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Shoals Technologies Group (SHLS) investor relations material
Shoals Technologies Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $110.8M, up 11.7% year-over-year, surpassing guidance, with record backlog and awarded orders of $671.3M as of June 30, 2025.
Strong demand in utility-scale solar, BESS, data centers, and international markets, with CC&I and OEM segments gaining momentum.
Management raised full-year 2025 revenue guidance, citing robust market fundamentals and customer demand.
Strategic initiatives in automation, lean manufacturing, and new facility expected to drive operational improvements.
Remediation of defective wire nearing completion, with ongoing litigation and customer relationships maintained.
Financial highlights
Gross profit was $41.2M (37.2% margin), down from 40.3% last year due to pricing and mix; adjusted EBITDA was $24.5M (22.1% margin), down from $27.7M.
Net income rose to $13.9M from $11.8M, aided by a $3.1M gain on a facility sale; adjusted net income was $16.9M, slightly below last year.
Free cash flow was negative $26M, impacted by $11.2M in remediation costs and elevated capex; cash and equivalents fell to $4.7M.
Adjusted diluted EPS was $0.10, flat year-over-year; six-month adjusted diluted EPS was $0.13, down from $0.18.
Net debt to adjusted EBITDA at 1.4x; total liquidity stood at $72.9M as of Q2 2025.
Outlook and guidance
Q3 2025 revenue expected at $125M–$135M; Q4 at $135M–$145M; full-year 2025 revenue guidance raised to $450M–$470M.
Adjusted EBITDA guidance for 2025 is $100M–$115M; Q3 at $30M–$35M.
Operating cash flow for 2025 expected at $15M–$25M; capex $30M–$40M; interest expense $8M–$12M.
Management expects continued volatility in the solar market due to trade policy, tariffs, and changes to U.S. energy tax incentives.
Uncertainty around the phaseout of solar tax credits may impact future demand and project execution.
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