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Jun 30, 2021
Shoals Q2 2021 Earnings Report
Reported record revenue with system solutions driving growth and gross margin expansion.
Key Takeaways
Shoals Technologies Group reported a record second quarter with a 38% year-over-year revenue increase to $59.7 million. System solutions revenue grew 62% and gross profit margin expanded by over 500 basis points. The company reaffirmed its 2021 outlook.
Revenue increased 38% year-over-year to $59.7 million.
System Solutions revenue increased 62% year-over-year, contributing 86% of total revenue.
Gross profit margin expanded by over 500 basis points year-over-year to 43.8%.
Backlog and awarded orders increased 63% year-over-year to $200.5 million.
Shoals
Shoals
Forward Guidance
The Company reaffirms its previously announced outlook for the full year ending December 31, 2021.
Positive Outlook
- Revenues to be in the range of $230 million to $240 million, up 31% to 37% year-over-year
- Adjusted EBITDA to be in the range of $75 million to $80 million
- Adjusted net income to be in the range of $47 to $51 million
- Growth strategies of converting more customers to our BLA solution
- Expanding internationally
Challenges Ahead
- Expectations do not consider material acquisitions
- Expectations do not give effect for other unforeseen events
- Expectations do not give effect for changes in global economic conditions
- Decline in Components revenues
- Net income and loss for 2021 are not directly comparable to 2020