Business
Shoals Technologies Group, Inc. Reports Financial Results for Fourth Quarter 2022
– Revenue Nearly Doubled Year-Over-Year to $94.7 million – – System Solutions Revenue Increased 150% Year-Over-Year – – Gross Margin Expanded More Than 950
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Revenue Nearly Doubled Year-Over-Year to $94.7 million – – System Solutions Revenue Increased 150% Year-Over-Year – – Gross Margin Expanded More Than 950 bps Year-Over-Year – – Backlog and Awarded Orders Up 43% Year-Over-Year to $428.6 million – – Provides 2023 Outlook for Continued Strong Growth – PORTLAND, Tenn., Feb. 28, 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 fourth quarter and full year ended December 31, 2022. “Shoals set new records for revenue, gross profit, net income, adjusted EBITDA and adjusted net income in both the fourth quarter and full year. Compared to the prior-year periods, fourth quarter and full year revenue grew 97% and 53%, respectively. Versus the same period last year, fourth quarter gross margin increased more than 950 basis points to 42.7%. Demand for our products continues to grow and our higher sales volumes are providing greater leverage on our fixed costs leading to margin expansion,” said Jason Whitaker, Chief Executive Officer of Shoals. Mr. Whitaker added, “Shoals’ annual revenue growth rate has increased each year since we have been public, despite having more than doubled our revenues over the past three years. That is a reflection both of the strength of the end-markets we serve and the capacity for our products to take share from competing alternatives. I am confident that we will see continued strong growth in 2023 as our new products gain traction in the marketplace, including BLA 2.0 which we recently began quoting and expect to begin shipping during the first half of this year.” “The strength of demand for our products is underscored by the $428.6 million of backlog and awarded orders that we ended the year with, which represented growth of 43% compared to the same time last year. As a matter of fact, in just the first few weeks of the new year, backlog and awarded orders has hit another record high yet again, as we have continued to win new customers. I am incredibly proud of what Shoals has accomplished over the past several years and that I will leave the Company commercially, operationally and financially stronger than it has ever been,” concluded M...