Shoals Technologies Group, Inc. · NASDAQ:SHLS
Shoals Technologies — Q2 2025 Earnings Presentation
21 slides from Shoals Technologies's earnings presentation, Aug 5, 2025
Slide 1: Q2 Earnings Report
Q2 EARNINGS REPORT August 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, and Adjusted Diluted Earnings per Share (“EPS”), which are unaudited financial measures that exclude it
Slide 4: Agenda
Agenda © 2025 Shoals Technologies Group O1 Second Quarter Highlights O2 Current Events & Market Environment O3 U.S. Utility Scale Solar O4 4 4 Growth Opportunities (International, CC&I, OEM, & BESS) Q2 Earnings Report Q2 Earnings Report O5 Financial Overview O6 Financial Outlook Shoals Shoals
Slide 5: Quarterly Highlights
Q2 2025 © 2025 Shoals Technologies Group QUARTERLY HIGHLIGHTS At High End of Q2 Above High End $110.8M $24.5M of Q2 2025 2025 Guidance Revenue Adjusted Guidance Range Range EBITDA1 5 5 A Company record BLAO, Strong demand for Shoals $671.3M 1.2 Q2 Earnings Report with $540.3M containing products, co
Slide 6: Current Events & Market Environment
Q2 2025 © 2025 Shoals Technologies Group CURRENT EVENTS & MARKET ENVIRONMENT Tariffs & IRA Strategy Market • Being a U.S. manufacturer • Robust portfolio of product • Underlying fundamentals of the provides us with a strong offerings solar energy market remain competitive advantage • Commercial Team
Slide 7: U.S. Utility Scale Solar
Q2 2025 U.S. UTILITY © 2025 Shoals Technologies Group Site preparation and tracker installation activity gaining SCALE SOLAR momentum “The second quarter of 2025 was another solid period of growth within our core U.S. Utility Scale Solar market.” Strong Underlying Project calendars remain Fundamenta
Slide 8: Growth Opportunities
International, CC&I, OEM, & BESS GROWTH OPPORTUNITIES © 2025 Shoals Technologies Group International CC&I “Our international pipeline exceeds 20GW in our focus “Our CC&I business continues to gain momentum. We markets.” would expect in excess of $10M in revenue this year.” OEM BESS 8 8 “Our OEM busi
Slide 9: Second Quarter Financial Snapshot
Second Quarter Financial Snapshot © 2025 Shoals Technologies Group $ Change % Change Q2 2025 Q2 2024 $110.8M 37.2% $ Thousands YoY YoY (except for EPS) Revenue $ 110,841 $ 99,249 $ 11,592 11.7% Cost of Goods Sold 69,639 59,252 10,387 17.5% Q2 Revenue Q2 Adjusted Gross Profit %1 Gross Profit 41,202 3
Slide 10: Cash Flow
Q2 2025 © 2025 Shoals Technologies Group CASH FLOW Driven by sequential Positive YTD cash flow ($13.8)M $1.7M build in A/R despite increased Q2 Cash Flow 2025 YTD Cash and warranty capex and warranty From Operations Flow From remediation remediation spend Operations 10 10 Includes $11.2M of Elevated
Slide 11: Debt & Liquidity
Debt & Liquidity © 2025 Shoals Technologies Group Q2 2024 Q1 2025 Q2 2025 “Our balance sheet Cash & Cash Equivalents $3.2 $35.6 $4.7 remains high Total Long-term Debt $146.8 $141.8 $131.8 quality.” Less: Cash & Cash Equivalents $3.2 $35.6 $4.7 “We paid $10.0M Net Debt $143.6 $106.1 $127.1 down on ou
Slide 12: Backlog & Awarded Orders
Backlog & Awarded Orders © 2025 Shoals Technologies Group $671.3M As of June 30, 2025 in record backlog & awarded orders $260.9M As of June 30, 2025 in backlog An increase of 29% QoQ $540.3M 12 12 to deliver in Future Q2 Earnings Report Four Quarters $131.0M Beyond Q2 2026 Shoals
Slide 13: Financial Outlook
Financial Outlook © 2025 Shoals Technologies Group Q3 2025 Revenue Q4 2025 Revenue Full year 2025 expectations: $125-135M $135-145M $450-470M $100-115M 2025 Full Yr 2025 Adj. EBITDA1 Revenue $15-25M $30-40M 2025 Full Yr 2025 Capital Operating Expenditures Cash Flow 13 13 Q3 2025 Adj. EBITDA1 Q4 2025
Slide 14: Closing Thoughts
Closing Thoughts © 2025 Shoals Technologies Group “As we’ve said this year, Key fundamentals of our industry amidst rapidly shifting policy and regulatory framework: our customers remain + Our customers, and theirs, are seasoned, constructive, sophisticated, and proactive fundamentals are solid + Wh
Slide 15: Shoals
Shoals Q2 Earnings Report 15 © 2025 Shoals Technologies Group 15
Slide 16: Appendix
Appendix Shoals Q2 Earnings Report 16 © 2025 Shoals Technologies Group 16
Slide 17: Non-GAAP Reconciliations, Adjusted Gross Profit
Non-GAAP Reconciliations, Adjusted Gross Profit © 2025 Shoals Technologies Group Adjusted Gross Profit Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 110,841 $ 99,249 $ 191,202 $ 190,056 Cost of revenue 69,639 59,252 121,860 113,599 Gross profit $ 41,202 $ 39,997
Slide 18: Non-GAAP Reconciliations, Adjusted EBITDA
Non-GAAP Reconciliations, Adjusted EBITDA © 2025 Shoals Technologies Group Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $ 13,855 $ 11,802 $ 13,573 $ 16,576 Interest expense 2,236 3,265 4,651 7,740 Interest income (76) (202) (194) (315) I
Slide 19: Non-GAAP Reconciliations, Adjusted Net Income
Non-GAAP Reconciliations, Adjusted Net Income © 2025 Shoals Technologies Group Adjusted Net Income Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $ 13,855 $ 11,802 $ 13,573 $ 16,576 Amortization of intangibles 1,896 1,896 3,792 3,792 Amortization / write-
Slide 20: Non-GAAP Reconciliations, Adjusted Diluted EPS
Non-GAAP Reconciliations, Adjusted Diluted EPS © 2025 Shoals Technologies Group Adjusted Diluted EPS Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Diluted weighted average shares outstanding 167,562 170,100 167,238 170,252 Adjusted Net Income $ 16,938 $ 17,808 $ 22,137 $
Slide 21: Thank You!
© 2025 Shoals Technologies Group 21 21 Q2 Earnings Report THANK YOU! Please reach out to investors@shoals.com with any further questions. Shoals
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