Shoals Technologies Group, a manufacturer of electrical balance of systems for solar, energy storage, and e-mobility, reported a revenue of $110.8 million in the second quarter (Q2) of 2025, increasing 11.7% year-over-year (YoY) from $99.2 million.

The revenue growth was driven by strong underlying demand and an increase in project executions.

Net income rose to $13.9 million from $11.8 million in the same quarter last year. Lower interest expenses and a favorable tax impact supported the increase.

Earnings per share for the quarter came in at $0.08, compared to $0.07 in the same period of the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $24.5 million, compared to $27.7 million in Q2 2024.

General and administrative expenses rose to $23.1 million from $19.2 million in Q2 2024. This increase was primarily due to a rise of $3 million in legal expenses related to ongoing litigation concerning wire insulation shrink back, intellectual property, and shareholder disputes.

Brandon Moss, Chief Executive Officer at Shoals Technologies, emphasized that the company’s expanding product portfolio and favorable market conditions played a key role in driving sales. “Our value proposition and expanded product offering, combined with improving industry fundamentals and underlying demand growth, are driving strong sales,” he said.

Shoals Technologies reported that its backlog and awarded orders (BLAO) reached a record $671.3 million as of June 30, 2025. International orders accounted for over 13.2% of this amount. The backlog consists of signed purchase orders or contractual minimum commitments, while awarded orders are pending final contract execution.

“Bookings were also very strong in the period, driving approximately $137.1 million in new orders,” Moss noted.

Outlook

Based on business momentum and a favorable demand environment, the company raised its guidance for Q3 and the full year.

For Q3 2025, Shoals expects revenue between $125 million and $135 million and adjusted EBITDA between $30 million and $35 million. For the full year, revenue is now forecast in the range of $450 million to $470 million, with adjusted EBITDA projected between $100 million and $115 million.

Shoals expects cash flow from operations to be in the range of $15 million to $25 million and capital expenditures between $30 million and $40 million. Full-year interest expense is expected to range from $8 million to $12 million.

Moss stated that 2025 is developing strongly, with results exceeding expectations. He noted that the company’s domestic utility-scale markets are performing well. “Approximately $540.3 million of that BLAO has shipment dates in the upcoming four quarters running through Q2 2026.”

The regulatory environment remains complex, but the fundamentals of the energy transition market are solid, with stakeholders continuing to meet project milestones, he said.

First Half (1H) 2025 

For the six months ended June 30, 2025, the company reported a total revenue of $191.2 million, up slightly from $190.1 million in the first half of 2024.

Net income for the six-month period was $13.6 million, down from $16.6 million in 1H 2024. The company recorded a one-time gain on the sale of assets amounting to $3.13 million in 1H 2025, which partially offset the drop in operating income.

The EPS came in at $0.08, compared to $0.10 in the first half of 2024.

For the six months ended June 30, 2025, adjusted EBITDA stood at $37.3 million, compared to $48.1 million in 1H 2024.

Shoals Technologies reported its first quarter 2025 earnings, revealing a revenue of $80.4 million, surpassing the forecasted $74.76 million. This represented an 11.5% YoY decrease from $90.8 million.