Shoals Technologies Group, Inc.

The grade, in three tenses

Headline 5.2 out of ten, 9 of 9 metrics filed: past 5.4 out of ten, present 5.6 out of ten, future 4.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 2.9 out of ten. 2 warning events since 2020; the latest 2025-03-12. 29th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.9 out of ten. +21.9% a year over 7 filed years; profitable in 7 of 7. 79th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.3 out of ten. Share count grew 0.1% a year. 13% of cash flow returned. Insiders: 4 sales, 0 purchases. 53rd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.8 out of ten. ROE 6%: 6¢ of profit per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar. 58th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 6.0 out of ten. top 40% of 97 in its family; net margin 7.1%. 60th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.6 out of ten. bottom 46% of 66 in its family for leadership; chief executive since 2023. 46th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 3.5 out of ten. bottom 35% of 94 in its family for room to expand. 35th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.5 out of ten. top 35% of 93 in its family for growth drivers. 65th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.1 out of ten. bottom 31% of 88 in its family for expectations against reality. 31st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 4, 2026-09-11. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-24.

The people

Brandon Moss has run Shoals since July 2023, when he joined as chief executive from Southwire Company, a large American wire and cable maker, where he had led the tools, components and assembled solutions business since 2014. He sits on the board of Shoals itself and, outside it, on the board of the American Clean Power Association. On the insider record this site holds he first filed in 2023 and files still. [1, 2, 3]

The team around him is newer still. Dominic Bardos has been chief financial officer since October 2022, after more than thirty years in finance in other industries. Jeffery Tolnar has been president since December 2022; he joined in April 2021 to run electric vehicle solutions and held the chief executive's chair himself between March and July of 2023. Bobbie L. King Jr. became chief legal officer in June 2025, Kirsten Moen chief operating officer in September 2024, and James Hart chief people officer in November 2024. Every one of the six executive officers the proxy statement names took the post within the last four years. [4, 5, 6, 7, 8]

The board is drawn from the power industry. Brad Forth, its chair, has served since June 2017 and spent more than thirty years in energy. The five nominees the proxy statement lists are Ty Daul, chief executive of Primergy Solar; Jeannette Mills, executive vice president and chief administrative officer of the Tennessee Valley Authority; Niharika Taskar Ramdev, once finance chief of Global Cadillac at General Motors; Lori Sundberg, chief human resources officer of Cadence Education; and Toni Volpe, chief executive of Nadara. On the insider record this site holds, twenty five people have filed as officers or directors and fourteen of them filed in the last fifteen months. [9, 10, 3]

At the end of 2025 Shoals counted about 1,480 full-time and temporary employees, the vast majority of them in the United States. None are represented by a labor union, and the company says it has had no employment-related work stoppages. The office side is small and growing slowly: the general and administrative headcount went from 185 to 199 across the year. [11, 12, 13]

How it operates

Shoals Technologies Group designs, engineers and makes the electrical infrastructure that carries current through a solar farm, a battery storage site or a data center power system. The industry calls that infrastructure electrical balance of systems, or EBOS: everything needed to carry the electric current produced by solar panels, or stored by a battery, to an inverter and then on to the grid. The company dates its founding to 1996, listed its Class A shares on the Nasdaq Global Market in an initial public offering on January 29, 2021, and in the first quarter of 2023 unwound the umbrella partnership structure it had carried since then. It names two end markets: clean, grid connected energy, and data center and mission critical electrical infrastructure. [14, 15, 16, 17, 18]

The work splits in two. A system solution is a complete EBOS design for one project, drawn and specified by Shoals, made by Shoals and supported through installation; it brought 78.7% of 2025 revenue. A component is a single product sold on its own. A system solution contract runs from several hundred thousand to several million dollars with a delivery window of one to three months, and the company says the long development cycle of a solar or battery project usually gives it 12 months or more of lead time to quote, engineer, produce and ship, so it keeps little finished stock on the shelf. Most contracts ask the customer for a deposit of 10 to 20% of the contract value. [19, 20, 21, 22, 23]

Its signature product is the Big Lead Assembly, a trunk bus that changed how a solar field is wired. Instead of running an individual wire from each string of panels to a combiner box, harnesses with fuses built in join the strings within each row and feed an above ground aluminum cable. The company says this cuts the number of wire runs by up to 95%, removes combiner boxes altogether, leans on aluminum that is often 80% less expensive than copper, and lets general labor do work that would otherwise need licensed electricians. For battery sites the equivalent is the Recombiner, which gathers many direct current inputs, from solar arrays, batteries or other sources, into a single output. Data centers are named as an emerging use for the same direct current know-how, with further offerings still being evaluated and developed. [24, 25, 26, 27, 28]

The buyers are the firms that build the projects. Shoals sells mainly to engineering, procurement and construction contractors putting up solar and battery projects of a megawatt or more that feed the grid directly, and beyond them to utilities, solar developers, independent power producers and module makers; because the wiring is mission critical, the filing says the choice of EBOS usually takes in both the contractor and the owner or developer. The business is concentrated: the largest customer was 19.1% of 2025 revenue and the five largest were 53.7% between them, and two customers were each a tenth or more of the year. [29, 30, 31, 32, 33]

Everything is made in the United States. Shoals lists four material facilities: two it owns, at 1400 Shoals Way in Portland, Tennessee and at Muscle Shoals, Alabama, and two it leases in Portland, of 219,767 and 638,330 square feet. In 2025 it spent heavily to move its Tennessee manufacturing and distribution into a new, larger plant, taking a certificate of occupancy in the second half of the year. Sales leaders sit in the United States; people in Spain cover Europe, Latin America and Africa and people in Australia cover Asia-Pacific. At the end of 2025 the order book stood at 747.6 million dollars of backlog and awarded orders, 17.8% more than a year earlier: 326.2 million signed, 421.4 million awarded but not yet under contract, with 326.2 million of backlog and 277.3 million of awarded orders due for delivery in 2026. [34, 35, 36, 37, 38]

The specifics

The defining fact of the last three years is a wire failure. Customers told Shoals that a subset of the wire harnesses in its EBOS solutions showed unacceptable contraction of the wire insulation, and the company says the cause is defective wire made by Prysmian Cables and Systems USA. It first put the potential loss between 59.7 million and 184.9 million dollars, booking 59.2 million of warranty expense in 2023, then in 2024 raised the floor to 73.0 million and brought the ceiling down to 160.0 million. Its best estimate at the end of 2025 is 73.0 million, of which 69.7 million has been incurred; the liability still carried for it fell to 3.3 million from 39.9 million a year earlier. The company holds no insurance for product warranty issues. [39, 40, 41, 42]

The wire has produced a courtroom of its own. Shoals sued Prysmian; the amended complaint pleads product liability, breach of contract, breach of warranty, indemnity and negligence, and mediation is under way. Nothing is counted for a win: any recovery is treated as a gain contingency and would be recorded only when it arrives. Meanwhile stockholders sued the company and its officers over what was said about the matter, a derivative action was filed against officers and directors for breach of fiduciary duty, and the securities case went to court ordered mediation in December 2025 and January 2026 and is still running. The bills show in the accounts: legal and professional costs rose 15.7 million dollars, with intellectual property litigation up from 6.0 million to 9.1 million, wire insulation shrinkback litigation from 7.2 million to 18.3 million and stockholder litigation from 0.9 million to 2.5 million. [43, 44, 45, 46, 47, 48, 49]

What Shoals protects is the wiring design itself. At the end of 2025 it held 39 patents issued in the United States, 4 issued elsewhere and 49 applications pending, alongside 25 registered trademarks, with the issued patents running out between 2031 and 2043. It has spent three years trying to enforce them. An administrative law judge at the International Trade Commission found in 2024 that Voltage had violated the tariff law by importing infringing trunk bus products; the Commission reversed that in January 2025 and the appeal is pending. A second case, filed in January 2025 on two newer patents covering the Big Lead Assembly, drew an initial determination on February 6, 2026 that Voltage infringes, with a final determination expected by June 2026, and a parallel case against Hikam ended by joint dismissal in February 2026. The named competitors are Construction Innovation, Hikam America, Nextpower, Premier PV, TerraSmart and Voltage, a short list the company puts down to how few firms have the expertise. [50, 51, 52, 53, 54, 55, 56]

Policy sets the pace of the market it sells into. Federal incentives for solar run through the tax code, and in 2025 the One Big Beautiful Bill Act changed them: a placed in service deadline of December 31, 2027 for solar and wind projects, tighter rules on foreign entities of concern, further guidance expected in 2026, and, in the company's words, future federal solar and energy incentives that remain uncertain. Tariffs hit the other side of the ledger: the company says the tariffs of 2025 worsened its gross margins, through duties it paid directly and through higher supplier costs passed along, and on February 20, 2026 the Supreme Court struck those measures down, leaving the aftermath uncertain. Weather matters in a smaller way: installation slows through the colder winter months, which moves the timing of orders. [57, 58, 59, 60]

What drives growth, line by line

Revenue rose 76.1 million dollars, or 19%, to 475.3 million in 2025, which the company puts down to higher sales volumes as utility scale solar projects called for more product. Gross profit as a share of revenue slipped to 35.0% from 35.6%: less wire insulation shrinkback expense than the year before, offset by higher material costs, tariffs, one off operational charges, competition, volume discounts, product mix and less leverage on fixed costs. The inputs are the reason margins move: copper and aluminum costs are not hedged, and the company says it depends on a limited number of vendors and suppliers. [61, 62, 63, 64, 65]

System Solutions. The bigger half by far: 374.2 million dollars in 2025, 78.7% of revenue, up 22.2% from 306.1 million. It is still smaller than it was in 2023, and the company says the domestic utility scale solar market has been volatile in a way that has affected its business. The filing gives the line no reason of its own, attributing the year's growth to volume from utility scale solar projects. [66, 67, 68, 61]

Components. Individual products sold on their own: 101.1 million dollars, 21.3% of revenue, up 8.7% from 93.1 million. It is the steadier of the two lines. In 2024, the year system solutions shrank, components grew, and they grew again in 2025, so the share of revenue they carry has risen two years running. [66, 67]

What comes next, in the company's own words: capital expenditures of 20.0 million to 30.0 million dollars in 2026, against 33.0 million spent in 2025; more significant cash spending on the wire remediation; 326.2 million of backlog and 277.3 million of awarded orders with delivery dates in 2026; and a belief that the industry is poised for continued growth across both its core and new markets, after a year in which the American solar industry added module manufacturing capacity. The International Trade Commission's final determination in the patent case is expected by June 2026. [69, 70, 71, 37, 72, 53]

What the desk infers (inferred, not filed)

• The two customers that were each a tenth or more of revenue are most likely engineering, procurement and construction contractors rather than utilities, developers or module makers. Because: The company says it primarily sold to engineering, procurement and construction firms for use in large solar and battery projects feeding the grid. [29] Its wider customer list puts those contractors first, ahead of utilities, solar developers, independent power producers and module makers. [30] A single system solution contract runs from several hundred thousand to several million dollars, so a buyer taking a fifth of a year's revenue is placing many project orders, which is what a contractor building a programme of sites does. [22, 32] The choice of EBOS takes in both the contractor and the owner or developer, so it is the contractor who places the order. [31] Confidence 70 of 100. Wrong if: A filing, or a customer's own disclosure, naming either of the two customers above a tenth of revenue as a utility, a developer or a module maker rather than a construction contractor.
• The wire failure, not the solar cycle, is what drained the company's cash in 2025, and the money it hopes to recover for it is counted nowhere. Because: The estimated loss is 73.0 million dollars, of which 69.7 million has been incurred, and the liability left on the books is 3.3 million against 39.9 million a year earlier. [41] In 2025 alone 41.0 million dollars of cash went out on identifying, repairing and replacing the affected harnesses, and the company expects to keep spending significant amounts. [71] Cash from operations fell to 17.1 million dollars from 80.4 million in a year when net income rose to 33.6 million. [73, 74] There is no insurance for product warranty issues, and any recovery from the wire supplier is treated as a gain contingency, left out of the warranty estimate. [42, 44, 45] Confidence 80 of 100. Wrong if: A year in which the shrinkback payments have stopped and cash from operations still runs far below net income.
• Data centers, the second end market the company names, contributed little or nothing to 2025 revenue and are still an ambition rather than a business. Because: The filing calls data centers an emerging application and says further offerings for them are still being evaluated and developed. [27, 28] Revenue is split only into system solutions and components, with no data center line anywhere in the disaggregation. [66, 67] The year's growth is attributed to volume from utility scale solar projects. [61] Confidence 75 of 100. Wrong if: A filing or disclosure that reports data center revenue for 2025, or names a data center project among the year's sales.
• The customer base has broadened: the biggest buyer's share has roughly halved in two years while revenue grew, and a second customer has risen into the gap. Because: Customer A took 36.3% of revenue in 2023, 26.4% in 2024 and 19.1% in 2025, while Customer B went the other way, from 5.5% to 10.4% to 12.9%. [75] Revenue rose 19% in 2025 even as the largest customer's share fell, so the smaller buyers grew faster than the biggest one. [61] The five largest customers were still 53.7% of revenue, so the broadening is happening inside a small group. [32] Confidence 70 of 100. Wrong if: A year in which one customer is again more than a quarter of revenue.

Sources

1. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Brandon Moss joined the Company as Chief Executive Officer in July 2023. Prior to joining the Company, he served since 2014 as President, Tools, Components & Assembled Solutions Business of Southwire Company, one of North America’s largest wire and cable manufacturers.”
2. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Mr. Moss currently serves on the board of directors of the American Clean Power Association.”
3. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
4. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Dominic Bardos joined the Company as Chief Financial Officer in October 2022 and has more than 30 years of experience in global finance and accounting across multiple industries.”
5. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Jeffery Tolnar has served as President since December 2022 and as Interim Chief Executive Officer from March 15, 2023 to July 17, 2023. He joined the Company in April 2021 as Senior Vice President, Electric Vehicle Solutions.”
6. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Bobbie L. King Jr. joined the Company as Chief Legal Officer and Corporate Secretary in June 2025 and brings more than 15 years of legal leadership experience, including significant experience in the clean infrastructure sector.”
7. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Kirsten Moen joined the Company as Chief Operating Officer in September 2024. She brings extensive operations and manufacturing leadership experience across global industrial and manufacturing organizations.”
8. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “James Hart joined the Company as Chief People Officer in November 2024 and brings more than 20 years of human resources leadership experience.”
9. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Brad Forth has served on our Board since June 2017. Mr. Forth has more than 30 years of experience in the energy industry.”
10. Shoals Technologies Group, Inc., Form DEF 14A filed 2026-03-20: “Ty Daul 58 Chief Executive Officer, Primergy Solar 2021 Jeannette Mills 59 Executive Vice President & Chief Administrative Officer, Tennessee Valley Authority 2022 Niharika Taskar Ramdev 56 Former Chief Financial Officer, Global Cadillac, General Motors Company 2024 Lori Sundberg 62 Chief Human Resources Officer, Cadence Education 2021 Toni Volpe 53 Chief Executive Officer, Nadara, Ltd. 2021”
11. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, we had approximately 1,480 full-time and temporary employees. The vast majority of our employees are located in the United States.”
12. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “None of our employees are represented by a labor union. We have not experienced any employment-related work stoppages, and we consider relations with our employees to be good.”
13. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The number of full-time employees in our general and administrative departments increased from 185 to 199 from December 31, 2024 to December 31, 2025”
14. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers (“OEMs”). Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale.”
15. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In the solar industry, electrical infrastructure is referred to as electrical balance of systems (EBOS). EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels or stored by a BESS solution to an inverter and ultimately to the power grid.”
16. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In the first quarter of 2023, we simplified our corporate structure by, among other things, eliminating the umbrella-partnership C corporation structure (“Up-C structure”) that was in place since its January 29, 2021 initial public offering (“IPO”).”
17. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our Class A common stock is traded on the Nasdaq Global Market under the symbol “SHLS”.”
18. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “We have a focus in two end-markets: (1) clean, grid connected energy and (2) data center + mission-critical electrical infrastructure. This market diversification seeks to capitalize on the growing global demand for energy and the need to accelerate electrification.”
19. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “We refer to complete EBOS solutions that use products manufactured by us, typically in connection with the design and specification of an entire EBOS system, as “system solutions”. When we sell a system solution, we work with our customers to design, specify and engineer their system solution to provide a complete customized EBOS solution consisting of individualized products that maximizes reliability and energy production while minimizing cost. We also provide technical support during installation and the transition to operations and maintenance. We refer to individual, often custom and proprietary, products we sell as “components”.”
20. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “We derived 78.7% of our revenue from the sale of system solutions for the year ended December 31, 2025.”
21. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Given the custom nature of both our system solutions and individual components and the long development cycle for solar energy and BESS projects, we typically have 12 months or more of lead time to quote, engineer, produce and ship orders we receive, and we do not stock large amounts of finished goods.”
22. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our contractual delivery period for system solutions can vary from one to three months whereas manufacturing typically requires a shorter time frame. Contracts for system solutions can range in value from several hundred thousand to several million dollars.”
23. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The majority of our contracts require customer deposits ranging from 10 to 20% of the contract value.”
24. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Critical to our solar solution suite of products is our Big Lead Assembly (“BLA”) trunk bus , which introduced a foundational shift in solar project design, simplifying construction while improving safety and reliability. We have eliminated the need for individual wire runs from each string of a solar panel to combiner boxes.”
25. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “cost savings by leveraging aluminum, which is often 80% less expensive than copper; •above ground installation, which eliminates the need for conduits, trenching, environmental issues, and difficult maintenance; •installation designed for general labor, minimizing the need for licensed electricians; •reduction in the overall number of wire runs by up to 95%”
26. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “A core component of Shoals’ BESS portfolio is the Recombiner platform. It is energy input agnostic and enables the aggregation of multiple DC inputs from solar arrays, battery storage systems, and other DC microgrid components into a single DC output, allowing batteries to charge and discharge consistent power to the grid.”
27. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Data centers represent an emerging application for Shoals’ DC power and BESS expertise.”
28. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In addition to the BESS Recombiner, the company is actively evaluating and developing additional offerings tailored to data center power systems, consistent with its strategy to extend proven EBOS platforms into adjacent mission-critical infrastructure markets.”
29. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “we primarily sold to engineering, procurement and construction firms (“EPCs”) for use in large solar and BESS projects designed to generate electricity and feed it directly into the electric grid, typically with a generation capacity of 1 megawatt or greater. These EPCs work with owners and developers of solar assets to build energy infrastructure projects.”
30. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our customers include EPCs, utilities, solar developers, independent power producers, and solar module manufacturers.”
31. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “However, given the mission-critical nature of EBOS (as further described below), the decision to use our products typically involves input from both the EPC and the owner/developer of the energy infrastructure energy project.”
32. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “For the year ended December 31, 2025, our largest customer and five largest customers constituted approximately 19.1% and 53.7% of total revenue, respectively.”
33. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “For the year ended December 31, 2025, our largest customer contributed approximately 19.1% of our total revenue and was one of two customers contributing 10% or greater of total revenue.”
34. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “We have manufacturing facilities located in Tennessee and Alabama. We have national sales leaders in the United States that are supported by our engineering staff in Tennessee. Internationally, we have sales personnel located in Spain and Australia. Our team in Spain services Europe, Latin-America, and Africa regions while our personnel in Australia supports Asia-Pacific.”
35. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In 2025, we invested substantial capital as part of the process to expand and consolidate our existing Tennessee-based manufacturing and distribution operations to a new, larger facility in Portland, Tennessee. During the second half of 2025, we received a certificate of occupancy, and began to move operations to the new facility.”
36. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “1400 Shoals Way, Portland, TN Owned 103,200 Office, manufacturing, warehousing and shipping 215 Industrial Drive, Muscle Shoals, AL Owned 16,910 Office, manufacturing, warehousing and shipping 109 Kirby Drive, Portland, TN Leased 219,767 Office, manufacturing, warehousing and shipping 1500 Shoals Way, Portland, TN Leased 638,330 Office, manufacturing, warehousing and shipping”
37. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, we had $747.6 million of backlog and awarded orders. Backlog of $326.2 million represents signed purchase orders or contractual minimum purchase commitments with take-or-pay provisions and awarded orders of $421.4 million are orders we are in the process of documenting a contract for but for which a contract has not yet been signed. As of December 31, 2025, we believe approximately $326.2 million of backlog and $277.3 million of awarded orders have delivery dates in 2026.”
38. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, backlog and awarded orders increased by 17.8% relative to December 31, 2024 and increased by 3.7% relative to September 30, 2025.”
39. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The Company was notified by certain customers that a subset of wire harnesses used in its EBOS solutions has presented unacceptable levels of contraction of wire insulation (“wire insulation shrinkback”). Based upon the Company’s assessment, the Company currently believes the wire insulation shrinkback is related to defective wire manufactured by Prysmian Cables and Systems USA, LLC (“Prysmian”).”
40. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “For the year ended December 31, 2023, the Company disclosed an initial range of potential loss from $59.7 million to $184.9 million. The Company recorded warranty expense for this matter of $59.2 million during the year ended December 31, 2023. During the year ended December 31, 2024, the Company determined it was appropriate to adjust the range of estimates previously provided based on additional information obtained. The low-end of the estimated range increased to $73.0 million and the high-end decreased to $160.0 million.”
41. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In accordance with ASC 450, Contingencies, the Company believes the potential estimated loss for this matter is $73.0 million, which represents the best estimate of the potential loss as of December 31, 2025, of which $69.7 million has been incurred to date. As of December 31, 2025 and December 31, 2024, our recorded warranty liability related to this matter was $3.3 million and $39.9 million, respectively.”
42. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The Company does not maintain insurance for product warranty issues and has commenced a lawsuit against Prysmian”
43. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The amended complaint alleges that the wire at issue in the litigation has presented unacceptable levels of wire insulation shrinkback. The amended complaint includes, among other causes of action, product liability, breach of contract, breach of warranty, indemnity, and negligence claims. Mediation in this case is ongoing.”
44. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Because the lawsuit against Prysmian is ongoing, potential recovery from Prysmian is not considered probable as defined in ASC 450, Contingencies, and has not been considered in our estimate of the warranty liability as of December 31, 2025.”
45. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The Company is accounting for these matters as a gain contingency, and will record any such gain in future periods if and when the contingency is resolved, in accordance with ASC 450, Contingencies.”
46. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The complaint alleges violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, based on allegedly false and misleading statements and omissions relating to the wire insulation shrinkback matter.”
47. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The complaint asserts claims for breach of fiduciary duty relating to the wire insulation shrinkback matter.”
48. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In December 2025 and January 2026, the Company and the Plaintiffs engaged in court-ordered mediation. This case is ongoing.”
49. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “General and administrative expenses increased primarily due to higher legal and professional costs of $15.7 million. These include expenses related to intellectual property litigation that rose from $6.0 million in 2024 to $9.1 million in 2025, wire‑insulation shrinkback litigation increased from $7.2 million to $18.3 million, and stockholder litigation increased from $0.9 million to $2.5 million.”
50. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “As of December 31, 2025, we had 25 U.S. trademark registrations, 3 pending U.S. trademark applications, 39 issued U.S. patents, 4 issued non-U.S. patents, and 49 global patent applications pending examination. Many of our patents relate to more efficient electrical wiring and power transmission from solar panels to power inverters at solar installations. Our current U.S. issued patents are scheduled to expire from 2031 to 2043.”
51. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “On August 30, 2024, the Administrative Law Judge issued a Final Initial Determination finding that Voltage violated Section 337 of the Tariff Act of 1930, as amended, by importing infringing LYNX trunk bus products into the United States. However, on January 14, 2025, the ITC reversed the Administrative Law Judge’s Final Initial Determination and issued a Notice of a Commission Final Determination Finding No Violation of Section 337.”
52. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “On January 9, 2025, the Company filed a patent infringement complaint at the ITC against Voltage. This complaint cites two new patents (the ‘375 and ‘376 Patents) that cover the Company’s BLA solutions.”
53. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “On February 6, 2026, an Administrative Law Judge at the ITC issued an Initial Determination finding that Voltage’s products infringed on Shoals ‘375 and ‘376 patents. The ITC is expected to issue a Final Determination by June 2026.”
54. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “On February 11, 2026, the Company and Hikam filed a voluntary, joint-dismissal that will end the legal proceedings as they pertain to Hikam. The Company’s case against Voltage remains stayed pending a ruling in the appeal.”
55. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our principal competitors include Construction Innovation, Hikam America, Inc., Nextpower Inc. (via acquisition of Bentek), Premier PV, TerraSmart, LLC (formerly SolarBOS, Inc.), and Voltage, LLC.”
56. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The unique expertise required to design EBOS, BESS, data center, and OEM solutions, as well as customers’ reluctance to try unproven products, has confined the number of companies that produce such EBOS, BESS and OEM products to a relatively small number.”
57. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In 2025, H.R. 1, the One Big Beautiful Bill Act, was enacted into law. H.R.1 modified aspects of the IRA. These changes included a placed in service deadline, for solar and wind projects, of December 31, 2027 and updated compliance requirements under the Foreign Entity of Concern (“FEOC”) provisions of Section 48E of the Internal Revenue Code. Additional guidance around FEOC provisions is still forthcoming and expected to be finalized in 2026. Future federal solar and energy incentives remain uncertain.”
58. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In 2025, the impacts of tariffs have caused a deterioration on our gross margins through our direct payment of tariffs and secondary tariff costs passed to us rising prices from suppliers.”
59. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “On February 20, 2026, the U.S. Supreme Court invalidated the Administration's tariff measures after concluding that the International Emergency Economic Powers Act did not authorize their imposition.”
60. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our end users’ ability to install energy systems is affected by weather, as installation and construction projects slow during the colder winter months in the U.S. Such installation delays can impact the timing of orders for our products.”
61. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Revenue increased by $76.1 million, or 19%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024, driven by increased sales volumes from higher demand of products to meet utility scale solar project demands.”
62. The record on this page: the filed annual figures (EDGAR's company facts)
63. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Gross profit as a percentage of revenue was 35.0% for the year ended December 31, 2025 as compared to 35.6% for the year ended December 31, 2024. This change in gross margin was due to a reduced amount of wire insulation shrinkback expenses in the current year compared to the prior year, offset by increased material costs, tariffs, non-recurring operational charges, competitive dynamics, volume discounts, and product mix in our key markets, and a reduction in leverage on fixed costs.”
64. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our product costs are affected by the underlying cost of raw materials, including copper and aluminum; component costs, including fuses, resin, enclosures, and cable; technological innovation; economies of scale resulting in lower component costs; and improvements in production processes and automation. We do not currently hedge against changes in the price of raw materials.”
65. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our product development, manufacturing and testing processes are complex, involve a number of precise steps from design to production, and require significant technological and production process expertise, and therefore we depend on a limited number of vendors and suppliers.”
66. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
67. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Year Ended December 31, 2025 2024 2023 System solutions $ 374,189 $ 306,145 $ 398,384 Components 101,142 93,063 90,555 Total revenue $ 475,331 $ 399,208 $ 488,939”
68. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The domestic utility scale solar market has experienced volatility that has had an impact on our business.”
69. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In 2026, we expect capital expenditures between $20.0 million to $30.0 million, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year.”
70. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Our capital expenditures primarily relate to purchases of property, plant, and equipment to support manufacturing operations and growth initiatives. In 2025, we had capital expenditures of $33.0 million.”
71. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “In 2025, we also used approximately $41.0 million of cash to pay for expenses related to the identification, repair and replacement of the wire harnesses impacted in connection with the wire insulation shrinkback matter. We expect to continue spending significant amounts of cash in connection thereof.”
72. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “Amidst the volatility, the U.S. solar industry has shown demonstrated levels of growth in 2025, with recorded expansion in new solar module manufacturing capacity according to the Solar Energy Industries Association. As a result, we believe the industry is poised for continued growth across both our core and new markets, driven by the continued and increasing need for energy around the world.”
73. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “We generated cash from operating activities of $17.1 million during the year ended December 31, 2025, as compared to cash provided by operating activities of $80.4 million and $92.0 million, respectively, during the years ended December 31, 2024 and 2023. As of December 31, 2025, our cash and cash equivalents were $7.3 million, a decrease from $23.5 million as of December 31, 2024.”
74. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “For the year ended December 31, 2025, cash provided by operating activities was $17.1 million, due to operating results that included $33.6 million of net income, which included $43.3 million of non-cash expense.”
75. Shoals Technologies Group, Inc., Form 10-K filed 2026-02-24: “The Company had the following revenue concentrations representing approximately 10% or more of revenue for the years ended December 31, 2025, 2024 and 2023 and related accounts receivable concentrations as of December 31, 2025, and 2024: 2025 2024 2023 Revenue % Accounts Receivable % Revenue % Accounts Receivable % Revenue % Customer A 19.1 % 25.2 % 26.4 % 19.0 % 36.3 % Customer B 12.9 % 6.9 % 10.4 % 8.8 % 5.5”

Where the revenue comes from

Product and service lines in fiscal 2025: System Solutions 79%, Components 21%. As tagged in its annual report (Form 10-K, filed 2026-02-24).

Who runs it

Moss, Brandon (Chief Executive Officer); Tolnar, Jeffery (President); Bardos, Dominic (Chief Financial Officer); Moen, Kirsten (Chief Operating Officer); King, Bobbie Lee Jr (Chief Legal Officer); Hart, James Ryan (Chief People Officer); Van, Bibber David Sean (Chief Accounting Officer); Daul, Ty P. (director); Forth, John Bradford (director); Julian, Robert K. (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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