![]() ![]() ![]() The Company’s backlog and awarded orders as of Mawere $527.5 million, representing a 75% increase versus the same time last year and a 23% sequential increase from December 31, 2022. generally accepted accounting principles (“GAAP”) measures are found within this release. * A reconciliation of the Company’s non-GAAP measures to the most closely comparable U.S. Adjusted diluted earnings per share was $0.14 compared to $0.05 in the prior-year period. Basic and diluted net income per share was $0.10 compared to basic and diluted net income per share of $0.02 in the prior-year period.Īdjusted EBITDA* increased 119% to $36.1 million compared to $16.5 million for the prior-year period.Īdjusted net income* grew 163% to $23.8 million compared to $9.0 million during the same period in the prior year. Net income attributable to Shoals grew 441% to $14.3 million compared to $2.6 million during the same period in the prior year. Net income increased 265% to $17.0 million compared to $4.6 million during the same period in the prior year. Income from operations was $26.1 million, compared to $10.0 million during the same period in the prior year. ![]() System Solutions revenue increased 95% compared to the prior-year period, and represented 87% of revenue versus 69% in the prior-year period. Revenue grew 55%, to $105.1 million, compared to $68.0 million for the prior-year period, driven by higher sales volumes as a result of increased demand for solar EBOS generally and the Company’s combine-as-you-go System Solutions specifically. We believe we are just starting to realize the full power of the Shoals platform and we could not be more excited about the future,” concluded Mr. “Solar market conditions remain favorable, both for the industry as a whole and for Shoals specifically. Demand for our combine-as-you-go solution was particularly strong, with six new customers converting to our system during the quarter, bringing the total number of Big Lead Assembly (BLA) customers to 42,” continued Mr. “Backlog and awarded orders increased 75% year-over-year to a record $527.5 million, reflecting continued robust demand for our products. We grew revenue 55% year-over-year, with System Solutions revenue increasing 95% compared to the year-ago period, which contributed to significantly higher gross margin,” said Jeff Tolnar, President and Interim Chief Executive Officer of Shoals. “Shoals had an exceptional first quarter, delivering record revenue and earnings. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced results for its first quarter ended March 31, 2023. PORTLAND, Tenn., (GLOBE NEWSWIRE) - Shoals Technologies Group, Inc. – Backlog and Awarded Orders of $527.5 million, up 75% Compared to the Prior Year Period – – Gross Margin of 45.9%, Expanding 720 bps Over the Prior Year Period – – System Solutions Revenue of $91.3 million, Nearly Double the Prior Year Period and Representing 87% of First Quarter Revenue – – Revenue of $105.1 million, up 55% Compared to the Prior Year Period and a Quarterly Record – ![]()
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