SHLS (Shoals Technologies Group, Inc.) Stock Financials & Earnings | Market Cap Arena

SHLS (Shoals Technologies Group, Inc.) Stock Financials & Earnings | Market Cap Arena

SHLSShoals Technologies Group, Inc.

Mkt Cap$1B

Energy·Solar·🇺🇸 United States·NASDAQ

Revenue (TTM)$475M

Net Income (TTM)$34M

EPS (TTM)$0.20

Free Cash Flow (TTM)-$16M

Gross Margin35.0%

Op. Margin11.9%

Net Margin7.1%

FCF Margin-3.4%

P/S Ratio (TTM)2.2x

P/E Ratio (TTM)30.6x

YoY Rev Growth+19.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$105M	$48M	$26M
Q2 23	$119M	$51M	$32M
Q3 23	$134M	$14M	-$11M
Q4 23	$130M	$55M	$32M
Q1 24	$91M	$36M	$12M
Q2 24	$99M	$40M	$19M
Q3 24	$102M	$25M	$5M
Q4 24	$107M	$40M	$16M
Q1 25	$80M	$28M	$4M
Q2 25	$111M	$41M	$16M
Q3 25	$136M	$50M	$19M
Q4 25	$148M	$47M	$17M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.8x	7.4x
Q2 23	2.5x	6.7x
Q3 23	2.3x	7.6x
Q4 23	2.1x	25.7x
Q1 24	2.2x	33.8x
Q2 24	2.3x	44.1x
Q3 24	2.4x	28.3x
Q4 24	2.6x	37.4x
Q1 25	2.6x	45.8x
Q2 25	2.6x	41.9x
Q3 25	2.4x	30.9x
Q4 25	2.2x	30.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$10M	$8M
Q2 23	$28M	$26M
Q3 23	$28M	$24M
Q4 23	$26M	$24M
Q1 24	$13M	$10M
Q2 24	$38M	$36M
Q3 24	$16M	$13M
Q4 24	$14M	$12M
Q1 25	$16M	$12M
Q2 25	-$14M	-$26M
Q3 25	$19M	$9M
Q4 25	-$4M	-$11M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$2M
Q2 23	$2M
Q3 23	$3M
Q4 23	$3M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$3M
Q2 25	$12M
Q3 25	$10M
Q4 25	$7M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+54.6%	+36.3%
Q2 23	+62.2%	+44.7%
Q3 23	+47.8%	+104.3%
Q4 23	+37.8%	+38.3%
Q1 24	-13.6%	+0.3%
Q2 24	-16.7%	-7.9%
Q3 24	-23.9%	-32.6%
Q4 24	-18.0%	-8.2%
Q1 25	-11.5%	-4.0%
Q2 25	+11.7%	+17.6%
Q3 25	+32.9%	+20.0%
Q4 25	+38.6%	+44.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$8M	7.2%
Q2 23	$4M	3.7%
Q3 23	$5M	3.8%
Q4 23	$4M	2.9%
Q1 24	$5M	5.5%
Q2 24	$4M	4.1%
Q3 24	$1M	1.3%
Q4 24	$4M	3.6%
Q1 25	$3M	3.3%
Q2 25	$3M	2.3%
Q3 25	$2M	1.8%
Q4 25	$2M	1.5%

OpEx Breakdown

Quarter	G&A
Q1 23	$20M
Q2 23	$17M
Q3 23	$23M
Q4 23	$21M
Q1 24	$23M
Q2 24	$19M
Q3 24	$19M
Q4 24	$22M
Q1 25	$22M
Q2 25	$23M
Q3 25	$23M
Q4 25	$34M

Revenue Segments

Quarter	Components	System Solutions
Q1 23	$14M	$91M
Q2 23	$17M	$102M
Q3 23	$35M	$99M
Q4 23	$25M	$106M
Q1 24	$26M	$65M
Q2 24	$20M	$79M
Q3 24	$24M	$79M
Q1 25	$23M	$57M
Q2 25	$26M	$84M
Q3 25	$25M	$110M
Q4 25	$26M	$122M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6M	$0	$6M
Q2 23	$6M	$0	$6M
Q3 23	$9M	$0	$9M
Q4 23	$23M	$0	$23M
Q1 24	$15M	$0	$15M
Q2 24	$3M	$0	$3M
Q3 24	$11M	$0	$11M
Q4 24	$24M	$0	$24M
Q1 25	$36M	$0	$36M
Q2 25	$5M	$0	$5M
Q3 25	$9M	$0	$9M
Q4 25	$7M	$0	$7M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	147M	-12.8%
Q2 23	170M	+15.7%
Q3 23	170M	-0.2%
Q4 23	170M	+0.2%
Q1 24	171M	+0.1%
Q2 24	170M	-0.2%
Q3 24	167M	-1.6%
Q4 24	167M	-0.3%
Q1 25	167M	+0.1%
Q2 25	168M	+0.4%
Q3 25	169M	+0.7%
Q4 25	170M	+0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	$348K	504
FY 21	$306K	697
FY 22	$392K	835
FY 23	$374K	1K
FY 24	$309K	1K
FY 25	$321K	1K