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Sep 30, 2021
Shoals Q3 2021 Earnings Report
Revenue increased 14% year-over-year to a record $59.8 million
Key Takeaways
Shoals Technologies Group reported a 14% year-over-year increase in revenue, reaching a record $59.8 million for the third quarter of 2021. The company's backlog and awarded orders also reached a record $270.7 million, up 101% year-over-year. The acquisition of ConnectPV was completed during the quarter, expanding Shoals' product portfolio into energy storage.
Revenue increased 14% year-over-year to a record $59.8 million.
System Solutions revenue increased 5% year-over-year to $38.6 million.
Backlog and awarded orders increased 101% year-over-year to a record $270.7 million.
Acquired ConnectPV, expanding into EBOS products for battery storage.
Shoals
Shoals
Forward Guidance
The Company is providing an outlook for the next two quarters given the impacts of recent changes some of its customers have made to their orders as well as continued disruption in supply chain, freight and logistics availability across the solar industry.