Shoals Technologies Group Inc · Q4 2021 earnings

Briefing

Shoals reported record revenue and gross profit for the full year 2021, with system solutions revenue increasing 29% year-over-year in the fourth quarter. Gross margin was 38.8% for the full year, and backlog and awarded orders nearly doubled year-over-year to a record $299.0 million.

Shoals Technologies Group, Inc. announced record revenue of $48.0 million for the fourth quarter of 2021, a 24% increase compared to the prior-year period. The growth was driven by a 29% increase in System Solution revenue and a 15% increase in Components revenue. The company's backlog and awarded orders reached a record $299.0 million, nearly double the previous year.

• System Solutions revenue increased 29% year-over-year.
• Gross profit increased 7% to $15.9 million.
• Backlog and awarded orders nearly doubled year-over-year to $299.0 million.
• The company expects revenue growth to accelerate in 2022.

Headline financials

Revenue & EPS history

The Company is updating its outlook for the quarter ended March 31, 2022. Based on current market conditions, business trends and other factors, for the quarter ended March 31, 2022, the Company expects: Revenues to be in the range of $68 million to $74 million, Adjusted EBITDA to be in the range of $16 million to $20 million and Adjusted net income to be in the range of $10 to $13 million. Based on current business conditions, business trends and other factors, for the full year 2022 ending December 31, 2022, the Company expects: Revenues to be in the range of $300 million to $350 million, Adjusted EBITDA to be in the range of $79 million to $97 million and Adjusted net income to be in the range of $54 to $69 million.