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

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

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

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 11, 2025
Constant Energy has secured THB300 million (US$9.4 million) in green financing from HSBC to expand large-scale solar and battery storage projects in Thailand. 
September 11, 2025
Solar power generation in Central Europe has grown at more than twice the EU average rate since 2019, according to new figures.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines