Welcome to our dedicated page for Shoals Technologies Group news (Ticker: SHLS), a resource for investors and traders seeking the latest updates and insights on Shoals Technologies Group stock.
Shoals Technologies Group, Inc. provides electrical infrastructure solutions for the energy transition market, including electrical balance of system (EBOS) solutions and components used in utility-scale solar projects. Its products are sold principally to engineering, procurement and construction firms that build solar energy projects, and company updates also reference battery energy storage solutions (BESS) and OEM components.
Recurring news for SHLS includes quarterly results, revenue outlooks, backlog and awarded orders, investor-event participation, product education for BESS markets, commercial agreements tied to critical-power systems, and intellectual-property matters involving the company’s patented Big Lead Assembly solutions.
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.
Shoals Technologies Group (Nasdaq: SHLS) announced the addition of three experienced executives, Lori Sundberg, Toni Volpe, and Ty Daul, to its Board of Directors. These appointments are expected to enhance Shoals' strategic direction in renewable energy and infrastructure. Sundberg brings HR expertise from Western Digital; Volpe leads Falck Renewables with significant growth experience; and Daul has extensive solar project development experience at Primergy Solar. Their collective expertise aims to support Shoals' growth ambitions in the renewable sector.
Shoals Technologies Group, Inc. (Nasdaq: SHLS) is set to announce its fourth quarter and full-year 2020 financial results on March 15, 2021, after market close. Following the release, a conference call will take place at 5:00 p.m. ET, where investors can join via webcast or phone. The company specializes in electrical balance of systems solutions for solar and electric vehicle charging, boasting deployments in over 20 GW of solar systems worldwide.
Shoals Technologies Group announced the closing of its upsized IPO, issuing 88.55 million shares of Class A common stock at $25.00 per share. The offering comprised 11.55 million shares sold by the company and 77 million shares sold by Oaktree Capital Management. This upsizing followed the full exercise of underwriters' options, adding 2.55 million shares from the company and 9 million from the selling stockholder. The shares began trading on Nasdaq under the ticker 'SHLS' on January 27, 2021. Goldman Sachs and J.P. Morgan were among the lead managers.
Shoals Technologies Group announced the pricing of its upsized IPO, offering 77 million shares of Class A common stock at $25.00 per share. This includes 9 million shares sold by the Company and 68 million by a parent entity controlled by Oaktree Capital Management. A 30-day option for underwriters to purchase an additional 11.55 million shares is also included. The shares will trade on Nasdaq under the symbol SHLS, with trading set to begin on January 27, 2021, and the offering expected to close on January 29, 2021.