Strong Bookings and Backlog
Shoals Technologies reported a robust backlog and awarded orders (BLAO) of $645.1 million, with approximately $91 million in new orders, resulting in a book-to-bill ratio of 1.13.
Successful Strategic Growth Initiatives
The company is making progress on strategic growth initiatives, including international expansion and new product launches, with over 15% of BLAO including new products.
Positive Cash Flow and Operational Improvements
Shoals Technologies reported a free cash flow of $12.4 million, with an improved balance sheet and the lowest net debt in four years.
Strong Customer Engagement and Market Position
Shoals' value proposition of high-quality products and exceptional engineering support is resonating with customers, leading to increased engagement and market share.
BESS and International Market Expansion
The company is expanding its Battery Energy Storage Solutions (BESS) offerings and announced an MOU with UGT Renewables for up to 12 gigawatts of international solar power projects.