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Mar 31, 2023
Shoals Q1 2023 Earnings Report
Shoals Technologies Group, Inc. reported record revenue and earnings, driven by strong demand for System Solutions and overall growth in the solar EBOS market.
Key Takeaways
Shoals Technologies Group reported an exceptional first quarter with record revenue of $105.1 million, a 55% increase year-over-year. System Solutions revenue nearly doubled, contributing to a significantly higher gross margin of 45.9%. Backlog and awarded orders reached a record $527.5 million, reflecting continued robust demand.
Revenue grew by 55% year-over-year, reaching $105.1 million.
System Solutions revenue increased by 95% compared to the prior year period.
Gross margin expanded by 720 bps to 45.9%.
Backlog and awarded orders increased by 75% year-over-year to $527.5 million.
Shoals
Shoals
Forward Guidance
The Company is raising its outlook for the year ending December 31, 2023.
Positive Outlook
- Revenue to be in the range of $480 million to $510 million
- Adjusted EBITDA to be in the range of $145 million to $160 million
- Adjusted net income to be in the range of $92 million to $102 million
Challenges Ahead
- Interest expense to be in the range of $22 to $26 million
- Capital expenditures to be in the range of $8 to $12 million