Shoals Technologies sees revenue and EBITDA up 50%, announces interim CEO

Facebook
Twitter
LinkedIn
Reddit
Email
Shoals Technologies’ growth was partly due to higher sales volumes as a result of greater demand for solar electrical balance of systems. Image: Shoals Technologies.

PV balance of system (BOS) solutions provider Shoals Technologies is expected to continue its growth this year thanks to the increased demand for its new products, while its revenue and EBITDA in 2022 increased by around 50% year-on-year.

The company’s adjusted EBITDA in 2022 was about US$93 million, increasing from US$62.9 million or by 47.8% year-on-year. In Q4 2022, its adjusted EBITDA was US$30.1 million, increasing by 167.2% compared to US$11.3 million for the prior-year period.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The increase in Q4 was largely due to a significant increase in net income attributable to shareholders in the quarter, as it reached US$112.6 million, compared to a net loss of US$1.84 million during the same period in the prior year. This surge was driven by a US$110.9 million one-time gain on the termination of a tax receivable agreement and higher income from operations, offset by higher interest expense.

The company also saw an increase in revenue in Q4 2022 and the entire year. For the full-year 2022, revenue reached US$326.9 million, increasing by 53.3% from US$213.2 million. Meanwhile, in Q4, revenue was up from US$48 million in Q4 2021 to US$94.7 million year-on-year, a 97% increase. Higher sales volumes drove the increase as a result of greater demand for solar electrical balance of systems and the company’s EV solutions products.

“The strength of demand for our products is underscored by the US$428.6 million of backlog (as of 31 December 2022) and awarded orders that we ended the year with, which represented growth of 43% compared to the same time last year,” said Jason Whitaker, CEO of Shoals.

Looking forward, Shoals Technologies expected that its adjusted EBITDA would be in the range of US$140 million to US$155 million this year, increasing by 50.6%-66.7% year-on-year.

Its revenue is expected to be in the range of US$470 million to US$510 million, up 43.8%-56% year-on-year.

Apart from the latest financial results, Shoals Technologies has appointed president Jeffery Tolnar as interim CEO to succeed Whitaker. In his expanded remit, Tolnar will continue to be responsible for “leading the company’s growth, operational excellence, technology development and product innovation”.

Shoals Technologies announced in November 2022 that Whitaker had informed the board of directors that he intended to step down from his role for health reasons in early 2023. Whitaker is remaining with the company in an advisory role until mid-March 2023.

Read Next

June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 26, 2025
Nextracker will supply solar tracker systems to a 550MW solar PV project in the Greek province of Western Macedonia, owned by Greek renewables developer PPC Renewables.
June 26, 2025
PV solar cell manufacturer Halocell Energy has launched its first perovskite-based product called the Halocell Ambient Modules.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico