically been cyclical and experienced periodic downturns; the interruption of the flow of raw materials from international vendors has disrupted our supply chain, including as a result of the imposition of additional duties, tariffs and other charges on imports and exports; we are subject to risks associated with legal proceedings and claims, including the patent infringement complaints that we filed with the U.S. International Trade Commission (the “ITC”) and two District Courts, the securities litigation initiated in March 2024, and other legal proceedings and claims, which may or may not arise in the normal course of our business; if we fail to, or incur significant costs in order to, obtain, maintain, protect, defend or enforce our intellectual property and other proprietary rights, including those that are subject to the patent infringement complaints we filed with the ITC and two District Courts, our business and results of operations could be materially harmed; and future growth in the EV charging market is highly dependent on the demand for, and consumers’ willingness to adopt, EVs.
These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that our actual future results may be materially different from what we expect.
Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Non-GAAP Financial Measures
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share (“EPS”)
We define Adjusted Gross Profit as gross profit plus wire insulation shrinkback expenses. We define Adjusted Gross Profit Percentage as Adjusted Gross Profit divided by revenue. We define Adjusted EBITDA as net income plus (i) interest expense, net, (ii) income tax expense, (iii) depreciation expense, (iv) amortization of intangibles, (v) equity-based compensation, (vi) wire insulation shrinkback expenses, and (vii) wire insulation shrinkback litigation expenses. We define Adjusted Net Income as net income attributable to Shoals Technologies Group, Inc. plus (i) net income impact from assumed exchange of Class B common stock to Class A common stock as of the beginning of the earliest period presented, (ii) adjustment to the provision for income tax, (iii) amortization of intangibles, (iv) amortization / write-off of deferred financing costs, (v) equity-based compensation, (vi) wire insulation shrinkback expenses, and (vii) wire insulation shrinkback litigation expenses, all net of applicable income taxes. We define Adjusted Diluted EPS as Adjusted Net Income divided by the diluted weighted average shares of Class A common stock outstanding for the applicable period, which assumes the exchange of all outstanding Class B common stock for Class A common stock as of the beginning of the earliest period presented.
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, GAAP. We present Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: (i) as factors in evaluating management’s performance when determining incentive compensation, as applicable; (ii) to evaluate the effectiveness of our business strategies; and (iii) because our credit agreement uses measures similar to Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS to measure our compliance with certain covenants.
Among other limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and may be calculated by other companies in our industry differently than we do or not at all, which may limit their usefulness as comparative measures.
Because of these limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. You should review the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage, net income to Adjusted EBITDA, and net income attributable to Shoals Technologies Group, Inc. to Adjusted Net Income and Adjusted Diluted EPS below and not rely on any single financial measure to evaluate our business.
| Shoals Technologies Group, Inc. | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (in thousands, except shares and par value) | ||||||||
| March 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 15,236 | $ | 22,707 | ||||
| Accounts receivable, net | 103,403 | 107,118 | ||||||
| Unbilled receivables | 23,406 | 40,136 | ||||||
| Inventory, net | 59,565 | 52,804 | ||||||
| Other current assets | 6,872 | 4,421 | ||||||
| Total Current Assets | 208,482 | 227,186 | ||||||
| Property, plant and equipment, net | 26,213 | 24,836 | ||||||
| Goodwill | 69,941 | 69,941 | ||||||
| Other intangible assets, net | 46,772 | 48,668 | ||||||
| Deferred tax assets | 465,700 | 468,195 | ||||||
| Other assets | 8,198 | 5,167 | ||||||
| Total Assets | $ | 825,306 | $ | 843,993 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 15,728 | $ | 14,396 | ||||
| Accrued expenses and other | 10,352 | 22,907 | ||||||
| Warranty liability—current portion | 31,708 | 31,099 | ||||||
| Deferred revenue | 21,834 | 22,228 | ||||||
| Long-term debt—current portion | — | 2,000 | ||||||
| Total Current Liabilities | 79,622 | 92,630 | ||||||
| Revolving line of credit | 168,750 | 40,000 | ||||||
| Long-term debt, less current portion | — | 139,445 | ||||||
| Warranty liability, less current portion | 20,091 | 23,815 | ||||||
| Other long-term liabilities | 2,866 | 3,107 | ||||||
| Total Liabilities | 271,329 | 298,997 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 2 | 2 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 474,749 | 470,542 | ||||||
| Retained earnings | 79,226 | 74,452 | ||||||
| Total stockholders' equity | 553,977 | 544,996 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 825,306 | $ | 843,993 | ||||
| Shoals Technologies Group, Inc. | ||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||
| (in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 90,807 | $ | 105,086 | ||||
| Cost of revenue | 54,347 | 56,829 | ||||||
| Gross profit | 36,460 | 48,257 | ||||||
| Operating expenses | ||||||||
| General and administrative expenses | 22,772 | 19,992 | ||||||
| Depreciation and amortization | 2,104 | 2,165 | ||||||
| Total operating expenses | 24,876 | 22,157 | ||||||
| Income from operations | 11,584 | 26,100 | ||||||
| Interest expense, net | (4,362 | ) | (5,996 | ) | ||||
| Income before income taxes | 7,222 | 20,104 | ||||||
| Income tax expense | (2,448 | ) | (3,121 | ) | ||||
| Net income | 4,774 | 16,983 | ||||||
| Less: net income attributable to non-controlling interests | — | 2,687 | ||||||
| Net income attributable to Shoals Technologies Group, Inc. | $ | 4,774 | $ | 14,296 | ||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Earnings per share of Class A common stock: | ||||||||
| Basic | $ | 0.03 | $ | 0.10 | ||||
| Diluted | $ | 0.03 | $ | 0.10 | ||||
| Weighted average shares of Class A common stock outstanding: | ||||||||
| Basic | 170,282 | 146,409 | ||||||
| Diluted | 170,514 | 147,107 | ||||||
| Shoals Technologies Group, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| (in thousands) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net income | $ | 4,774 | $ | 16,983 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 3,002 | 2,507 | ||||||
| Amortization/write off of deferred financing costs | 2,626 | 350 | ||||||
| Equity-based compensation | 5,023 | 7,523 | ||||||
| Provision for credit losses | — | 308 | ||||||
| Provision for obsolete or slow-moving inventory | — | 2,322 | ||||||
| Provision for warranty expense | 565 | — | ||||||
| Deferred taxes | 2,495 | 2,999 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 3,715 | (25,148 | ) | |||||
| Unbilled receivables | 16,730 | (2,948 | ) | |||||
| Inventory | (6,761 | ) | (3,197 | ) | ||||
| Other assets | (3,165 | ) | (3,281 | ) | ||||
| Accounts payable | 1,332 | 12,521 | ||||||
| Accrued expenses and other | (13,402 | ) | (1,057 | ) | ||||
| Warranty liability | (3,680 | ) | (160 | ) | ||||
| Deferred revenue | (394 | ) | 191 | |||||
| Net Cash Provided by Operating Activities | 12,860 | 9,913 | ||||||
| Cash Flows from Investing Activities | ||||||||
| Purchases of property, plant and equipment | (2,483 | ) | (2,003 | ) | ||||
| Net Cash Used in Investing Activities | (2,483 | ) | (2,003 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Distributions to non-controlling interests | — | (2,628 | ) | |||||
| Employee withholding taxes related to net settled equity awards | (816 | ) | (3,532 | ) | ||||
| Payments on term loan facility | (143,750 | ) | (500 | ) | ||||
| Proceeds from revolving credit facility | 143,750 | 5,000 | ||||||
| Repayments of revolving credit facility | (15,000 | ) | (8,000 | ) | ||||
| Deferred financing costs | (2,032 | ) | — | |||||
| Other | — | (556 | ) | |||||
| Net Cash Used in Financing Activities | (17,848 | ) | (10,216 | ) | ||||
| Net Decrease in Cash and Cash Equivalents | (7,471 | ) | (2,306 | ) | ||||
| Cash and Cash Equivalents—Beginning of Period | 22,707 | 8,766 | ||||||
| Cash and Cash Equivalents—End of Period | $ | 15,236 | $ | 6,460 | ||||
| Shoals Technologies Group, Inc. | ||||||||
| Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted Earnings per Share (“EPS”) (Unaudited) | ||||||||
| Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage (in thousands): | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 90,807 | $ | 105,086 | ||||
| Cost of revenue | 54,347 | 56,829 | ||||||
| Gross profit | $ | 36,460 | $ | 48,257 | ||||
| Gross profit percentage | 40.2 | % | 45.9 | % | ||||
| Wire insulation shrinkback expenses (a) | $ | — | $ | 2,006 | ||||
| Adjusted gross profit | $ | 36,460 | $ | 50,263 | ||||
| Adjusted gross profit percentage | 40.2 | % | 47.8 | % | ||||
| Reconciliation of Net Income to Adjusted EBITDA (in thousands): | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net income | $ | 4,774 | $ | 16,983 | ||||
| Interest expense, net | 4,362 | 5,996 | ||||||
| Income tax expense | 2,448 | 3,121 | ||||||
| Depreciation expense | 1,106 | 484 | ||||||
| Amortization of intangibles | 1,896 | 2,022 | ||||||
| Equity-based compensation | 5,023 | 7,523 | ||||||
| Wire insulation shrinkback expenses (a) | — | 2,006 | ||||||
| Wire insulation shrinkback litigation expenses (b) | 849 | — | ||||||
| Adjusted EBITDA | $ | 20,458 | $ | 38,135 | ||||
| Reconciliation of Net Income Attributable to Shoals Technologies Group, Inc. to Adjusted Net Income (in thousands): | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net income attributable to Shoals Technologies Group, Inc. | $ | 4,774 | $ | 14,296 | ||||
| Net income impact from assumed exchange of Class B common stock to Class A common stock (c) | — | 2,687 | ||||||
| Adjustment to the provision for income tax (d) | — | (653 | ) | |||||
| Tax effected net income | 4,774 | 16,330 | ||||||
| Amortization of intangibles | 1,896 | 2,022 | ||||||
| Amortization / write-off of deferred financing costs | 2,626 | 350 | ||||||
| Equity-based compensation | 5,023 | 7,523 | ||||||
| Wire insulation shrinkback expenses (a) | — | 2,006 | ||||||
| Wire insulation shrinkback litigation expenses (b) | 849 | — | ||||||
| Tax impact of adjustments (e) | (2,547 | ) | (2,892 | ) | ||||
| Adjusted Net Income | $ | 12,621 | $ | 25,339 | ||||
| (a) | For the three months ended March 31, 2023, represents |
| (b) | For the three months ended March 31, 2024, represents |
| (c) | Reflects net income to Class A common stock from assumed exchange of corresponding shares of our Class B common stock held by our founder and management. |
| (d) | Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes. The adjustment to the provision for income tax reflects the effective tax rates below, assuming Shoals Technologies Group, Inc. owned |
| Three Months Ended March 31, | ||||||
| 2024 | 2023 | |||||
| Statutory U.S. Federal income tax rate | 21.0 | % | 21.0 | % | ||
| Permanent adjustments | 0.8 | % | 0.3 | % | ||
| State and local taxes (net of federal benefit) | 2.7 | % | 3.0 | % | ||
| Effective income tax rate for Adjusted Net Income | 24.5 | % | 24.3 | % | ||
| (e) | Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax. |
| Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding (in thousands, except per share): | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Diluted weighted average shares of Class A common stock outstanding, excluding Class B common stock | 170,514 | 147,107 | ||||||
| Assumed exchange of Class B common stock to Class A common stock | — | 23,110 | ||||||
| Adjusted diluted weighted average shares outstanding | 170,514 | 170,217 | ||||||
| Adjusted Net Income | $ | 12,621 | $ | 25,339 | ||||
| Adjusted Diluted EPS | $ | 0.07 | $ | 0.15 | ||||
FAQ
What were Shoals Technologies Group's Q1 2024 financial results?
How did Shoals' revenue performance in Q1 2024 compare to the prior year?
What were the reasons behind Shoals' revenue decline in Q1 2024?
What is Shoals Technologies Group's outlook for Q2 2024 revenue?
What is Shoals' full year 2024 revenue outlook?
