Business
Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2023
– Revenue of $105.1 million, up 55% Compared to the Prior Year Period and a Quarterly Record – – System Solutions Revenue of $91.3 million, Nearly Double the
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Revenue of $105.1 million, up 55% Compared to the Prior Year Period and a Quarterly Record – – System Solutions Revenue of $91.3 million, Nearly Double the Prior Year Period and Representing 87% of First Quarter Revenue – – Gross Margin of 45.9%, Expanding 720 bps Over the Prior Year Period – – Backlog and Awarded Orders of $527.5 million, up 75% Compared to the Prior Year Period – – Raising 2023 Outlook – PORTLAND, Tenn., May 08, 2023 (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, 2023. “Shoals had an exceptional first quarter, delivering record revenue and earnings. We grew revenue 55% year-over-year, with System Solutions revenue increasing 95% compared to the year-ago period, which contributed to significantly higher gross margin,” said Jeff Tolnar, President and Interim Chief Executive Officer of Shoals. “Backlog and awarded orders increased 75% year-over-year to a record $527.5 million, reflecting continued robust demand for our products. Demand for our combine-as-you-go solution was particularly strong, with six new customers converting to our system during the quarter, bringing the total number of Big Lead Assembly (BLA) customers to 42,” continued Mr. Tolnar. “Solar market conditions remain favorable, both for the industry as a whole and for Shoals specifically. We believe we are just starting to realize the full power of the Shoals platform and we could not be more excited about the future,” concluded Mr. Tolnar. First Quarter 2023 Financial ResultsRevenue grew 55%, to $105.1 million, compared to $68.0 million for the prior-year period, driven by higher sales volumes as a result of increased demand for solar EBOS generally and the Company’s combine-as-you-go System Solutions specifically. System Solutions revenue increased 95% compared to the prior-year period, and represented 87% of revenue versus 69% in the prior-year period. Gross profit increased 84% to $48.3 million, compared to $26.3 million in the prior-year period. Gross profit as a percentage of revenue grew more than 720 bps to 45.9% compared to 38.7% in the prior-year period, driven primarily by a higher p...