– Record Quarterly Revenue of $134.2 million, up 48% Year-Over-Year –
Revenue grew 48%, to $134.2 million, compared to $90.8 million for the prior-year period, driven by higher sales volumes as a result of increased domestic demand for solar EBOS.The Company’s backlog and awarded orders as of September 30, 2023 were $633.3 million, representing a 34% increase compared to the same time last year and a 16% sequential increase from June 30, 2023. The increase in backlog and awarded orders reflects continued robust demand for the Company’s solar products, with strong growth in international markets, which now comprises more than 10% of backlog and awarded orders.Based on current business conditions, business trends and other factors, the Company is narrowing its outlook for revenue and raising its outlook for Adjusted EBITDA and Adjusted net income. The outlook for interest expense and capital expenditures remains unchanged. For the year ending December 31, 2023, the Company expects:Company management will host a webcast and conference call on November 7, 2023 at 5:00 p.m. Eastern Time, to discuss the Company’s financial results.Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 62 GW of solar systems globally. For additional information, please visit: https://www.shoals.comShoals Technologies Group, Inc.
Email: [email protected] This report 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 our possible or assumed future results of operations; business strategies; technology developments; financing and investment plans; warranty, litigation and liability accruals and estimates of loss or gains; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; competitive position; industry and regulatory environment; potential growth opportunities, including international growth, production and capacity at our plants; and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.Condensed Consolidated Balance Sheets (Unaudited)(in thousands, except shares and par value)20232022Condensed Consolidated Statements of Operations (Unaudited)(in thousands, except per share amounts)Condensed Consolidated Statements of Cash Flows (Unaudited)(in thousands)Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted Earnings per Share (“EPS”) (Unaudited)
(GlobeNewsWire)