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Jun 30, 2023
Shoals Q2 2023 Earnings Report
Shoals reported record quarterly revenue and earnings, driven by increased demand for system solutions.
Key Takeaways
Shoals Technologies Group, Inc. announced strong second-quarter results, with record revenue of $119.2 million, a 62% increase year-over-year. System Solutions revenue grew by 80%, representing 86% of total revenue. The company also signed a landmark 10-gigawatt master supply agreement with Blattner Company, and backlog and awarded orders increased by 67% to $546.1 million.
Revenue grew by 62% year-over-year to $119.2 million.
System Solutions revenue increased by 80% year-over-year, accounting for 86% of total revenue.
Gross margin expanded by 350 bps year-over-year to 42.4%.
Backlog and awarded orders increased by 67% year-over-year to $546.1 million.
Shoals
Shoals
Forward Guidance
The Company is maintaining 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