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PORTLAND, Tenn., Aug. 26, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced a favorable outcome in its patent infringement lawsuit against Voltage, LLC and Ningbo Voltage Smart Production Co. (collectively “Voltage”) in the U.S. District Court for the Middle District of North Carolina.

In a decisive win for Shoals during today’s ruling, the jury found that Voltage willfully infringed Shoals’ patents, awarded Shoals over $96 million in damages and soundly rejected Voltage’s arguments challenging the validity of Shoals’ patents. The judgment is subject to potential further increase at the Court’s discretion due to the jury’s finding of willfulness. Further, the Court indicated that it will grant a preliminary injunction preventing the manufacture, distribution or sale of the Voltage LYNX product in the United States with immediate effect.  

The North Carolina verdict follows multiple rulings that upheld Shoals' intellectual property, including Shoals’ June victory before the International Trade Commission (ITC), which found that Voltage’s LYNX product infringed Shoals’ patents covering aspects of its Big Lead Assembly (BLA) products and barred importation of Voltage’s infringing products. The Presidential Review Period for the ITC determination has now lapsed without intervention, bringing that matter to final resolution.

Together, the North Carolina verdict and ITC determination reinforce the strength of Shoals’ intellectual property portfolio and mark important victories for U.S.-developed technologies that support critical energy infrastructure, domestic manufacturing, and fair competition.

“Shoals’ patented BLA solution helped revolutionize the solar industry,” said Brandon Moss, CEO of Shoals. “These outcomes affirm the strength of our intellectual property and the importance of protecting the innovations behind our differentiated solutions. We are grateful to the Court and jury for their time, attention, and careful consideration. Shoals will continue to compete aggressively, invest in American manufacturing, and defend the technology that supports our long-term growth.”

Shoals has consistently maintained that intellectual property protections are essential to advancing U.S. innovation, encouraging domestic investment, and ensuring companies can compete on the strength of their technology.

That principle is especially important in Tennessee, where advanced manufacturers like Shoals are investing in engineering talent, skilled jobs, and technologies that strengthen the state’s economy.

"Tennessee's manufacturers and innovators rely on a strong intellectual property system to support investment, job creation, and economic growth,” said Josh Brown, President and CEO of the Tennessee Chamber of Commerce. “We applaud the protections afforded by the rule of law and the recognition of the importance of intellectual property rights. Companies like Shoals that invest in innovation, engineering, and advanced manufacturing help strengthen Tennessee's economy and America's competitiveness."

About Shoals Technologies Group

Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission critical applications across 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 most recent earnings release for Q2 2026 on our investor website at https://investors.shoals.com.

Shoals Media Relations
Lindsey Williams, VP of Marketing and External Communications
[email protected]

Shoals Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
[email protected]

PORTLAND, Tenn., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced that manufacturing and deliveries are underway for a 1.1 GW hyperscale data center project under its commercial relationship with ON.energy, a developer of grid-safe power architecture for AI data centers.

Posted by Defense World Staff on Aug 13th, 2026

Legend Power Systems (OTCMKTS:LPSIF – Get Free Report) and Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) are both industrials companies, but which is the superior business? We will compare the two companies based on the strength of their risk, analyst recommendations, valuation, profitability, dividends, earnings and institutional ownership.

Analyst Ratings This is a summary of recent recommendations and price targets for Legend Power Systems and Shoals Technologies Group, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Legend Power Systems 0 0 0 0 0.00 Shoals Technologies Group 0 6 11 0 2.65 Shoals Technologies Group has a consensus target price of $10.71, suggesting a potential upside of 28.47%. Given Shoals Technologies Group’s stronger consensus rating and higher probable upside, analysts plainly believe Shoals Technologies Group is more favorable than Legend Power Systems.

Profitability This table compares Legend Power Systems and Shoals Technologies Group’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Legend Power Systems N/A N/A N/A Shoals Technologies Group 5.41% 10.07% 6.38% Valuation and Earnings This table compares Legend Power Systems and Shoals Technologies Group”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Legend Power Systems N/A N/A N/A ($0.04) -3.30 Shoals Technologies Group $475.33 million 2.94 $33.57 million $0.19 43.89 Shoals Technologies Group has higher revenue and earnings than Legend Power Systems. Legend Power Systems is trading at a lower price-to-earnings ratio than Shoals Technologies Group, indicating that it is currently the more affordable of the two stocks.

Summary Shoals Technologies Group beats Legend Power Systems on 9 of the 9 factors compared between the two stocks.

About Legend Power Systems (Get Free Report)

Legend Power Systems Inc., together with its subsidiaries, operates as an electrical energy conservation company in Canada and the United States. It assembles, markets, and sells SmartGATE, a patented device that enables dynamic power management of commercial or industrial Buildings. The company was founded in 1987 and is based in Vancouver, Canada.

About Shoals Technologies Group (Get Free Report)

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services. It provides EBOS components, including combiners; plug-n-play branch connectors and inline fuses; AC disconnects; recombiners; wireless monitoring; junction boxes; wire management; EV power cabinets; and battery energy storage systems cabinets, as well as cable assemblies, transition enclosures, and splice boxes. In addition, the company offers eMobility solutions, such as a power center, which combines equipment needed to protect the charging equipment and transform voltage levels from the electric utility to those needed on the respective site; quick connect solutions for chargers to connect to the Shoals system; big lead assembly (BLA) technology in the EV space to connect multiple chargers to a single power center; and a raceway system that protects the above ground EV BLAs in walk over and drive over applications. Further, it provides Snapshot IV, a solar operations and maintenance solution that monitors the specific voltage and current of individual solar panels and compares the results against the manufacturer's projected performance. The company sells its products to engineering, procurement, and construction firms that build solar energy projects; utilities; solar developers, independent power producers; solar module manufacturers; and charge point operators. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.

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Shoals Technologies Group (NASDAQ: SHLS) reported second-quarter 2026 revenue of $163.4 million, up 47% from the prior-year period, as demand from its U.S. utility-scale solar customers and battery energy storage system, or BESS, business supported growth. The company said results were within its previously guided range and reaffirmed its full-year outlook. CEO Brandon Moss said the

Got Solar? How You Can Play The Industry's Value Chain PerfectlyShoals Technologies Group NASDAQ: SHLS reported second-quarter 2026 revenue of $163.4 million, up 47% from the prior-year period, as demand from its U.S. utility-scale solar customers and battery energy storage system, or BESS, business supported growth. The company said results were within its previously guided range and reaffirmed its full-year outlook.

CEO Brandon Moss said the company added approximately $207 million in new orders during the quarter, producing a book-to-bill ratio of 1.3. Backlog and awarded orders, which Shoals refers to as BLAO, reached a company record of $801 million, up 19% year over year. Of that total, approximately $699.7 million has planned delivery dates over the next four quarters through the second quarter of 2027.

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Generac Powers Up as Summer Temperatures Rise“The U.S. market continues to be robust,” Moss said, adding that the company is focused on improving productivity as it expands capacity at its new facility in Portland, Tennessee.

Profitability and Cash Position Gross profit increased 20% year over year to $49.5 million. GAAP gross margin was 30.3%, while adjusted gross margin was 30.6%. Shoals said it expects further margin improvement from favorable product mix, productivity gains and efficiencies from its factory consolidation.

MarketBeat Week in Review – 5/8 - 5/12Selling, general and administrative expense was $28.5 million, or 17% of revenue, compared with 21% of revenue in the prior-year quarter. CFO Dominic Bardos said the year-over-year increase in SG&A dollars was largely driven by payroll and employee expenses associated with higher headcount and variable compensation. Legal expenses declined slightly from the prior year as certain litigation matters concluded.

Operating income rose 17% to $18.7 million, representing 11.5% of revenue. GAAP net income was $12.1 million, compared with $13.9 million a year earlier; the prior-year period included a $3.1 million gain from the sale of a manufacturing facility. Adjusted net income increased 15% to $19.7 million, while adjusted EBITDA rose 27.9% to $31.6 million. Adjusted diluted earnings per share was $0.12, up $0.02 from the prior-year period.

Shoals generated $6.8 million in operating cash flow during the quarter, aided by increases in deferred revenue and accrued liabilities. It ended the period with $15.7 million in cash and equivalents and net debt of $181.1 million, or 1.6 times adjusted EBITDA. The company also temporarily expanded its revolving credit facility by $50 million.

Bardos said Shoals invested heavily in inventory during the first half to support its record order book and secure materials ahead of cost increases. The company expects those inventory investments to contribute to cash generation in the second half, with cash flow available to reduce borrowings under its revolver.

BESS, International Activity and New Partnerships The company generated approximately $20 million in BESS revenue during the second quarter and secured about $10 million in additional BESS orders. BESS BLAO stood at $65 million at quarter-end. Moss said BESS orders are expected to remain episodic because they depend on customers’ construction schedules.

Shoals also announced an agreement with TerraFlow, a developer of long-duration energy storage infrastructure. Under a memorandum of understanding, Shoals plans to support TerraFlow’s utility-scale and data-center energy storage portfolio with its PowerHub Recombiner solution. The MOU is intended to support future TerraFlow deployment plans of up to 5 gigawatts annually.

Moss said Shoals has begun engineering work with TerraFlow and expects revenue from the partnership to begin in 2027, with no expected effect on 2026 results. He said TerraFlow’s approach uses vanadium technology and is intended to support both short- and long-duration battery applications.

International BLAO reached $102 million, with the company citing increased quote activity and customer engagement in markets including Australia. Moss said international project margins can vary based on geography, product mix and whether products are manufactured domestically and exported or produced for more local market opportunities.

Factory Transition, Products and Litigation Shoals completed its move into its new facility during the quarter and said it is continuing to implement lean manufacturing processes. Management said the consolidation of three facilities into one larger site is complex but should provide greater fixed-cost leverage as production volumes increase. Bardos said a remaining redundant facility is expected to be exited in mid-2027.

Management said product mix is expected to be more favorable in the second half as traditional BLA products account for a higher share of production relative to Long Tail BLA products. The company expects gross margins to improve sequentially overall, though it noted fourth-quarter production days and the timing of BESS deliveries could affect quarterly results.

Shoals also highlighted its AirLink product for data-center power delivery. Moss said the company expects to have the product installed and operational for testing in 2026, with internal and third-party testing underway. He said the product is expected to carry a premium price relative to other market options, though pricing has not been finalized.

On litigation, Moss said Shoals prevailed in its 2025 International Trade Commission case against Voltage. The company expects its district court case concerning damages against Voltage to conclude in the third quarter. Management said legal costs related to that trial would weigh on third-quarter EBITDA but should no longer affect fourth-quarter results after the case is completed.

Guidance Reaffirmed For the third quarter, Shoals expects revenue of $150 million to $170 million and adjusted EBITDA of $32 million to $37 million. At the midpoint, the outlook represents 18% year-over-year revenue growth and 8% adjusted EBITDA growth.

For full-year 2026, the company reaffirmed projected revenue of $600 million to $640 million and adjusted EBITDA of $118 million to $132 million. Shoals continues to expect operating cash flow of $65 million to $85 million, capital expenditures of $20 million to $30 million and interest expense of $8 million to $12 million.

Management said it sees continued demand across utility-scale solar, BESS and data-center-related opportunities, while monitoring policy developments including tariffs and inverter-related changes. Moss said the company does not currently expect those developments to have a near-term effect on demand.

About Shoals Technologies Group (NASDAQ:SHLS)Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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– Quarterly Revenue of $163.4 million –

– Income from Operations of $18.7 million –

– Net Income of $12.1 million –

– Adjusted EBITDA1 of $31.6 million –

– Backlog and Awarded Orders of $801.4 million –

– Provides Third Quarter and Reaffirms Full-year Outlook –

PORTLAND, Tenn., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced results for its second quarter ended June 30, 2026.

“The year is progressing well, with second quarter revenue and Adjusted EBITDA within our expected range. The market remains resilient as evidenced by our record backlog and awarded orders of $801.4 million. We have completed the move into our new facility and are steadily making progress towards improving productivity,” said Brandon Moss, CEO of Shoals.

“At Shoals, we’ve stayed focused on strengthening our core business while strategically expanding into high-growth markets that are shaping the future of energy, and that strategy is yielding results. With our market position, manufacturing footprint, and innovation pipeline, we believe we’re exceptionally well positioned for what lies ahead and we’re excited by the opportunities in front of us,” said Mr. Moss.

________________________ 
1Non-GAAP financial measures referenced in this release are used by management to 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. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measures.

Second Quarter 2026 Financial Results
Revenue increased 47.4%, to $163.4 million, compared to $110.8 million for the prior-year period, driven by strong underlying demand of products, the impact of market share capture initiatives, and an increase in volume of projects in the current year.

Gross profit was $49.5 million, compared to $41.2 million in the prior-year period. Gross profit as a percentage of revenue was 30.3% compared to 37.2% in the prior-year period. Gross profit as a percentage of revenue declined year over year primarily due to operational inefficiencies associated with the ramp-up and transition into the new manufacturing facility and product mix within the quarter, along with costs incurred to address product quality matters, including rework and corrective actions, as well as material-related inefficiencies and incremental lease accounting amortization.

General and administrative expenses were $28.5 million, compared to $23.1 million during the same period in the prior year. The increase in general and administrative expenses was the result of a $4.4 million increase in cash and share-based incentive compensation expense due to increased headcount in comparison to the prior-year period.

Income from operations was $18.7 million, compared to $16.0 million during the prior-year period.

Net income was $12.1 million compared to $13.9 million during the prior-year period. Earnings per share was $0.07 in the current period and $0.08 in the prior-year period.

Adjusted EBITDA1 was $31.6 million, compared to $24.7 million in the prior-year period.

Adjusted Net Income1 was $19.7 million compared to $17.1 million during the prior-year period. Adjusted Diluted Earnings Per Share1 was $0.12 compared to $0.10 in the prior-year period.

Backlog and Awarded Orders
The Company’s backlog and awarded orders as of June 30, 2026, were $801.4 million, representing a 19.4% increase compared to the prior-year period and a 5.7% sequential increase from March 31, 2026. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company’s innovative products, with growth in emerging battery energy storage markets.

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 with a contract but for which a contract has not yet been signed.

Third Quarter 2026 Outlook
At this time, the Company is providing an outlook for the third quarter. Based on current business conditions, business trends and other factors, for the quarter ending September 30, 2026, the Company expects:

Revenue in the range of $150 million to $170 million; andAdjusted EBITDA1 in the range of $32 million to $37 million. Full Year 2026 Outlook
Based on current business conditions, business trends and other factors, for the full year 2026, the Company continues to expect:

Revenue in the range of $600 million to $640 million;Adjusted EBITDA1 in the range of $118 million to $132 million;Cash flow from operations in the range of $65 million to $85 million;Capital expenditures in the range of $20 million to $30 million; andInterest expense in the range of $8 million to $12 million. A reconciliation of Adjusted EBITDA1 guidance, which is a forward-looking measure that is a non-GAAP measure, to the most closely comparable GAAP measure 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 measure 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 August 4, 2026, at 8:00 a.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.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across 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.

Investor Relations Contact
Shoals Technologies Group, Inc.
Email: [email protected]

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; expectations regarding the utility-scale solar market; project delays; regulatory environment, including changes or potential changes to such environment; the effects of strategic pricing actions, volume discounts and customer mix in our key markets; pipeline and orders; business strategies, plans and expectations, including sales and marketing goals; technology developments; financing and investment plans; warranty and liability accruals and estimates of loss or gains; estimates of potential loss related to the wire insulation shrinkback matter discussed in our public filings; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; potential growth opportunities, including opportunities associated with our entry into new markets; and production and capacity at our plants. 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 and scenarios that could cause actual results to differ from our expectations include, among others, if demand for solar energy projects diminishes, we may not be able to grow, and our financial results, business and prospects could be materially adversely impacted; 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, and our profit margins, financial results, business and prospects could be materially adversely impacted; 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; the imposition of trade restrictions, import tariffs, anti-dumping, and countervailing duties; we have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business, and modifying our business strategy could have an adverse effect on our business and financial results; amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits; defects or performance problems in our products or their parts, whether due to manufacturing, installation, or use, including those related to the wire insulation shrinkback matter, have a high consequence of failure and can lead to equipment and systems failure, physical injury or death, and in the past have, and in the future could, result in loss of customers, reputational damage and decreased revenue, and materially adversely impact our business, financial condition and results of operations; we have experienced, and may experience in the future, delays, disruptions, quality control, or reputational problems in our manufacturing operations in part due to our vendor concentration; if we fail to retain our key personnel and attract additional qualified personnel, 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 integrating and optimizing our consolidated Tennessee-based manufacturing and distribution operations, and may not fully realize the anticipated benefits thereof; safety issues 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 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; macroeconomic conditions, including high inflation, high interest rates, and geopolitical instability, impact our business and financial results; we are subject to risks associated with the patent infringement complaints that we filed with the U.S. International Trade Commission and District Courts; if we fail to, or incur significant costs in order to obtain, maintain, protect, defend, or enforce our intellectual property portfolio and other proprietary rights, including the patents we are asserting in ongoing patent infringement litigation; acquisitions, joint ventures, and/or investments and the failure to integrate acquired businesses could disrupt our business and negatively impact revenue, results of operations and cash flow; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment could harm our business, financial condition, results of operations and prospects; a significant drop in the price of electricity may harm our business; the unauthorized access to our information technology systems or the disclosure of personal or sensitive data or confidential information, whether through a breach of our computer system or otherwise, could severely disrupt our business; failure of our information technology systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations; our expansion outside the U.S. could subject us to additional business, financial, regulatory, and competitive risks; our indebtedness could adversely affect our financial flexibility, restrict our current and future operations, and our competitive position; existing electric utility industry, federal, state, and municipal renewable energy and solar energy policies and regulations, including zoning and siting laws, and any subsequent changes, present technical, regulatory, and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for our products or harm our ability to compete; changes in tax laws or regulations that are applied adversely to us, or our customers could materially adversely affect our business, financial condition, results of operations, and prospects; and the market price of our Class A common stock may decline and may continue to be subject to significant volatility.

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 plant optimization expenses. We define Adjusted Gross Profit Percentage as Adjusted Gross Profit divided by revenue. We define Adjusted EBITDA as net income plus/(minus) (i) interest expense, (ii) interest income, (iii) income tax expense/(benefit), (iv) depreciation expense, (v) amortization of intangibles, (vi) equity-based compensation, (vii) gain (loss) on sale of asset (viii) wire insulation shrinkback litigation expenses, (ix) plant optimization expenses, (x) shareholder litigation expenses, and (xi) litigation settlement expense, net of insurance recoveries. We define Adjusted Net Income as net income plus (i) amortization of intangibles, (ii) amortization / write-off of deferred financing costs, (iii) equity-based compensation, (iv) gain (loss) on sale of asset (v) wire insulation shrinkback litigation expenses, (vi) plant optimization expenses, (vii) shareholder litigation expenses, and (viii) litigation settlement expenses, net of insurance recoveries, 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.

Beginning with the three months ended March 31, 2026, we revised our definition of Adjusted EBITDA to exclude shareholder litigation costs, which are reflected in General and Administrative expenses on our consolidated statements of operations. Comparative amounts for prior periods have been recast to conform to the current period presentation. Management believes this revised definition provides a more meaningful representation of the Company’s ongoing operating performance as the costs are not reflective of our core operations.

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 Adjusted EBITDA, and net income 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)     June 30,
2026 December 31,
2025Assets   Current Assets   Cash and cash equivalents$15,724  $7,320 Accounts receivable, net 134,822   128,793 Unbilled receivables 22,526   22,133 Inventory 184,720   89,878 Insurance receivable 191   — Other current assets 11,475   9,762 Total Current Assets 369,458   257,886 Property, plant and equipment, net 63,265   53,302 Goodwill 69,941   69,941 Other intangible assets, net 29,706   33,499 Deferred tax assets 434,758   438,027 Right-of-use operating lease assets 43,946   46,044 Other assets 5,826   5,402 Total Assets$1,016,900  $904,101     Liabilities and Stockholders’ Equity   Current Liabilities   Accounts payable$65,981  $64,875 Accrued expenses and other 35,270   22,215 Litigation settlement liability 4,499   — Warranty liability—current portion 3,481   3,202 Deferred revenue 55,245   37,031 Total Current Liabilities 164,476   127,323 Revolving line of credit 196,750   136,750 Right-of-use operating lease liabilities 37,061   38,661 Warranty liability, less current portion 403   403 Other long-term liabilities 991   991 Total Liabilities 399,681   304,128 Commitments and Contingencies   Stockholders’ Equity   Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025 —   — Class A common stock, $0.00001 par value - 1,000,000,000 shares authorized; 172,196,879 and 171,358,711 shares issued; 168,288,492 and 167,450,324 outstanding as of June 30, 2026 and December 31, 2025, respectively 2   2 Additional paid-in capital 498,495   493,090 Treasury stock, at cost, 3,908,387 shares as of June 30, 2026 and December 31, 2025 (25,272)  (25,272)Retained earnings 143,994   132,153 Total Stockholders' Equity 617,219   599,973     Total Liabilities and Stockholders’ Equity$1,016,900  $904,101  Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
     Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Revenue$163,372  $110,841  $303,929  $191,202 Cost of revenue 113,847   69,639   213,394   121,860 Gross profit 49,525   41,202   90,535   69,342 Operating expenses       General and administrative expenses 28,465   23,064   59,479   44,757 Depreciation and amortization 2,338   2,140   4,616   4,275 Total operating expenses 30,803   25,204   64,095   49,032 Income from operations 18,722   15,998   26,440   20,310 Interest expense (3,474)  (2,236)  (6,377)  (4,651)Interest income 268   76   327   194 Litigation settlement expense, net of recoveries —   —   (5,250)  — Gain (loss) on sale of assets —   3,134   (2)  3,134 Foreign currency gain (loss) (20)  —   (28)  — Income before income taxes 15,496   16,972   15,110   18,987 Income tax expense (3,358)  (3,117)  (3,269)  (5,414)Net income$12,138  $13,855  $11,841  $13,573         Earnings per share of Class A common stock:       Basic$0.07  $0.08  $0.07  $0.08 Diluted$0.07  $0.08  $0.07  $0.08 Weighted average shares of Class A common stock outstanding:       Basic 168,059   167,286   167,808   167,124 Diluted 170,023   167,562   169,893   167,238  Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)   Six Months Ended June 30,  2026   2025 Cash Flows from Operating Activities   Net income$11,841  $13,573 Adjustments to reconcile net income to net cash provided by operating activities:   Depreciation and amortization 8,732   6,622 Amortization/write off of deferred financing costs 311   311 Equity-based compensation 7,698   5,255 Provision for obsolete or slow-moving inventory 2,245   617 Provision for warranty expense 4,369   256 Deferred taxes 3,269   6,592 Other 3,529   (3,134)Changes in assets and liabilities:   Accounts receivable (6,029)  (25,251)Unbilled receivables (393)  10,973 Inventory (97,087)  (1,539)Other assets (2,448)  (2,449)Accounts payable 865   6,099 Accrued expenses and other 10,026   3,937 Warranty liability (4,090)  (21,463)Litigation receivable and settlement liabilities 4,308   — Deferred revenue 18,214   1,338 Net Cash Provided by (Used in) Operating Activities (34,640)  1,737 Cash Flows from Investing Activities   Purchases of property, plant and equipment (14,663)  (15,430)Proceeds from sale of property, plant and equipment —   5,088 Net Cash Used in Investing Activities (14,663)  (10,342)Cash Flows from Financing Activities   Employee withholding taxes related to net settled equity awards (2,293)  (279)Proceeds from revolving credit facility 60,000   30,000 Repayments of revolving credit facility —   (40,000)Excise taxes on treasury stock transactions —   59 Net Cash Provided by (Used in) Financing Activities 57,707   (10,220)Net Increase (Decrease) in Cash and Cash Equivalents 8,404   (18,825)Cash and Cash Equivalents—Beginning of Period 7,320   23,511 Cash and Cash Equivalents—End of Period$15,724  $4,686  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 June 30, Six Months Ended June 30,  2026   2025   2026   2025 Revenue$163,372  $110,841  $303,929  $191,202 Cost of revenue 113,847   69,639   213,394   121,860 Gross profit$49,525  $41,202  $90,535  $69,342 Gross profit percentage 30.3%  37.2%  29.8%  36.3%        Plant optimization expense$496  $—  $1,117  $— Adjusted gross profit$50,021  $41,202  $91,652  $69,342 Adjusted gross profit percentage 30.6%  37.2%  30.2%  36.3%                 Reconciliation of Net Income to Adjusted EBITDA (in thousands):

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net income$12,138  $13,855  $11,841  $13,573 Interest expense 3,474   2,236   6,377   4,651 Interest income (268)  (76)  (327)  (194)Income tax expense 3,358   3,117   3,269   5,414 Depreciation expense 2,740   1,439   4,939   2,830 Amortization of intangibles 1,891   1,896   3,793   3,792 Equity-based compensation 4,381   2,593   7,698   5,254 (Gain) loss on sale of asset —   (3,134)  2   (3,134)Wire insulation shrinkback litigation expenses(a) 2,876   2,546   6,583   5,075 Plant optimization expenses(b) 496   —   1,117   — Shareholder litigation expenses(c) 464   197   2,120   913 Litigation settlement expense(c) —   —   5,250   — Adjusted EBITDA$31,550  $24,669  $52,662  $38,174                  Reconciliation of Net Income to Adjusted Net Income (in thousands):

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net income$12,138  $13,855  $11,841  $13,573 Amortization of intangibles 1,891   1,896   3,793   3,792 Amortization / write-off of deferred financing costs 156   156   311   311 Equity-based compensation 4,381   2,593   7,698   5,254 (Gain) loss on sale of asset —   (3,134)  2   (3,134)Wire insulation shrinkback litigation expenses(a) 2,876   2,546   6,583   5,075 Plant optimization expenses(b) 496   —   1,117   — Shareholder litigation expenses(c) 464   197   2,120   913 Litigation settlement expense(c) —   —   5,250   — Tax impact of adjustments(d) (2,669)  (1,021)  (6,987)  (2,955)Adjusted Net Income$19,733  $17,087  $31,728  $22,829                  (a) For the three and six months ended June 30, 2026, represents $2.9 million and $6.6 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the three and six months ended June 30, 2025, represents $2.5 million and $5.1 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods.

(b) For the three and six months ended June 30, 2026, represents $0.5 million and $1.1 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods.

(c) For the three and six months ended June 30, 2026, represents $0.5 million and $2.1 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and for the three months and six months ended June 30, 2026, represents zero and $5.3 million, respectively, in settlement expenses associated with this litigation. For the three and six months ended June 30, 2025, represents $0.2 million and $0.9 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business.

(d) Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes. Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax. The adjustment to the provision for income tax reflects the effective tax rates below.

     Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
Statutory U.S. Federal income tax rate21.0% 21.0% 21.0% 21.0%Permanent adjustments2.5% 0.6% 2.5% 0.6%State and local taxes (net of federal benefit)2.5% 2.4% 2.5% 2.6%Effective income tax rate for Adjusted Net Income26.0% 24.0% 26.0% 24.2%             Calculation of Adjusted Diluted Earnings per Share (in thousands, except per share amounts):

 Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
Diluted weighted average shares outstanding 170,023  167,562  169,893  167,238        Adjusted Net Income$19,733 $17,087 $31,728 $22,829Adjusted Diluted EPS$0.12 $0.10 $0.19 $0.14

PORTLAND, Tenn., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, announced a strategic Memorandum of Understanding (MOU) with TerraFlow Energy, grid-scale, long-duration energy storage infrastructure. Under the agreement, Shoals will support TerraFlow's growing energy storage portfolio with its power distribution solutions for utility-scale and data center applications. The MOU is intended to support TerraFlow’s future deployment plan of up to 5 GW annually.

TerraFlow is commercializing grid-scale vanadium flow battery systems to meet growing demand for long-duration energy storage across utility, industrial, and AI data center markets. The agreement combines TerraFlow's energy storage platform with Shoals' PowerHub™, its recombiner technology. Together, the companies plan to pursue deployment that supports the growth of large-scale energy storage projects.

“The need for power and energy provided by storage solutions has never been greater,” said Jeff Tolnar, President of Shoals. “TerraFlow is developing technology that helps customers address some of the grid's biggest challenges, and we believe their approach has significant potential. By combining our strengths, we have an opportunity to support large-scale deployments while helping advance the next generation of energy infrastructure.”

The companies are also exploring opportunities to showcase Shoals' AirLink™ data center power distribution solution within TerraFlow's customer demonstration facilities, providing developers, hyperscalers and other energy stakeholders with a firsthand look at next-generation energy infrastructure.

“TerraFlow was founded on the belief that long-duration energy storage needs to become part of the electrical infrastructure itself, not just another asset connected to it,” said Jon Parrella, Co-Founder and CEO of TerraFlow Energy. “Our LDUPS™ architecture was designed to integrate directly into critical power infrastructure, and Shoals brings decades of experience delivering exactly that infrastructure at scale. Together, we're creating American-made solutions that can support utilities, industrial facilities, and AI data centers as electricity demand reaches levels the grid has never seen before.”

The agreement aligns with Shoals' and TerraFlow’s broader efforts to support the growing demand for energy storage solutions. As utilities, independent power producers and data center developers invest in storage to improve reliability and meet increasing power needs, Shoals continues to bring innovative, cost-effective solutions to the market.

About Shoals Technologies Group

Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission critical applications across 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. 

About TerraFlow Energy

TerraFlow Energy is redefining how large electrical loads interact with the grid. The company designs and manufactures grid-scale, long-duration vanadium flow battery systems that transform AI data centers, industrial facilities, and utilities from passive energy consumers into flexible grid assets. Built on safe, non-flammable battery technology and a battery-in-building architecture, TerraFlow's solutions combine uninterrupted power, long-duration storage, and controllable load management to improve grid reliability while lowering infrastructure costs. Headquartered in Katy, Texas, TerraFlow is advancing American energy independence through domestic manufacturing and next-generation energy infrastructure.

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 most recent earnings release for Q1 2026 on our investor website at https://investors.shoals.com.

Shoals Media Relations
Lindsey Williams, VP of Marketing and External Communications
[email protected]

Shoals Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
[email protected]

TerraFlow Energy Media Relations
Amanda Simonian, Chief Marketing Officer
[email protected]

Posted by Defense World Staff on Jul 27th, 2026

Caxton Associates LLP reduced its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 40.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,137 shares of the company’s stock after selling 81,204 shares during the period. Caxton Associates LLP owned approximately 0.07% of Shoals Technologies Group worth $777,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hussman Strategic Advisors Inc. grew its position in Shoals Technologies Group by 140.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 252,000 shares of the company’s stock valued at $2,142,000 after purchasing an additional 147,000 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Shoals Technologies Group by 148.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 414,545 shares of the company’s stock valued at $3,524,000 after purchasing an additional 247,721 shares in the last quarter. Telemark Asset Management LLC raised its holdings in Shoals Technologies Group by 50.0% in the fourth quarter. Telemark Asset Management LLC now owns 1,500,000 shares of the company’s stock worth $12,750,000 after buying an additional 500,000 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in Shoals Technologies Group by 83.2% in the third quarter. Tudor Investment Corp ET AL now owns 1,025,812 shares of the company’s stock worth $7,601,000 after buying an additional 465,968 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in shares of Shoals Technologies Group in the fourth quarter worth approximately $9,819,000.

Wall Street Analysts Forecast Growth SHLS has been the subject of several analyst reports. Roth Capital reissued a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Guggenheim reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. UBS Group increased their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group lifted their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.46.

Get Our Latest Stock Analysis on SHLS

Insider Buying and Selling at Shoals Technologies Group In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the transaction, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. This trade represents a 9.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by corporate insiders.

Shoals Technologies Group Price Performance SHLS opened at $9.39 on Monday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 46.95, a PEG ratio of 1.14 and a beta of 1.90. The firm has a 50 day moving average price of $10.38 and a 200-day moving average price of $8.86. Shoals Technologies Group, Inc. has a twelve month low of $4.43 and a twelve month high of $13.18. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The company had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. The company’s quarterly revenue was up 74.4% compared to the same quarter last year. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Shoals Technologies Group Profile (Free Report)

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

Featured Articles Five stocks we like better than Shoals Technologies Group RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding SHLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report).

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Investors interested in Solar stocks are likely familiar with First Solar (FSLR) and Shoals Technologies Group (SHLS). But which of these two stocks offers value investors a better bang for their buck right now?

Posted by Defense World Staff on Mar 30th, 2026

Assenagon Asset Management S.A. boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 148.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 414,545 shares of the company’s stock after purchasing an additional 247,721 shares during the quarter. Assenagon Asset Management S.A. owned 0.25% of Shoals Technologies Group worth $3,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Encompass Capital Advisors LLC bought a new position in Shoals Technologies Group during the 2nd quarter worth $56,120,000. Peconic Partners LLC increased its position in shares of Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares during the period. Amundi raised its stake in Shoals Technologies Group by 858.2% in the third quarter. Amundi now owns 2,099,053 shares of the company’s stock valued at $15,830,000 after purchasing an additional 1,879,985 shares in the last quarter. Electron Capital Partners LLC lifted its position in Shoals Technologies Group by 1,716.1% during the second quarter. Electron Capital Partners LLC now owns 1,976,633 shares of the company’s stock worth $8,401,000 after purchasing an additional 1,867,795 shares during the period. Finally, Schroder Investment Management Group acquired a new stake in Shoals Technologies Group during the second quarter worth about $7,917,000.

Analysts Set New Price Targets SHLS has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. BNP Paribas Exane upgraded Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Wednesday, February 25th. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Royal Bank Of Canada dropped their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $9.57.

Get Our Latest Report on SHLS

Shoals Technologies Group Stock Performance Shoals Technologies Group stock opened at $6.62 on Monday. The business has a 50 day moving average of $8.13 and a 200-day moving average of $8.52. The company has a market capitalization of $1.11 billion, a P/E ratio of 33.10, a P/E/G ratio of 0.92 and a beta of 1.77. Shoals Technologies Group, Inc. has a 1 year low of $2.92 and a 1 year high of $11.36. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The business had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.The company’s revenue was up 38.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 earnings per share. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

About Shoals Technologies Group (Free Report)

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

See Also Five stocks we like better than Shoals Technologies Group Want to see what other hedge funds are holding SHLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report).

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PORTLAND, Tenn., March 30, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, will be participating in a BESS virtual webinar hosted by Barclays covering analyst, Christine Cho, beginning at 10am EST tomorrow, March 31, 2026.

Shoals’ President, Jeff Tolnar, and BESS Product Line Manager, Kishan Ponnadurai, will participate in the live virtual webinar moderated by Christine Cho. The webinar is open to the public and is intended to provide investors and other interested parties with more information about Shoals’ BESS products, paths to market, and competitive advantage. A link to register for the webinar is available on the Investor Relations section of the Company’s website at https://investors.shoals.com.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across 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.

Contacts:
Investor Relations:

Matt Tractenberg, VP of Finance and Investor Relations
Email: [email protected]

Media:

Lindsey Williams, VP of Marketing and External Communications
Email: [email protected]

PORTLAND, Tenn., April 09, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (the “Company”) (Nasdaq: SHLS) today announced that the Company will release its first quarter 2026 results before market open on Tuesday, May 5, 2026, to be followed by a conference call at 8:00 a.m. (Eastern Time) on the same day.

Interested investors and other parties can access the live webcast through the Investor Relations section of the Company's website at https://investors.shoals.com. An archived replay of the webcast will be available shortly after the event concludes.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across 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.

Contacts:
Investor Relations:

Matt Tractenberg, VP of Finance and Investor Relations
Email: [email protected]

Media:

Lindsey Williams, VP of Marketing and External Communications
Email: [email protected]

PORTLAND, Tenn., April 21, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, announced today its participation in the following upcoming investor events:

May 7, 2026: JP Morgan Virtual Fireside Chat
Shoals’ CEO, Brandon Moss, and CFO, Dominic Bardos, will participate in a fireside chat with covering analyst Mark Strouse. Interested investors should contact their JP Morgan sales representative.

May 13, 2026: Johnson Rice Virtual Fireside Chat
Shoals’ VP of Finance & Investor Relations, Matt Tractenberg, and SVP of Sales, Karen Bazela, will participate in a fireside chat with covering analyst Marty Malloy. Interested investors should contact their Johnson Rice sales representative.

May 27, 2026: Bank of America Power, Utilities and Cleantech Conference in New York
Shoals’ CFO, Dominic Bardos, and Investor Relations Manager, Corbin Smith, will host in-person investor meetings. Interested investors should contact their Bank of America sales representative.

May 28, 2026: TD Cowen Technology, Media & Telecom Conference in New York
Shoals’ CFO, Dominic Bardos, SVP of Sales, Karen Bazela, and Investor Relations Manager, Corbin Smith, will host in-person investor meetings. Interested investors should contact their TD Cowen sales representative.

June 2, 2026: RBC Global Energy, Power & Infrastructure Conference in New York
Shoals’ VP of Finance & Investor Relations, Matt Tractenberg, and Senior Director of Business Development, Ed Lo Bianco, will host in-person investor meetings. Interested investors should contact their RBC sales representative.

June 17, 2026: Roth Conference in London
Shoals’ VP of Finance & Investor Relations, Matt Tractenberg, and VP of Marketing & External Communications, Lindsey Williams, will host in-person investor meetings. Interested investors should contact their Roth sales representative.

June 24, 2026: JP Morgan Natural Resources Conference in New York
Shoals’ CEO, Brandon Moss, and VP of Finance & Investor Relations, Matt Tractenberg, will host in-person investor meetings. Interested investors should contact their JP Morgan sales representative.

June 25, 2026: UBS Virtual Fireside Chat
Shoals’ CFO, Dominic Bardos, and VP of Finance & Investor Relations, Matt Tractenberg, will participate in a fireside chat with covering analyst Jon Windham. Interested investors should contact their UBS sales representative.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across 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.

Contacts:
Investor Relations:

Matt Tractenberg, VP of Finance and Investor Relations
Email: [email protected]

Media:

Lindsey Williams, VP of Marketing and External Communications
Email: [email protected]

– Quarterly Revenue of $140.6 million –

– Income from Operations of $7.7 million –

– Net Loss of $0.3 million –

– Adjusted EBITDA1 of $21.1 million   –

– Record Backlog and Awarded Orders of $758.0 million –

– Provides Second Quarter and Raises Full-year Outlook –

PORTLAND, Tenn., May 05, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced results for its first quarter ended March 31, 2026.

“We began the year on very solid footing, with revenue above our expected range and growing at approximately 75% from the prior-year period. The underlying demand environment remains extremely strong as evidenced by our record backlog and awarded orders of $758 million. We are executing our strategic plan of accelerating growth within our core domestic utility scale solar market and expanding our offering into attractive high growth markets,” said Brandon Moss, CEO of Shoals.

“The underlying strength of the markets in which we operate, combined with our leading competitive position, a broad and innovative product portfolio, and our new state of the art production facility, positions us exceptionally well to drive profitable growth in 2026 and beyond. We’re very excited about what we see ahead, and are pleased to increase both our revenue and adjusted EBITDA guidance for the current year,” added Mr. Moss.

________________________
1Non-GAAP financial measures referenced in this release are used by management to 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. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measures.

First Quarter 2026 Financial Results
Revenue increased 74.9%, to $140.6 million, compared to $80.4 million for the prior-year period, driven by strong underlying demand of products, the impact of market share capture initiatives, and an increase in volume of projects in the current year.

Gross profit was $41.0 million, compared to $28.1 million in the prior-year period. Gross profit as a percentage of revenue was 29.2% compared to 35.0% in the prior-year period. The decrease in margin is attributable to $3.8 million in additional tariffs paid in comparison to the prior-year quarter, an increase of $1.4 million in right-of-use asset amortization arising from the opening of our consolidated operations facility, along with an increase in material costs.

General and administrative expenses were $31.0 million, compared to $21.7 million during the same period in the prior year. The increase in general and administrative expenses was primarily the result of a $6.2 million increase in legal expenses for ongoing matters related to wire insulation shrinkback, intellectual property, and shareholder litigation matters along with $1.6 million in increased cash and share-based incentive compensation expense due to increased headcount in comparison to the prior-year period.

Income from operations was $7.7 million, compared to $4.3 million during the prior-year period.

The Company has recorded a litigation settlement expense, net of recoveries of $5.3 million for the three months ended March 31, 2026. This is due to the accrual for the expected settlement amount, net of insurance recoveries related to the Company’s securities litigation as disclosed in Form 10-Q.

Net loss was $0.3 million compared to $0.3 million during the prior-year period. Loss per share was $0.00 in the current and prior-year period.

Adjusted EBITDA1 was $21.1 million, compared to $13.5 million in the prior-year period.

Adjusted Net Income1 was $12.1 million compared to $5.7 million during the prior-year period. Adjusted diluted earnings per share1 was $0.07 compared to $0.03 in the prior-year period.

Backlog and Awarded Orders
The Company’s backlog and awarded orders as of March 31, 2026, were $758.0 million, representing a 17.5% increase compared to the prior-year period and a 1.4% sequential increase from December 31, 2025. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company’s innovative products, with growth in international and emerging battery energy storage markets.

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 with a contract but for which a contract has not yet been signed.

Second Quarter 2026 Outlook
At this time, the Company is providing an outlook for the second quarter. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2026, the Company expects:

Revenue in the range of $150 million to $170 millionAdjusted EBITDA1 in the range of $28 million to $33 million Full Year 2026 Outlook
Based on current business conditions, business trends and other factors, for the full year 2026, the Company expects:

Revenue in the range of $600 million to $640 millionAdjusted EBITDA1 in the range of $118 million to $132 millionCash flow from operations in the range of $65 million to $85 millionCapital expenditures in the range of $20 million to $30 millionInterest expense in the range of $8 million to $12 million A reconciliation of Adjusted EBITDA1 guidance, which is a forward-looking measure that is a non-GAAP measure, to the most closely comparable GAAP measure 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 measure 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 5, 2026, at 8:00 a.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.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across 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.

Investor Relations Contact
Shoals Technologies Group, Inc.
Email: [email protected]

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; expectations regarding the utility-scale solar market; project delays; regulatory environment, including changes or potential changes to such environment; the effects of strategic pricing actions, volume discounts and customer mix in our key markets; pipeline and orders; business strategies, plans and expectations, including sales and marketing goals; technology developments; financing and investment plans; warranty and liability accruals and estimates of loss or gains; estimates of potential loss related to the wire insulation shrinkback matter discussed in our public filings; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; potential growth opportunities, including opportunities associated with our entry into new markets; production and capacity at our plants; and potential share repurchases under the Company’s Share Repurchase Program discussed in our public filings. 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 and scenarios that could cause actual results to differ from our expectations include, among others, if demand for solar energy projects diminishes, we may not be able to grow; 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; 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; the imposition of trade restrictions, import tariffs, anti-dumping, and countervailing duties; we have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business, and modifying our business strategy could have an adverse effect on our business and financial results; amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits; defects or performance problems in our products or their parts, whether due to manufacturing, installation, or use, including those related to the wire insulation shrinkback matter, have a high consequence of failure and can lead to equipment and systems failure, physical injury or death; we have experienced, and may experience in the future, delays, disruptions, quality control, or reputational problems in our manufacturing operations in part due to our vendor concentration; if we fail to retain our key personnel and attract additional qualified personnel; 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; safety issues 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 face increased competition as new and existing competitors introduce EBOS system solutions and components; macroeconomic conditions, including high inflation, high interest rates, and geopolitical instability, impact our business and financial results; we are subject to risks associated with the patent infringement complaints that we filed with the U.S. International Trade Commission (“ITC”) and District Courts; if we fail to, or incur significant costs in order to obtain, maintain, protect, defend, or enforce our intellectual property portfolio and other proprietary rights, including the patents we are asserting in ongoing patent infringement litigation; acquisitions, joint ventures, and/or investments and the failure to integrate acquired businesses could disrupt our business; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment could harm our business; a significant drop in the price of electricity may harm our business; the unauthorized access to our information technology systems or the disclosure of personal or sensitive data or confidential information, whether through a breach of our computer system or otherwise, could severely disrupt our business; failure of our information technology systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations; our expansion outside the U.S. could subject us to additional business, financial, regulatory, and competitive risks; our indebtedness could adversely affect our financial flexibility, restrict our current and future operations, and our competitive position; existing electric utility industry, federal, state, and municipal renewable energy and solar energy policies and regulations, including zoning and siting laws, and any subsequent changes, present technical, regulatory, and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for our products or harm our ability to compete; changes in tax laws or regulations that are applied adversely to us, or our customers could materially adversely affect our business, financial condition, results of operations, and prospects; and the market price of our Class A common stock may decline and may continue to be subject to significant volatility.

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 plant optimization expenses. We define Adjusted Gross Profit Percentage as Adjusted Gross Profit divided by revenue. We define Adjusted EBITDA as net loss plus/(minus) (i) interest expense, (ii) interest income, (iii) income tax expense/(benefit), (iv) depreciation expense, (v) amortization of intangibles, (vi) equity-based compensation, (vii) gain (loss) on sale of asset (viii) wire insulation shrinkback litigation expenses, (ix) plant optimization expenses, (x) shareholder litigation expenses, and (xi) litigation settlement expense, net of insurance recoveries. We define Adjusted Net Income as net income plus (i) amortization of intangibles, (ii) amortization / write-off of deferred financing costs, (iii) equity-based compensation, (iv) gain (loss) on sale of asset (v) wire insulation shrinkback litigation expenses, (vi) plant optimization expenses, (vii) shareholder litigation expenses, and (viii) litigation settlement expenses, net of insurance recoveries, 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.

Beginning with the three months ended March 31, 2026, we revised our definition of Adjusted EBITDA to exclude shareholder litigation costs, which are reflected in General and Administrative expenses on our consolidated statements of operations. Comparative amounts for prior periods have been recast to conform to the current period presentation. Management believes this revised definition provides a more meaningful representation of the Company’s ongoing operating performance as the costs are not reflective of our core operations.

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 Adjusted EBITDA, and net income 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,
2026 December 31,
2025Assets   Current Assets   Cash and cash equivalents$1,877  $7,320 Accounts receivable, net 129,205   128,793 Unbilled receivables 15,144   22,133 Inventory 158,993   89,878 Insurance receivable 64,750   — Other current assets 12,572   9,762 Total Current Assets 382,541   257,886 Property, plant and equipment, net 59,072   53,302 Goodwill 69,941   69,941 Other intangible assets, net 31,603   33,499 Deferred tax assets 438,116   438,027 Right-of-use operating lease assets 45,000   46,044 Other assets 4,622   5,402 Total Assets$1,030,895  $904,101     Liabilities and Stockholders’ Equity   Current Liabilities   Accounts payable$80,425  $64,875 Accrued expenses and other 26,305   22,215 Litigation settlement liability 70,000   — Warranty liability—current portion 1,232   3,202 Deferred revenue 30,343   37,031 Total Current Liabilities 208,305   127,323 Revolving line of credit 181,750   136,750 Right-of-use operating lease liabilities 37,800   38,661 Warranty liability, less current portion 403   403 Other long-term liabilities 991   991 Total Liabilities 429,249   304,128 Commitments and Contingencies   Stockholders’ Equity   Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025 —   — Class A common stock, $0.00001 par value - 1,000,000,000 shares authorized; 171,680,204 and 171,358,711 shares issued; 167,771,817 and 167,450,324 outstanding as of March 31, 2026 and December 31, 2025, respectively 2   2 Additional paid-in capital 495,060   493,090 Treasury stock, at cost, 3,908,387 shares as of March 31, 2026 and December 31, 2025, respectively (25,272)  (25,272)Retained earnings 131,856   132,153 Total Stockholders' Equity 601,646   599,973     Total Liabilities and Stockholders’ Equity$1,030,895  $904,101   Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)   Three Months Ended March 31,   2026   2025 Revenue $140,557  $80,361 Cost of revenue  99,547   52,221 Gross profit  41,010   28,140 Operating expenses    General and administrative expenses  31,014   21,693 Depreciation and amortization  2,278   2,135 Total operating expenses  33,292   23,828 Income from operations  7,718   4,312 Interest expense  (2,903)  (2,415)Interest income  59   118 Litigation settlement expense, net of recoveries  (5,250)  — Gain (loss) on sale of assets  (2)  — Foreign currency gain (loss)  (8)  — Income (loss) before income taxes  (386)  2,015 Income tax benefit (expense)  89   (2,297)Net loss $(297) $(282)     Loss per share of Class A common stock:    Basic $(0.00) $(0.00)Diluted $(0.00) $(0.00)Weighted average shares of Class A common stock outstanding:    Basic  167,555   166,960 Diluted  167,555   166,960   Shoals Technologies Group, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)  Three Months Ended March 31,  2026   2025 Cash Flows from Operating Activities   Net loss$(297) $(282)Adjustments to reconcile net loss to net cash provided by operating activities:   Depreciation and amortization 4,101   3,287 Amortization/write off of deferred financing costs 156   156 Equity-based compensation 3,317   2,661 Provision for obsolete or slow-moving inventory 518   252 Provision for warranty expense 527   257 Deferred taxes (89)  2,288 Other 1,765   — Changes in assets and liabilities:   Accounts receivable (412)  10,477 Unbilled receivables 6,989   10,425 Inventory (69,633)  (5,448)Other assets (2,186)  (1,471)Accounts payable 15,221   6,682 Accrued expenses and other 2,510   (347)Warranty liability (2,497)  (9,837)Litigation receivable and settlement liabilities 5,250   — Deferred revenue (6,688)  (3,542)Net Cash Provided by (Used in) Operating Activities (41,448)  15,558 Cash Flows from Investing Activities   Purchases of property, plant and equipment (7,648)  (3,209)Net Cash Used in Investing Activities (7,648)  (3,209)Cash Flows from Financing Activities   Employee withholding taxes related to net settled equity awards (1,347)  (251)Proceeds from revolving credit facility 45,000   20,000 Repayments of revolving credit facility —   (20,000)Net Cash Provided by (Used in) Financing Activities 43,653   (251)Net Increase (Decrease) in Cash and Cash Equivalents (5,443)  12,098 Cash and Cash Equivalents—Beginning of Period 7,320   23,511 Cash and Cash Equivalents—End of Period$1,877  $35,609   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,   2026   2025 Revenue $140,557  $80,361 Cost of revenue  99,547   52,221 Gross profit $41,010  $28,140 Gross profit percentage  29.2%  35.0%     Plant optimization expense $621  $— Adjusted gross profit $41,631  $28,140 Adjusted gross profit percentage  29.6%  35.0% Reconciliation of Net Income to Adjusted EBITDA (in thousands):
   Three Months Ended March 31,   2026   2025 Net loss $(297) $(282)Interest expense  2,903   2,415 Interest income  (59)  (118)Income tax expense (benefit)  (89)  2,297 Depreciation expense  2,199   1,391 Amortization of intangibles  1,902   1,896 Equity-based compensation  3,317   2,661 (Gain) loss on sale of asset  2   — Wire insulation shrinkback litigation expenses(a)  3,707   2,529 Plant optimization expenses(b)  621   — Shareholder litigation expenses(c)  1,656   716 Litigation settlement expense(c)  5,250   — Adjusted EBITDA $21,112  $13,505  Reconciliation of Net Income to Adjusted Net Income (in thousands):
   Three Months Ended March 31,   2026   2025 Net loss $(297) $(282)Amortization of intangibles  1,902   1,896 Amortization / write-off of deferred financing costs  156   156 Equity-based compensation  3,317   2,661 (Gain) loss on sale of asset  2   — Wire insulation shrinkback litigation expenses(a)  3,707   2,529 Plant optimization expenses(b)  621   — Shareholder litigation expenses(c)  1,656   716 Litigation settlement expense(c)  5,250   — Tax impact of adjustments(d)  (4,169)  (1,942)Adjusted Net Income $12,145  $5,734 
(a)  For the three months ended March 31, 2026 and 2025, represents $3.7 million and $2.5 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods.

(b) For the three months ended March 31, 2026 and 2025, represents $0.6 million and zero of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods.

(c)  For the three months ended March 31, 2026, represents $1.6 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and $5.3 million in settlement expenses associated with this litigation. For the three months ended March 31, 2025, represents $0.7 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business.

(d)  Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes. Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax. The adjustment to the provision for income tax reflects the effective tax rates below.

     Three Months Ended March 31,  2026  2025 Statutory U.S. Federal income tax rate 21.0% 21.0%Permanent adjustments 1.7% 0.6%State and local taxes (net of federal benefit) 2.4% 2.8%Effective income tax rate for Adjusted Net Income 25.1% 24.4% Calculation of Adjusted Diluted Earnings per Share (in thousands, except per share amounts):
     Three Months Ended March 31,
   2026   2025 Diluted weighted average shares outstanding  167,555   166,960        Adjusted Net Income $12,145  $5,734 Adjusted Diluted EPS $0.07  $0.03 

Shoals Technologies Group, Inc. (SHLS) Q1 2026 Earnings Call Transcript

Shoals Technologies posted strong Q1 revenue growth, driven by US utility-scale solar demand and AI data center power needs. SHLS raised full-year revenue guidance to $600m–$640m, reflecting optimism about sustained demand, especially from AI-related projects. Profitability remains pressured by tariffs, higher input costs, and substantial non-GAAP adjustments, with gross margin at 29.2% and notable inventory buildup.

The milestone coincides with Shoals’ 30th anniversary and includes a donation to Hands of Hope May 19, 2026 10:10 ET  | Source: Shoals Technologies Group

News Summary:

Shoals Technologies Group, Inc. opened its new 638,000-square-foot Mega Facility in Portland, Tennessee, backed by a $30 million investment.The new campus expands domestic U.S. manufacturing capacity and strengthens the American supply chain to meet growing demand for solar, battery energy storage systems (BESS), and data center infrastructure.The milestone also commemorates Shoals’ 30th anniversary and included a $20,000 donation to Hands of Hope to support meals across Portland and Sumner County.
PORTLAND, Tenn., May 19, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (NASDAQ: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, announced the grand opening of its new Mega Facility in Portland, Tennessee, marking a major milestone in the company’s continued investment in American manufacturing and the future of energy infrastructure.

Backed by a $30 million investment with a total commitment of up to $80 million over five years, the facility strengthens Shoals’ ability to deliver safe, efficient and reliable power infrastructure solutions across solar power, battery energy storage systems (BESS), and mission-critical facilities, including data centers. This investment comes as the need for resilient, domestically produced electrical infrastructure continues to grow across the United States.

“As demand for energy infrastructure continues to accelerate, this new Mega Facility allows Shoals to scale alongside our customers and meet the needs of a rapidly evolving energy landscape,” said Brandon Moss, chief executive officer at Shoals Technologies Group, Inc. “By expanding our domestic manufacturing footprint and bringing increased capacity, we are strengthening the American energy supply chain and enabling faster, more efficient energy deployment.”

Located at 1500 Shoals Way, the new 638,000-square-foot, state-of-the-art manufacturing campus consolidates Shoals’ three existing Tennessee facilities into one centralized location, significantly expanding production capacity, increasing automation in production and packaging, and leveraging operational efficiencies to support increasing demand across the energy sector.

The opening of the Mega Facility also coincides with Shoals’ 30th anniversary, celebrating three decades of innovation. On May 18, Shoals marked both milestones with a ribbon-cutting ceremony for its new Mega Facility and a $20,000 donation to Hands of Hope, helping provide meals to residents in Portland and across Sumner County. The donation underscores Shoals’ ongoing commitment to supporting the community that has played an important role in the company’s success over the past 30 years.

“Shoals’ 30th anniversary is a moment to celebrate both our company’s success and the people and communities who have helped make it possible,” said Mr. Moss. “The opening of our new Mega Facility is an investment in the future of energy infrastructure and a commitment to the Portland community, creating jobs and supporting local families through our donation to Hands of Hope as we look ahead to our next chapter of growth.”

For more information, visit: www.shoals.com.

About Shoals Technologies Group, Inc.
Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission-critical applications across 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.

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