Shoals Technologies Group, Inc. · NASDAQ:SHLS
Shoals Technologies — Q4 2025 Earnings Presentation
20 slides from Shoals Technologies's earnings presentation, Feb 24, 2026
Slide 1: Q4 Earnings Report
Q4 EARNINGS REPORT February 2026
Slide 2: Disclaimer
Disclaimer © 2025 Shoals Technologies Group Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, su
Slide 3: Agenda
Agenda © 2025 Shoals Technologies Group O1 Fourth Quarter Highlights O2 Full Year Highlights O3 Business Unit Highlights O4 Current Events, Market Environment & Strategy 3 3 O5 Q4 2025 Financial Overview Q2 Earnings Report Q4 Earnings Report O6 Q1 and Full Year 2026 Financial Outlook Shoals Shoals
Slide 4: Quarterly Highlights
Q4 2025 © 2025 Shoals Technologies Group QUARTERLY HIGHLIGHTS Within our Q4 Below our Q4 2025 $148M $30M 2025 guidance guidance range, driven by Revenue Adjusted range higher legal spend, tariffs, EBITDA1 product mix, and higher labor and shipping costs 4 4 A Company record BLAO, Strong demand for S
Slide 5: Full Year Highlights
FULL YEAR HIGHLIGHTS © 2025 Shoals Technologies Group Topline revenue growth of ~19% U.S. Utility Scale Solar business growth of ~11% Reignited innovation engine, introducing multiple new products International revenue grew from <$1M in 2024 to $13M in 2025 5 5 CC&I exceeding expectations & OEM grow
Slide 6: Business Unit Highlights
Q4 2025 BUSINESS UNIT HIGHLIGHTS © 2025 Shoals Technologies Group U.S. Utility Scale International CC&I OEM BESS Solar Another strong period Increased quote activity CC&I is performing OEM is tracking ahead BLAO of $67M of growth within our and customer well of expectations Established p
Slide 7: Current Events, Market Environment & Strategy
CURRENT EVENTS, MARKET ENVIRONMENT © 2025 Shoals Technologies Group & STRATEGY • A return to growth for Shoals in 2025 • Markets have been resilient • Our competitive position continues to improve • Entered new markets with new products 7 Meaningful progress on our legal actions 7 • • Began moving i
Slide 8: Fourth Quarter Financial Snapshot
Fourth Quarter Financial Snapshot © 2025 Shoals Technologies Group $ Change % Change $148.3M 31.6% Q4 2025 Q4 2024 $ Thousands YoY YoY (except for EPS) Revenue $ 148,325 $ 106,987 $ 41,338 38.6% Q4 Revenue Q4 Adjusted Cost of Goods Sold 101,411 66,803 34,608 51.8% Gross Profit %1 Gross Profit 46,914
Slide 9: Cash Flow
© 2025 Shoals Technologies Group CASH FLOW QTD QTD Driven by investments Elevated capex resulting ($4.1M) $7.2M in working capital from build-out of our new Q4 Cash Flow Q4 Capital manufacturing facility Consumed by Expenditures Operations 9 9 Positive cash flow $17.1M $33.0M Elevated capex Q4 Earni
Slide 10: Debt & Liquidity
Debt & Liquidity © 2025 Shoals Technologies Group Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash & Cash Equivalents $35.6 $4.7 $8.6 $7.3 “Our balance sheet Total Long-term Debt $141.8 $131.8 $126.8 $136.8 remains high quality.” Less: Cash & Cash Equivalents $35.6 $4.7 $8.6 $7.3 Net Debt $106.1 $127.1 $118.2 $
Slide 11: Backlog & Awarded Orders
Backlog & Awarded Orders © 2025 Shoals Technologies Group $747.6M As of December 31, 2025 in record backlog & awarded orders An increase of 18% YoY $326.2M As of December 31, 2025 in backlog 11 11 $603.4M Q4 Earnings Report to deliver in Future Four Quarters $144.2M Beyond Q4 2026 Shoals
Slide 12: Financial Outlook
Financial Outlook © 2025 Shoals Technologies Group 2026 Q1 2026 Revenue $125-135M (62% YoY Growth at Midpoint) Full year expectations: $560-600M $110-130M 2026 Full Yr Revenue 2026 Adj. EBITDA1 (22% YoY Growth at Midpoint) (21% YoY Growth at Midpoint) $65-85M $20-30M 2026 Full Yr 2026 Capital Operat
Slide 13: Closing Thoughts
Closing Thoughts © 2025 Shoals Technologies Group “We are in an exceptional Strategic plan and process improvements are yielding tangible results: position, from both a + We have protected and grown our core markets commercial and operational + We have reignited the innovation engine perspective.” +
Slide 14: Shoals
Shoals Q4 Earnings Report 14 © 2025 Shoals Technologies Group 14
Slide 15: Appendix
Appendix Shoals Q4 Earnings Report 15 © 2025 Shoals Technologies Group 15
Slide 16: Non-GAAP Reconciliations, Adjusted Gross Profit
Non-GAAP Reconciliations, Adjusted Gross Profit © 2025 Shoals Technologies Group Adjusted Gross Profit Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 148,325 $ 106,987 $ 475,331 $ 399,208 Cost of revenue 101,411 66,803 308,823 257,191 Gross profit $ 46
Slide 17: Non-GAAP Reconciliations, Adjusted EBITDA
Non-GAAP Reconciliations, Adjusted EBITDA © 2025 Shoals Technologies Group Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $ 8,122 $ 7,818 $ 33,574 $ 24,127 Interest expense 2,511 3,314 9,994 13,827 Interest income (73) (518) (305) (518
Slide 18: Non-GAAP Reconciliations, Adjusted Net Income
Non-GAAP Reconciliations, Adjusted Net Income © 2025 Shoals Technologies Group Adjusted Net Income Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $ 8,122 $ 7,818 33,574 24,127 Amortization of intangibles 1,901 1,931 7,611 7,619 Amortization / write-of
Slide 19: Non-GAAP Reconciliations, Adjusted Diluted EPS
Non-GAAP Reconciliations, Adjusted Diluted EPS © 2025 Shoals Technologies Group Adjusted Diluted EPS Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Adjusted diluted weighted average shares outstanding 169,664 166,830 168,378 168,725 Adjusted Net Income 17,509 14
Slide 20: Thank You!
© 2025 Shoals Technologies Group 20 20 Q4 Earnings Report THANK YOU! Please reach out to investors@shoals.com with any further questions. Shoals
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