Q1 2025 Shoals Technologies Group Inc Earnings Call Transcript
Key Points
- Shoals Technologies Group Inc (SHLS) reported first-quarter revenue of $80.4 million, slightly above the high end of their expected range.
- The company secured approximately $91 million in new orders, resulting in a robust backlog and awarded orders (BLAO) of $645.1 million.
- Shoals Technologies Group Inc (SHLS) is making progress on strategic growth initiatives, including international expansion and new product launches.
- The company has a strong domestic manufacturing footprint, which is resonating well with customers amid geopolitical uncertainties.
- Shoals Technologies Group Inc (SHLS) is seeing increased interest in their battery energy storage solutions (BESS), with notable partnerships and market opportunities identified.
- Net revenue declined by 11.5% year over year, driven by product mix, strategic pricing actions, and customer mix.
- Gross profit decreased to $28.1 million from $36.5 million in the prior year period, with a decline in gross profit percentage from 40.2% to 35.0%.
- The company reported a net loss of $0.3 million compared to net income of $4.8 million in the prior year period.
- Adjusted EBITDA was $12.8 million, down from $20.5 million in the prior year period, with a margin decrease from 22.5% to 15.9%.
- Shoals Technologies Group Inc (SHLS) is facing ongoing litigation costs related to wire insulation shrink back, impacting financial performance.
Good morning, and welcome to the Shoals Technologies Group first-quarter 2024 earnings conference call. Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Matt Tractenberg, Vice President of Finance and Investor Relations for Shoals Technologies Group. Thank you. You may now begin.
Thank you, Charlie, and thank you, everyone, for joining us today. Hosting the call with me is our CEO, Brandon Moss; and our CFO, Dominic Bardos. On this call, management will be making projections or other forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties and should not be considered guarantees of performance or results. Those risks and uncertainties are listed for interested investors in our most recent SEC filings. Actual results could differ materially from our forward-looking statements.
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