Shoals Technologies Group, a manufacturer of electrical infrastructure solutions for utility-scale solar, battery storage, and data center power systems, posted revenue of $163.4 million in the second quarter (Q2) of 2026, up 47.4% year-over-year (YoY) from $110.8 million.

Revenue exceeded analysts’ estimates by $4.85 million.

The increase was largely driven by strong demand from both new and existing customers in the company’s core U.S. utility-scale solar market and its BESS business segment, which contributed meaningfully to the period’s results.

The company posted a profit of $12.1 million during the quarter, down 12.4% from $13.9 million during the same period a year ago.

Net income stood at $12.1 million, compared with $13.9 million in the prior-year period.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $31.6 million, an increase of 27.9% from $24.7 million during the same period a year ago.

Earnings per share for the quarter stood at $0.07, down 12.5% from $0.08 the previous year.

Brandon Moss, Chief Executive Officer, said, “The year is progressing well, with second quarter revenue and adjusted EBITDA within our expected range. The market remains resilient as evidenced by our record backlog and awarded orders of $801.4 million. We have completed the move into our new facility and are steadily making progress toward improving productivity.”

1H 2026 Results

The company posted revenue of $303.9 million in the first half (1H) of 2026, up 59% from $191.2 million in the prior year.

The company reported a profit of $11.8 million, down 12.8% YoY from $13.6 million.

Adjusted EBITDA stood at $52.7 million, up 38% from $38.2 million the previous year.

The company’s backlog and awarded orders reached a record $801.4 million at the end of the quarter, representing a 19.4% YoY increase and a 5.7% sequential increase from March 31, 2026.

Operational Highlights

The company announced a partnership with TerraFlow, a leading grid-scale developer of long-duration energy storage infrastructure. Shoals will support TerraFlow’s growing energy storage portfolio with its Power Hub Recombiner solution for utility-scale and data center applications. The MoU is intended to support TerraFlow’s future deployment plan of up to 5 GW annually.

The company said that legal expenses declined slightly compared with the prior year as its ITC and class-action litigation matters came to a close. Its district court case to determine damages against Voltage is expected to be completed in the third quarter.

Outlook for 2026

Shoals expects revenue in the range of $150 million to $170 million for Q3 2026, and adjusted EBITDA in the range of $32 million to $37 million during the next quarter.

For the whole year, the company expects revenue in the range of $600 million to $640 million, and adjusted EBITDA in the range of $118 million to $132 million.

The company reported Q1 revenue of $140.6 million, up 74.9% YoY from $80.4 million. Revenue exceeded analyst estimates by $11.41 million.