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Mar 31, 2022
Shoals Q1 2022 Earnings Report
Shoals Technologies Group reported first quarter results with revenue increasing 49% year-over-year.
Key Takeaways
Shoals Technologies Group, Inc. announced its first quarter 2022 financial results, with revenue reaching a record $68.0 million, a 49% increase year-over-year. The company's gross margin expanded to 38.7%, and backlog and awarded orders rose by 67% to $302.3 million. Despite industry challenges, Shoals reaffirmed the low end of its revenue outlook for the year.
Revenue increased 49% year-over-year to a record $68.0 million.
System Solutions revenue grew 40% year-over-year.
Gross margin expanded more than 550 bps sequentially to 38.7%.
Backlog and awarded orders increased 67% year-over-year to a record $302.3 million.
Forward Guidance
For the year ending December 31, 2022, the Company expects revenues to be in the range of $300 million to $325 million, adjusted EBITDA to be in the range of $77 million to $86 million and adjusted net income to be in the range of $45 million to $53 million.
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