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Sep 30, 2022
Shoals Q3 2022 Earnings Report
Reported record quarterly revenue, gross profit, adjusted EBITDA, and adjusted net income.
Key Takeaways
Shoals Technologies Group, Inc. reported a strong third quarter with record revenue of $90.8 million, a 52% increase year-over-year, driven by higher sales volumes and initial sales of EV solutions products. The company's backlog and awarded orders increased 74% year-over-year to $471.2 million. The company is raising the low end of its 2022 outlook to reflect recent performance and improving business conditions.
Revenue grew 52% year-over-year to $90.8 million.
System Solutions revenue grew 80% year-over-year, representing 77% of revenue.
Gross margin expanded more than 330 bps year-over-year to 39.7%.
Backlog and awarded orders increased 74% year-over-year to a record $471.2 million.
Shoals
Shoals
Forward Guidance
The Company is raising the low end of its outlook for the year ending December 31, 2022.
Positive Outlook
- Revenue to be in the range of $310 million to $325 million, up from $300 million to $325 million.
- Adjusted EBITDA to be in the range of $80 million to $86 million, up from $77 million to $86 million.
- Adjusted net income to be in the range of $48 million to $53 million, up from $45 million to $53 million.