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%.

Read Next

April 9, 2021
Spanish independent power producer Opdenergy is preparing to launch an initial public offering to help fund the development of 3.7GW of renewables projects across Europe and the Americas.
April 7, 2021
Spanish renewables firm Ecoener has become the latest Spanish renewables company to plan an Initial Public Offering (IPO).
March 30, 2021
‘Solar Module Super League’ (SMSL) member JA Solar has reported PV module shipments of 15.88GW in 2020, up from 10.26GW in 2019, a 54.8% increase year-on-year, setting new records for total shipments and shipment growth.
March 29, 2021
More than 180GW of solar will be deployed globally this year as the sector defies headwinds including higher module prices and supply chain constraints, IHS Markit has said.
March 26, 2021
The US Department of Energy (DOE) has earmarked US$128 million to invest in research and development in a bid to bring the cost of utility-scale solar power down by 60% in 10 years.
March 26, 2021
China is to ramp up its support of domestic solar companies in a bid to fast-track development in the country.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET