Shoals Technologies Group, Inc. Stock Price, News & Analysis

Shoals Technologies Group (Nasdaq: SHLS) supports President Biden’s Executive Action aimed at enhancing U.S. solar manufacturing through a 24-month tariff exemption on imported solar panels. CEO Jason Whitaker highlighted the importance of this initiative for solidifying domestic supply chains and creating tens of thousands of American jobs in clean energy. Shoals, a key player with over half of U.S. solar projects utilizing its EBOS solutions, anticipates growth and further job creation at its facilities across Tennessee, Alabama, and California.

Shoals Technologies Group (SHLS) reported a record first-quarter revenue of $68.0 million, marking a 49% increase year-over-year. System Solutions revenue rose 40%, contributing to a gross margin expansion of 550 basis points to 38.7%. The company’s backlog and awarded orders hit $302.3 million, up 67% year-over-year. Despite robust performance, Shoals reaffirmed its low revenue guidance due to ongoing supply chain disruptions and an investigation into import duties that could pose significant challenges. Adjusted EBITDA rose 17% to $16.5 million.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced an upsized revolving credit facility from $100 million to $150 million, closing on May 2, 2022. This increase, facilitated by Wilmington Trust and JPMorgan Chase, aims to enhance financial flexibility for growth and strategic initiatives. CEO Jason Whitaker emphasized that this additional liquidity will support the company's ongoing business development. Shoals specializes in electrical balance of system solutions for solar, battery storage, and EV infrastructure, with its products significantly utilized in U.S. solar projects.

Shoals Technologies Group, Inc. (Nasdaq: SHLS) announces the appointment of Kevin Hubbard as interim Chief Financial Officer, effective May 4, 2022. Hubbard, previously a partner at Ham, Langston & Brezina, LLP, succeeds Philip Garton, who is leaving for another opportunity. The board is actively searching for a permanent successor. The company will discuss its first quarter financial results on a conference call scheduled for May 16, 2022, after market close. Shoals is a key provider of electrical balance of system solutions for solar and battery storage.

Shoals Technologies Group (Nasdaq: SHLS) announced the opening of a new 219,000 sq. ft. manufacturing facility in Portland, TN, set to enhance operational efficiency and double EBOS production capacity. The facility is expected to be operational in Q2 2022 and will support the development of innovative products in solar, energy storage, and electric vehicle charging sectors. CEO Jason Whitaker emphasized that the site will allow the company to deliver more value to customers, particularly with its Fuel by Shoals® eMobility solutions.

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.