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					</table><p>U.S.-headquartered <a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of Electrical Balance of Systems (EBOS) for clean energy, reported a revenue of $99.2 million in the second quarter (Q2) 2024, a 17% year-over-year (YoY) decrease from $119 million.</p>
<p>The fall in revenue was triggered by project pushouts, which resulted in lower demand for the company&#8217;s products in domestic utility-scale solar projects.</p>
<p>Shoals also saw a 37.56% decline in net income from $18.9 million in Q2 2023 to $11.8 million in Q2 2024.</p>
<p>Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) dropped to $27.7 million from $48.2 million for the prior-year period.</p>
<p>However, the company noted that the second quarter results exceeded expectations both on revenue and adjusted EBITDA. While revenue dipped from the previous year&#8217;s quarter, it increased 9.3% sequentially.</p>
<p>According to Shoals Technologies Group CEO Brandon Moss, 56% of planned installations were experiencing delays of six months or more. &#8220;The total gigawatts experiencing any delay now total 41%, up 15% from the prior-year period. As a result of these delays, we continue to experience incremental pushouts during the second quarter, resulting in approximately $40 million of additional revenue moving from the current year into 2025.&#8221;</p>
<p>The company attributed the delays to lengthy interconnection queues, the inability to obtain transformers and switchgear promptly, labor shortages, and persistently high financing costs.</p>
<p>&#8220;Notably, the amount of projects Shoals is quoting across all customers has increased by more than 50% within the U.S. utility-scale solar market compared to just a year ago. In the first half of the year, a significant portion of our quote volume is with accounts beyond our top 20 customers. We are very positive about the opportunity ahead,&#8221; added Moss.</p>
<p>In Q1 2024, Shoals <a href="https://www.mercomindia.com/shoals-q1-2024-net-income" target="_blank" rel="noopener">reported</a> a net income of $4.8 million, a YoY decline of 72% from $17 million.</p>
<p>In Q4 2023, the company&#8217;s net income <a href="https://www.mercomindia.com/shoals-q4-revenue-driven-by-higher-sales" target="_blank" rel="noopener">dropped</a> to $16.6 million from $118.3 million in the corresponding period in 2022.</p>


Shoals’ Revenue Dips 17% YoY in Q2 on Lower Demand and Installation Delays


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility reported a net income of $16.6 million during the fourth quarter (Q4) of 2023, contrasting with the $118.3 million reported in the corresponding period in 2022.</p>
<p>The company stated that the previous year&#8217;s timeframe experienced a positive impact, deriving a gain of $110.9 million from concluding the tax receivable agreement.</p>
<p>Revenue experienced a 38% YoY growth, reaching $130.4 million, compared to $94.7 million. This surge was driven by increased domestic demand for solar EBOS, leading to higher sales volumes.</p>
<p>Income from operations reached $31.9 million, an increase of 36.3%, up from $23.4 million.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) in Q4 2023 saw an increase of $9 million, reaching $39.1 million, marking a 29.9%YoY increase compared to $30.1 million.</p>
<p>“Shoals continued its strong growth trajectory in the fourth quarter, with revenue growing 38% year-over-year, reflecting the exceptional dedication and execution of the management team and associates,” said Brandon Moss, CEO of Shoals.</p>
<p>Moss added, “Demand for our products remains robust, with backlog and awarded orders increasing 47% year-over-year, as the Company added over $128 million in new orders in the quarter. International markets continue to develop as a growth driver, representing more than 13% of our backlog and awarded orders. Domestically, we further strengthened our leadership position after engaging a new top solar EPC in a master supply agreement subsequent to the quarter end.”</p>
<p><strong>Full Year 2023</strong></p>
<p>The net income for the full year amounted to $42.7 million, a decrease of 70% YoY from the net income of $143 million.</p>
<p>The prior-year period included a $110.9 million gain on the termination of the tax receivable agreement, partially offset by a $6.7 million payable pursuant to the tax receivable agreement adjustment.</p>
<p>Revenue experienced substantial growth, increasing by 50% to $488.9 million, compared to $326.9 million. This surge was attributed to higher sales volumes driven by increased domestic demand for solar EBOS.</p>
<p>Adjusted EBITDA witnessed an 86%YoY increase, reaching $173.4 million, compared to $93 million for the prior-year period.</p>
<p>Income from operations amounted to $79 million, marking an increase of 19.1% YoY, up from $66.3 million in the prior year.</p>
<p>In October 2023, the company filed a complaint against Prysmian Cables and Systems USA, the wire supplier exhibiting shrinkback, seeking compensatory and punitive damages. The outcome of this litigation and its impact on the business and financial results remains uncertain.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-net-income-surges-product-demand" target="_blank" rel="noopener">recorded</a> a net income of $18.92 million during the second quarter of 2023, a YoY increase of 159% from $7.3 million.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>


Shoals’ Q4 Revenue Surges by 38%, Driven by Higher Sales


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility reported a net loss of $9.8 million for the third quarter (Q3) of 2023, a year-over-year (YoY) decline of 176.5% from the net income of $12.8 million, primarily due to increased expenses.</p>
<p>The company&#8217;s revenue increased by 48% to reach $134.2 million, in contrast to the $90.8 million reported in the prior-year period. The growth was mainly driven by higher sales volumes from increased domestic demand for solar EBOS.</p>
<p>Despite the revenue growth, the company&#8217;s gross profit declined to $14.2 million from the prior-year period&#8217;s $36 million. The gross profit as a percentage of revenue decreased from 39.7% to 10.5%.</p>
<p>This reduction was primarily due to $50.2 million in wire insulation shrinkback expenses, partially offset by lower raw material costs, increased leverage on fixed costs, and operational efficiencies.</p>
<p>On October 31, 2023, the company initiated legal action against <a href="https://www.prysmiangroup.com/en" target="_blank" rel="noopener">Prysmian Cables and Systems</a>, the supplier of the problematic wire insulation, seeking various forms of compensation and relief. The outcome of this litigation and its potential impact on the company&#8217;s business and financial results remains uncertain.</p>
<p>General and administrative expenses were $22.6 million, an increase of 62.5% YoY from $13.9 million. This increase was mainly attributed to higher non-cash stock-based compensation, legal fees related to patent infringement and wire insulation complaints, and planned payroll expense increases due to a larger workforce supporting the company&#8217;s growth.</p>
<p>The company reported a loss of $10.6 million from operations, a reversal from the prior year when it had an income of $20 million from operations.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 81% YoY to $48 million, up from $26.6 million.</p>
<p>As of September 30, 2023, the company’s backlog and awarded orders amounted to $633.3 million,a 34% YoY increase and a 16% quarter-over-quarter increase.</p>
<p>The growth in backlog and awarded orders reflected the demand for the company&#8217;s solar products, with expansion in international markets constituting more than 10% of the orders.</p>
<p>Brandon Moss, CEO of Shoals, said, “Backlog and awarded orders increased 34% year-over-year and 16% sequentially to a record of $633.3 million as the Company added over $220 million in orders in the quarter. While the domestic utility-scale solar market is experiencing slower growth, we believe our strong value proposition and the emerging strength from our international business will continue to drive order growth. We are pleased that international represents over 10% of our backlog and awarded orders.”</p>
<p>The company said it completed the ramp-up of its third Tennessee facility, adding 15 GW of new capacity to its 2022 base of 20 GW. With all shifts active at all facilities, Shoals&#8217; capacity is now 35 GW, with the ability to scale the existing site footprint to 42 GW.</p>
<p>This increased capacity is expected to enable Shoals to meet growing demand well into 2025, enhance production efficiency, and maintain attractive margins.</p>
<p><strong>9M 2023 </strong></p>
<p>For the first nine months (9M) of the year, Shoals recorded a net income of $26.08 million, a 5.5% increase YoY.</p>
<p>The company’s revenue for 9M stood at $358.5 million, a 54.3% YoY increase.</p>
<p>Adjusted EBITDA for the period was recorded at $134.27 million, a 113.5% YoY increase.</p>
<p>The company <a href="https://www.mercomindia.com/shoals-net-income-surges-product-demand" target="_blank" rel="noopener">recorded</a> a net income of $18.92 million during the second quarter of 2023, a YoY increase of 159% from $7.3 million.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>


Shoals Technologies Sees Q3 2023 Financial Setback with $9.8 Million Net Loss


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					</table><p>Manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility <a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a> recorded a net profit of $118.3 million in the fourth quarter (Q4) of 2022, a massive recovery from a loss of $2.15 million during the corresponding period in 2021.</p>
<p>The recovery was driven by a $110.9 million one-time gain on terminating a trust and retention agreement and higher income from operations.</p>
<p>The company generated total revenue of $94.65 million, a year-over-year (YoY) increase of 97% from $48.05 million in Q4 2021. The higher revenue resulted from better sales volumes due to greater demand for solar BOS generally and the company’s “combine-as-you-go system” and electric vehicle solutions.</p>
<p>The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization stood at $30.11 million, a YoY increase of 167% compared to $11.27 million.</p>
<p><strong>Full Year 2022 </strong></p>
<p>Shoals Technologies posted a profit of $143 million, a considerable increase from $3.94 million the previous year.</p>
<p>The company recorded total revenue of $326.9 million, a YoY increase of 53.3% from $213.2 million in 2021.</p>
<p>The adjusted EBITDA for the year stood at $92.99 million, a YoY increase of 48% compared to $62.86 million.</p>
<p>“Shoals set new records for revenue, gross profit, net income, adjusted EBITDA, and adjusted net income in both the fourth quarter and full year. Compared to the prior-year periods, fourth quarter and full-year revenue grew 97% and 53%, respectively,” said Jason Whitaker, Chief Executive Officer of Shoals.</p>
<p>The higher sales volumes provided greater leverage on fixed costs leading to margin expansion.</p>
<p>The company said their product demand is underscored by the $428.6 million backlog and new orders at the end of the year. This represented a growth of 43% compared to the same period the previous year.</p>
<p>The company <a href="https://mercomindia.com/shoals-technologies-q3-net-income-soars-142/" target="_blank" rel="noopener">recorded</a> a net income of $12.9 million in the third quarter of FY 2022, a 142% YoY jump.</p>
<p>Earlier in 2022, Shoals <a href="https://mercomindia.com/daily-news-wrap-up-sungrow-10-gw-solar-inverter-manufacturing/" target="_blank" rel="noopener">announced</a> a new production unit in Tennessee’s Portland spread across 219,000 square feet.</p>
<p>&nbsp;</p>


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