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

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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%.

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