Shoals Technologies lauds ‘record year’ as it takes aim at post-IPO growth targets

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Shoals’ BLA product (pictured above) is expected to grow post-IPO. Image: Shoals Technologies.

Solar Balance of System (BOS) solutions provider Shoals Technologies has celebrated a “record year” in which revenues grew 21%, placing various post-IPO targets firmly in its crosshairs for 2021.

Earlier this week Shoals reported full year 2020 revenue of US$175.5 million, up 21.5% on the US$144.5 million revenue figure it reported in 2019. This growth was attributed by the company to “significantly higher sales volume” throughout the year.

While year-on-year revenue growth slowed in Q4 – the fourth quarter’s revenue of US$38.8 million was up just 2.3% on Q4 2019’s figure of US$37.9 million – this was laid squarely with downtime related to work being conducted to expand the solution provider’s capacity moving into 2021.

Shoals expects the forthcoming year to be one of considerable progress towards a series of growth initiatives outlined within its initial public offering (IPO), which was held earlier this year and saw the company raise US$2.2 billion after upsizing.

Gross proceeds from the IPO are now helping it pursue various growth strategies, including converting more customers to its Big Lead Assembly (BLA) solution, which combines cable assemblies, combiner boxes and fusing into a single product for utility-scale solar projects. Shoals is also boosting its product offering to incorporate more electrical BOS solutions, expand internationally and is also eyeing a move into electric vehicle charging infrastructure.

New wire management and IV curve benchmarking products are to be introduced in Q2 this year and the company expect them to begin generating revenue in Q4.

Jason Whitaker, chief executive officer at Shoals Technologies, praised the “tremendous efforts” of his team throughout the COVID-19 pandemic.

“The energy transition is a global megatrend that is in the very early innings.  We see tremendous opportunity ahead for our employees and shareholders,” he added.

Shoals is forecasting for another strong year in 2021 and is guiding for revenues to grow by between 31 – 36.7%, reaching between US$230 – 240 million. Its adjusted earnings guidance is for between US$75 – 80 million, which would represent growth of between 23 – 31%.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
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.
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 10, 2021
Renewables investor Magnora has increased its stake in Helios Nordic Energy as the Swedish solar developer looks to add 1GW to its pipeline by the end of next year.
September 6, 2021
India-based renewables developer Adani Green Energy has raised US$750 million through a green bond offer, securing the debt and equity needed to reach a 25GW renewables target.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021