SHLS

MKT CAP:$1B

Shoals Technologies Group, Inc.

Market Cap

$1B

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$7.08-$2.01 (-22.11%)

Apr 20, 2026

Company Details

Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiner...

CEO

Jeffery Tolnar

IPO Date

Jan 28, 2021

Website

www.shoals.com

Key Metrics TTM

Revenue

$475M

+11.2% YoY

Net Income

$34M

EPS (Diluted)

$0.20

Free Cash Flow

-$16M

Revenue / Share

$2.80

Gross Margin

35.0%

Operating Margin

11.9%

Net Margin

7.1%

FCF Margin

-3.4%

P/S

2.8x

P/E

39.1x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$475M+19.1%EPS $0.20

Q4 2025

Feb 24, 2026

$148M+38.6%EPS $0.05

Q3 2025

Nov 4, 2025

$136MEPS $0.07

Q2 2025

Aug 5, 2025

$111M+11.7%EPS $0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$38M	$12M	$8M
Q1 20	$41M	$14M	$10M
Q2 20	$43M	$17M	$5M
Q3 20	$53M	$21M	$15M
Q4 20	$39M	$15M	$7M
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
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

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	7.5x	35.1x
Q4 20	7.5x	38.9x
Q2 23	5.2x	30.3x
Q3 23	3.8x	46.3x
Q4 23	3.1x	43.9x
Q1 24	2.8x	43.1x
Q2 24	2.9x	56.3x
Q4 24	3.1x	32.0x
Q1 25	3.5x	54.4x
Q2 25	3.3x	39.6x
Q3 25	3.0x	39.5x
Q4 25	2.8x	39.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$7M	$7M
Q1 20	$18M	$17M
Q2 20	$990.0K	$440.0K
Q3 20	$19M	$18M
Q4 20	$16M	$16M
Q2 23	$28M	$26M
Q3 23	$28M	$24M
Q4 23	$26M	$24M
Q1 24	$13M	$10M
Q2 24	$38M	$36M
Q4 24	$14M	$12M
Q1 25	$16M	$12M
Q2 25	-$14M	-$26M
Q3 25	$19M	$9M
Q4 25	-$4M	-$11M

Capital Expenditures

Quarter	CapEx
Q4 19	$310.0K
Q1 20	$795.0K
Q2 20	$550.0K
Q3 20	$1M
Q4 20	$450.0K
Q2 23	$2M
Q3 23	$3M
Q4 23	$3M
Q1 24	$2M
Q2 24	$2M
Q4 24	$2M
Q1 25	$3M
Q2 25	$12M
Q3 25	$10M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+2.3%	+6.2%
Q2 23	+192.6%	+180.9%
Q3 23	+209.0%	+281.2%
Q4 23	+148.0%	+162.9%
Q1 24	+134.3%	+150.7%
Q2 24	-16.7%	-7.9%
Q4 24	-20.3%	-37.5%
Q1 25	-38.4%	-22.8%
Q2 25	+22.1%	+19.7%
Q3 25	+36.8%	+45.2%
Q4 25	+38.6%	+44.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$7M	15.4%
Q3 20	$515.0K	1.0%
Q4 20	$1M	2.7%
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%
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
Q4 19	$2M
Q1 20	$3M
Q2 20	$9M
Q3 20	$4M
Q4 20	$6M
Q2 23	$17M
Q3 23	$23M
Q4 23	$21M
Q1 24	$23M
Q2 24	$19M
Q4 24	$22M
Q1 25	$22M
Q2 25	$23M
Q3 25	$23M
Q4 25	$34M

Revenue Segments

Quarter	Components	System Solutions
Q2 23	$17M	$102M
Q3 23	$35M	$99M
Q4 23	$25M	$106M
Q1 24	$26M	$65M
Q2 24	$20M	$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 22	$3M	$0	$3M
Q2 22	$10M	$0	$10M
Q3 22	$11M	$0	$11M
Q4 22	$9M	$0	$9M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	167M	—	—
Q1 20	167M	-0.0%	—
Q2 20	167M	0.0%	—
Q3 20	167M	0.0%	—
Q4 20	167M	+0.0%	0.0%
Q2 23	170M	+2.2%	+2.2%
Q3 23	170M	-0.2%	+2.0%
Q4 23	170M	+0.2%	+2.2%
Q1 24	171M	+0.1%	+2.3%
Q2 24	170M	-0.2%	-0.1%
Q4 24	167M	-1.9%	-1.8%
Q1 25	167M	+0.1%	-2.0%
Q2 25	168M	+0.4%	-1.7%
Q3 25	169M	+0.7%	-0.8%
Q4 25	170M	+0.5%	+1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	$76.9K	504
Q2 23	$142.8K	835
Q3 23	$160.7K	835
Q4 23	$99.6K	1K
Q1 24	$69.4K	1K
Q2 24	$75.8K	1K
Q4 24	$82.9K	1K
Q1 25	$62.3K	1K
Q2 25	$85.9K	1K
Q3 25	$105.3K	1K
Q4 25	$100.2K	1K

Revenue / Employee