Here are 1-3 brief analogies to describe Shoals Technologies (SHLS):

• They're like the Schneider Electric for solar and EV charging electrical infrastructure.
• They're like the specialized Eaton, focused on the electrical balance of system for solar farms and EV charging.

• EBOS Components for Solar Energy: Individual electrical parts such as cable assemblies, fuses, and junction boxes essential for solar power installations.
• EBOS Systems for Solar Energy: Integrated electrical balance of system solutions designed for solar energy projects.
• EV Charging Solutions: Products and systems provided for public and fleet electric vehicle charging stations.

Shoals Technologies (SHLS) primarily sells its electrical balance of system (EBOS) solutions for solar energy projects and EV Charging solutions to other companies, specifically engineering, procurement, and construction (EPC) firms.

These EPC firms are responsible for building solar energy projects and installing electric vehicle charging stations across the United States. While Shoals Technologies' SEC filings indicate significant customer concentration (their top ten customers accounted for approximately 70% of their 2023 revenue, with the largest customer accounting for approximately 17%), the company does not publicly disclose the specific names of these major EPC firm customers.

Brandon Moss, Chief Executive Officer
Brandon Moss joined Shoals Technologies Group as CEO in July 2023. He has over 20 years of experience in the electrical industry. Before Shoals, Mr. Moss served as Group President at Southwire Company, a global leader in wire and cable manufacturing, where he established the Tools, Components, and Assembled Solutions business. His career highlights include success in corporate strategy, managing autonomous business units, business development, mergers and acquisitions (M&A), and leading global manufacturing and supply chains.

Dominic Bardos, Chief Financial Officer
Dominic Bardos became the CFO of Shoals Technologies Group in October 2022. Prior to joining Shoals, Mr. Bardos served as CFO for a number of private equity-backed companies, including Blue Bird Corporation, a bus manufacturer, and various roles at Johnson Controls. His experience includes financial leadership in manufacturing and public company environments, as well as a focus on driving financial performance and operational efficiencies.

Jeff Tolnar, President
Jeff Tolnar serves as President, having successfully launched the eMobility business unit within Shoals. He holds a Bachelor of Science degree in Electrical Engineering Technology from Youngstown State University and a Master of Business Administration from Baker University. His background includes a focus on growing new business units and expanding market presence, particularly in the electric vehicle charging solutions sector for Shoals.

Kirsten Moen, Chief Operating Officer
Kirsten Moen joined Shoals Technologies Group as Chief Operating Officer in September 2024. She is an accomplished operations and manufacturing executive with extensive experience leading organizations such as Eaton, Meggitt, and Stanley Black & Decker. Ms. Moen has a proven track record of driving operational excellence, optimizing manufacturing processes, and delivering measurable results through lean principles and industry best practices.

Bobbie L. King, Jr., Chief Legal Officer and Secretary
Bobbie L. King, Jr. joined Shoals Technologies Group as Chief Legal Officer and Secretary in June 2025. He brings over 15 years of proven leadership with significant depth in the clean infrastructure sector. Before Shoals, he was Senior Vice President, Deputy Chief Legal Officer of HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI), where he advised the board and senior management on corporate governance, securities and public company matters, capital markets and corporate finance, litigation, and legal operations.

Shoals Technologies Group, Inc. (SHLS) faces several key risks inherent in its business of providing electrical balance of system (EBOS) solutions for solar energy projects and EV charging. The most significant risks include substantial warranty exposure and ongoing litigation, intense market competition leading to margin pressure, and the inherent volatility and regulatory uncertainties within the solar industry.

1. Material Warranty Exposure and Associated Litigation

   Shoals Technologies has identified a significant risk related to a wire insulation shrinkback issue, which has led to substantial potential warranty liabilities. The company estimates a potential loss of $73 million in connection with this matter. The ability to recover these costs from the wire supplier, Prysmian, is uncertain and dependent on ongoing litigation, which could further impact the company's financial results and stability.

2. Intensifying Competition and Margin Pressure

   The electrical balance of system (EBOS) market is highly competitive, with Shoals facing challenges from both established companies and new market entrants. This competitive environment frequently leads to pricing pressures and volume discounts, which can negatively affect the company's gross margins. Shoals has experienced margin declines due to factors such as higher material costs and aggressive competitive dynamics, necessitating continuous innovation to maintain market share and profitability.

3. Market Volatility and Regulatory Uncertainty in the Solar Industry

   The solar energy sector, which is a primary market for Shoals, is cyclical and highly sensitive to external factors. Demand for solar projects is influenced by government incentives, macroeconomic conditions such as high interest rates and inflation, and regulatory changes, including trade policies and tariffs. Project delays stemming from these uncertainties have previously impacted Shoals' revenue and growth trajectory, making the company susceptible to broader industry fluctuations.

Shoals Technologies Group, Inc. (SHLS) operates in two primary addressable markets: Electrical Balance of System (EBOS) solutions for solar energy projects and EV Charging solutions.

Electrical Balance of System (EBOS) Solutions for Solar Energy Projects

The global addressable market for Electrical Balance of System (EBOS) components is substantial and experiencing significant growth. In 2023, the global market size was estimated to be between USD 8.5 billion and USD 15 billion. Projections indicate this market will continue to expand, with estimates reaching USD 16.2 billion by 2033 (CAGR of approximately 8.5% from 2024-2033), USD 25 billion by 2030 (CAGR of approximately 8% from 2024-2030), or even approximately USD 45 billion by 2033 (CAGR of 11.32% from 2025-2033). Another estimate places the global market at USD 8.61 billion in 2024, projected to reach USD 19.46 billion by 2032 with a CAGR of 10.73%.

North America, particularly the U.S., is a prominent region for EBOS components, driven by robust investments in renewable energy and supportive government policies. Shoals Technologies Group holds a leading position in the U.S. utility-scale solar EBOS market, with an estimated 45-50% U.S. market share and over 68% of the North American balance of systems market.

EV Charging Solutions

The addressable market for EV Charging solutions, which includes charging infrastructure and equipment, is also rapidly expanding on both a global and U.S. regional basis.

Global Market:

• The global electric vehicle charging infrastructure market size was estimated at USD 40.22 billion in 2025 and is projected to reach USD 238.82 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 25.0% from 2026 to 2033.
• Other estimates for the global electric vehicle charging infrastructure market include a value of USD 47.61 billion in 2025, predicted to surpass USD 492.59 billion by 2035 with a CAGR of 26.32% from 2026 to 2035.
• The global EV charging infrastructure market is also predicted to reach US$125.39 billion by 2030, expanding at a CAGR of 25.4% from 2024 to 2030.
• The global EV charging station market is expected to grow from USD 28.46 billion in 2025 to USD 76.31 billion by 2032 at a CAGR of 15.1%.

U.S. Market:

• The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024 and is projected to grow at a CAGR of 30.3% from 2025 to 2030, reaching USD 24.07 billion by 2030.
• The U.S. EV charging equipment market size is estimated at USD 2.25 billion in 2025 and is expected to reach USD 3.60 billion by 2030, at a CAGR of 9.88%.
• The broader electric vehicle supply equipment (EVSE) market in the U.S. could grow from approximately $7 billion today to $100 billion by 2040 at a 15% CAGR.
• Shoals Technologies Group itself estimated an implied U.S. market opportunity of $3.5 billion for its addressable EV chargers between 2022 and 2025.

Here are 3-5 expected drivers of future revenue growth for Shoals Technologies (SHLS) over the next 2-3 years:

1. International Expansion: Shoals Technologies is actively pursuing significant international expansion, with a focus on regions such as Latin America, Australia, and EMEA (Europe, Middle East, and Africa). International revenue saw substantial growth, increasing from less than $1 million in 2024 to approximately $13 million in 2025. The company is launching a comprehensive suite of system solutions specifically designed for international developers and engineering, procurement, and construction (EPC) contractors to capture this global market opportunity.
2. Growth in Battery Energy Storage Systems (BESS): Battery Energy Storage Systems (BESS) have emerged as a significant growth engine for Shoals Technologies. The company's backlog and awarded orders related to BESS jumped to $67 million, with more than half of that expected to convert into revenue in 2026. Shoals is also establishing its first dedicated BESS production line to meet the rising demand for grid-scale energy storage solutions.
3. Expansion into EV Charging Solutions: Shoals Technologies has entered the electric vehicle (EV) charging station market and is introducing new product families aimed at reducing installation costs by 20-30%. This strategic diversification into the rapidly growing EV infrastructure market presents a significant opportunity for future revenue.
4. Strong Backlog in Core Utility-Scale Solar: The company maintains a robust backlog and awarded orders, signaling continued strong demand in its core utility-scale solar market. As of December 31, 2025, the backlog and awarded orders reached a record $747.6 million, with approximately $603.4 million scheduled for shipment in the next four quarters. This high visibility into future projects provides a solid foundation for revenue growth.
5. New Product Introductions and Expanded Manufacturing Capacity: Shoals Technologies is continually launching new products, including advanced solutions for international markets, and is investing in its manufacturing capabilities. The company is investing $80 million over five years to expand its manufacturing and distribution operations in Portland, Tennessee, including relocating to a new, larger facility. This expansion, along with new product development, is intended to meet growing customer demand and enhance operational efficiency.

Share Repurchases

• Shoals Technologies Group, Inc. authorized a share repurchase program of up to $150 million of its Class A common stock, effective from June 11, 2024, through December 31, 2025.
• In connection with this program, the company entered into a $25 million Accelerated Share Repurchase (ASR) agreement with Jefferies LLC, which was expected to be completed in the third quarter of 2024.

Share Issuance

• On January 29, 2021, Shoals Technologies Group, Inc. closed its initial public offering (IPO) of 88,550,000 shares of Class A common stock at $25.00 per share, with 11,550,000 shares issued and sold by the company.
• On March 7, 2023, certain selling stockholders, affiliates of Dean Solon, launched and priced a secondary offering of 24,501,650 shares of Class A common stock at $24.70 per share. Shoals Technologies Group, Inc. did not receive any proceeds from this offering.

Inbound Investments

• BlackRock, Inc. acquired an additional 4,665,121 shares of Shoals Technologies Group Inc on December 31, 2024, increasing its total holdings to 31,693,300 shares, representing 19.00% of BlackRock's portfolio in the company.

Outbound Investments

• On August 26, 2021, Shoals Technologies Group, Inc. acquired ConnectPV, Inc. for an aggregate purchase price of $20.7 million, consisting of $13.8 million in cash and 0.21 million shares of Class A Common stock.

Capital Expenditures

• For the full year 2025, capital expenditures were projected between $30.0 million and $40.0 million.
• For the full year 2026, capital expenditures are expected to be in the range of $20 million to $30 million.
• Capital expenditures are focused on ongoing investments in facilities and operations, including a consolidated manufacturing facility, and expanding EBOS offerings for battery energy storage solutions (BESS).