Business
Shoals Technologies Group, Inc. Reports Financial Results for Second Quarter 2023
– Record Quarterly Revenue of $119.2 million, up 62% Year-Over-Year – – System Solutions Revenue Grew 80% Year-Over-Year to $102.1 million, Representing 86%
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Record Quarterly Revenue of $119.2 million, up 62% Year-Over-Year – – System Solutions Revenue Grew 80% Year-Over-Year to $102.1 million, Representing 86% of Second Quarter Revenue – – Gross Margin Expanded 350 bps Year-Over-Year to 42.4% – – Signed Landmark 10 Gigawatt Master Supply Agreement with Blattner Company – – Backlog and Awarded Orders Increased 67% Year-Over-Year to $546.1 million – PORTLAND, Tenn., Aug. 01, 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 second quarter ended June 30, 2023. “Shoals delivered another outstanding performance in the second quarter, setting new Company records for revenue and earnings. Revenue grew 62% year-over-year, while System Solutions revenue increased 80% compared to the year-ago period, as customers continue to partner with and use Shoals for their EBOS needs. This was further illustrated in the quarter when we signed our landmark 10-gigawatt master supply agreement with Blattner,” said Jeff Tolnar, President of Shoals. Mr. Tolnar added, “Backlog and awarded orders increased 67% year-over-year to a Company record of $546.1 million, reflecting continued robust demand for our products. Demand for our combine-as-you-go solution remained strong, with one new customer converting to our system during the quarter, bringing our total number of Big Lead Assembly (BLA) customers to 43. Quotes, awarded orders and backlog of BLA+ continue to grow as we roll out additional products within the product family and customer adoption increases.” “Finally, we are very excited to welcome Brandon Moss as Shoals’ new CEO. His industry and leadership experience, proven track record of executing strategic growth plans, and commitment to culture, make him the ideal person to lead Shoals through our next stage of growth. We look forward to working with Brandon to continue our strong momentum and capitalize on our significant market opportunity,” concluded Mr. Tolnar. Second Quarter 2023 Financial ResultsRevenue grew 62%, to $119.2 million, compared to $73.5 million for the prior-year period, driven by higher sales volumes as a result of increased demand for solar EBOS generally a...