Company Reports

Shoals' first-quarter revenue of $140.6 million rose nearly 75% year on year, though adjusted EBITDA margin declined by roughly 180 basis points to 15.0%. Still, adjusted EBITDA exceeded the high end of first-quarter guidance. Shares opened higher before marginally declining intraday May 5.

We will discontinue analyst coverage of Shoals on or about May 11, 2026.

Shoals has crafted a market-leading position in the solar electrical balance of system market. EBOS is a lesser-known segment of solar and comprises components transferring electrical current from solar modules to an inverter. The main EBOS customers are engineering, procurement, and construction firms building solar projects.

Shoals saw fourth-quarter revenue of $148 million, in line with guidance, and EBITDA of $30 million (20.4% margin), below expectations. 2026 guidance calls for $560 million–$600 million revenue (+22% year on year at the midpoint) and $120 million in adjusted EBITDA, consistent with our expectations.

Shoals reported third-quarter revenue of $136 million and EBITDA of $32 million. Full-year revenue guidance was increased to the high end of the prior range, while EBITDA guidance was largely unchanged.

Shoals has crafted a market-leading position in the solar electrical balance of system market. EBOS is a lesser-known segment of solar and comprises components transferring electrical current from solar modules to an inverter. The main EBOS customers are engineering, procurement, and construction firms building solar projects.

On Aug. 15, the US Treasury released highly awaited new guidance on beginning construction requirements for renewable energy projects to qualify for tax credits. Shares of solar equities rose between 10% and 30% as the news was broadly better than feared.

Shoals reported second-quarter revenue of $111 million versus PitchBook consensus of $102 million and EBITDA of $25 million. Full-year revenue guidance increased 7% to $460 million at the midpoint, while EBITDA guidance was maintained at $110 million to $115 million. Shares fell 13% on Aug. 5.

On July 3, the US House narrowly passed the budget reconciliation bill, which is expected to be signed by President Trump. The final bill includes changes to current renewable energy incentives, but is more favorable than earlier drafts, sending shares of solar stocks higher by 5%-15%.

On July 1, the US Senate passed its version of the tax bill, with language tweaked to be more favorable toward renewable energy credits compared with the draft released over the previous weekend.

On June 16, Senate Republicans unveiled their tax bill proposal, which would maintain tax credits for nuclear and battery storage, phase out wind and solar tax credits on an accelerated timeline, and end rooftop solar incentives at year-end 2025.

On May 22, the US House passed its highly anticipated tax bill, which included changes to clean energy tax credits relative to the initial draft. The revised draft would eliminate rooftop solar incentives at the end of this year, while accelerating the phaseout of broader renewables incentives.

On May 12 the House Ways and Means Committee released its long-awaited budget reconciliation bill. The bill includes updates to key clean energy incentives established or extended under the Inflation Reduction Act.

Shoals reported first-quarter revenue of $80 million (PitchBook consensus $75 million) and EBITDA of $13 million. Full-year revenue and EBITDA guidance was maintained.

Shoals reported fourth-quarter revenue of $107 million and EBITDA of $26 million, both toward the high end of company guidance. 2025 guidance calls for 8% revenue growth at the midpoint and EBITDA margins of 25%, flat year on year.

Shoals has crafted a market-leading position in the solar electrical balance of system market. EBOS is a lesser-known segment of solar and comprises components transferring electrical current from solar modules to an inverter. The main EBOS customers are engineering, procurement, and construction firms building solar projects.

Donald Trump assumed the US presidency on Jan. 20. The change in administration brings the potential for policy changes to wind and solar tax credits in the coming months.

On Jan. 15 shares of Shoals fell 20% after the International Trade Commission, or ITC, ruled against the company in its patent case against competitor Voltage.

Shoals reported third-quarter results and updated its 2024 guidance. Full-year revenue guidance was increased 3% at the midpoint, while adjusted EBITDA expectations were trimmed 4%. Backlog and awarded orders totaled $597 million, a 7% sequential decline.

Renewable energy equities sold off sharply on Nov. 6, with much of our coverage declining between 5% and 15%. The reaction comes after Donald Trump won the US presidential election and Republicans appeared set to control Congress.