{"id":958030,"date":"2026-05-05T07:06:09","date_gmt":"2026-05-05T11:06:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/shoals-technologies-group-inc-reports-financial-results-for-first-quarter-2026\/"},"modified":"2026-05-05T07:06:09","modified_gmt":"2026-05-05T11:06:09","slug":"shoals-technologies-group-inc-reports-financial-results-for-first-quarter-2026","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shoals-technologies-group-inc-reports-financial-results-for-first-quarter-2026\/","title":{"rendered":"Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2026"},"content":{"rendered":"
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\u2013 Quarterly Revenue of $140.6 million \u2013<\/p>\n

\u2013 Income from Operations of $7.7 million \u2013<\/p>\n

\u2013 Net Loss of $0.3 million \u2013<\/p>\n

\u2013 Adjusted EBITDA1<\/sup> of $21.1 million\u00a0\u00a0 \u2013<\/p>\n

\u2013 Record Backlog and Awarded Orders of $758.0 million \u2013<\/p>\n

\u2013 Provides Second Quarter and Raises Full-year Outlook \u2013<\/p>\n

PORTLAND, Tenn., May 05, 2026 (GLOBE NEWSWIRE) — Shoals Technologies Group, Inc. (\u201cShoals\u201d or the \u201cCompany\u201d) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced results for its first quarter ended March 31, 2026.<\/p>\n

\u201cWe began the year on very solid footing, with revenue above our expected range and growing at approximately 75% from the prior-year period. The underlying demand environment remains extremely strong as evidenced by our record backlog and awarded orders of $758 million. We are executing our strategic plan of accelerating growth within our core domestic utility scale solar market and expanding our offering into attractive high growth markets,\u201d said Brandon Moss, CEO of Shoals.<\/p>\n

\u201cThe underlying strength of the markets in which we operate, combined with our leading competitive position, a broad and innovative product portfolio, and our new state of the art production facility, positions us exceptionally well to drive profitable growth in 2026 and beyond. We\u2019re very excited about what we see ahead, and are pleased to increase both our revenue and adjusted EBITDA guidance for the current year,\u201d added Mr. Moss.<\/p>\n

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1<\/sup>Non-GAAP financial measures referenced in this release are used by management to assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measures.<\/sub><\/p>\n

\n First Quarter 2026 Financial Results<\/strong>
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Revenue increased 74.9%, to $140.6 million, compared to $80.4 million for the prior-year period, driven by strong underlying demand of products, the impact of market share capture initiatives, and an increase in volume of projects in the current year.<\/p>\n

Gross profit was $41.0 million, compared to $28.1 million in the prior-year period. Gross profit as a percentage of revenue was 29.2% compared to 35.0% in the prior-year period. The decrease in margin is attributable to $3.8 million in additional tariffs paid in comparison to the prior-year quarter, an increase of $1.4 million in right-of-use asset amortization arising from the opening of our consolidated operations facility, along with an increase in material costs.<\/p>\n

General and administrative expenses were $31.0 million, compared to $21.7 million during the same period in the prior year. The increase in general and administrative expenses was primarily the result of a $6.2 million increase in legal expenses for ongoing matters related to wire insulation shrinkback, intellectual property, and shareholder litigation matters along with $1.6 million in increased cash and share-based incentive compensation expense due to increased headcount in comparison to the prior-year period.<\/p>\n

Income from operations was $7.7 million, compared to $4.3 million during the prior-year period.<\/p>\n

The Company has recorded a litigation settlement expense, net of recoveries of $5.3 million for the three months ended March 31, 2026. This is due to the accrual for the expected settlement amount, net of insurance recoveries related to the Company\u2019s securities litigation as disclosed in Form 10-Q.<\/p>\n

Net loss was $0.3 million compared to $0.3 million during the prior-year period. Loss per share was $0.00 in the current and prior-year period.<\/p>\n

Adjusted EBITDA1<\/sup> was $21.1 million, compared to $13.5 million in the prior-year period.<\/p>\n

Adjusted Net Income1<\/sup> was $12.1 million compared to $5.7 million during the prior-year period. Adjusted diluted earnings per share1<\/sup> was $0.07 compared to $0.03 in the prior-year period.<\/p>\n

\n Backlog and Awarded Orders<\/strong>
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The Company\u2019s backlog and awarded orders as of March 31, 2026, were $758.0 million, representing a 17.5% increase compared to the prior-year period and a 1.4% sequential increase from December 31, 2025. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company\u2019s innovative products, with growth in international and emerging battery energy storage markets.<\/p>\n

Backlog represents signed purchase orders or contractual minimum purchase commitments with take-or-pay provisions and awarded orders are orders we are in the process of documenting with a contract but for which a contract has not yet been signed.<\/p>\n

\n Second Quarter 2026 Outlook<\/strong>
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At this time, the Company is providing an outlook for the second quarter. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2026, the Company expects:<\/p>\n