Shoals Technologies Group, Inc. SHLS
Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers ("OEMs"). 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 at scale.
In the solar industry, electrical infrastructure is referred to as electrical balance of systems (EBOS). EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels or stored by a BESS solution to an inverter and ultimately to the power grid. We refer to complete EBOS solutions that use products manufactured by us, typically in connection with the design and specification of an entire EBOS system, as "system solutions". When we sell one of our patented system solutions, we work closely with our customers to design, specify and engineer a complete EBOS solution tailored to their project. The result is a customized system that maximizes reliability and energy production while minimizing cost and accelerating installation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $475.3M | $399.2M | $488.9M | $326.9M | $213.2M | $175.5M | $144.5M | — |
| Cost of revenue | $308.8M | $257.2M | $320.6M | $195.6M | $130.6M | $109.0M | $100.3M | — |
| Gross profit | $166.5M | $142.0M | $168.3M | $131.3M | $82.6M | $66.5M | $44.2M | — |
| SG&A | $101.5M | $82.3M | $80.7M | $55.9M | $37.9M | $21.0M | $9.1M | — |
| Total operating expenses | $110.1M | $90.8M | $89.3M | $65.0M | $46.4M | $29.3M | $17.3M | — |
| Operating income | $56.4M | $51.2M | $79.0M | $66.3M | $36.2M | $37.3M | $26.9M | — |
| Interest expense | $10.0M | $13.8M | $24.1M | $18.5M | $14.5M | $3.5M | $1.8M | — |
| Pre-tax income | $48.5M | $37.9M | $54.9M | $152.0M | $4.0M | $33.8M | $25.1M | — |
| Income tax | $14.9M | $13.7M | $12.3M | $9.0M | $86.0K | $0 | $0 | — |
| Net income | $33.6M | $24.1M | $40.0M | $127.6M | $2.3M | $33.8M | $25.1M | — |
| EPS, basic | 0.20 | 0.14 | 0.24 | 1.11 | 0.00 | — | — | — |
| EPS, diluted | 0.20 | 0.14 | 0.24 | 0.85 | 0.00 | — | — | — |
| Shares, diluted (wtd. avg.) | $168.4M | $168.7M | $164.5M | $167.6M | $99.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.3M | $23.5M | $22.7M | $8.8M | $9.6M | $10.1M | $7.1M | $108.0K |
| Receivables | $128.8M | $78.2M | $107.1M | $50.6M | $31.5M | $27.0M | — | — |
| Inventory | $89.9M | $56.0M | $52.8M | $72.9M | $38.4M | $15.1M | — | — |
| Total current assets | $257.9M | $188.4M | $227.2M | $153.5M | $93.4M | $56.1M | — | — |
| Property, plant and equipment | $53.3M | $28.2M | $24.8M | $16.9M | $15.6M | $12.8M | — | — |
| Goodwill | $69.9M | $69.9M | $69.9M | $69.9M | $69.4M | $50.2M | $50.2M | — |
| Other intangibles | $33.5M | $41.1M | $48.7M | $56.6M | $65.2M | $72.0M | — | — |
| Total assets | $904.1M | $793.1M | $844.0M | $594.9M | $426.4M | $195.3M | — | — |
| Accounts payable | $64.9M | $20.0M | $14.4M | $9.5M | $20.0M | $14.6M | — | — |
| Short-term debt | — | $0 | $2.0M | $2.0M | $2.0M | $3.5M | — | — |
| Total current liabilities | $127.3M | $80.9M | $92.6M | $52.6M | $31.6M | $24.1M | — | — |
| Long-term debt | — | $141.8M | $179.4M | $237.1M | $245.1M | $355.3M | — | — |
| Total liabilities | $304.1M | $236.3M | $299.0M | $293.9M | $433.9M | $379.4M | — | — |
| Retained earnings | $132.2M | $98.6M | $74.5M | $34.5M | -$93.1M | — | — | — |
| Total equity | $600.0M | $556.8M | $545.0M | $301.0M | -$7.5M | -$184.1M | $149.9M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.1M | $80.4M | $92.0M | $39.5M | -$4.1M | $54.1M | $36.2M | — |
| Depreciation and amortisation | $13.8M | $12.6M | $10.5M | $10.5M | $10.1M | $9.4M | $9.2M | — |
| Stock-based compensation | $9.9M | $14.2M | $20.9M | $16.1M | $11.3M | $8.3M | $0 | — |
| Capital expenditure | $33.0M | $8.4M | $10.6M | $3.2M | $4.1M | $3.2M | $1.7M | — |
| Investing cash flow | -$28.0M | -$8.4M | -$10.8M | -$3.7M | -$17.0M | -$3.2M | -$1.7M | — |
| Financing cash flow | -$5.3M | -$71.2M | -$67.2M | -$36.6M | $20.6M | -$47.9M | -$27.5M | — |
| Buybacks | $0 | $25.3M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001831651-26-000021.
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