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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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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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Frequently asked questions
Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. Our EBOS boxes are designed to reduce installation and operating costs by providing a robust and versatile platform to integrate solar panels, inverters, components and service equipment. Shoals Technologies Group, Inc. was founded in 1996 and is headquartered in Portland, Tennessee.
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