Shoals Technologies Group, Inc.

Listed Company

SHLSCIK 0001831651NasdaqAcceleratedSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$475.33M

Net Income

$33.57M

Total Assets

$904.10M

Equity

$599.97M

Shares Out

—

Op. Cash Flow

$17.07M

Business

Shoals Technologies Group, Inc. is a provider of electrical balance of system (EBOS) solutions and components for the renewable energy industry, including battery energy storage system (BESS) and OEM offerings. It designs, manufactures and sells system solutions and individual components such as plug-and-play Big Lead Assembly (BLA) cable systems, interconnect harnesses, combiners, disconnects, monitoring solutions, and BESS EBOS products. Its business comprises product design and engineering, manufacturing, R&D, and sales and project support functions. Shoals primarily serves utility-scale solar EPCs and OEMs in the United States and also distributes internationally via sales personnel in Spain and Australia serving Europe, Latin America, Africa and Asia‑Pacific, using direct consultative sales, master supply agreements and project-to-project channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	475	399	489	327	213
Cost of revenue	309	257	321	196	131
Gross profit	167	142	168	131	83
General and administrative expenses	102	82	81	56	38
Depreciation and amortization	9	9	9	9	9
Total operating expenses	110	91	89	65	46
Income from operations	56	51	79	66	36
Interest expense	−10	−14	−24	−19	—
Interest income	305,000	518,000	0	0	—
Gain on sale of assets	2	0	0	—	—
Foreign currency (loss) gain, net	−13,000	0	0	—	—
Income before income taxes	49	38	55	152	4
Income tax expense	−15	−14	−12	−9	−86,000
Net income	34	24	43	143	1
Less: net income attributable to non-controlling interests	0	0	3	15	2
Net income attributable to Shoals Technologies Group, Inc.	34	24	40	128	2
Basic (in USD per share)	0.2	0.14	0.24	1.11	0
Diluted (in USD per share)	0.2	0.14	0.24	0.85	0
Basic (in shares)	167	169	164	114	99
Diluted (in shares)	168	169	165	168	99

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	24	23	9	5
Accounts receivable, net	129	78	107	51	31
Unbilled receivables	22	21	40	17	14
Inventory	90	56	53	73	38
Other current assets	10	10	4	5	5
Total Current Assets	258	188	227	154	93
Property, plant and equipment, net	53	28	25	17	16
Goodwill	70	70	70	70	69
Other intangible assets, net	33	41	49	57	65
Deferred tax assets	438	454	468	292	177
Right-of-use operating lease assets	46	2	—	—	—
Other assets	5	10	5	6	6
Total Assets	904	793	844	595	426
Accounts payable	65	20	14	9	20
Accrued expenses and other	22	13	23	17	8
Warranty liabilitycurrent portion	3	30	31	560,000	60,000
Deferred revenue	37	19	22	23	2
Total Current Liabilities	127	81	93	53	32
Revolving line of credit	137	142	40	48	55
Right-of-use operating lease liabilities, less current portion	39	1	—	—	—
Warranty liability, less current portion	403,000	11	24	0	0
Other long-term liabilities	991,000	991,000	3	4	931,000
Total Liabilities	304	236	299	294	434
Commitments and Contingencies (Note 15)	—	—	—	—	—
Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	493	484	471	257	96
Treasury stock, at cost, 3,908,387 shares as of December 31, 2025 and 2024, respectively	−25	−25	0	—	—
Retained Earnings	132	99	74	34	−93
Total Stockholders' Equity	600	557	545	301	−7
Total Liabilities and Stockholders Equity	904	793	844	595	426

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	14	13	11	11	10
Amortization/write off of deferred financing costs	622,000	3	2	1	6
Equity-based compensation	10	14	21	16	11
Provision for credit losses	0	0	296,000	200,000	0
Provision for obsolete or slow-moving inventory	1	3	5	2	−1
Provision for warranty expense	522,000	15	60	560,000	60,000
Deferred taxes	16	14	11	8	−1
Other	1	0	0	—	—
Accounts receivable	−51	29	−57	−19	818,000
Unbilled receivables	−1	19	−23	−3	−10
Inventory	−35	−6	15	−37	−17
Other assets	2	−10	1	244,000	341,000
Accounts payable	43	6	5	−11	−4
Accrued expenses and other	5	−11	4	10	−6
Warranty liability	−41	−29	−5	0	0
Deferred revenue	18	−3	−1	21	2
Net Cash Provided by Operating Activities	17	80	92	39	−4
Purchases of property, plant and equipment	−33	−8	−11	−3	−4
Proceeds from sale of property, plant and equipment	5	0	0	—	—
Other	0	0	−269,000	−503,000	0
Net Cash Used in Investing Activities	−28	−8	−11	−4	−17
Distributions to non-controlling interests	0	0	−3	−8	−5
Employee withholding taxes related to net settled equity awards	−362,000	−1	−4	−1	−137,000
Deferred financing costs	0	−3	0	0	−94,000
Proceeds from revolving credit facility	60	149	45	46	49
Repurchase of Class A common stock	0	−25	0	0	—
Excise taxes on treasury stock transactions	59,000	0	0	—	—
Deferred offering costs	0	0	−1	−1	−10
Net Cash Used in Financing Activities	−5	−71	−67	−37	21
Net Increase (Decrease) in Cash, Cash Equivalents	−16	804,000	14	−791,000	−516,000
Cash paid for interest	9	16	23	13	11
Cash paid for taxes	−183,000	109,000	1	—	—
Purchased equipment not yet paid for	2	0	0	—	—
Right of use operating lease assets obtained in exchange for lease obligations	46	0	0	—	—
Right of use operating lease liabilities obtained in exchange for lease assets	41	0	0	—	—
Recording of deferred tax assets related to exchanges of Class B common stock to Class A common stock	0	0	188	123	188
Capital contribution related to tax receivable agreement exchanges of Class B common stock to Class A common stock	0	0	188	115	27

Filings

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