Shoals Technologies Group, Inc. · NASDAQ:SHLS
Shoals Technologies — Q1 2025 Earnings Presentation
22 slides from Shoals Technologies's earnings presentation, May 6, 2025
Slide 1: Q1 Earnings Report
Q1 EARNINGS REPORT May 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer © 2025 Shoals Technologies Group Forward-Looking Statements This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning
Slide 3: Disclaimer: Non-GAAP Financial Information
Disclaimer © 2025 Shoals Technologies Group Non-GAAP Financial Information This presentation includes Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share (“EPS”) and Net Debt, which are unaudited financial measures that e
Slide 4: Agenda
Agenda © 2025 Shoals Technologies Group O1 First Quarter Highlights O2 Current Events & Market Environment O3 U.S. Utility Scale Solar 4 O4 Growth Initiatives (International, CC&I, OEM, & BESS) Q1 Earnings Report O5 Financial Overview Shoals
Slide 5: Quarterly Highlights
Q1 2025 © 2025 Shoals Technologies Group QUARTERLY HIGHLIGHTS Above High End Within Q1 2025 of Q1 2025 Guidance Range Guidance Range $80.4M $12.8M Revenue Adjusted EBITDA1 5 5 Q1 Earnings Report Strategic initiatives driving $645.1M $1.13 Strong demand for Shoals key results, with $500M BLAO Book-to
Slide 6: Current Events & Market Environment
Q1 2025 © 2025 Shoals Technologies Group CURRENT EVENTS & MARKET ENVIRONMENT Tariffs Strategy Market • Limited direct exposure to • Committed to U.S. domestic • Increasing electricity demand tariffs in the near term manufacturing and load growth • High-quality products and • Energy sources are limit
Slide 7: U.S. Utility Scale Solar
Q1 2025 U.S. UTILITY © 2025 Shoals Technologies Group New state-of-the art SCALE SOLAR manufacturing facility “Customers’ 2025 construction calendars are full, and projects are moving forward as scheduled.” World class Cultivating customer CUSTOMER relationships with care team FOCUSED new EPCs 7 7 Q
Slide 8: Growth Initiatives & New Markets
International, CC&I, OEM, & BESS © 2025 Shoals Technologies Group GROWTH INITIATIVES & NEW MARKETS International CC&I OEM BESS • Signed a Memorandum of • Strong quoting activity • Continued partnership with • Three paths to market: (1) Understanding (MOU) with • Short sales cycles and First Solar, I
Slide 9: First Quarter Financial Snapshot
First Quarter Financial Snapshot © 2025 Shoals Technologies Group $ Change % Change $80.4M 35% $ Thousands Q1 2025 Q1 2024 YoY YoY (except for EPS) Revenue $ 80,361 $ 90,807 $ (10,446) (11.5)% Cost of Goods Sold 52,221 54,347 $ (2,126) (3.9) % Q1 Revenue Q1 Adjusted Gross Profit %1 Gross Profit 28,1
Slide 10: Q1 Cash Flow
Q1 Cash Flow © 2025 Shoals Technologies Group $15.6M Q1 Cash Flow From Operations $12.4M Q1 Free Cash Flow $3.2M Q1 Capital (Includes $9.5M & $2.5M of shrinkback remediation and legal costs, respectively) 10 10 Expenditures Q1 Earnings Report Shoals
Slide 11: Update on 1500 Shoals Way Facility & Shoals Innovation Field
Update on 1500 Shoals Way Facility & Shoals Innovation Field © 2025 Shoals Technologies Group Construction on our 1500 Shoals Way facility is progressing well We recently completed building our Shoals Innovation Field and on time. Planning to begin moving in during 2H 2025. adjacent to 1500 Shoals W
Slide 12: Debt & Liquidity
Debt & Liquidity © 2025 Shoals Technologies Group Q1 2024 Q4 2024 Q1 2025 Cash & Cash Equivalents $15.2 $23.5 $35.6 “Lowest Net Debt Total Long-term Debt $168.8 $141.8 $141.8 since becoming a Less: Cash & Cash Equivalents $15.2 $23.5 $35.6 public company.” Net Debt $153.6 $118.2 $106.1 Adjusted EBIT
Slide 13: Backlog & Awarded Orders
Backlog & Awarded Orders © 2025 Shoals Technologies Group $645M As of March 31, 2025 in backlog & awarded orders An increase of 1.6% QoQ With Approximately $500M 13 13 to deliver in FFQ Q1 Earnings Report $145M Beyond Q1 2026 Shoals
Slide 14: Financial Outlook
Financial Outlook © 2025 Shoals Technologies Group 2025 Revenue Full year 2025 expectations: $410-450M $410-450M $100-115M 2025 Full Yr 2025 Adj. EBITDA1 Revenue 2025 Adj. EBITDA1 $30-45M $8-12M $100-115M 2025 Full Yr 2025 Interest Operating Expense Cash Flow 14 14 $25-35M $100 – 110M $20-25M 2025 C
Slide 15: Closing Thoughts
Closing Thoughts © 2025 Shoals Technologies Group “The changes we Focusing on what we can control and influence: + Improving the resiliency of our supply chain are making and + Exceeding customer service requirements the team we have + Hitting delivery timelines in place positions + Providing except
Slide 16: Shoals
Shoals Q1 Earnings Report 16 © 2025 Shoals Technologies Group 16
Slide 17: Appendix
Appendix Shoals Q1 Earnings Report 17 © 2025 Shoals Technologies Group 17
Slide 18: Non-GAAP Reconciliations, Adjusted Gross Profit
Non-GAAP Reconciliations, Adjusted Gross Profit © 2025 Shoals Technologies Group Adjusted Gross Profit Three Months Ended March 31, 2025 2024 Revenue $ 80,361 $ 90,807 Cost of revenue 52,221 54,347 Gross profit $ 28,140 $ 36,460 Gross profit percentage 35.0 % 40.2 % Wire insulation shrinkback expens
Slide 19: Non-GAAP Reconciliations, Adjusted EBITDA
Non-GAAP Reconciliations, Adjusted EBITDA © 2025 Shoals Technologies Group Adjusted EBITDA Three Months Ended March 31, 2025 2024 Net income (loss) $ (282) $ 4,774 Interest expense 2,415 4,475 Interest income (118) (113) Income tax expense 2,297 2,448 Depreciation expense 1,391 1,106 Amortization of
Slide 20: Non-GAAP Reconciliations, Adjusted Net Income
Non-GAAP Reconciliations, Adjusted Net Income © 2025 Shoals Technologies Group Adjusted Net Income Three Months Ended March 31, 2025 2024 Net income (loss) $ (282) $ 4,774 Amortization of intangibles 1,896 1,896 Amortization / write-off of deferred financing costs 156 2,626 Equity-based compensation
Slide 21: Non-GAAP Reconciliations, Adjusted Diluted EPS
Non-GAAP Reconciliations, Adjusted Diluted EPS © 2025 Shoals Technologies Group Adjusted Diluted EPS Three Months Ended March 31, 2025 2024 Adjusted diluted weighted average shares outstanding 166,960 170,514 Adjusted Net Income $ 5,193 $ 12,621 Adjusted Diluted EPS $ 0.03 $ 0.07 21 21 Q1 Earnings R
Slide 22: Thank You!
© 2025 Shoals Technologies Group 22 22 Q1 Earnings Report THANK YOU! Please reach out to investors@shoals.com with any further questions. Shoals
Shoals Technologies Group — Q1 2025 Earnings Presentation on 6ix