Business
Shoals Technologies Group, Inc. Reports Financial Results for Third Quarter 2022
– Reports Record Quarterly Revenue, Gross Profit, Adjusted EBITDA and Adjusted Net Income – – Revenue Grew 52% Year-Over-Year to $90.8 million in the Third
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"– Reports Record Quarterly Revenue, Gross Profit, Adjusted EBITDA and Adjusted Net Income – – Revenue Grew 52% Year-Over-Year to $90.8 million in the Third Quarter – – System Solutions Revenue Grew 80% Year-Over-Year to $69.5 million, Representing 77% of Revenue in the Third Quarter – – Third Quarter Gross Margin Expanded More Than 330 bps Year Over Year to 39.7% – – Backlog and Awarded Orders Up 74% Year-Over-Year to a Record $471.2 million – – Raising Low End of 2022 Outlook to Reflect Recent Performance and Improving Business Conditions – PORTLAND, Tenn., Nov. 14, 2022 (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, 2022. “Shoals had an exceptionally strong third quarter, delivering record revenue, gross profit and adjusted EBITDA. We grew revenues 52% year-over-year, with System Solutions revenue increasing 80% compared to the year-ago period which drove significantly higher gross margin,” said Jason Whitaker, Chief Executive Officer of Shoals. “Demand for our products has continued to grow faster than the overall market, which is underscored by the 74% year-over-year increase in our backlog and awarded orders this quarter. Customer demand for our combine-as-you-go solution is particularly robust, with four new customers converting to our system during the quarter, bringing the total number of BLA customers to 33. We are also building backlog of our EV System Solutions after making our first shipments of these products during the quarter. We anticipate another step change in our growth next year as our EV charging products gain acceptance in the market and our BLA 2.0 and high-capacity plug-and-play wire harnesses receive UL certification, which we remain on track to obtain by year’s end,” added Mr. Whitaker “At the same time as we are taking share and introducing new products, conditions in our core solar market are improving. The two-year tariff exemption for Chinese solar panels, the recently passed Inflation Reduction Act and higher energy prices have given our customers and end-users the confidence to reinitiate previously delayed projects, make multi-year commitment...