Business
Shoals Technologies Group, Inc. Reports Financial Results for Third Quarter 2021
– Revenue Increased 14% Year-Over-Year to a Record $59.8 million – – System Solutions Revenue Increased 5% Year-Over-Year to $38.6 million – – Gross Margin of
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Revenue Increased 14% Year-Over-Year to a Record $59.8 million – – System Solutions Revenue Increased 5% Year-Over-Year to $38.6 million – – Gross Margin of 36.4% Reflecting Higher Mix of Components sales and Acquisition Impacts – – Backlog and Awarded Orders Up 101% Year-Over-Year to a Record $270.7 million – – Acquires ConnectPV, a Leading Provider of EBOS Products for Battery Storage – – Provides Fourth Quarter and First Quarter 2022 Outlook – PORTLAND, Tenn., Nov. 09, 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 third quarter ended September 30, 2021. “We are continuing to grow faster than the market as Shoals’ System Solutions take share from conventional solar EBOS. Third quarter revenues increased 14% year over year and we ended the quarter with the highest level of backlog and awarded orders in the company’s history. Since the beginning of the year, the number of solar EPCs and developers that use BLA has more than quadrupled and there are an additional 12 customers that are currently transitioning to our system,” said Jason Whitaker, Chief Executive Officer of Shoals. Mr. Whitaker added, “We are not just taking a bigger slice of the pie we are in, we are growing the size of the pie available to us by broadening our product portfolio. We have been doing that organically through new product introductions like our wire management solutions and IV curve benchmarking products, and now inorganically through the acquisition of ConnectPV, which we completed during the third quarter. ConnectPV brings us new products targeted specifically to energy storage where we see tremendous growth potential. ConnectPV also gives us access to a number of customers that we did not historically serve which should further accelerate our market share gains. We are also expanding beyond solar by taking our technology and expertise to the rapidly growing EV charging market. We manufactured the first commercial versions of our full EV System Solution set including all four product families during the third quarter, and took first orders from customers in November. We remain very focused on the EV charging opportunity an...