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Shoals Technologies Group
Shoals Technologies Group (SHLS) investor relations material
Shoals Technologies Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 revenue reached $148.3 million, up 38.6% year-over-year, with a record backlog and awarded orders of $747.6 million, supporting strong growth into 2026.
Full-year 2025 revenue grew 19%, with notable expansion in U.S. utility-scale solar, international, CC&I, and OEM segments; international revenue rose from less than $1 million in 2024 to $13 million in 2025.
Adjusted EBITDA for Q4 was $30.3 million (20.4% margin), up 14.7% year-over-year, with net income of $8.1 million.
Strategic initiatives included new product launches, customer diversification, operational improvements, and a move to a consolidated manufacturing facility.
Legal actions and remediation efforts, including wire insulation shrinkback, were completed or progressed, funded by internal cash flow.
Financial highlights
Q4 gross profit was $46.9 million (31.6% margin), up 16.7% year-over-year, but margin declined from 37.6% due to higher costs.
Adjusted net income for Q4 was $17.5 million, with adjusted diluted EPS of $0.10 (+22% YoY).
Free cash flow in Q4 was negative $11.3 million, impacted by remediation and elevated CapEx; Q4 cash flow from operations was $17.1 million.
Year-end cash was $7.3 million; net debt $129.4 million; net debt/adjusted EBITDA 1.3x; total liquidity $70.6 million.
Full-year 2025 adjusted EBITDA was $99.5 million; adjusted net income $60.6 million; adjusted diluted EPS $0.36.
Outlook and guidance
Q1 2026 revenue expected at $125–$135 million (+62% YoY at midpoint); adjusted EBITDA $16–$21 million.
Full-year 2026 revenue guidance: $560–$600 million (+22% YoY at midpoint); adjusted EBITDA: $110–$130 million.
2026 cash flow from operations: $65–$85 million; CapEx: $20–$30 million; interest expense: $8–$12 million.
Gross margin expected in low to mid-30% range for 2026, with improvement anticipated in 2027.
Operating cash flow for 2026 expected to increase 340% at midpoint; CapEx to decline 24% at midpoint.
What caused Q1 customer order pattern changes?
Quantify Q4 gross margin decline drivers?
What is the outlook for litigation expenses?
Timeline for gross margin recovery to 40%+
BESS production capacity beyond current orders
New facility full operational and efficiency timeline
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Latest events from Shoals Technologies Group
- Strong solar demand, diversified growth, and positive cash flow expected by 2026.SHLS
Barclays 39th Annual CEO Energy-Power Conference 202513 Feb 2026 - Record Q3 revenue, margin gains, and backlog highlight robust growth amid ongoing risks.SHLSQ3 20253 Feb 2026
- Strong demand, legal progress, and global expansion drive growth amid project delays.SHLSJP Morgan Energy, Power and Renewables Conference3 Feb 2026
- Q2 revenue dropped 17% but record backlog and new products support long-term growth.SHLSQ2 20242 Feb 2026
- Diversified growth, innovation, and operational excellence target 12–18% annual revenue growth.SHLSInvestor Day 202422 Jan 2026
- Revenue fell 24% year-over-year, but margin improved and backlog supports 2025 growth.SHLSQ3 202415 Jan 2026
- BESS market set for rapid growth, fueled by scalable, custom-engineered solutions.SHLSStatus Update29 Dec 2025
- 2025 guidance signals revenue growth and margin recovery after an 18% decline in 2024.SHLSQ4 202427 Dec 2025
- Director elections, executive pay, and auditor ratification headline a year of governance and pay reforms.SHLSProxy Filing1 Dec 2025
Next Shoals Technologies Group earnings date
Status update31 Mar, 2026
Shoals Technologies Group
Next Shoals Technologies Group earnings date
Status update31 Mar, 2026
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