– Quarterly Revenue of $90.8 million –
– Gross Margin of 40.2% –
– Net Income of $4.8 million –
– Adjusted EBITDA of $20.5 million –
– Backlog and Awarded Orders Increased 17% Year-Over-Year to $615.2 million –
– Provides Second Quarter and Full Year 2024 Outlook –Revenue decreased 14%, to $90.8 million, compared to $105.1 million for the prior-year period, due to lower sales volumes resulting from fewer production days, as well as project delays.The Company’s backlog and awarded orders as of March 31, 2024, were $615.2 million, representing a 17% increase compared to the prior-year period and a 3% sequential decrease from December 31, 2023. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company’s innovative products, with robust growth in international markets, which comprises more than 12% of backlog and awarded orders.The Company is providing an outlook for the second quarter given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 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 May 7, 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]20242023
(GlobeNewsWire)