Shoals Technologies Group (SHLS) J.P. Morgan Natural Resources Conference 2026 summary

Business overview and strategy

• Leading provider of electrical balance of systems for utility-scale solar, expanding into custom engineered equipment for broader electrical and battery energy storage markets.

• Celebrating 30 years in business and five years as a public company in 2026, with 2,000 employees and a new facility in Tennessee.

• Focused on growth through both organic product innovation and inorganic M&A, aiming to diversify beyond solar into general electrical equipment.

• Recent launch of Airlink product for data centers, targeting a $2B market today, expected to double by 2030.

Market trends and demand outlook

• Solar market remains robust with strong bookings and backlog, expected to continue growing even if tax credits sunset at decade's end.

• Solar's low cost and rapid deployment drive sustained demand, with potential for policy changes during the election cycle.

• Battery energy storage (BESS) market, especially for data centers, is as large or larger than core solar, with unique DC recombiner products.

• International growth focused on Australia and LATAM, with investments in local teams and infrastructure.

Product innovation and partnerships

• DC recombiner product serves data centers, grid firming, and solar-plus-storage, with data centers as the largest opportunity.

• Partnership with ON.energy leverages their head start in medium voltage UPS for data centers, with a time- and volume-based agreement.

• New products like Long Tail BLA, Super Harness, and SuperJumper enable flexible site architectures and have exceeded growth expectations.

• Airlink product for data centers offers higher power density and flexibility compared to traditional busbar, with UL approval expected in 12 months.