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Shoals Technologies

catalyst in 2dNo base rate yet — SHLS has 0 graded prints on the record, and the bar is 3.PowerWebsite
Ticker
SHLS
Beat
energy
Size
Public Company
Revenue
$163M
as of Jun 2026
Cash
$15.7M
as of Jun 2026
Researched · Fresh
7 days ago

A re-accelerating solar-EBOS niche-monopolist (FY26 guided +30%, record $758M backlog, IP win pending) trading at ~27x fwd P/E on a near-empty balance sheet ($1.9M cash, revolver 91% drawn) — the growth is real but the equity is priced for it and the funding runway is the actual risk, not the (now-settled) shrinkback overhang.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
3 mentions across our dossiers
Focus · Energy
Shoals Technologies
SHLS · public
No published house view
Competes with
Next prints in its web
Links · 1 company · 0 trade · 1 rival
“Peers from the 10-K's own stock-performance peer group (Enphase, SolarEdge, Shoals, FTC Solar) plus the only true direct tracker peer, Nextracker (now "Nextpower," NXT).”Array Technologies · RIVAL · from Array Technologies’s dossier
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Price

Weekly closes

SHLS · weekly close
7.20 USD−5.0%
Friday 30 Oct 2026 · last 52 Fridays 5.71–12.45
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 2,790 sh · 1 filing, Form 4 · 9 Sept 2026
  2. Short interest: 16,818,480 sh · 4.18 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 2 days, Scheduled · 5 Nov 2026, scheduled
7.20USD-5.0%energy +1.0%SHLS · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 9 Sept 2026
1 filing · 2,790 shares
Shares sold shortFINRA · settled 15 Oct 2026
16,818,480 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
4.18
see the whole series
Financials

The reported figures

Revenue · quarterly
$163M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$163M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Shoals Technologies, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashGradingSource
Q3 ’2330 Sept 2023$134M USD-7.9% share of revenue$24.4M USD$3.3M USD$9.2M USDFiled · primarysec.gov
Q4 ’2331 Dec 2023$130M USD24.4% share of revenue$23.5M USD$2.9M USD$22.7M USDFiled · primarysec.gov
Q1 ’2431 Mar 2024$90.8M USD12.8% share of revenue$10.4M USD$2.5M USD$15.2M USDFiled · primarysec.gov
Q2 ’2430 Jun 2024$99.2M USD18.7% share of revenue$35.8M USD$2.0M USD$3.2M USDFiled · primarysec.gov
Q3 ’2430 Sept 2024$102M USD4.4% share of revenue$13.3M USD$2.4M USD$11.1M USDFiled · primarysec.gov
Q4 ’2431 Dec 2024$107M USD15.4% share of revenue$12.5M USD$1.5M USD$23.5M USDFiled · primarysec.gov
Q1 ’2531 Mar 2025$80.4M USD5.4% share of revenue$12.3M USD$3.2M USD$35.6M USDFiled · primarysec.gov
Q2 ’2530 Jun 2025$111M USD14.4% share of revenue-$26.0M USD$12.2M USD$4.7M USDFiled · primarysec.gov
Q3 ’2530 Sept 2025$136M USD13.7% share of revenue$9.0M USD$10.4M USD$8.6M USDFiled · primarysec.gov
Q4 ’2531 Dec 2025$148M USD11.7% share of revenue-$11.3M USD$7.2M USD$7.3M USDFiled · primarysec.gov
Q1 ’2631 Mar 2026$141M USD5.5% share of revenue-$49.1M USD$7.6M USD$1.9M USDFiled · primarysec.gov
Q2 ’2630 Jun 2026$163M USD11.5% share of revenue-$207K USD$7.0M USD$15.7M USDFiled · primarysec.gov

Shoals Technologies’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$163M+47% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $134M, as of Sep 2023Revenue Q4 ’23: $130M, as of Dec 2023Revenue Q1 ’24: $90.8M, as of Mar 2024Revenue Q2 ’24: $99.2M, as of Jun 2024Revenue Q3 ’24: $102M, as of Sep 2024Revenue Q4 ’24: $107M, as of Dec 2024Revenue Q1 ’25: $80.4M, as of Mar 2025Revenue Q2 ’25: $111M, as of Jun 2025Revenue Q3 ’25: $136M, as of Sep 2025Revenue Q4 ’25: $148M, as of Dec 2025Revenue Q1 ’26: $141M, as of Mar 2026Revenue Q2 ’26: $163M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
11.5%-3.0 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -7.9%, as of Sep 2023Operating margin Q4 ’23: 24.4%, as of Dec 2023Operating margin Q1 ’24: 12.8%, as of Mar 2024Operating margin Q2 ’24: 18.7%, as of Jun 2024Operating margin Q3 ’24: 4.4%, as of Sep 2024Operating margin Q4 ’24: 15.4%, as of Dec 2024Operating margin Q1 ’25: 5.4%, as of Mar 2025Operating margin Q2 ’25: 14.4%, as of Jun 2025Operating margin Q3 ’25: 13.7%, as of Sep 2025Operating margin Q4 ’25: 11.7%, as of Dec 2025Operating margin Q1 ’26: 5.5%, as of Mar 2026Operating margin Q2 ’26: 11.5%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$207K

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $24.4M, as of Sep 2023Free cash flow Q4 ’23: $23.5M, as of Dec 2023Free cash flow Q1 ’24: $10.4M, as of Mar 2024Free cash flow Q2 ’24: $35.8M, as of Jun 2024Free cash flow Q3 ’24: $13.3M, as of Sep 2024Free cash flow Q4 ’24: $12.5M, as of Dec 2024Free cash flow Q1 ’25: $12.3M, as of Mar 2025Free cash flow Q2 ’25: -$26.0M, as of Jun 2025Free cash flow Q3 ’25: $9.0M, as of Sep 2025Free cash flow Q4 ’25: -$11.3M, as of Dec 2025Free cash flow Q1 ’26: -$49.1M, as of Mar 2026Free cash flow Q2 ’26: -$207K, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$15.7M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $9.2M, as of Sep 2023Cash Q4 ’23: $22.7M, as of Dec 2023Cash Q1 ’24: $15.2M, as of Mar 2024Cash Q2 ’24: $3.2M, as of Jun 2024Cash Q3 ’24: $11.1M, as of Sep 2024Cash Q4 ’24: $23.5M, as of Dec 2024Cash Q1 ’25: $35.6M, as of Mar 2025Cash Q2 ’25: $4.7M, as of Jun 2025Cash Q3 ’25: $8.6M, as of Sep 2025Cash Q4 ’25: $7.3M, as of Dec 2025Cash Q1 ’26: $1.9M, as of Mar 2026Cash Q2 ’26: $15.7M, as of Jun 2026Debt Q3 ’23: $190M, as of Sep 2023Debt Q4 ’23: $181M, as of Dec 2023Debt Q1 ’24: $169M, as of Mar 2024Debt Q2 ’24: $147M, as of Jun 2024Debt Q3 ’24: $142M, as of Sep 2024Debt Q4 ’24: $142M, as of Dec 2024Debt Q1 ’25: $142M, as of Mar 2025

CashDebt

Shares outstanding · annualFY21 – FY25
168.4M+70% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 99.3M, as of Dec 2021Shares outstanding FY22: 167.6M, as of Dec 2022Shares outstanding FY23: 164.5M, as of Dec 2023Shares outstanding FY24: 168.7M, as of Dec 2024Shares outstanding FY25: 168.4M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-30filingSC 13G: First Trust entities report 5.87% stakeFirst Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation report 9,878,789 Class A shares, 5.87%; shared voting 9,652,447; shared dispositive 9,878,789. Event date 30 Sep 2026.agent:company-events · SEC EDGAR SC 13G
2026-10-27editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 29.2% → 30.3%Margin moved from 29.2% (deep-dive-2026-06-20.md) to 30.3% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: $374.2M → $163.4MRevenue moved from $374.2M (deep-dive-2026-06-20.md) to $163.4M (deep-dive-2026-10-27.md).dossier
2026-10-27filingSchedule 13G: BlackRock Portfolio Management reports 6.6% of ShoalsBlackRock Portfolio Management LLC reports 11,038,244 shares, 6.6% of class; event date 30 Sep 2026.agent:company-events · SEC EDGAR SCHEDULE 13G
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 17 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 650 words, 14 filing mentions
  2. The dossier: What held, 59 words, 3 filing mentions
Research

The Shoals Technologies dossier

The verdict

A re-accelerating solar-EBOS niche-monopolist (FY26 guided +30%, record $758M backlog, IP win pending) trading at ~27x fwd P/E on a near-empty balance sheet ($1.9M cash, revolver 91% drawn) — the growth is real but the equity is priced for it and the funding runway is the actual risk, not the (now-settled) shrinkback overhang.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $163.4M vs $110.8M (+47.4%); six-month revenue $303.9M vs $191.2M. Gross profit $49.5M, gross margin 30.3% vs 37.2%, which the company attributes to inefficiencies in the ramp-up and move into the new manufacturing facility, product mix, quality rework and corrective actions, and material inefficiencies. G&A $28.5M vs $23.1M. Income from operations $18.7M vs $16.0M; net income $12.1M ($0.07 per share) vs $13.9M ($0.08). Adjusted EBITDA $31.6M vs $24.7M; adjusted diluted EPS $0.12 vs $0.10. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-04, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1831651/000183165126000105/exhibit991earningsrelease2.htm; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-04, https://www.sec.gov/Archives/edgar/data/1831651/000183165126000108/shls-20260630.htm; quarter ended 2026-06-30]
  2. Backlog. Backlog and awarded orders $801.4M at 2026-06-30, +19.4% year on year and +5.7% on 2026-03-31. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, same URL as item 1]
  3. Outlook. Q3 2026: revenue $150M to $170M and Adjusted EBITDA $32M to $37M. FY2026 reaffirmed: revenue $600M to $640M, Adjusted EBITDA $118M to $132M, cash flow from operations $65M to $85M, Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $20M to $30M, interest expense $8M to $12M. [sec.gov: 8-K filed 2026-08-04, exhibit 99.1, same URL as item 1]
  4. Liquidity. Cash and cash equivalents $15.7M at 2026-06-30 ($7.3M at 2025-12-31). Revolver borrowings $196.8M (from $136.8M at year-end), $1.8M of letters of credit and $51.4M of availability under the $250.0M facility, at SOFR plus 3.00%. Cash used in operating activities was $34.6M in the six months (six months 2025: cash provided $1.7M). Inventory $184.7M vs $89.9M at year-end. [sec.gov: 10-Q filed 2026-08-04, same URL as item 1].
  5. Credit agreement amendment. On 2026-08-28 the company signed Amendment No. 8 to its 2020 credit agreement with JPMorgan Chase Bank as administrative agent; among other things, deposit accounts held at JPMorgan satisfy the "control" requirement for perfection in lieu of control agreements. The 8-K's description names no change to facility size or pricing (it says "among other things"; the full amendment text was not read). [sec.gov: 8-K filed 2026-08-31, https://www.sec.gov/Archives/edgar/data/1831651/000183165126000116/shls-20260828.htm]
  6. Voltage ITC. On 2026-06-25 the ITC issued its Final Determination that Voltage violated Section 337 by importing products infringing Shoals' '375 and '376 patents, and issued a Limited Exclusion Order barring Voltage's import of the infringing photovoltaic trunk bus cable and related components. On 2026-06-05 the District Court denied Voltage's request to deem the '375, '376 and '295 patents unenforceable for inequitable conduct or unclean hands. [sec.gov: 10-Q filed 2026-08-04, same URL as item 1]
  7. Securities class action. The parties' settlement received preliminary court approval on 2026-05-04; the settlement amount is $70.0M, of which $64.8M is covered by insurance, an initial payment of $65.5M was made in June 2026, and a $4.5M settlement liability remained on the balance sheet. The final approval hearing is scheduled for September 2026; the 10-Q does not report its outcome. [sec.gov: 10-Q filed 2026-08-04, same URL as item 1]
  8. Prysmian. The company's amended complaint against Prysmian over defective wire remains pending in the 10-Q; no outcome or settlement is reported. [sec.gov: 10-Q filed 2026-08-04, same URL as item 1]
  9. Shares. 168,299,950 Class A shares outstanding at 2026-07-29, excluding 3,908,387 treasury shares. [sec.gov: 10-Q filed 2026-08-04, same URL as item 1]
  10. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Voltage ITC Final Determination... ~June 2026" meets item 6. The carried catalyst "Q2'26 print — does the +44% guide hold and does cash conversion repair?" meets items 1, 3 and 4: Q2 revenue grew 47.4%, FY revenue guidance is unchanged at $600M to $640M, and six-month operating cash flow was an outflow of $34.6M. The carried catalyst on class-action final approval meets item 7 (hearing still ahead as of the 10-Q). The carried bear case cites a "maxed revolver with $1.9M of cash" and margins "35%→29%": the filings read show cash of $15.7M, revolver availability of $51.4M and Q2 gross margin of 30.3% (items 1, 4). The carried seed's price figures and multiples rest on market data this delta does not refresh.

What held

  • Demand remains strong: revenue +47.4% and backlog at $801.4M (items 1, 2). [sec.gov: 8-K filed 2026-08-04, exhibit 99.1]
  • FY2026 revenue and Adjusted EBITDA guidance were reaffirmed (item 3). [sec.gov: 8-K filed 2026-08-04, exhibit 99.1]
  • The company is still funding growth on the revolver, with borrowings up $60.0M in six months (item 4). [sec.gov: 10-Q filed 2026-08-04]

How our view changed

2 dossiers

Every dossier we have written on Shoals Technologies, newest first.

  1. current

    A re-accelerating solar-EBOS niche-monopolist (FY26 guided +30%, record $758M backlog, IP win pending) trading at ~27x fwd P/E on a near-empty balance…

  2. A re-accelerating solar-EBOS niche-monopolist (FY26 guided +30%, record $758M backlog, IP win pending) trading at ~27x fwd P/E on a near-empty balance…

Research trail

The research around Shoals Technologies

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit Shoals Technologies

Others in energy

5 names

Where Shoals Technologies sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.