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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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Shoals Technologies Sees Q3 2023 Financial Setback with $9.8 Million Net Loss

<p>The <a href="https://www.cii.in/Index.aspx" target="_blank" rel="noopener noreferrer">Confederation of Indian Industry</a> (CII) has called stakeholders from across the transportation and renewable energy sectors for a consultation on the future of intelligent mobility in the country.</p>
<p>CII announced that it would focus on setting goals, working on the technology, and affordability of vehicles for consumers as India is looking to achieve its goals of transportation based on energy choices.</p>
<p>The confederation has emphasized on a three-step strategy which it will leverage. The first strategy would include setting the right goals based on macros, such as India’s carbon footprint and energy security. The targets and the timelines for this would need to be established to achieve desired goals, which is to be discussed through stakeholder consultations.</p>
<p>As part of its second strategy, CII has urged the government to be technology-agnostic in its approach as the transportation sector is going through significant and transformative innovations both in vehicles and batteries. Especially in the case of battery technology, India needs to also look at the challenges of sourcing raw material that will need to keep geopolitical priorities of the country in mind, it noted.</p>
<p>The third strategy would focus on the affordability of electric vehicles for consumers. Vehicles like two wheelers and three wheelers are preferred modes of transport in rural areas and towns where most of India resides.</p>
<p>“Constructive disruptions driven by market forces coupled with enabling policies is the kernel of any innovation, and we are hopeful that the same is adopted as India readies itself for the advent of new technologies in mobility including electric vehicles,” Vikram Kirloskar, president of CII said.</p>
<p>“It is important to set the goals right and work towards them as we look at fuel efficiencies and choices for future mobility solutions. The processes of how we get there should be driven by market and industry, to get the best results for the nation,” the CII added.</p>
<p>In August last year, <a href="http://www.niti.gov.in/" target="_blank" rel="noopener noreferrer">NITI Aayog</a> and the CII <a href="https://mercomindia.com/niti-aayog-cii-partner-india-sustainable-development/" target="_blank" rel="noopener noreferrer">entered</a> into a partnership for the sustainable development of India. CII and NITI Aayog have entered into a three-year partnership, and a memorandum of understanding was also signed. This partnership focuses on specific activities that aim to develop a vision and action agenda for businesses and industries to contribute to SDGs, annual status reports, and sector-specific best practice documents.</p>
<p>In <a href="https://mercomindia.com/india-budget-adoption-electric-vehicle/" target="_blank" rel="noopener noreferrer">March 2019</a>, the Union Cabinet approved the FAME India Phase II program, aimed towards the promotion of electric mobility in the country. The objective of FAME is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on the purchase of electric vehicles and establishing necessary charging infrastructure for electric vehicles.</p>
<p>Meanwhile, the government is also planning to order SoftBank group backed Ola and Uber to convert 40% of their operational fleet of public transport to EVs by 2026, news agency Reuters said quoting sources. The two public transport providers are expected to achieve 2.5% electrification by 2021, 5% by 2022, 10% by 2023 and then accelerating to 40%.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/shaurya-bajaj/" class="vcard author" rel="author"><span class="fn">shaurya</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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