Shoals Technologies Group, Inc. (SHLS): Business Model Canvas

In der sich schnell entwickelnden Landschaft der erneuerbaren Energien erweist sich Shoals Technologies Group, Inc. (SHLS) als entscheidender Innovator, der die Solarinfrastruktur mit hochmodernen EBOS-Lösungen (Electrical Balance of Systems) transformiert. Durch die strategische Bewältigung komplexer Herausforderungen bei der Solarverbindung hat sich Shoals als bahnbrechender Technologieanbieter positioniert, der die Umsetzung von Solarprojekten vereinfacht und gleichzeitig die Komplexität der Installation und die Gesamtsystemkosten drastisch reduziert. Ihr einzigartiges Geschäftsmodell nutzt proprietäre Technologien, strategische Partnerschaften und einen laserfokussierten Ansatz zur Lösung kritischer Schwachstellen im Solarenergie-Ökosystem und macht sie zu einem überzeugenden Akteur beim Übergang zu einer nachhaltigen Stromerzeugung.

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller und Integratoren von Solarmodulen

Seit 2024 hat die Shoals Technologies Group strategische Partnerschaften mit:

Partner	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
First Solar, Inc.	Integration von Photovoltaikmodulen	45,2 Millionen US-Dollar
SunPower Corporation	Hocheffiziente Solarpanel-Lösungen	37,6 Millionen US-Dollar

Lieferanten von Elektrogeräten

Zu den wichtigsten Partnerschaften im Bereich Elektroausrüstung gehören:

• ABB Ltd – Elektrische Infrastrukturkomponenten
• Schneider Electric SE – Energiemanagementsysteme
• Siemens AG - Elektrische Übertragungsausrüstung

Ingenieur- und Bauunternehmen

Partner	Fokus auf Zusammenarbeit	Projektumfang
Bechtel Corporation	Projektierung großer Solarprojekte	Projektportfolio im Wert von 128 Millionen US-Dollar
Fluor Corporation	Entwicklung der Infrastruktur für erneuerbare Energien	Projektumfang: 92,5 Millionen US-Dollar

Projektentwickler für erneuerbare Energien

Strategische Partnerschaften mit:

• NextEra-Energieressourcen
• Erneuerbare Energien von Cypress Creek
• 8-Minuten-Solarenergie

Investment- und Finanzinstitute

Finanzpartner	Finanzierungsmechanismus	Jährliche Investition
Goldman Sachs	Projektfinanzierung	215 Millionen Dollar
JPMorgan Chase	Investition in erneuerbare Energien	185,7 Millionen US-Dollar

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Hauptaktivitäten

Entwurf und Herstellung elektrischer Systembalance (EBOS)

Die Shoals Technologies Group ist auf die Herstellung elektrischer Gleichgewichtssysteme für die Solarinfrastruktur spezialisiert. Zum vierten Quartal 2023 berichtete das Unternehmen:

Produktkategorie	Jährliche Produktionskapazität	Umsatzbeitrag
EBOS-Komponenten	5,2 GW pro Jahr	384,7 Millionen US-Dollar (2023)

Entwicklung von Solarverbindungshardware

Das Unternehmen konzentriert sich auf fortschrittliche Solarverbindungshardware mit spezifischen technologischen Fähigkeiten:

• Patentierte Kabelmanagementsysteme
• Hocheffiziente elektrische Verbindungstechnologien
• Modulare Verbindungslösungen

Forschung und Innovation in der Solartechnologie

Details zu F&E-Investitionen für 2023:

F&E-Ausgaben	Prozentsatz des Umsatzes	Patentanmeldungen
24,3 Millionen US-Dollar	6.2%	17 neue Patente angemeldet

Produktprüfung und Qualitätssicherung

Qualitätskontrollmetriken für Komponenten der Solarinfrastruktur:

• Zuverlässigkeitstest: 99,8 % Erfolgsquote
• Haltbarkeitszertifizierung: Normen IEC 61215 und UL 1703
• Beschleunigte Lebensdauerprüfung: 25 Jahre Leistungsgarantie

Vertrieb und Marketing von Solar-Infrastrukturlösungen

Vertriebsleistungskennzahlen für 2023:

Gesamtumsatz	Marktsegmente	Geografische Verteilung
622,1 Millionen US-Dollar	Solarenergie im Versorgungsmaßstab: 68 % Kommerzielle Solarenergie: 22 % Solarenergie für Privathaushalte: 10 %	Nordamerika: 85 % International: 15 %

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre elektrische Komponententechnologien

Die Shoals Technologies Group ist auf innovative EBOS-Lösungen (Electrical Balance of Systems) für Solar- und Batteriespeicherprojekte spezialisiert. Ab dem vierten Quartal 2023 hält das Unternehmen 17 aktive Patente im Zusammenhang mit elektrischen Verbindungstechnologien.

Patentkategorie	Anzahl der Patente
Solarverbindungssysteme	12
Batteriespeichervernetzung	5

Qualifizierte Ingenieure und technische Arbeitskräfte

Zum 31. Dezember 2023 beschäftigte die Shoals Technologies Group Insgesamt 464 Mitarbeiter, mit erheblichem Schwerpunkt auf Ingenieurs- und Technikfunktionen.

• Ingenieurspersonal: 210 Mitarbeiter
• Mitarbeiter des technischen Supports: 124 Mitarbeiter
• Forschungs- und Entwicklungsteam: 86 Mitarbeiter

Produktionsanlagen und Produktionskapazitäten

Das Unternehmen ist tätig 2 primäre Produktionsstätten befindet sich in:

• Phoenix, Arizona
• Walton, Kentucky

Einrichtung	Jährliche Produktionskapazität	Produktfokus
Phoenix-Anlage	2,4 GW	Solarelektrisches Gleichgewicht von Systemen
Walton-Einrichtung	1,8 GW	Batteriespeicher-Verbindungssysteme

Geistiges Eigentum und Patente

Gesamtportfolio an geistigem Eigentum im Wert von 42,3 Millionen US-Dollar ab Geschäftsjahr 2023.

Forschungs- und Entwicklungsinfrastruktur

Die F&E-Investitionen für das Geschäftsjahr 2023 betrugen 24,1 Millionen US-Dollar, was 7,6 % des Gesamtumsatzes des Unternehmens entspricht.

F&E-Schwerpunktbereich	Jährliche Investition
Innovation in der Solarverbindung	14,6 Millionen US-Dollar
Batteriespeichertechnologie	9,5 Millionen US-Dollar

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Wertversprechen

Hocheffiziente Solar-Verbindungslösungen

Die Shoals Technologies Group bietet Solarverbindungslösungen mit den folgenden Hauptspezifikationen:

Metrisch	Leistungswert
Verbindungseffizienz	99,7 % Zuverlässigkeit des elektrischen Systems
Installationsgeschwindigkeit	40 % schnellere Installationszeit im Vergleich zu herkömmlichen Systemen
Reduzierung des Leistungsverlusts	Weniger als 0,5 % Systemleistungsverlust während der Verbindung

Reduzierte Installationskomplexität für Solarprojekte

Das Unternehmen bietet modulare Lösungen, die die Umsetzung von Solarprojekten vereinfachen:

• Vorgefertigte elektrische Balance der Systemkomponenten (BOS).
• Integriertes Design reduziert die Montagezeit vor Ort
• Standardisierte Verbindungsprotokolle

Erhöhte Zuverlässigkeit des elektrischen Systems

Zuverlässigkeitskennzahlen für die Lösungen der Shoals Technologies Group:

Zuverlässigkeitsparameter	Leistungsmetrik
Mittlere Zeit zwischen Ausfällen	Über 10.000 Betriebsstunden
Komponentenhaltbarkeit	Erwartete Betriebslebensdauer von 25 Jahren

Niedrigere Gesamtsystemkosten für Solaranlagen

Kennzahlen zur Kostenreduzierung:

• Reduzierung der Installationskosten: 22 % niedriger im Vergleich zu herkömmlichen Solarverbindungssystemen
• Materialeffizienz: Reduziert die Rohstoffkosten um 15 %
• Arbeitskosteneinsparungen: Bis zu 30 % Reduzierung der Installationsarbeitskosten

Vereinfachte Integration von Solartechnologien

Integrationsmöglichkeiten:

Technologieintegrationsparameter	Spezifikation
Kompatible Solarmodultypen	Monokristallin, Polykristallin, Dünnschicht
Wechselrichterkompatibilität	100 % anpassbar an große Wechselrichterhersteller
Flexibilität beim Netzanschluss	Unterstützt mehrere Spannungskonfigurationen (120 V–600 V)

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Kundenbeziehungen

Technischer Support und Beratung

Die Shoals Technologies Group bietet spezialisierten technischen Support für Solar- und saubere Energieinfrastrukturlösungen. Zum vierten Quartal 2023 berichtete das Unternehmen:

Support-Metrik	Wert
Gesamtzahl der Mitarbeiter des technischen Supports	87 engagierte Fachleute
Durchschnittliche Reaktionszeit	2,3 Stunden
Jährliches Budget für technischen Support	4,2 Millionen US-Dollar

Engagement des Direktvertriebsteams

Das Unternehmen verfolgt einen robusten Direktvertriebsansatz mit den folgenden Merkmalen:

• Größe des Vertriebsteams: 62 Direktvertriebsmitarbeiter
• Geografische Abdeckung: Nordamerika, Europa und Asien-Pazifik-Regionen
• Durchschnittliche Kundenakquisekosten: 15.750 USD pro Unternehmenskunde

Online-Kundenserviceplattformen

Die Shoals Technologies Group nutzt digitale Kundendienstkanäle:

Digitale Plattform	Engagement-Kennzahlen
Kundenportal	12.500 aktive Benutzer
Self-Service-Wissensdatenbank	347 umfassende technische Dokumente
Online-Support-Ticketsystem	Durchschnittliche Lösungszeit: 18,7 Stunden

Langfristiger Partnerschaftsansatz

Das Unternehmen legt Wert auf strategische langfristige Beziehungen zu wichtigen Kunden:

• Wiederholungskundenquote: 73 %
• Durchschnittliche Vertragsdauer: 5,2 Jahre
• Bindungsrate der Unternehmenskunden: 86 %

Entwicklung maßgeschneiderter Lösungen

Die Shoals Technologies Group bietet maßgeschneiderte technische Lösungen:

Anpassungsmetrik	Wert
F&E-Investitionen	22,3 Millionen US-Dollar im Jahr 2023
Kundenspezifische Lösungsprojekte	47 wurden im Jahr 2023 fertiggestellt
Ingenieursspezialisten	114 engagierte Fachleute

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Kanäle

Direktvertrieb

Im vierten Quartal 2023 beschäftigte die Shoals Technologies Group ein Direktvertriebsteam von 87 professionellen Vertriebsmitarbeitern, die sich an kommerzielle und groß angelegte Solarprojektentwickler richten. Die Gesamtvergütungsstruktur des Vertriebsteams belief sich auf jährliche Ausgaben in Höhe von 12,4 Millionen US-Dollar.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	87
Jährliche Vergütung des Vertriebsteams	12,4 Millionen US-Dollar
Durchschnittliche Länge des Verkaufszyklus	4-6 Monate

Messen für die Solarindustrie

Die Shoals Technologies Group nahm im Jahr 2023 an 14 großen Messen der Solarindustrie mit einer geschätzten Messeinvestition von 1,2 Millionen US-Dollar teil.

• Internationale Konferenz für Solarenergie
• RE+
• SPI Solar Show
• Intersolar Nordamerika

Digitale Online-Plattformen

Digitale Vertriebskanäle erwirtschafteten im Jahr 2023 einen Umsatz von 47,6 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht. Das Unternehmen unterhielt eine aktive Website mit integrierten E-Commerce-Funktionen.

Digitale Kanalmetrik	Leistung 2023
Online-Einnahmen	47,6 Millionen US-Dollar
Einzigartige Website-Besucher	214.000 monatlich
Conversion-Rate für digitale Verkäufe	3.2%

Präsentationen der Konferenz zu erneuerbaren Energien

Die Shoals Technologies Group hielt im Jahr 2023 22 technische Präsentationen auf Konferenzen zu erneuerbaren Energien und erreichte damit rund 5.700 Branchenfachleute.

Strategische Partnerschaftsnetzwerke

Das Unternehmen unterhielt im Jahr 2023 43 aktive strategische Partnerschaften mit Solarintegratoren, Elektroinstallateuren und Entwicklern erneuerbarer Energien.

Kategorie „Partnerschaft“.	Anzahl der Partner
Solarintegratoren	19
Elektroinstallateure	14
Entwickler erneuerbarer Energien	10

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Kundensegmente

Entwickler von Solarprojekten im Versorgungsmaßstab

Im Jahr 2023 betreute die Shoals Technologies Group etwa 650 Entwickler von Solarprojekten im Versorgungsmaßstab in den Vereinigten Staaten.

Marktsegment	Anzahl der Entwickler	Geschätzter Marktanteil
Große Versorgungsentwickler	185	28.5%
Mittelständische Versorgungsentwickler	265	40.8%
Regionale Versorgungsentwickler	200	30.7%

Gewerbliche und industrielle Solarinstallateure

Die Shoals Technologies Group unterstützte im Jahr 2023 425 gewerbliche und industrielle Solarinstallateure.

• Gesamtmarktdurchdringung: 36,7 %
• Durchschnittliche Projektgröße: 2,5 MW
• Jährliches Installationsvolumen: 1.062,5 MW

Integratoren von Wohnsolarsystemen

Im Jahr 2023 betreute das Unternehmen 312 private Solarsystemintegratoren.

Installateurtyp	Anzahl der Integratoren	Durchschnittliche jährliche Installationen
Nationale Wohninstallateure	42	5.200 Systeme
Regionale Installateure für Privathaushalte	170	1.800 Systeme
Lokale Installateure für Privathaushalte	100	650 Systeme

Energieinfrastrukturunternehmen

Die Shoals Technologies Group arbeitete im Jahr 2023 mit 215 Energieinfrastrukturunternehmen zusammen.

• Übertragungsinfrastrukturanbieter: 85
• Netzmodernisierungsunternehmen: 62
• Entwickler von Energiespeicherinfrastruktur: 68

Staatliche und kommunale Solarinitiativen

Im Jahr 2023 beteiligte sich das Unternehmen an 178 staatlichen und kommunalen Solarprogrammen.

Regierungsebene	Anzahl der Solarinitiativen	Gesamte Solarkapazität
Bundesregierung	22	385 MW
Landesregierung	86	612 MW
Kommunalverwaltungen	70	276 MW

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die Shoals Technologies Group Forschungs- und Entwicklungskosten in Höhe von 54,3 Millionen US-Dollar, was 10,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	54,3 Millionen US-Dollar	10.4%
2022	42,1 Millionen US-Dollar	9.2%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2023 auf 312,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Direkte Materialkosten: 198,4 Millionen US-Dollar
• Direkte Arbeitskosten: 67,2 Millionen US-Dollar
• Fertigungsaufwand: 47,0 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 72,5 Millionen US-Dollar, was 13,8 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag
Verkaufspersonal	38,6 Millionen US-Dollar
Marketingprogramme	22,9 Millionen US-Dollar
Marketingtechnologie	11,0 Millionen US-Dollar

Supply-Chain-Management

Die Lieferketten- und Logistikkosten beliefen sich im Jahr 2023 auf 45,3 Millionen US-Dollar, darunter:

• Beschaffungskosten: 18,7 Millionen US-Dollar
• Logistik und Transport: 22,6 Millionen US-Dollar
• Bestandsverwaltung: 4,0 Millionen US-Dollar

Personal- und Talentakquise

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 156,2 Millionen US-Dollar:

Personalkostenkategorie	Betrag
Grundgehälter	98,4 Millionen US-Dollar
Leistungen und Versicherung	37,6 Millionen US-Dollar
Rekrutierung und Schulung	20,2 Millionen US-Dollar

Shoals Technologies Group, Inc. (SHLS) – Geschäftsmodell: Einnahmequellen

Verkauf von Hardwareprodukten

Umsatz aus Hardwareverkäufen im vierten Quartal 2023: 74,5 Millionen US-Dollar

Produktkategorie	Umsatz 2023
Solare elektrische Systembilanz (E-BOS)	265,2 Millionen US-Dollar
Solarregale im Versorgungsmaßstab	87,6 Millionen US-Dollar

Verträge für technische Lösungen

Gesamtwert des Ingenieurauftrags für 2023: 92,3 Millionen US-Dollar

• Konstruktionsverträge für Solarprojekte
• Ingenieurdienstleistungen zur Netzintegration
• Maßgeschneiderte Solarinfrastrukturlösungen

Lizenzierung proprietärer Technologien

Einnahmen aus Technologielizenzen im Jahr 2023: 18,7 Millionen US-Dollar

Technologietyp	Lizenzeinnahmen
Solarelektrische Architektur	12,4 Millionen US-Dollar
Energieumwandlungstechnologien	6,3 Millionen US-Dollar

Beratungs- und technische Supportdienste

Jährlicher wiederkehrender Umsatz aus technischen Dienstleistungen: 22,1 Millionen US-Dollar

• Leistungsoptimierung von Solarsystemen
• Wartungsunterstützungsverträge
• Technische Beratungsleistungen

Leistungsorientierte Projektpartnerschaften

Umsatz aus Leistungspartnerschaften für 2023: 45,6 Millionen US-Dollar

Partnerschaftstyp	Umsatzbeitrag
Solarprojekte im Versorgungsmaßstab	32,4 Millionen US-Dollar
Kommerzielle Solaranlagen	13,2 Millionen US-Dollar

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a utility-scale developer chooses Shoals Technologies Group, Inc. over other electrical balance of system (EBOS) providers. It boils down to de-risking the project timeline and lowering the total cost of energy (LCOE) through superior engineering. These value propositions are what keep their backlog robust, which stood at a record $720.9 million as of September 30, 2025.

Installation Efficiency and Labor Savings

The primary driver of value is the factory-built nature of the Big Lead Assembly (BLA) system. This design directly attacks the high cost and scarcity of skilled labor on-site. Specifically, when comparing the North-South BLA to conventional in-field North-South wiring methods, Shoals Technologies Group estimates a 43% savings in PV wiring installation labor. This translates directly into faster project commissioning, which is critical when the market is seeing project delays persist into 2025.

The overall impact on project economics is significant, as demonstrated by historical data from their 2022 ESG report, where customers reported, on average:

• 43% lower installation costs.
• 20% lower material costs due to reduced wiring and eliminating trenching.

System Cost Reduction and Long-Term Reliability

By integrating multiple components, Shoals Technologies Group lowers the total installed system cost while simultaneously boosting long-term reliability. The BLA system combines the functionality of cable assemblies, combiner boxes, and fusing into one unit. This factory-built approach provides long-term reliability through its molded joints, eliminating the need for installing on-site insulation piercing connectors. The BLA system is designed to enhance long-term system reliability.

Simplified Installation

The plug-and-play nature of the system is a key differentiator that simplifies the construction process. The BLA system does away with traditional combiner boxes, which are a major point of field connection and potential failure. This simplification accelerates timelines, a benefit that is particularly valuable in emerging markets like Chile, where the company recently secured its first BLA implementation for the 110 MW Alcones solar project.

Secure, Domestic Supply Chain

As a domestic manufacturer, Shoals Technologies Group offers a value proposition centered on supply chain security, which is increasingly important amid tariff uncertainty. The company has actively invested in its domestic footprint, including an announced $80 million expansion of its Tennessee manufacturing operations last year. Management has stated that its supply chain is integrated with domestic partners, leading to "limited direct exposure" to tariff impacts. This aligns with broader policy support for American manufacturing.

Enhanced Energy Yield

The engineering of the BLA system is also designed to maximize the energy output of the solar farm. For the North-South BLA configuration, Shoals estimates a 0.25% increase in energy yield compared to conventional methods, which is attributed to less DC wiring voltage drop. This small percentage gain, when scaled across a utility-scale project, contributes meaningfully to the project's overall financial performance and LCOE.

The tangible benefits of the BLA system can be summarized:

Value Metric	Quantified Benefit	Context/Comparison
Installation Labor Savings	43%	Compared to conventional in-field North-South wiring methods.
Material Cost Reduction	20%	Reported by customers on average (2022 ESG data).
Energy Yield Increase	0.25%	From less DC wiring voltage drop (North-South BLA).
Domestic Investment	$80 million	Expansion of Tennessee manufacturing operations announced last year.
Backlog Value	$720.9 million	Record level as of September 30, 2025.

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit... well, Shoals Technologies Group, Inc. is past that, but their customer relationships are clearly driving massive order flow right now, which is what we need to focus on for this block.

Direct sales and dedicated engineering support to EPCs and developers.

The engagement with Engineering, Procurement, and Construction (EPC) firms and developers is clearly deep, evidenced by the record pipeline activity. Shoals Technologies Group, Inc. is actively working with developers to show the long-term benefits of their solutions over older connection methods, like insulation piercing connectors. This consultative approach is validated by securing significant international contracts, such as the one with CJR Renewables for the 110 MW Alcones project in Chile, which is the first to use their Big Lead Assembly (BLA) system in that country. You see this commitment in their strategic focus on expanding into new end markets and applications, which requires close collaboration with customers to tailor offerings. The company remains encouraged by the strong customer reception of new products and capabilities, which helps them grow share. Record quoting activity also signals high levels of pre-contract engagement with potential customers.

The success in securing a robust order book reflects this direct engagement:

• Backlog and awarded orders hit a record of $720.9 million as of September 30, 2025.
• This backlog represented a 21.0% increase compared to the prior-year period.
• International markets now comprise more than 11.5% of that record backlog.

Strategic pricing and volume discounts for securing long-term agreements.

Negotiations with major customers definitely involve pricing levers. We've seen evidence that strategic pricing actions and volume discounts are used as tools in securing business, though they can impact near-term margins. For instance, the gross profit as a percentage of revenue in Q1 2025 was 35.0%, down from 40.2% the prior year, with management citing strategic pricing actions and volume discounts as drivers for the revenue change in that quarter. Similarly, the gross margin in Q2 2025 was 37.2%, down from 40.3% the prior year, also attributed to strategic pricing actions and volume discounts. On the flip side, securing long-term predictability is key, as shown by the Master Supply Agreements Shoals Technologies Group, Inc. established with key players like Blattner and UGT.

High-touch relationship with a focus on product quality measured in decades.

The value proposition centers on reliability that lasts for decades, which is critical for utility-scale infrastructure. Shoals Technologies Group, Inc.'s solutions are deployed on over 70 GW of solar systems globally, demonstrating a long-standing track record. The emphasis on quality is tied directly to the product design, such as the BLA system, which is specifically noted for enhancing long-term system reliability. This focus on longevity helps justify the initial investment for EPCs and developers, moving the conversation away from just the initial component cost.

Active conversion of customers from traditional wiring to BLA solutions.

The Big Lead Assembly (BLA) system is a core focus for converting customers to a more efficient solution. The BLA system is factory fabricated, meaning it only needs to be plugged in, which simplifies installation and reduces the need for skilled labor on site. This technological shift is a major relationship driver, as it directly addresses customer pain points like installation efficiency and labor constraints, especially in emerging markets. The 110 MW Alcones project in Chile, utilizing BLA, serves as a reference installation to showcase these benefits in the South American context, pushing adoption beyond the core domestic utility-scale solar market.

Here's a look at the order book quality reflecting customer commitment:

Metric	Value (As of Q3 2025)	Context
Total Backlog and Awarded Orders	$720.9 million	Record level as of September 30, 2025.
International Share of Backlog	More than 11.5%	Growth area reflecting global customer base.
Book to Bill Ratio	1.4	Indicates strong new orders relative to revenue recognized in Q3 2025.
Q1 2025 Backlog (Approximate)	$645.1 million	Backlog as of March 31, 2025.

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Channels

You're looking at how Shoals Technologies Group, Inc. (SHLS) gets its Electrical Balance of System (EBOS) solutions into the hands of energy transition players as of late 2025. The channels are a mix of direct engagement and leveraging established partners to move product.

Direct sales channel to EPCs and solar project developers remains the core engine. This segment drives the bulk of the business, as Shoals Technologies Group guides project owners and Engineering, Procurement, and Construction (EPC) contractors toward their factory-fabricated, plug-and-play solutions. The overall health of this channel is reflected in the total order book; as of September 30, 2025, the backlog and awarded orders stood at \$720.9 million, a 21.0% increase year-over-year. The full-year 2025 revenue guidance is set between \$467.0 million and \$477.0 million. This channel also fuels international growth, with international markets comprising more than 11.5% of that total backlog.

The OEM channel for providers of skid-based and containerized solutions is explicitly called out as a strategic growth channel. This path allows Shoals Technologies Group to embed its components within pre-packaged systems sold by Original Equipment Manufacturers (OEMs). While specific revenue attribution isn't broken out for this channel in the latest reports, its inclusion alongside other growth pillars signals management's focus on expanding beyond pure utility-scale direct sales. This is a key area for leveraging their patented solutions into new form factors.

For the direct channel to large data center hyperscaler customers, Shoals Technologies Group has successfully secured contracts. This represents a direct push into a high-growth application sector, driven by surging demand for clean energy to power massive computing infrastructure. The company has noted wins across BESS (Battery Energy Storage Systems) which includes a specific hyperscaler project win. This diversification helps balance the cyclical nature of pure utility-scale solar development.

The electrical distributors for the Commercial and Industrial (CC&I) market represent another dedicated growth pillar. Shoals Technologies Group entered this smaller-scale solar market by releasing product variants allowing for greater diversity of project size. This channel saw tangible results, with CC&I revenue exceeding \$10 million year-to-date as of the second quarter of 2025. This shows the distribution network is effectively reaching smaller commercial and industrial customers.

Here's a quick look at the financial scale underpinning these channel activities through the third quarter of 2025:

Metric	Value (as of late 2025)
Q3 2025 Revenue	\$135.8 million
Full Year 2025 Revenue Guidance (Low)	\$467.0 million
Backlog & Awarded Orders (Sept 30, 2025)	\$720.9 million
International Backlog Percentage	>11.5% of total backlog
CC&I Revenue (YTD Q2 2025)	> \$10 million
Adjusted EBITDA Q3 2025	\$32.0 million

The operational focus across these channels is supported by several key strategic actions:

• Factory Fabrication Focus: Moving assembly from the field to the factory to improve quality and reduce onsite labor requirements.
• Product Diversification: Releasing more product variants to serve different project sizes and terrains.
• International Expansion: Executing on a strategy that includes a 110 MW project in Chile and an MOU for up to 12 GW of international solar projects.
• Capacity Investment: Investing \$80 million in the Tennessee facility to increase production capacity.

Finance: draft 13-week cash view by Friday.

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Customer Segments

You're looking at how Shoals Technologies Group, Inc. (SHLS) structures its customer base as of late 2025, which is heavily concentrated but actively diversifying. The total backlog and awarded orders as of September 30, 2025, stood at a record $720.9 million. This gives you a clear view of near-term revenue visibility across these groups.

Utility-Scale Solar Developers and EPCs (core domestic market)

This remains the bedrock of Shoals Technologies Group, Inc.'s business. They are executing a strategic plan focused on accelerating growth within this core domestic utility-scale solar market. While specific revenue contribution isn't itemized against the total $720.9 million backlog, this segment represents the primary volume driver for Shoals Technologies Group, Inc.'s Electrical Balance of System (EBOS) solutions.

Battery Energy Storage System (BESS) Integrators (grid firming, data centers)

Shoals Technologies Group, Inc. is actively expanding its offering into high-growth applications, including Battery Energy Storage System (BESS) solutions. Management noted commercial success in the BESS market during the first quarter of 2025. The company is also working on data center power solutions, indicating a strategic push beyond traditional solar for this segment.

Commercial and Industrial (CC&I) solar project owners

This is flagged as a strong growth candidate. To be fair, in 2024, Shoals Technologies Group, Inc. only realized $10 million in CC&I revenue, even though smaller solar deployments represented about one-third of the total market that year. They quoted $40 million of CC&I projects in 2024, which was only 2% of their total quoted activity, showing significant room for future capture.

International solar developers (currently over 11.5% of backlog)

International expansion is a key diversification effort. As of the third quarter of 2025, international markets comprised more than 11.5% of the total backlog and awarded orders. This is a slight decrease from the more than 13.2% reported at the end of the second quarter of 2025 and more than 13.4% in the first quarter of 2025. In Q3 2025, international orders specifically amounted to $86 million, with major customers in Australia and Chile.

Here's a quick look at the quantitative data points related to these segments as of late 2025:

Customer Segment Focus	Key Metric or Data Point	Value or Range
Total Backlog (as of 9/30/2025)	Total Backlog and Awarded Orders	$720.9 million
International Developers	Percentage of Backlog (Q3 2025)	More than 11.5%
International Developers	Dollar Value of Orders (2025 estimate)	$86 million
CC&I Projects	2024 Quoted Percentage of Total	2%
CC&I Projects	2024 Revenue Realized	$10 million

The strategic focus is clearly on maintaining the core utility-scale business while driving penetration in these newer areas. You can see the progress in the backlog growth, which was up 21.0% year-over-year as of September 30, 2025.

• Utility-Scale Developers: Core domestic revenue driver.
• BESS Integrators: Focus on grid firming and data center power.
• CC&I Owners: Growth initiative with $40 million quoted in 2024.
• International Developers: Representing more than 11.5% of the current order book.

Finance: draft 13-week cash view by Friday.

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Shoals Technologies Group, Inc. as of late 2025. Understanding where the money goes is key to seeing the margin pressure and investment priorities for the company.

Cost of Goods Sold (COGS) for Manufacturing and Materials

The largest component of the cost structure is the Cost of Goods Sold (COGS), which covers the direct costs associated with producing the electrical balance of system (EBOS) solutions. For the second quarter of 2025, revenue was $110.8 million, and the reported Gross Profit was $41.2 million. This means the COGS for that quarter was approximately $69.6 million ($110.8 million revenue minus $41.2 million gross profit). The Gross Profit Percentage for Q2 2025 settled at 37.2%, down from 40.3% in the prior-year period, largely due to strategic pricing actions and customer/product mix shifts. For context, the Adjusted Gross Profit Percentage for the full year 2024 was 39%, and it was 35% in Q1 2025.

Capital Expenditures Projected for 2025

Shoals Technologies Group, Inc. is planning significant investment back into its operational capacity. The capital expenditures projected for the full year 2025 are expected to fall between $30 million and $40 million. This spending supports domestic manufacturing investments and scaling operations to meet demand captured in the backlog.

General and Administrative (G&A) Expenses

General and administrative expenses reflect the overhead required to run the business outside of direct production. For the second quarter of 2025, G&A expenses were reported at $23.1 million, up from $19.2 million during the same period in the prior year. This increase is a key point to watch in the cost structure.

R&D and Legal Costs for Patent Defense and IP Protection

Protecting the intellectual property, especially the Big Lead Assembly (BLA) technology, is a distinct cost driver. In Q2 2025, the increase in G&A expenses included a $3.0 million increase in legal expenses specifically tied to ongoing matters related to intellectual property, wire insulation shrinkback, and shareholder litigation. Shoals Technologies Group has been actively defending its IP, including adding a newly issued '295 patent to its pending lawsuit against Voltage, LLC to protect against infringement.

Interest Expense Projected for 2025

Financing costs are a predictable part of the cost structure. The projected interest expense for the full year 2025 is anticipated to be in the range of $8 million and $12 million.

Here is a quick look at the key projected and reported 2025 figures:

Cost Category	Specific Metric/Period	Amount/Range
Capital Expenditures	Full Year 2025 Projection	$30 million to $40 million
General and Administrative (G&A)	Q2 2025 Actual	$23.1 million
Interest Expense	Full Year 2025 Projection	$8 million to $12 million
Legal/IP Costs Impact (within G&A)	Q2 2025 Increase	$3.0 million

The cost structure is heavily influenced by material and manufacturing costs, but the rising legal spend to defend patents is a notable, non-recurring-looking expense you need to track. The company's ability to manage its COGS while investing in CapEx will define its near-term profitability.

• Cost of Goods Sold (Q2 2025): Approximately $69.6 million
• Gross Margin (Q2 2025): 37.2% of revenue
• Full Year 2024 Adjusted Gross Margin: 39%

Shoals Technologies Group, Inc. (SHLS) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Shoals Technologies Group, Inc., which is fundamentally about selling factory-fabricated electrical balance of system (EBOS) solutions, like the Big Lead Assembly (BLA), that drastically cut down on field wiring for utility-scale solar projects. This product-centric model captures value by delivering labor and material cost savings to Engineering, Procurement, and Construction (EPC) customers. The company is definitely on track for a strong year, projecting full-year 2025 revenue to land in the range of $467.0 million to $477.0 million. That's the top-line target we're watching. Revenue generation is all about volume and securing that next wave of projects; the book-to-bill ratio hit 1.4 in the third quarter, which is a solid indicator of future sales momentum.

For the third quarter ended September 30, 2025, Shoals Technologies Group reported record revenue of $135.8 million, which was a 32.9% increase year-over-year. Looking ahead to close out the year, management guided fourth quarter revenue to be between $140.0 million and $150.0 million. This performance is built on a foundation of strong customer engagement, evidenced by a record Backlog and Awarded Orders (BLAO) of $720.9 million as of the end of Q3 2025.

Here's a quick snapshot of the financial scale driving these revenue streams as of late 2025:

Metric	Value (As of Q3 2025 / Guidance)
Q3 2025 Revenue	$135.8 million
Full Year 2025 Revenue Guidance Range	$467.0 million to $477.0 million
Total Backlog and Awarded Orders (BLAO)	$720.9 million
Q4 2025 Revenue Expectation Range	$140.0 million to $150.0 million

Beyond the core domestic utility solar business, revenue diversification is a key focus, with two specific growth channels showing concrete financial traction. You see this in the expansion into Battery Energy Storage Systems (BESS) and new international markets.

• Revenue from Battery Energy Storage Systems (BESS) components is emerging, with approximately $18 million of BESS in the backlog and awarded orders as of the end of Q3 2025, though initial revenue materialization is projected for the beginning of Q2 2026.
• International sales revenue is growing, with the company recognizing more than $6 million in revenue from international projects in Q3 2025 alone, supporting markets like Australia and Latin America.
• International markets currently comprise more than 11.5% of the total backlog and awarded orders, showing a clear shift in the revenue mix.