Shoals Technologies Group: Buy Rating Affirmed Amid Record Backlog and Strategic Growth in Clean Energy MarketsSHLS reported 3Q25 adj. EBITDA of $32mn, 3% below consensus expectations, and highlighted its record backlog of $721mn, including $18mn of orders for battery storage and data center products. In our view, SHLS's record backlog further underscores the scale of demand for clean energy generating projects driven by load growth from data centers and large technology companies (see our 28-Oct-2025 note: The AI Hunt for Clean Energy).