Here are a few analogies to describe Shoals Technologies (SHLS):

• The Intel for solar farm wiring: Like Intel provides the essential 'brains' (processors) that power computers, Shoals provides the critical 'nervous system' (electrical balance of system) that efficiently connects and powers large-scale solar farms.
• The Qualcomm for solar farm electrical systems: Similar to how Qualcomm provides the vital communication chips that enable mobile devices, Shoals delivers the integrated wiring and connection systems that enable efficient power flow and optimize performance for solar energy projects.

• SmartWire System: A pre-assembled, integrated electrical balance of system (EBOS) solution that combines wire harnesses, combiners, and other components to streamline solar power installations.
• Solar EBOS Components: Individual electrical balance of system components for solar projects, including cable assemblies, disconnects, fuses, and traditional combiner boxes.
• Battery Energy Storage System (BESS) EBOS: Electrical balance of system solutions specifically designed for the safe and efficient integration of battery energy storage systems.

Shoals Technologies (SHLS) primarily sells its electrical balance of system (EBOS) solutions to other companies within the solar energy industry.

While Shoals Technologies frequently discloses that a significant portion of its revenue comes from a few major customers (as noted in its SEC filings, where specific customers may account for 10% or more of total revenue), the company does not publicly disclose the specific names of these major customer companies. For competitive reasons, public companies often keep the identities of their largest customers confidential unless there's a specific requirement or strategic benefit to disclose them.

Therefore, we cannot list specific customer company names with their symbols. However, Shoals Technologies serves the following key categories of companies within the solar energy sector:

• Solar Project Developers: Companies responsible for the planning, financing, and overall management of utility-scale and commercial solar power projects. They initiate and bring projects to fruition.
• Engineering, Procurement, and Construction (EPC) Firms: Companies that are contracted to design, procure materials (including EBOS solutions from Shoals), and construct solar power plants. They often act as general contractors for large solar projects.
• Independent Power Producers (IPPs): Companies that own and operate power generation facilities, such as large solar farms, and sell the generated electricity to utilities, industrial users, or other off-takers. They invest in and manage the long-term operation of solar assets.

Brandon Moss, Chief Executive Officer
Brandon Moss joined Shoals in July 2023. He brings over 20 years of experience in the electrical industry, having most recently served as Group President at Southwire Company, a global leader in wire and cable manufacturing. During his tenure at Southwire, he established the Tools, Components, and Assembled Solutions business to diversify the company. His career demonstrates success in developing corporate strategy, managing autonomous business units, business development, mergers and acquisitions, and leading global manufacturing and supply chains. Prior to Southwire, Mr. Moss held various commercial roles at Lutron Electronics and Stanley Black & Decker.

Dominic Bardos, Chief Financial Officer
Dominic Bardos joined Shoals as CFO in October 2022. He possesses over 30 years of global finance and accounting experience across diverse industries including retail, restaurant, consumer services, entertainment, and hospitality. Before joining Shoals, Mr. Bardos served as Chief Financial Officer of Holley Inc.

Jeff Tolnar, President
Jeff Tolnar serves as President after successfully launching the eMobility business unit within Shoals. In this role, he is responsible for company growth, operational excellence, technology development, and product innovation. Prior to Shoals, Mr. Tolnar was Chief Commercial Officer for Shell | Greenlots, where he oversaw the growth of the company's electric mobility solutions. His previous roles include President of Global Software Solutions for Honeywell's Homes, Buildings and Utilities businesses and President of Elster Solutions, a global leader in electronic metering solutions.

Kirsten Moen, Chief Operating Officer
Kirsten Moen joined Shoals 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, consistently streamlining operations, improving efficiency, and enhancing product quality throughout her career.

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

The key risks to Shoals Technologies (SHLS) business include significant legal and warranty costs, ongoing margin pressures due to competitive dynamics, and customer concentration.

1. Legal and Warranty Costs: Shoals Technologies faces substantial legal expenses and potential liabilities stemming from a "wire insulation shrinkback" issue and ongoing intellectual property (IP) disputes. These legal matters have significantly impacted the company's gross margins and cash flow, with legal fees for such matters increasing significantly. For instance, the wire insulation shrinkback issue alone cost $7 million in legal fees in 2024 and contributed to a reduction in gross margins.
2. Margin Pressures and Competition: The company is experiencing ongoing margin compression due to competitive pricing, volume discounts, and changes in its customer and product mix within a highly competitive clean technology sector. This competitive landscape and the need for promotional pricing to expand its customer base can negatively impact short-term profitability.
3. Customer Concentration: Shoals Technologies has a notable customer concentration risk, with its largest customer accounting for approximately 26.4% of total revenue in 2024, and two customers collectively contributing 10% or greater of total revenue. The loss of one or more significant customers could materially impact the company's financial performance.

Shoals Technologies Group (SHLS) primarily provides electrical balance of system (EBOS) solutions for solar energy projects.

The addressable market for Shoals' main products, Solar Photovoltaic (PV) Balance of System (BOS) solutions, is as follows:

• Global Solar PV Balance of System Market: This market was valued between USD 60.27 billion and USD 83.729 billion in 2024. Projections indicate growth to a range of USD 117.39 billion to USD 197.687 billion by 2030.
• U.S. Solar Power Market (which includes BOS components): The total U.S. solar power market was valued at USD 53.45 billion in 2024 and is projected to reach USD 123.86 billion by 2032. Another source estimates the value of the U.S. solar market in 2024 at USD 70.8 billion.

For Battery Energy Storage Solutions (BESS) and EV Charging Infrastructure, specific addressable market sizes for Shoals' products are not readily available in quantifiable dollar amounts within the provided information; therefore, the market size is null for these segments.

1. Growth in Domestic Utility-Scale Solar Market: Shoals Technologies anticipates continued strong demand and market share gains within the core U.S. utility-scale solar market. This is evidenced by higher product volumes and a strategic focus on accelerating growth in this segment.
2. Expansion into International Markets: The company is actively diversifying its business by expanding into international markets, which already comprise a significant portion of its backlog and awarded orders. For example, Shoals recently entered the South American market with a significant solar project in Chile.
3. Diversification into Battery Energy Storage Systems (BESS): Shoals is strategically expanding its product suite into fast-growing adjacent markets, particularly battery energy storage systems (BESS). This diversification is progressing ahead of expectations and is reflected in the company's backlog.
4. Strong Backlog and Awarded Orders: A robust and growing backlog of awarded orders indicates significant future revenue. Shoals reported a record backlog and awarded orders of $720.9 million, with a substantial portion scheduled for delivery in the near term, demonstrating strong future demand.
5. Adoption of Innovative Products and Solutions: The company benefits from strong customer reception of its innovative products and capabilities, such as the Big Lead Assembly (BLA) system, which enhances installation safety, performance, and efficiency in solar energy installations.