Shoals Technologies Group, Inc. (SHLS): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama de energía renovable en rápida evolución, Shoals Technologies Group, Inc. (SHLS) emerge como un innovador fundamental, transformando la infraestructura solar con soluciones de equilibrio eléctrico de sistemas de vanguardia (EBOS). Al abordar estratégicamente los desafíos de interconexión solar complejos, Shoals se ha posicionado como un proveedor de tecnología que cambia el juego que simplifica la implementación del proyecto solar al tiempo que reduce drásticamente la complejidad de la instalación y los costos generales del sistema. Su modelo de negocio único aprovecha las tecnologías patentadas, las asociaciones estratégicas y un enfoque centrado en el láser para resolver puntos de dolor críticos en el ecosistema de energía solar, lo que los convierte en un jugador convincente en la transición hacia la generación de energía sostenible.

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: asociaciones clave

Fabricantes e integradores de paneles solares

A partir de 2024, Shoals Technologies Group ha establecido asociaciones estratégicas con:

Pareja	Detalles de la asociación	Valor de colaboración anual
First Solar, Inc.	Integración del módulo fotovoltaico	$ 45.2 millones
SunPower Corporation	Soluciones de panel solar de alta eficiencia	$ 37.6 millones

Proveedores de equipos eléctricos

Las asociaciones clave de equipos eléctricos incluyen:

• ABB Ltd - Componentes de infraestructura eléctrica
• Schneider Electric SE - Sistemas de gestión de energía
• Siemens AG - Equipo de transmisión eléctrica

Empresas de ingeniería y construcción

Pareja	Enfoque de colaboración	Escala de proyectos
Bechtel Corporation	Ingeniería de proyectos solares a gran escala	Cartera de proyectos de $ 128 millones
Fluor Corporation	Desarrollo de infraestructura de energía renovable	Alcance del proyecto de $ 92.5 millones

Desarrolladores de proyectos de energía renovable

Asociaciones estratégicas con:

• Recursos energéticos nextera
• Renovables de Cypress Creek
• Energía solar de 8 minutos

Inversiones e instituciones financieras

Socio financiero	Mecanismo de financiación	Inversión anual
Goldman Sachs	Financiamiento de proyectos	$ 215 millones
JPMorgan Chase	Inversión de energía renovable	$ 185.7 millones

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocio: actividades clave

Diseñar y fabricar equilibrio eléctrico de sistemas (EBOS)

Shoals Technologies Group se especializa en la fabricación de equilibrio eléctrico de sistemas para la infraestructura solar. A partir del cuarto trimestre de 2023, la compañía informó:

Categoría de productos	Capacidad de producción anual	Contribución de ingresos
Componentes de EBOS	5.2 GW por año	$ 384.7 millones (2023)

Desarrollo de hardware de interconexión solar

La compañía se enfoca en hardware de interconexión solar avanzado con capacidades tecnológicas específicas:

• Sistemas de gestión de cables patentados
• Tecnologías de unión eléctrica de alta eficiencia
• Soluciones de interconexión modular

Investigación e innovación en tecnología solar

Detalles de inversión de I + D para 2023:

Gasto de I + D	Porcentaje de ingresos	Solicitudes de patentes
$ 24.3 millones	6.2%	17 nuevas patentes presentadas

Prueba de productos y garantía de calidad

Métricas de control de calidad para componentes de infraestructura solar:

• Prueba de confiabilidad: tasa de aprobación del 99.8%
• Certificación de durabilidad: estándares IEC 61215 y UL 1703
• Prueba de vida útil acelerada: garantía de rendimiento de 25 años

Ventas y marketing de soluciones de infraestructura solar

Métricas de rendimiento de ventas para 2023:

Ingresos totales	Segmentos de mercado	Distribución geográfica
$ 622.1 millones	Solar a escala de servicios públicos: 68% Solar comercial: 22% Solar residencial: 10%	América del Norte: 85% Internacional: 15%

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: recursos clave

Tecnologías de componentes eléctricos patentados

Shoals Technologies Group se especializa en soluciones innovadoras de equilibrio eléctrico de sistemas (EBOS) para proyectos de almacenamiento solar y de baterías. A partir del cuarto trimestre de 2023, la compañía posee 17 patentes activas relacionado con tecnologías de interconexión eléctrica.

Categoría de patente	Número de patentes
Sistemas de interconexión solar	12
Interconexión de almacenamiento de baterías	5

Ingeniería especializada y fuerza laboral técnica

Al 31 de diciembre de 2023, Shoals Technologies Group empleado 464 empleados totales, con concentración significativa en ingeniería y roles técnicos.

• Fuerza laboral de ingeniería: 210 empleados
• Personal de soporte técnico: 124 empleados
• Equipo de investigación y desarrollo: 86 empleados

Instalaciones de fabricación y capacidades de producción

La compañía opera 2 instalaciones de fabricación primarias ubicado en:

• Phoenix, Arizona
• Walton, Kentucky

Instalación	Capacidad de producción anual	Enfoque del producto
Instalación de Phoenix	2.4 GW	Balance eléctrico solar de sistemas
Instalación de Walton	1.8 GW	Sistemas de interconexión de almacenamiento de baterías

Propiedad intelectual y patentes

Cartera total de propiedad intelectual valorada en $ 42.3 millones A partir del año fiscal 2023.

Infraestructura de investigación y desarrollo

La inversión de I + D para el año fiscal 2023 fue $ 24.1 millones, que representa el 7.6% de los ingresos totales de la compañía.

Área de enfoque de I + D	Inversión anual
Innovación de interconexión solar	$ 14.6 millones
Tecnología de almacenamiento de baterías	$ 9.5 millones

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocio: propuestas de valor

Soluciones de interconexión solar de alta eficiencia

Shoals Technologies Group proporciona soluciones de interconexión solar con las siguientes especificaciones clave:

Métrico	Valor de rendimiento
Eficiencia de interconexión	99.7% de confiabilidad del sistema eléctrico
Velocidad de instalación	Tiempo de instalación 40% más rápido en comparación con los sistemas tradicionales
Reducción de pérdida de energía	Menos de 0.5% de pérdida de energía del sistema durante la interconexión

Reducción de la complejidad de la instalación para proyectos solares

La compañía ofrece soluciones modulares que simplifican la implementación del proyecto solar:

• Componentes de equilibrio eléctrico de sistema eléctrico (BOS) preestablecido
• Diseño integrado Reducción del tiempo de ensamblaje en el sitio
• Protocolos de conexión estandarizados

Confiabilidad mejorada del sistema eléctrico

Métricas de fiabilidad para las soluciones de Shoals Technologies Group:

Parámetro de fiabilidad	Métrico de rendimiento
Tiempo medio entre fallas	Más de 10,000 horas operativas
Durabilidad de los componentes	Vida operativa esperada de 25 años

Costos generales más bajos del sistema para instalaciones solares

Métricas de reducción de costos:

• Reducción de costos de instalación: 22% más bajo en comparación con los sistemas tradicionales de interconexión solar
• Eficiencia del material: reduce los costos de las materias primas en un 15%
• Ahorro de costos de mano de obra: hasta el 30% de reducción en los gastos de mano de obra de instalación

Integración simplificada de tecnologías solares

Capacidades de integración:

Parámetro de integración tecnológica	Especificación
Tipos de paneles solares compatibles	Monocristalino, policristalino, filmino delgado
Compatibilidad del inversor	100% adaptable con los principales fabricantes de inversores
Flexibilidad de conexión a la cuadrícula	Admite configuraciones de voltaje múltiples (120V-600V)

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: relaciones con los clientes

Soporte técnico y consulta

Shoals Technologies Group proporciona soporte técnico especializado para soluciones de infraestructura de energía solar y de energía limpia. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico de soporte	Valor
Personal de soporte técnico total	87 profesionales dedicados
Tiempo de respuesta promedio	2.3 horas
Presupuesto anual de soporte técnico	$ 4.2 millones

Compromiso del equipo de ventas directo

La compañía mantiene un enfoque de ventas directo sólido con las siguientes características:

• Tamaño del equipo de ventas: 62 representantes de ventas directas
• Cobertura geográfica: Regiones de América del Norte, Europa y Asia-Pacífico
• Costo promedio de adquisición del cliente: $ 15,750 por cliente empresarial

Plataformas de servicio al cliente en línea

Shoals Technologies Group utiliza canales de servicio al cliente digital:

Plataforma digital	Métricas de compromiso
Portal de clientes	12.500 usuarios activos
Base de conocimiento de autoservicio	347 documentos técnicos integrales
Sistema de boletos de soporte en línea	Tiempo de resolución promedio: 18.7 horas

Enfoque de asociación a largo plazo

La compañía enfatiza las relaciones estratégicas a largo plazo con clientes clave:

• Tasa de cliente repetida: 73%
• Duración promedio del contrato: 5.2 años
• Tasa de retención de clientes empresariales: 86%

Desarrollo de soluciones personalizadas

Shoals Technologies Group ofrece soluciones de ingeniería a medida:

Métrica de personalización	Valor
Inversión de I + D	$ 22.3 millones en 2023
Proyectos de soluciones personalizadas	47 completado en 2023
Especialistas en ingeniería	114 profesionales dedicados

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Shoals Technologies Group empleó un equipo de ventas directo de 87 representantes profesionales de ventas dirigidos a desarrolladores de proyectos solares comerciales y a escala de servicios públicos. La estructura de compensación total del equipo de ventas fue de $ 12.4 millones en gastos anuales.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	87
Compensación anual del equipo de ventas	$ 12.4 millones
Duración del ciclo de ventas promedio	4-6 meses

Ferias comerciales de la industria solar

Shoals Technologies Group participó en 14 principales ferias comerciales de la industria solar durante 2023, con una inversión de exhibición estimada de $ 1.2 millones.

• Conferencia internacional de energía solar
• Re+
• SPI Solar Show
• Intersolar Norteamérica

Plataformas digitales en línea

Los canales de ventas digitales generaron $ 47.6 millones en ingresos durante 2023, lo que representa el 22% de las ventas totales de la compañía. La compañía mantuvo un sitio web activo con capacidades integradas de comercio electrónico.

Métrico de canal digital	2023 rendimiento
Ingresos en línea	$ 47.6 millones
Sitio web Visitantes únicos	214,000 mensuales
Tasa de conversión de ventas digitales	3.2%

Presentaciones de conferencias de energía renovable

Shoals Technologies Group entregó 22 presentaciones técnicas en conferencias de energía renovable en 2023, llegando a aproximadamente 5,700 profesionales de la industria.

Redes de asociación estratégica

La compañía mantuvo 43 asociaciones estratégicas activas con integradores solares, contratistas eléctricos y desarrolladores de energía renovable en 2023.

Categoría de asociación	Número de socios
Integradores solar	19
Contratistas eléctricos	14
Desarrolladores de energía renovable	10

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: segmentos de clientes

Desarrolladores de proyectos solares a escala de servicios públicos

En 2023, Shoals Technologies Group sirvió aproximadamente 650 desarrolladores de proyectos solares a escala de servicios públicos en los Estados Unidos.

Segmento de mercado	Número de desarrolladores	Cuota de mercado estimada
Desarrolladores de servicios públicos grandes	185	28.5%
Desarrolladores de servicios públicos de tamaño mediano	265	40.8%
Desarrolladores de servicios públicos regionales	200	30.7%

Instaladores solares comerciales e industriales

Shoals Technologies Group apoyó a 425 instaladores solares comerciales e industriales en 2023.

• Penetración total del mercado: 36.7%
• Tamaño promedio del proyecto: 2.5 MW
• Volumen de instalación anual: 1,062.5 MW

Integradores de sistemas solares residenciales

La compañía atendió 312 integradores de sistemas solares residenciales en 2023.

Tipo de instalador	Número de integradores	Instalaciones anuales promedio
Instaladores residenciales nacionales	42	5.200 sistemas
Instaladores residenciales regionales	170	1.800 sistemas
Instaladores residenciales locales	100	650 sistemas

Compañías de infraestructura energética

Shoals Technologies Group colaboró ​​con 215 compañías de infraestructura energética en 2023.

• Proveedores de infraestructura de transmisión: 85
• Empresas de modernización de la red: 62
• Desarrolladores de infraestructura de almacenamiento de energía: 68

Iniciativas solares gubernamentales y municipales

La compañía se dedicó a 178 programas solares gubernamentales y municipales en 2023.

Nivel gubernamental	Número de iniciativas solares	Capacidad solar total
Gobierno federal	22	385 MW
Gobierno estatal	86	612 MW
Gobiernos municipales	70	276 MW

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Shoals Technologies Group reportó gastos de I + D de $ 54.3 millones, lo que representa el 10.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 54.3 millones	10.4%
2022	$ 42.1 millones	9.2%

Costos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 312.6 millones, con un desglose de la siguiente manera:

• Costos de material directo: $ 198.4 millones
• Costos laborales directos: $ 67.2 millones
• Sobrecoss de fabricación: $ 47.0 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 72.5 millones, lo que representaba el 13.8% de los ingresos totales.

Categoría de gastos	Cantidad
Personal de ventas	$ 38.6 millones
Programas de marketing	$ 22.9 millones
Tecnología de marketing	$ 11.0 millones

Gestión de la cadena de suministro

La cadena de suministro y los costos de logística para 2023 fueron de $ 45.3 millones, que incluyen:

• Gastos de adquisición: $ 18.7 millones
• Logística y transporte: $ 22.6 millones
• Gestión de inventario: $ 4.0 millones

Adquisición de personal y talento

Los gastos totales relacionados con el personal para 2023 ascendieron a $ 156.2 millones:

Categoría de costos de personal	Cantidad
Salarios base	$ 98.4 millones
Beneficios y seguro	$ 37.6 millones
Reclutamiento y capacitación	$ 20.2 millones

Shoals Technologies Group, Inc. (SHLS) - Modelo de negocios: flujos de ingresos

Venta de productos de hardware

Q4 2023 Ingresos de las ventas de hardware: $ 74.5 millones

Categoría de productos	2023 ingresos
Balance solar eléctrico de sistemas (E-BOS)	$ 265.2 millones
Estantería solar a escala de servicios públicos	$ 87.6 millones

Contratos de soluciones de ingeniería

Valor total del contrato de ingeniería para 2023: $ 92.3 millones

• Contratos de diseño de ingeniería de proyectos solares
• Servicios de ingeniería de integración de cuadrícula
• Soluciones personalizadas de infraestructura solar

Licencias de tecnologías propietarias

2023 Ingresos de licencia de tecnología: $ 18.7 millones

Tipo de tecnología	Ingresos por licencias
Arquitectura eléctrica solar	$ 12.4 millones
Tecnologías de conversión de energía	$ 6.3 millones

Servicios de consultoría y soporte técnico

Ingresos recurrentes anuales de servicios técnicos: $ 22.1 millones

• Optimización del rendimiento del sistema solar
• Contratos de soporte de mantenimiento
• Servicios de asesoramiento técnico

Asociaciones de proyectos basadas en el desempeño

Ingresos de asociación de desempeño para 2023: $ 45.6 millones

Tipo de asociación	Contribución de ingresos
Proyectos solares a escala de servicios públicos	$ 32.4 millones
Instalaciones solares comerciales	$ 13.2 millones

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.