Logo

SHLS

Shoals Technologies Group, Inc.

SHLS

Shoals Technologies Group, Inc. • NASDAQ
$8.39 ▲ 2.69% (+0.22)
Market Cap $1.40 B
52w High $11.36
52w Low $2.71
Dividend Yield 0%
P/E 44.16
Volume 2.01M
Outstanding Shares 167.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $135.804M ▲ $31.581M ▲ $11.879M ▼ 8.747% ▼ $0.071 ▼ $22.026M ▼
Q2-2025 $110.841M ▲ $25.204M ▲ $13.855M ▲ 12.5% ▲ $0.083 ▲ $22.543M ▲
Q1-2025 $80.361M ▼ $23.828M ▲ $-282K ▼ -0.351% ▼ $-0.002 ▼ $7.717M ▼
Q4-2024 $106.987M ▲ $23.701M ▲ $7.818M ▲ 7.307% ▲ $0.047 ▲ $20.295M ▲
Q3-2024 $102.165M $20.852M $3.139M 3.072% $0.019 $7.675M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.589M ▲ $851.791M ▲ $262.151M ▲ $589.64M ▲
Q2-2025 $4.686M ▼ $794.964M ▲ $219.557M ▼ $575.407M ▲
Q1-2025 $35.609M ▲ $788.421M ▼ $229.493M ▼ $558.928M ▲
Q4-2024 $23.511M ▲ $793.08M ▼ $236.28M ▼ $556.8M ▲
Q3-2024 $11.106M $801.301M $256.105M $545.196M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.879M ▼ $19.417M ▲ $-10.449M ▼ $-5.065M ▲ $3.903M ▲ $8.968M ▲
Q2-2025 $13.855M ▲ $-13.821M ▼ $-7.133M ▼ $-9.969M ▼ $-30.923M ▼ $-26.042M ▼
Q1-2025 $-282K ▼ $15.558M ▲ $-3.209M ▼ $-251K ▼ $12.098M ▼ $12.349M ▼
Q4-2024 $7.818M ▲ $13.988M ▼ $-1.531M ▲ $-52K ▲ $12.405M ▲ $12.457M ▼
Q3-2024 $-267K $15.699M $-2.377M $-5.405M $7.917M $13.322M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Components
Components
 $40.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
System Solutions
System Solutions
 $160.00M ▲$60.00M ▼$80.00M ▲$110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Shoals has grown meaningfully since 2020, but its growth is no longer in a straight line. Sales climbed strongly for several years and then stepped back in the most recent year, suggesting project timing issues or softer demand. Profit margins are still relatively healthy for an equipment provider, but they are clearly under pressure compared with the peak year, when profitability was unusually strong. Net income and per-share earnings have come down from that prior high-water mark, so recent results look more like “normalization” than a continued surge. Overall, the business is solidly profitable, but the pace and consistency of growth are now key questions.

Balance Sheet

Balance Sheet The balance sheet has strengthened a lot since 2020. The company has built up its asset base and moved from negative to clearly positive equity, which indicates a much healthier financial foundation. Debt levels, while still meaningful, have come down over time relative to the company’s size, reducing financial risk. Cash on hand is not large, so Shoals is not sitting on an oversized cash cushion, but its overall capital structure looks reasonably balanced for a growing industrial tech business.

Cash Flow

Cash Flow Shoals generates positive cash flow from its operations, which supports the idea that earnings quality is generally sound. Free cash flow has been consistently positive in recent years after an earlier soft patch around the IPO period. Capital spending needs appear modest relative to the size of the business, which helps cash generation but also means growth depends more on efficiency and product mix than on big new factories. The cash profile is that of a company that can fund its day‑to‑day needs internally, but not one with excess cash piling up.

Competitive Edge

Competitive Edge Shoals occupies a specialized, high‑value niche in solar and related power infrastructure, focusing on electrical balance‑of‑system solutions rather than solar panels themselves. Its plug‑and‑play, factory‑built systems, anchored by the patented Big Lead Assembly, offer meaningful installation and labor savings, creating clear value for project developers. Long‑standing relationships with major solar and EPC players, a largely U.S.‑based supply chain, and a system‑level engineering approach deepen its moat and make switching less attractive for customers. Risks include continued competition from low‑cost traditional solutions, potential copycats as patents age, customer concentration, and exposure to policy and utility‑scale solar cycles.

Innovation and R&D

Innovation and R&D Innovation is a core strength: Shoals has turned what used to be custom field work into standardized, prefabricated solutions with patents protecting key designs. The move toward higher‑voltage (2 kilovolt) architectures positions the company at the forefront of next‑generation solar system design, potentially lowering costs for customers and reinforcing its technical leadership. Beyond solar, Shoals is pushing into EV charging with its modular Fuel by Shoals platform and a charging‑as‑a‑service model, which could unlock recurring revenue streams if adoption scales. The company is also extending its know‑how into energy storage, commercial and industrial solar, and even data center power infrastructure, all of which are promising but still developing initiatives that carry execution and adoption risk.

Summary

Shoals is a profitable, cash‑generative player in a specialized corner of the clean energy ecosystem, with a stronger balance sheet today than at the time of its IPO. Its results show that the explosive profitability of 2022 has cooled, with growth now choppier and margins under some pressure, even though the underlying business remains solid. The main attraction lies in its differentiated, patented system designs and ability to simplify complex electrical work for large energy projects, backed by strong customer relationships and a resilient supply chain. The main uncertainties center on the pace of large‑scale solar and EV infrastructure build‑outs, competitive responses to its innovations, and the company’s ability to translate its technology edge into steady, less cyclical growth across new end markets and geographies.

NEWS

November 4, 2025 · 7:00 AM UTC

Shoals Technologies Group, Inc. Reports Financial Results for Third Quarter 2025

Read more

October 27, 2025 · 11:20 AM UTC

Halper Sadeh LLC Encourages Shoals Technologies Group Inc. Shareholders to Contact the Firm to Discuss Their Rights

Read more

October 23, 2025 · 7:00 AM UTC

Shoals Technologies Group, Inc. Announces Participation in Upcoming Events for the Investor Community

Read more

October 7, 2025 · 7:00 AM UTC

Shoals Technologies Group, Inc. Announces Third Quarter 2025 Earnings Release Date and Conference Call

Read more

September 17, 2025 · 5:50 PM UTC

SHOALS ALERT: Bragar Eagel & Squire, P.C. is Investigating Shoals Technologies Group, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Read more