Business
Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2022
– First Quarter Revenue Increased 49% Year-Over-Year to Record $68.0 million – – System Solutions Revenue Grew 40% Year-Over-Year – – Gross Margin Expanded
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– First Quarter Revenue Increased 49% Year-Over-Year to Record $68.0 million – – System Solutions Revenue Grew 40% Year-Over-Year – – Gross Margin Expanded More Than 550 bps Sequentially to 38.7% – – Backlog and Awarded Orders Up 67% Year-Over-Year to a Record $302.3 million – – Reaffirms Low End of Revenue Outlook Despite Industry Challenges – PORTLAND, Tenn., May 16, 2022 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage and electric vehicle charging infrastructure, today announced results for its first quarter ended March 31, 2022. “Our results for the first quarter were in line with the outlook we provided earlier in the quarter despite an increasingly challenging environment for solar. Revenues and gross profit grew 49% and 40% versus the prior year’s quarter, respectively, and represented new records for the Company. More importantly, our gross margins increased more than 550 basis points sequentially to 38.7%, reflecting a return to our historical margin profile as we anticipated. Adjusted EBITDA grew at a slower rate than our revenues and gross profit as a result of continued investment in SG&A to support our growth initiatives,” said Jason Whitaker, Chief Executive Officer of Shoals. Mr. Whitaker added, “We are continuing to see strong growth across our business with our backlog and awarded orders up 67% year-over-year. During the quarter we converted seven additional customers to BLA, representing as much as two gigawatts of demand and we now have six times as many BLA customers as we did a year ago. Notably, three of the seven new customers are located in international markets demonstrating our ability to convert customers outside of the U.S. to BLA.” “Demand for the new products we introduced recently continues to grow with customer orders for our battery storage and wire management offerings being particularly strong. We remain on track to ship BLA 2.0 and high-capacity plug-and-play wire harnesses later this year. The former will have a higher average selling price per megawatt than our current product and the latter will allow us to serve a new and fast-growing application. Finally, our EV charging products are generating a lot of interest from charge point operators and fl...