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					</table><a href="https://shoals.com/en-gb/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a supplier of electrical balance of system (EBOS) solutions, reported revenue of $148.3 million in the fourth quarter (Q4) of 2025, an increase of 39% year-over-year (YoY) from $107 million, on the back of higher product sales to utility-scale solar projects.
Profit rose 3.8% to $8.1 million from $7.8 million in the same quarter last year.
The gross profit margin increased by 31.6% compared to Q4 2024.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4 2025 stood at $30.3 million, up 14.8% YoY from $26.4 million.
Earnings per share for the quarter stood at $0.10, which missed analysts’ estimates by $0.03.
Brandon Moss, Chief Executive Officer at Shoals Technologies Group, said, “After a challenging 2024, we came back strong and grew top-line revenue by 19%. Our U.S. utility-scale solar business grew by almost 11% for the full year, accelerating in the back half and growing 30% compared to the second half of 2024. International revenue expanded from less than $1 million in 2024 to approximately $13 million in 2025. Our quote volume in the quarter exceeded $700 million for unique projects, further strengthening our pipeline.”
“We recognized approximately $13 million of revenue in 2025 from international projects and have a record $90 million of international backlog and awarded orders, which will drive continued growth in 2026 and beyond,” he said.
Full Year 2025
Shoals’ revenue of $475.3 million in 2025 increased 19.1% from $399.2 million in 2024.
The company earned a profit of $33.6 million, up 39.4% YoY from $24.1 million
The gross profit margin stood at 35%, down from 35.6% the previous year.
EBITDA for the year increased by 0.4% to $99.5 million from $99.1 million in 2024.
Earnings per share increased by 42.9% for the year and stood at $0.20 compared to $0.14 the previous year.
Operational Highlights
The company’s backlog and awarded orders as of December 31, 2025, were $747.6 million, which is 17.8% higher than the same time last year and 3.7% higher than September 30, 2025.
The increase in backlog and awarded orders reflects continued demand for the company’s solar products, with growth in new domestic and international markets.
Shoals will continue investing in scalable production capabilities for battery storage and expects its first new production line to be operational within the coming weeks. The company is contemplating building a second production line for battery storage systems. It plans to put its second production line next to its new production line, which can produce the same product or a similar variant.
It is also entering into a partnership with ON.energy, a leading developer of advanced power systems for grid-safe data centers.
The company’s original equipment manufacturing business grew by 47% last year and is expected to remain strong this year.
Shoals projected revenue of $130 million for the next quarter and nearly $600 million for 2026, representing YoY growth of 22% at the midpoint.
The company expects its CAPEX spending to decline this year. Its CAPEX guidance for 2025 was about $25 million, but it spent over $30 million. Shoals plans to normalize its CAPEX spend over the coming years.
Shoals <a href="https://www.mercomindia.com/shoals-revenue-jumps-33-in-q3-on-higher-project-volumes" target="_blank" rel="noopener">reported</a> a 32.8% YoY increase in revenue to $135.8 million in Q3 2025, up from $102.2 million.

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					</table>Warranty of solar modules is a crucial part of any solar installation, as modules account for nearly 40% of project cost. Warranty covers both the product and its performance. While warranty is a business enabler, it is yet to grain traction in the industry, experts at a webinar hosted by Mercom India said.
The webinar was titled &#8216;Solar PV Performance Warranty: Building Market Confidence.&#8217;
The panelists were Burzin Umrigar, SVP-Head Construction Insurance &amp; Renewable Energy, <a href="https://www.howdenindia.in/" target="_blank" rel="noopener">Howden India</a>; Punit Mehta, Director at <a href="https://www.pixonenergy.com/" target="_blank" rel="noopener">Pixon Green Energy</a>; Sudhanshu Kamboj, VP-Project Development at <a href="https://www.radiancerenewables.com/" target="_blank" rel="noopener">Radiance Renewables</a>; and Vineet Mittal, Director, and Co-founder at <a href="https://navitassolar.in/" target="_blank" rel="noopener">Navitas Solar</a>.
Priya Sanjay, Managing Director, Mercom India, moderated the session.
Growing Demand for Solar Module Warranty Insurance
Solar module warranty insurance as a business enabler has come to the fore in the last four- five years.
On the growing significance of module warranty insurance, Burzin Umrigar said, &#8220;The insurance is for both buyers and sellers. The insurance is for faulty manufacturing, material defects, material aging, and insolvency of manufacturers. Currently, there are few players in the market, but it is bound to grow.&#8221;
He said if the manufacturer goes insolvent, the insurance policy is transferred to a registered buyer, ensuring that his warranty claims remain covered.
&#8220;Most companies provide insurance for 25-30 years. We require insurance policy longevity in terms of business focus. We take utmost care in the manufacturing process, and the insurance policy is to address particular contingencies that crop up from time to time,&#8221; Punit Mehta of Pixon Green Energy said.
The market has matured over a period of time, and manufacturers are now offering warranties for 25 years.
According to Sudhanshu Kamboj, &#8220;There is a need for climate change insurance which is not in vogue right now but will come into the picture with global warming taking center stage. It will certainly gain traction in the coming years. The insurance business is at a nascent stage, and the premiums are too high.&#8221;
The surge in demand for solar module warranty insurance is expected to boost the market&#8217;s growth in the coming period.
&#8220;Even projects with lower capacities should get the benefits of insurance. It gives the buyers additional coverage and a layer of security. There is a lot of flexibility in buying insurance products, and this makes it easier for us to export the products. Now the U.S. clients are planning to buy from Indian manufacturers as an alternative to China. Having insurance in place makes it easier for us to sell,&#8221; Vineet Mittal of Navitas Solar said.
Turnover Requirement a Challenge
Many believe the insurance products are not customized for Indian manufacturers. The minimum turnover requirement of availing the claim is also a significant hurdle.
&#8220;The developers want insurance for a range of capacities, and they feel that the capacity cap for availing the insurance is a challenge. Also, we have stringent insurance eligibility criteria in place. However, manufacturers are able to provide the documentation needed for the insurance, which makes it easier for developers,&#8221; Umrigar said.
He added that there is definitely a need for a risk advisor who can decode the nuances of insurance for customers.
&#8220;Product warranties contribute to the growth of sales, and it is imperative that all the assets should be insured. Insurance cover has become very important as a part of our business, and manufacturers are comfortable with the fact that any hurdle that comes in the way can be dealt with,&#8221; added Mehta.
He said Pixon Green Energy has been in the export business for quite some time. “For exports, insurance is essential since clients demand insurance coverage for deals to go through.&#8221;
Stakeholders feel the need for customization for each client. Customers are ready to pay the cost, but the product should be good.
&#8220;Getting insurance claims reimbursed is a big challenge for any manufacturer. It is a big impediment to facilitating the growth of insurance products in the country. There should be greater clarity regarding the details of the overall process, and also, there is an utmost need to keep the insurance process simple,&#8221; said Mittal.
Solar PV Warranty Insurance from a Developer&#8217;s Perspective
Solar developers invest significant capital into projects, and therefore solar PV warranty insurance becomes critical.
&#8220;We get lending from Indian banks, which take into account the Tier-I manufacturers, and the lending process becomes easier. The lenders are happy with the product and performance warranties, and it is only a matter of time before climate change insurance also becomes popular. On behalf of other developers, I might say there are challenges for domestic manufacturers, and the banks see domestic manufacturers with a critical eye,&#8221; opined Kamboj.
Many developers do their own third-party inspections before opting for any insurance products.
You can watch the webinar <a href="https://register.gotowebinar.com/register/1155881818944469077?source=Website" target="_blank" rel="noopener">here</a>.

Module Warranty Insurance Key to Solar Market’s Growth: Mercom Webinar

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