Shoals Technologies Group, Inc.
shoals.comWhat Do They Do?
Sells electrical infrastructure systems and components to solar and battery-storage project builders, data center operators, and equipment manufacturers.
10-K for FY2025, filed Feb 24, 2026Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for…View ↗
We offer a full range of EBOS solutions to meet the needs of domestic and international utility scale solar projects, commercial, community…View ↗
Shoals has expanded our EBOS offerings to support the growing deployment of BESS, leveraging its established experience in large-scale…View ↗
Data centers represent an emerging application for Shoals’ DC power and BESS expertise. As data center operators integrate energy storage…View ↗
Our sales process is a highly consultative approach that involves working with developers, engineers, EPCs, subcontractors, and OEM firms.…View ↗
How Do They Make Money?
Solar-project and equipment customers buy complete EBOS systems and individual components. Shoals generally bills as work progresses, usually alongside shipment of project phases; some product sales are tied to customer acceptance.
10-K for FY2025, filed Feb 24, 2026The Company recognizes revenue primarily from the sale of EBOS systems and components. The Company determines its revenue recognition…View ↗
The Company primarily recognizes revenue over time as a result of the continuous transfer of control of its product to the customer using…View ↗
In certain instances the promised goods do have an alternative use. In these instances, revenue is recognized when the customer obtains…View ↗
The majority of the Company’s contract amounts are billed as work progresses in accordance with agreed-upon contractual terms, which…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by product or service ↗
$475.3M
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10-K for FY2025, filed Feb 24, 2026
$475.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
System solutions
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
79%
FY2022: 78%
|
System solutions, FY2025
$374.2M Sources
|
Sold outright |
|
Components
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
21%
FY2022: 22%
|
Components, FY2025
$101.1M Sources
|
Sold outright |
Who Are Their Customers?
Shoals primarily sells to engineering, procurement and construction firms building large solar and battery-storage projects; owners and developers also influence product selection. It also sells solar components to equipment manufacturers.
10-K for FY2025, filed Feb 24, 2026We offer a full range of EBOS solutions to meet the needs of domestic and international utility scale solar projects, commercial, community…View ↗
Our sales process is a highly consultative approach that involves working with developers, engineers, EPCs, subcontractors, and OEM firms.…View ↗
Traditionally, and for the year ended December 31, 2025, we primarily sold our EBOS solutions and OEM components to customers in the United…View ↗
10-K for FY2025, filed Feb 24, 2026
For the year ended December 31, 2025, our largest customer contributed approximately 19.1% of our total revenue and was one of two…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$16M.
10-K for FY2025, filed Feb 24, 2026
$56.4MView ↗
10-K for FY2025, filed Feb 24, 2026
$33.6MView ↗
10-K for FY2025, filed Feb 24, 2026
−$16MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Shoals issued third-quarter guidance and reaffirmed its full-year outlook
It expects third-quarter revenue of $150 million to $170 million and full-year revenue of $600 million to $640 million.
Sources
8-K, filed Aug 4, 2026
Revenue in the range of $150 million to $170 million; and Adjusted EBITDA1 in the range of $32 million to $37 million.View ↗
Growing. Revenue grew 2.2x in 4 years, from $213.2M in FY2021 to $475.3M in FY2025, about 22% a year.
Data center applications
The older report described solar, battery-storage and electric-vehicle charging products; the latest report also describes data center power systems as an emerging application for its battery-storage and direct-current expertise.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 24, 2026eMobility solutions: In the fourth quarter of 2021, we introduced four new product families for the EV charging market and began taking…View ↗
Who Do They Compete With?
Competes with Construction Innovation, Hikam America, Nextpower, Premier PV, TerraSmart, and Voltage
10-K for FY2025, filed Feb 24, 2026Our offerings are highly specialized and patented products that are specific to the solar industry. The unique expertise required to design…View ↗
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