Shoals Technologies Group and ON.energy to Deploy Critical-Power Systems for Leading AI Data-Center Operator

Shoals Technologies Group (NASDAQ: SHLS) and ON.energy agreed to deploy multiple gigawatts of critical-power systems into the AI data-center market on Feb. 24, 2026.

Rhea-AI Summary

Shoals Technologies Group (NASDAQ: SHLS) and ON.energy agreed to deploy multiple gigawatts of critical-power systems into the AI data-center market on Feb. 24, 2026. The partnership pairs ON.energy’s medium-voltage AI UPS platform with Shoals’ DC Recombiner and manufacturing scale.

Shoals is expanding production into a ~638,000 square foot manufacturing campus in Portland, TN to support faster deployments and resilient backup power for AI and cloud customers.

Positive

• Multiple gigawatts deployment agreement to serve AI data centers
• Shoals expanding into a ~638,000 sq ft manufacturing campus in Portland, TN
• Technology pairing of ON.energy medium-voltage AI UPS with Shoals DC Recombiner
• Focus on faster deployment and grid-interactive resilient backup power

Negative

• None.

Argus Feb 24 session

-30.96% close to close Open Argus

Details

News Market Reaction – SHLS

On Feb 24, the day this news came out, SHLS closed 30.96% below the previous close.

Data tracked by StockTitan Argus for the Feb 24 session.

Key Figures

Manufacturing campus size: 638,000 square feet Q3 2025 revenue: $135.8M Revenue growth YoY: 32.9% +5 more

Manufacturing campus size

638,000 square feet

Portland, TN manufacturing campus expansion

Q3 2025 revenue

$135.8M

Q3 2025 results, 32.9% YoY growth

Revenue growth YoY

32.9%

Q3 2025 vs prior-year quarter

Gross margin

37.0%

Q3 2025 gross margin

Operating profit

$18.7M

Q3 2025 operating profit

Adjusted EBITDA

$32.0M

Q3 2025 adjusted EBITDA

Adjusted net income

$21.0M

Q3 2025 adjusted net income

Backlog and awarded orders

$720.9M

Q3 2025, up 21.0% YoY

Historical Context

5 past events · Latest: Feb 06

5 events

1. Feb 06

   ITC protection win

   24h Move

   +1.1%

   ITC ruling seen as protecting Shoals’ U.S. energy innovation footprint.

2. Feb 06

   Investor events update

   24h Move

   +6.6%

   Management outlined participation in multiple upcoming investor meetings and a webinar.

3. Jan 23

   Earnings date set

   24h Move

   -4.5%

   Company scheduled Q4 and full-year 2025 earnings release and conference call.

4. Nov 05

   New CAO appointed

   24h Move

   +1.0%

   Appointment of experienced Chief Accounting Officer to support growth and controls.

5. Nov 04

   Q3 2025 earnings

   24h Move

   -10.6%

   Strong revenue and backlog growth accompanied by a double-digit share price decline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

restricted stock units, schedule 13g, schedule 13g/a, class a common stock, +1 more

5 terms

restricted stock units financial

"received an equity grant in the form of restricted stock units tied"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

schedule 13g regulatory

"has filed a Schedule 13G reporting a significant ownership position"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

schedule 13g/a regulatory

"has filed an amended Schedule 13G reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

class a common stock financial

"Shoals Technologies Group, Inc. Class A common stock in this amended"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

beneficial ownership financial

"report their beneficial ownership of Shoals Technologies Group, Inc."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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PORTLAND, Tenn., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (NASDAQ: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, and ON.energy, a developer of custom grid-safe power architecture, today announced an agreement to deploy multiple gigawatts of critical power systems into the AI data center market.

AI and cloud workloads are accelerating data center growth and raising the bar for power reliability, build speed, and operational continuity. This agreement brings together two U.S. innovators with complementary strengths in power architecture and execution.

“AI data centers don’t just need more power. They need a power architecture that’s predictable under stress, fast to deploy, and designed to interact with the grid,” said Alan Cooper, CEO of ON.energy. “By pairing our medium-voltage AI UPS™ platform with Shoals’ DC Recombiner, we’re delivering a simpler, more scalable path to resilient backup power, one that protects uptime and helps data centers become grid assets as they grow.”

“As artificial intelligence and cloud computing drive unprecedented growth in energy demand, data centers are under pressure to secure long-term, reliable power, rapidly and at scale,” Brandon Moss, CEO of Shoals, stated. “At Shoals, we are well-positioned to support that growth and are scaling our production capacity as we expand into our ~638,000 square foot manufacturing campus in Portland, TN. This agreement with ON.energy reflects a commitment to deliver solutions that combine manufacturing excellence with simple, innovative execution.”

With a proven track record in developing advanced power systems for mission-critical environments, ON.energy brings the technological foundation and engineering leadership that anchor the agreement. The company’s medium-voltage UPS architecture and utility-scale storage expertise form the core of a solution built to safeguard uptime, accelerate deployment, and future-proof data center energy infrastructure. Their deep experience designing resilient, high-performance systems ensures that customers benefit from reliable, scalable, and intelligently engineered power infrastructure.

To amplify these capabilities, Shoals complements ON.energy’s technology with decades of engineering expertise in electrical systems, applying advanced simulations and rigorous modeling to reduce technical and financial risk. By integrating Shoals’ prefabricated, durability-focused designs with ON.energy’s cutting-edge UPS and storage technologies, the companies deliver a differentiated solution that meets today’s urgent infrastructure demands while enabling long-term growth across AI, cloud computing, and digital infrastructure. 

About Shoals Technologies Group, Inc.

Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications utility scale solar, battery storage, and data center power systems. Since its founding in 1996, the Company has designed innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale. Shoals Technologies Group is a recognized leader in the energy transition industry. For additional information, please visit: https://www.shoals.com.

Forward-Looking Statements.

This press release contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue,” “goal” or any other similar words are intended to identify our forward-looking statements. Although we believe that the expectations and assumptions reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in these forward-looking statements. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation. For important information on forward-looking statements, please see our earnings release for Q3 2025 on our investor website at https://investors.shoals.com.

For media inquiries, please contact:
Public Relations
Lindsey Williams, VP of Marketing and External Communications
Lindsey.williams@shoals.com

Investor Relations 
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/589c69c9-0fc8-4da6-a60f-dc31ed52b96b

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Shoals (SHLS) and ON.energy announce on Feb. 24, 2026 about AI data centers?

They announced an agreement to deploy multiple gigawatts of critical-power systems into AI data centers. According to the companies, the deal pairs ON.energy’s medium-voltage AI UPS platform with Shoals’ DC Recombiner to speed deployment and improve grid-interactive resilience.

How will the Shoals (SHLS) manufacturing campus expansion support the ON.energy partnership?

Shoals is expanding production into a ~638,000 square foot manufacturing campus in Portland, TN to scale capacity. According to Shoals, the larger campus increases manufacturing throughput to support faster, higher-volume deployments for AI and cloud power systems.

What technologies are Shoals (SHLS) and ON.energy combining for AI UPS solutions?

They are combining ON.energy’s medium-voltage AI UPS platform with Shoals’ DC Recombiner and prefabricated designs. According to ON.energy and Shoals, this integration aims to deliver predictable, fast-to-deploy, grid-interactive backup power for mission-critical data centers.

Will the Shoals (SHLS) and ON.energy agreement affect data center uptime and deployment speed?

Yes — the partners say the solution is designed to protect uptime and accelerate deployment timelines. According to the companies, integrated prefabrication and medium-voltage UPS architecture reduce technical risk and enable faster, scalable installations for AI workloads.

What market need are Shoals (SHLS) and ON.energy addressing with their Feb. 24, 2026 agreement?

They are addressing rising power reliability and scale demands from AI and cloud growth in data centers. According to the companies, the agreement provides a scalable, resilient power architecture that interacts with the grid and supports rapid facility expansion.