Shoals first quarter revenue hits new high thanks to US demand

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Shoals increased the amount of EPCs and developers using its Big Lead Assembly solution during Q1. Image: Shoals Technologies.

Solar balance of systems (BOS) provider Shoals Technologies has benefited from “robust demand” for its products in the US, as it completed its first quarter as a public company.

The Tennessee-based firm saw its backlog and awarded orders reach US$181 million at the end of March 2021, an increase of 42% year-on-year, as it posted record Q1 revenues and took on more customers.

According to CEO Jason Whitaker, Shoals increased the amount of EPCs and developers using its Big Lead Assembly (BLA) solution – which combines cable assemblies, combiner boxes and fusing into a single product for utility-scale solar projects – from four to eight during the quarter.

“We are making steady progress on our growth initiatives of converting more customers to our BLA solution, broadening our product offering into complementary categories of EBOS (electrical balance of system), expanding internationally,” he said. This global expansion plan has seen the company install a sales team in Europe, where it expects to receive orders from this year.

First-quarter revenues reached a new high of US$45.6 million, with a 12% year-on-year rise driven by a 46% increase in system solutions revenues.

The results announcement comes after Shoals grew revenues 21% last year and carried out an upsized initial public offering that raised US$2.2 billion, with a share of proceeds allocated to converting customers to its BLA solution.

The company has reaffirmed its 2021 outlook, which call for revenues to increase by between 31 – 36.7%, reaching between US$230 – 240 million. Earnings are expected to be in the range of US$75 – 80 million, up 23 – 31% on last year.

Whitaker added: “Our performance reflects continued strong customer demand for our products, and we expect growth to accelerate as we progress through the remainder of the year.”

Read Next

September 29, 2021
Spanish tracker manufacturer Soltec posted a sharp increase in its order backlog in the first half of the year but said logistics disruptions will impact its margins in H2.
September 21, 2021
FIMER has launched two new platforms for the utility-scale solar sector, the PVS-350-TL string inverter for decentralised applications and the PVS-260/PVS-300 modular conversion solution designed for centralised applications.
PV Tech Premium
September 16, 2021
Spencer Jansen, head of new technology solutions at developers Hive Energy and Ethical Power, assesses how the introduction of large-format solar modules has had repercussions throughout the solar design and procurement process.
August 31, 2021
Azure Power is on track to increase its operating solar capacity by at least a third this fiscal year following a first quarter that saw the independent power producer (IPP) return to profitability.
August 31, 2021
Solar developer ReneSolar Power nearly doubled its gross profit in Q2 2021 compared with Q1 and has improved its business forecast for the remainder of the year after this quarter’s results exceeded analyst expectations
August 23, 2021
Solar construction firm iSun expects to double its revenue in 2021 compared to last year despite supply chain delays and labour shortages impacting its Q2 performance.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021