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Sep 30, 2024
Shoals Q3 2024 Earnings Report
Reported financial results, highlighting a favorable initial ruling in the ITC case against Voltage, LLC and an increase in the midpoint of the full-year revenue outlook.
Key Takeaways
Shoals Technologies Group reported a revenue decrease of 24% to $102.2 million compared to the prior-year period. The company experienced a net loss of $0.3 million, but adjusted EBITDA decreased to $24.5 million. Despite challenges, Shoals raised the midpoint of its full-year revenue outlook.
Revenue decreased by 24% year-over-year to $102.2 million due to project delays.
Gross profit increased to $25.4 million, with a gross profit percentage of 24.8%.
Net loss was $0.3 million, compared to a $9.8 million loss in the prior-year period.
Adjusted EBITDA decreased to $24.5 million from $48.0 million in the prior-year period.
Shoals
Shoals
Forward Guidance
For the fourth quarter of 2024, Shoals Technologies Group expects revenue in the range of $97 to $107 million and Adjusted EBITDA in the range of $23 to $28 million. For the full year 2024, the company anticipates revenue between $390 to $400 million and Adjusted EBITDA between $96 to $101 million.