Business
Shoals Technologies Group, Inc. Reports Financial Results for Second Quarter 2021
– Reports Record Second Quarter Revenue Increased 38% Year-Over-Year to $59.7 million – – System Solutions Revenue Increased 62% to $51.2 million – – Second
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Reports Record Second Quarter Revenue Increased 38% Year-Over-Year to $59.7 million – – System Solutions Revenue Increased 62% to $51.2 million – – Second Quarter Gross Profit Margin Expands More Than 500 bps Year-Over-Year – – Backlog and Awarded Orders at June 30, 2021 Up 63% Versus Last Year – – Reaffirms 2021 Outlook – PORTLAND, Tenn., Aug. 10, 2021 (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 second quarter ended June 30, 2021. “Shoals delivered another record quarter, with revenue growth accelerating to 38% year-over-year and gross margin improving over 500 basis points. System solutions grew 62% year-over-year and contributed 86% of revenues in the quarter. The continued strength in our results and robust customer demand support our growth outlook,” said Jason Whitaker, Chief Executive Officer of Shoals. Mr. Whitaker added, “We are happy to report Shoals is continuing to progress on its growth strategies of converting more customers to our BLA solution, expanding internationally, broadening our product offering into complementary categories of EBOS and introducing new products for EV charging infrastructure. Since going public in January, we have more than doubled the number of BLA customers and have an additional 13 customers in transition to our system, including two international customers. Both our new IV curve benchmarking and wire management solutions are on track to generate revenues starting in the fourth quarter and our EV charging products are on track to launch later this year. Notably, the market opportunity for Shoals in EV infrastructure has more than doubled since we announced our entry into the market earlier this year, and we are moving rapidly to capitalize on the opportunity. I am proud of our team’s accomplishments and even more excited about the growth ahead of us.” Second Quarter 2021 Financial ResultsRevenues were $59.7 million, compared to $43.4 million for the prior-year period, an increase of 38%, driven by a 62% year-over-year increase in System Solutions revenues, which was partly offset by a decline in Components revenues. The growth in System Solutions revenues reflect...