Shoals Technologies Group Inc · Q1 2024 earnings

Briefing

Shoals reported Q1 2024 financial results, with revenue of $90.8 million and backlog and awarded orders increasing 17% year-over-year.

Shoals Technologies Group, Inc. announced its first quarter results ended March 31, 2024. The company's revenue was $90.8 million, and net income was $4.8 million. Backlog and awarded orders increased by 17% year-over-year to $615.2 million.

• Revenue decreased 14% year-over-year to $90.8 million.
• Gross margin was 40.2%, compared to 45.9% in the prior-year period.
• Net income was $4.8 million, compared to $17.0 million in the prior-year period.
• Backlog and awarded orders increased 17% year-over-year to $615.2 million.

Headline financials

Revenue & EPS history

The Company is providing an outlook for the second quarter given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2024, the Company expects revenue to be in the range of $85 million to $95 million and Adjusted EBITDA to be in the range of $20 million to $25 million. For the full year 2024, the Company expects revenue to be in the range of $440 million to $490 million, Adjusted EBITDA to be in the range of $130 million to $150 million, Adjusted net income to be in the range of $85 million to $100 million, Cash Flow from operations to be in the range of $100 million to $115 million, Capital expenditures to be in the range of $15 million to $20 million and Interest expense to be in the range of $15 million to $20 million.