– Quarterly Revenue of $130.4 million, up 38% Year-Over-Year –
Revenue grew 38%, to $130.4 million, compared to $94.7 million for the prior-year period, driven by higher sales volumes as a result of increased domestic demand for solar EBOS.Revenue grew 50%, to $488.9 million, compared to $326.9 million for the prior-year, driven by higher sales volumes as a result of increased domestic demand for solar EBOS.The Company’s backlog and awarded orders as of December 31, 2023 were $631.3 million, representing a 47% increase compared to the same time last year and approximately flat compared to September 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 comprises more than 13% of backlog and awarded orders.The Company is providing an outlook for the first quarter given the headwinds in the utility scale solar market, which have resulted in certain customers changing order patterns. It is not the Company’s intention to provide quarterly guidance on an ongoing basis. Based on current business conditions, business trends and other factors, for the quarter ending March 31, 2024, the Company expects:Based on current business conditions, business trends and other factors, for the full year 2024, the Company expects:Company management will host a webcast and conference call on February 28, 2024 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.com.Shoals 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; including our financial guidance for the first quarter of 2024 and for the full year ending December 31, 2024; 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.Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Cash Flows
Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income andAdjusted Diluted Earnings per Share (“EPS”)
(GlobeNewsWire)