Shoals Technologies Group, Inc. (SHLS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide des énergies renouvelables, Shoals Technologies Group, Inc. (SHLS) émerge comme un innovateur pivot, transformant les infrastructures solaires avec des solutions électriques électriques de pointe des systèmes (EBO). En résolvant stratégiquement les défis complexes d'interconnexion solaire, Shoals s'est positionné comme un fournisseur de technologies qui change la donne qui simplifie la mise en œuvre du projet solaire tout en réduisant considérablement la complexité de l'installation et les coûts globaux du système. Leur modèle commercial unique tire parti des technologies propriétaires, des partenariats stratégiques et une approche axée sur le laser pour résoudre des points de douleur critiques dans l'écosystème de l'énergie solaire, ce qui en fait un acteur convaincant dans la transition vers la production d'énergie durable.

Shoals Technologies Group, Inc. (SHLS) - Modèle commercial: partenariats clés

Fabricants et intégrateurs de panneaux solaires

En 2024, Shoals Technologies Group a établi des partenariats stratégiques avec:

Partenaire	Détails du partenariat	Valeur de collaboration annuelle
First Solar, Inc.	Intégration du module photovoltaïque	45,2 millions de dollars
Sunpower Corporation	Solutions de panneaux solaires à haute efficacité	37,6 millions de dollars

Fournisseurs d'équipements électriques

Les partenariats clés de l'équipement électrique comprennent:

• ABB Ltd - Composants des infrastructures électriques
• Schneider Electric SE - Systèmes de gestion de l'alimentation
• Siemens AG - équipement de transmission électrique

Entreprises d'ingénierie et de construction

Partenaire	Focus de la collaboration	Échelle du projet
Bechtel Corporation	Ingénierie de projet solaire à grande échelle	Portfolio de projet de 128 millions de dollars
Fluor Corporation	Développement d'infrastructures d'énergie renouvelable	Portée du projet de 92,5 millions de dollars

Développeurs de projets d'énergie renouvelable

Partenariats stratégiques avec:

• Nextera Energy Resources
• Cypress Creek Renewables
• 8 minutes d'énergie solaire

Institutions d'investissement et financières

Partenaire financier	Mécanisme de financement	Investissement annuel
Goldman Sachs	Financement du projet	215 millions de dollars
JPMorgan Chase	Investissement d'énergie renouvelable	185,7 millions de dollars

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: activités clés

Conception et fabrication de l'équilibre électrique des systèmes (EBOS)

Shoals Technologies Group est spécialisé dans la fabrication de l'équilibre électrique des systèmes pour les infrastructures solaires. Au quatrième trimestre 2023, la société a rapporté:

Catégorie de produits	Capacité de production annuelle	Contribution des revenus
Composants EBOS	5.2 GW par an	384,7 millions de dollars (2023)

Développement matériel d'interconnexion solaire

La société se concentre sur le matériel d'interconnexion solaire avancée avec des capacités technologiques spécifiques:

• Systèmes de gestion des câbles brevetés
• Technologies de jonction électrique à haute efficacité
• Solutions d'interconnexion modulaires

Recherche et innovation dans la technologie solaire

Détails de l'investissement en R&D pour 2023:

Dépenses de R&D	Pourcentage de revenus	Demandes de brevet
24,3 millions de dollars	6.2%	17 nouveaux brevets déposés

Tests de produits et assurance qualité

Métriques de contrôle de la qualité pour les composants des infrastructures solaires:

• Test de fiabilité: taux de réussite de 99,8%
• Certification de durabilité: normes CEI 61215 et UL 1703
• Tests à vie accélérés: garantie de performance de 25 ans

Ventes et commercialisation de solutions d'infrastructure solaire

Mesures de performance des ventes pour 2023:

Revenus totaux	Segments de marché	Distribution géographique
622,1 millions de dollars	Solaire à l'échelle des services publics: 68% Solaire commercial: 22% Solaire résidentiel: 10%	Amérique du Nord: 85% International: 15%

Shoals Technologies Group, Inc. (SHLS) - Modèle commercial: Ressources clés

Technologies de composants électriques propriétaires

Shoals Technologies Group est spécialisé dans les solutions innovantes de l'équilibre électrique des systèmes (EBOS) pour les projets de stockage solaire et de batterie. Au quatrième trimestre 2023, la société détient 17 brevets actifs liés aux technologies d'interconnexion électrique.

Catégorie de brevet	Nombre de brevets
Systèmes d'interconnexion solaire	12
Interconnexion de stockage de batterie	5

Ingénierie qualifiée et main-d'œuvre technique

Au 31 décembre 2023, Shoals Technologies Group a utilisé 464 employés au total, avec une concentration significative dans les rôles d'ingénierie et techniques.

• Travail d'ingénierie: 210 employés
• Personnel de soutien technique: 124 employés
• Équipe de recherche et développement: 86 employés

Installations de fabrication et capacités de production

L'entreprise exploite 2 installations de fabrication primaires Situé dans:

• Phoenix, Arizona
• Walton, Kentucky

Facilité	Capacité de production annuelle	Focus du produit
Installation de Phoenix	2.4 GW	Équilibre électrique solaire des systèmes
Walton Facility	1,8 GW	Systèmes d'interconnexion de stockage de batteries

Propriété intellectuelle et brevets

Portfolio total de propriété intellectuelle évaluée à 42,3 millions de dollars Depuis l'exercice 2023.

Infrastructure de recherche et de développement

L'investissement en R&D pour l'exercice 2023 était 24,1 millions de dollars, représentant 7,6% du total des revenus de l'entreprise.

Zone de focus R&D	Investissement annuel
Innovation d'interconnexion solaire	14,6 millions de dollars
Technologie de stockage de batteries	9,5 millions de dollars

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: propositions de valeur

Solutions d'interconnexion solaire à haute efficacité

Shoals Technologies Group fournit des solutions d'interconnexion solaire avec les spécifications clés suivantes:

Métrique	Valeur de performance
Efficacité d'interconnexion	99,7% de fiabilité du système électrique
Vitesse d'installation	Temps d'installation 40% plus rapide par rapport aux systèmes traditionnels
Réduction de la perte de puissance	Moins de 0,5% de perte de puissance du système pendant l'interconnexion

Complexité d'installation réduite pour les projets solaires

La société propose des solutions modulaires qui simplifient le déploiement du projet solaire:

• Équilibre électrique pré-ingéré des composants du système (BOS)
• Conception intégrée réduisant le temps d'assemblage sur place
• Protocoles de connexion standardisés

Fiabilité améliorée du système électrique

Métriques de fiabilité pour les solutions du groupe Shoals Technologies:

Paramètre de fiabilité	Métrique de performance
Le temps moyen entre les échecs	10 000+ heures d'opération
Durabilité des composants	Durée opérationnelle attendue de 25 ans

Réduire les coûts globaux du système pour les installations solaires

Mesures de réduction des coûts:

• Réduction des coûts d'installation: 22% inférieur par rapport aux systèmes d'interconnexion solaire traditionnels
• Efficacité des matériaux: réduit les coûts des matières premières de 15%
• Économies de coûts de main-d'œuvre: réduction jusqu'à 30% des frais de main-d'œuvre d'installation

Intégration simplifiée des technologies solaires

Capacités d'intégration:

Paramètre d'intégration technologique	Spécification
Types de panneaux solaires compatibles	Monocristallin, polycristallin, couloir mince
Compatibilité de l'onduleur	100% adaptable avec les principaux fabricants d'onduleurs
Flexibilité de la connexion de la grille	Prend en charge plusieurs configurations de tension (120V-600V)

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: relations clients

Soutien technique et consultation

Shoals Technologies Group fournit un support technique spécialisé pour les solutions d'infrastructures solaires et d'énergie propre. Au quatrième trimestre 2023, la société a rapporté:

Métrique de soutien	Valeur
Personnel de soutien technique total	87 professionnels dévoués
Temps de réponse moyen	2,3 heures
Budget de soutien technique annuel	4,2 millions de dollars

Engagement de l'équipe de vente directe

La société maintient une approche de vente directe robuste avec les caractéristiques suivantes:

• Taille de l'équipe de vente: 62 représentants des ventes directes
• Couverture géographique: Régions d'Amérique du Nord, d'Europe et d'Asie-Pacifique
• Coût d'acquisition moyenne du client: 15 750 $ par client d'entreprise

Plateformes de service client en ligne

Shoals Technologies Group utilise les canaux de service client numérique:

Plate-forme numérique	Métriques d'engagement
Portail client	12 500 utilisateurs actifs
Base de connaissances en libre-service	347 documents techniques complets
Système de billets d'assistance en ligne	Temps de résolution moyen: 18,7 heures

Approche de partenariat à long terme

L'entreprise met l'accent sur les relations stratégiques à long terme avec les clients clés:

• Taux client répété: 73%
• Durée du contrat moyen: 5,2 ans
• Taux de rétention de la clientèle de l'entreprise: 86%

Développement de solutions personnalisées

Shoals Technologies Group propose des solutions d'ingénierie sur mesure:

Métrique de personnalisation	Valeur
Investissement en R&D	22,3 millions de dollars en 2023
Projets de solution personnalisés	47 achevé en 2023
Spécialistes de l'ingénierie	114 professionnels dévoués

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: canaux

Force de vente directe

Depuis le quatrième trimestre 2023, Shoals Technologies Group a utilisé une équipe de vente directe de 87 représentants commerciaux professionnels ciblant les développeurs de projets solaires commerciaux et à l'échelle des services publics. La structure totale de rémunération de l'équipe commerciale a été de 12,4 millions de dollars en dépenses annuelles.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	87
Compensation annuelle de l'équipe de vente	12,4 millions de dollars
Durée moyenne du cycle des ventes	4-6 mois

Salons du commerce de l'industrie solaire

Shoals Technologies Group a participé à 14 principaux salons commerciaux de l'industrie solaire en 2023, avec un investissement d'exposition estimé à 1,2 million de dollars.

• Conférence internationale de l'énergie solaire
• Re +
• Spectacle solaire SPI
• Amérique du Nord intersolaire

Plateformes numériques en ligne

Les canaux de vente numériques ont généré 47,6 millions de dollars de revenus en 2023, ce qui représente 22% du total des ventes d'entreprises. La société a maintenu un site Web actif avec des capacités de commerce électronique intégrées.

Métrique du canal numérique	Performance de 2023
Revenus en ligne	47,6 millions de dollars
Site Web Visiteurs uniques	214 000 mensuels
Taux de conversion des ventes numériques	3.2%

Présentations de la conférence des énergies renouvelables

Shoals Technologies Group a livré 22 présentations techniques lors de conférences d'énergie renouvelable en 2023, atteignant environ 5 700 professionnels de l'industrie.

Réseaux de partenariat stratégiques

La société a maintenu 43 partenariats stratégiques actifs avec des intégrateurs solaires, des entrepreneurs en électricité et des développeurs d'énergies renouvelables en 2023.

Catégorie de partenariat	Nombre de partenaires
Intégrateurs solaires	19
Entrepreneurs électriques	14
Développeurs d'énergies renouvelables	10

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: segments de clientèle

Développeurs de projets solaires à l'échelle des services publics

En 2023, Shoals Technologies Group a servi environ 650 développeurs de projets solaires à l'échelle des services publics à travers les États-Unis.

Segment de marché	Nombre de développeurs	Part de marché estimé
Grands développeurs de services publics	185	28.5%
Développeurs de services publics de taille moyenne	265	40.8%
Développeurs de services publics régionaux	200	30.7%

Installateurs solaires commerciaux et industriels

Shoals Technologies Group a soutenu 425 installateurs solaires commerciaux et industriels en 2023.

• Pénétration totale du marché: 36,7%
• Taille moyenne du projet: 2,5 MW
• Volume d'installation annuel: 1 062,5 MW

Intégrateurs de systèmes solaires résidentiels

La société a servi 312 intégrateurs de systèmes solaires résidentiels en 2023.

Type d'installation	Nombre d'intégrateurs	Installations annuelles moyennes
Installateurs résidentiels nationaux	42	5 200 systèmes
Installateurs résidentiels régionaux	170	1 800 systèmes
Installateurs résidentiels locaux	100	650 systèmes

Entreprises d'infrastructure énergétique

Shoals Technologies Group a collaboré avec 215 sociétés d'infrastructure énergétique en 2023.

• Fournisseurs d'infrastructures de transmission: 85
• Compagnies de modernisation du réseau: 62
• Développeurs d'infrastructures de stockage d'énergie: 68

Initiatives solaires gouvernementales et municipales

L'entreprise s'est engagée avec 178 programmes solaires gouvernementaux et municipaux en 2023.

Niveau du gouvernement	Nombre d'initiatives solaires	Capacité solaire totale
Gouvernement fédéral	22	385 MW
Gouvernement de l'État	86	612 MW
Gouvernements municipaux	70	276 MW

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Shoals Technologies Group a déclaré des dépenses de R&D de 54,3 millions de dollars, ce qui représente 10,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	54,3 millions de dollars	10.4%
2022	42,1 millions de dollars	9.2%

Coûts de fabrication et de production

Les coûts de fabrication totaux pour 2023 étaient de 312,6 millions de dollars, avec une ventilation comme suit:

• Coûts de matériel direct: 198,4 millions de dollars
• Coûts de main-d'œuvre directes: 67,2 millions de dollars
• Fabrication des frais généraux: 47,0 millions de dollars

Investissements de vente et de marketing

Les frais de vente et de marketing pour 2023 ont totalisé 72,5 millions de dollars, ce qui représente 13,8% des revenus totaux.

Catégorie de dépenses	Montant
Personnel de vente	38,6 millions de dollars
Programmes de marketing	22,9 millions de dollars
Technologie marketing	11,0 millions de dollars

Gestion de la chaîne d'approvisionnement

Les coûts de la chaîne d'approvisionnement et de la logistique pour 2023 étaient de 45,3 millions de dollars, notamment:

• Frais d'approvisionnement: 18,7 millions de dollars
• Logistique et transport: 22,6 millions de dollars
• Gestion des stocks: 4,0 millions de dollars

Acquisition du personnel et des talents

Le total des dépenses liées au personnel pour 2023 s'élevait à 156,2 millions de dollars:

Catégorie de coût du personnel	Montant
Salaires de base	98,4 millions de dollars
Avantages et assurance	37,6 millions de dollars
Recrutement et formation	20,2 millions de dollars

Shoals Technologies Group, Inc. (SHLS) - Modèle d'entreprise: Strots de revenus

Ventes de produits matériels

T2 2023 Revenus des ventes de matériel: 74,5 millions de dollars

Catégorie de produits	Revenus de 2023
Équilibre électrique solaire des systèmes (E-BOS)	265,2 millions de dollars
Counures solaires à l'échelle des services publics	87,6 millions de dollars

Contrats de solution d'ingénierie

Valeur totale du contrat d'ingénierie pour 2023: 92,3 millions de dollars

• Contrats de conception d'ingénierie de projet solaire
• Services d'ingénierie d'intégration de la grille
• Solutions d'infrastructure solaire personnalisées

Licence des technologies propriétaires

2023 Revenus de licence technologique: 18,7 millions de dollars

Type de technologie	Revenus de licence
Architecture électrique solaire	12,4 millions de dollars
Technologies de conversion de puissance	6,3 millions de dollars

Services de conseil et de support technique

Revenus récurrents annuels des services techniques: 22,1 millions de dollars

• Optimisation des performances du système solaire
• Contrats de support de maintenance
• Services de conseil technique

Partenariats de projet basés sur la performance

Revenus de partenariat de performance pour 2023: 45,6 millions de dollars

Type de partenariat	Contribution des revenus
Projets solaires à l'échelle des services publics	32,4 millions de dollars
Installations solaires commerciales	13,2 millions de dollars

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.