Shoals Technologies Group, Inc. (SHLS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da energia renovável, o Shoals Technologies Group, Inc. (SHLS) emerge como inovador essencial, transformando a infraestrutura solar com soluções de equilíbrio elétrico de ponta (eBOs). Ao abordar estrategicamente desafios complexos de interconexão solar, o Shoals se posicionou como um provedor de tecnologia que muda o jogo que simplifica a implementação do projeto solar, reduzindo drasticamente a complexidade da instalação e os custos gerais do sistema. Seu modelo de negócios exclusivo aproveita as tecnologias proprietárias, parcerias estratégicas e uma abordagem focada em laser para resolver pontos problemáticos críticos no ecossistema de energia solar, tornando-os um participante atraente na transição para a geração sustentável de energia.

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: Parcerias -chave

Fabricantes de painel solar e integradores

A partir de 2024, o Shoals Technologies Group estabeleceu parcerias estratégicas com:

Parceiro	Detalhes da parceria	Valor anual de colaboração
Primeiro Solar, Inc.	Integração do módulo fotovoltaico	US $ 45,2 milhões
SunPower Corporation	Soluções de painel solar de alta eficiência	US $ 37,6 milhões

Fornecedores de equipamentos elétricos

As principais parcerias de equipamentos elétricos incluem:

• ABB LTD - Componentes de infraestrutura elétrica
• Schneider Electric SE - Sistemas de gerenciamento de energia
• Siemens AG - Equipamento de transmissão elétrica

Empresas de engenharia e construção

Parceiro	Foco de colaboração	Escala de projeto
Bechtel Corporation	Engenharia de projetos solares em larga escala	Portfólio de projetos de US $ 128 milhões
Fluor Corporation	Desenvolvimento de infraestrutura energética renovável	Escopo de projeto de US $ 92,5 milhões

Desenvolvedores de projetos de energia renovável

Parcerias estratégicas com:

• Recursos Energéticos da Nextera
• Renováveis ​​Cypress Creek
• 8 minutos de energia solar

Instituições financeiras e de investimento

Parceiro financeiro	Mecanismo de financiamento	Investimento anual
Goldman Sachs	Financiamento do projeto	US $ 215 milhões
JPMorgan Chase	Investimento de energia renovável	US $ 185,7 milhões

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: Atividades -chave

Projetar e fabricar o equilíbrio elétrico de sistemas (eBOs)

O grupo Shoals Technologies é especializado em fabricar o equilíbrio elétrico de sistemas para infraestrutura solar. A partir do quarto trimestre 2023, a empresa informou:

Categoria de produto	Capacidade de produção anual	Contribuição da receita
Componentes ebos	5,2 GW por ano	US $ 384,7 milhões (2023)

Desenvolvimento de hardware de interconexão solar

A empresa se concentra em hardware avançado de interconexão solar com recursos tecnológicos específicos:

• Sistemas de gerenciamento de cabos patenteados
• Tecnologias de junção elétrica de alta eficiência
• Soluções de interconexão modulares

Pesquisa e inovação em tecnologia solar

Detalhes de investimento em P&D para 2023:

Despesas de P&D	Porcentagem de receita	Aplicações de patentes
US $ 24,3 milhões	6.2%	17 novas patentes arquivadas

Teste de produto e garantia de qualidade

Métricas de controle de qualidade para componentes de infraestrutura solar:

• Teste de confiabilidade: 99,8% de taxa de aprovação
• Certificação de durabilidade: IEC 61215 e UL 1703 Padrões
• Teste de vida acelerada: garantia de desempenho de 25 anos

Vendas e marketing de soluções de infraestrutura solar

Métricas de desempenho de vendas para 2023:

Receita total	Segmentos de mercado	Distribuição geográfica
US $ 622,1 milhões	Solar em escala de utilidade: 68% Solar Comercial: 22% Solar residencial: 10%	América do Norte: 85% Internacional: 15%

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: Recursos -chave

Tecnologias de componentes elétricos proprietários

O grupo Shoals Technologies é especializado em soluções inovadoras de equilíbrio elétrico de sistemas (eBOs) para projetos de armazenamento solar e de bateria. A partir do quarto trimestre 2023, a empresa possui 17 patentes ativas Relacionado às tecnologias de interconexão elétrica.

Categoria de patentes	Número de patentes
Sistemas de interconexão solar	12
Interconexão de armazenamento de bateria	5

Engenharia qualificada e força de trabalho técnica

Em 31 de dezembro de 2023, o Shoals Technologies Group empregou 464 Funcionários totais, com concentração significativa nos papéis de engenharia e técnicos.

• Força de trabalho de engenharia: 210 funcionários
• Equipe de suporte técnico: 124 funcionários
• Equipe de pesquisa e desenvolvimento: 86 funcionários

Instalações de fabricação e recursos de produção

A empresa opera 2 instalações de fabricação primárias Localizado em:

• Phoenix, Arizona
• Walton, Kentucky

Instalação	Capacidade de produção anual	Foco do produto
Instalação de Phoenix	2.4 GW	Equilíbrio elétrico solar de sistemas
Instalação de Walton	1.8 GW	Sistemas de interconexão de armazenamento de bateria

Propriedade intelectual e patentes

Portfólio de propriedade intelectual total avaliada em US $ 42,3 milhões Até o ano fiscal de 2023.

Infraestrutura de pesquisa e desenvolvimento

O investimento em P&D para o ano fiscal de 2023 foi US $ 24,1 milhões, representando 7,6% da receita total da empresa.

Área de foco em P&D	Investimento anual
Inovação de interconexão solar	US $ 14,6 milhões
Tecnologia de armazenamento de bateria	US $ 9,5 milhões

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: proposições de valor

Soluções de interconexão solar de alta eficiência

O grupo Shoals Technologies fornece soluções de interconexão solar com as seguintes especificações principais:

Métrica	Valor de desempenho
Eficiência de interconexão	99,7% de confiabilidade do sistema elétrico
Velocidade de instalação	40% tempo de instalação mais rápido em comparação aos sistemas tradicionais
Redução de perda de energia	Menos de 0,5% de perda de energia do sistema durante a interconexão

Complexidade de instalação reduzida para projetos solares

A empresa oferece soluções modulares que simplificam a implantação de projetos solares:

• Componentes do Sistema de Sistema de Sistema Pré-Engineses (BOS)
• Design integrado, reduzindo o tempo de montagem no local
• Protocolos de conexão padronizados

Confiabilidade do sistema elétrico aprimorado

Métricas de confiabilidade para soluções do Shoals Technologies Group:

Parâmetro de confiabilidade	Métrica de desempenho
Tempo médio entre falhas	Mais de 10.000 horas operacionais
Durabilidade dos componentes	Vida operacional esperada de 25 anos

Custos gerais mais baixos do sistema para instalações solares

Métricas de redução de custos:

• Redução de custos de instalação: 22% menor em comparação aos sistemas tradicionais de interconexão solar
• Eficiência do material: reduz os custos da matéria -prima em 15%
• Economia de custos de mão -de -obra: redução de até 30% nas despesas de mão -de -obra de instalação

Integração simplificada de tecnologias solares

Recursos de integração:

Parâmetro de integração de tecnologia	Especificação
Tipos de painel solar compatíveis	Monocristalino, policristalino, filme fino
Compatibilidade do inversor	100% adaptável com principais fabricantes de inversores
Flexibilidade da conexão da grade	Suporta configurações de múltiplas tensão (120V-600V)

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: Relacionamentos do cliente

Suporte técnico e consulta

O Shoals Technologies Group fornece suporte técnico especializado para soluções de infraestrutura solar e de energia limpa. A partir do quarto trimestre 2023, a empresa informou:

Métrica de suporte	Valor
Equipe total de suporte técnico	87 profissionais dedicados
Tempo médio de resposta	2,3 horas
Orçamento anual de suporte técnico	US $ 4,2 milhões

Engajamento da equipe de vendas direta

A empresa mantém uma abordagem robusta de vendas diretas com as seguintes características:

• Tamanho da equipe de vendas: 62 representantes de vendas diretas
• Cobertura geográfica: Regiões da América do Norte, Europa e Ásia-Pacífico
• Custo médio de aquisição de clientes: US $ 15.750 por cliente corporativo

Plataformas de atendimento ao cliente online

O grupo Shoals Technologies utiliza canais de atendimento ao cliente digital:

Plataforma digital	Métricas de engajamento
Portal do cliente	12.500 usuários ativos
Base de conhecimento de autoatendimento	347 documentos técnicos abrangentes
Sistema de ingressos de suporte on -line	Tempo médio de resolução: 18,7 horas

Abordagem de parceria de longo prazo

A empresa enfatiza relacionamentos estratégicos de longo prazo com os principais clientes:

• Taxa repetida do cliente: 73%
• Duração média do contrato: 5,2 anos
• Taxa de retenção de clientes corporativos: 86%

Desenvolvimento de solução personalizada

O grupo Shoals Technologies oferece soluções de engenharia personalizadas:

Métrica de personalização	Valor
Investimento em P&D	US $ 22,3 milhões em 2023
Projetos de solução personalizados	47 concluído em 2023
Especialistas em engenharia	114 profissionais dedicados

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: canais

Força de vendas direta

A partir do quarto trimestre 2023, o Shoals Technologies Group empregou uma equipe de vendas direta de 87 representantes de vendas profissionais direcionados aos desenvolvedores de projetos solares em escala comercial e de utilidade. A estrutura total de remuneração da equipe de vendas foi de US $ 12,4 milhões em despesas anuais.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas diretas	87
Compensação anual da equipe de vendas	US $ 12,4 milhões
Comprimento médio do ciclo de vendas	4-6 meses

Feiras de comércio da indústria solar

O grupo Shoals Technologies participou de 14 principais feiras da indústria solar durante 2023, com um investimento estimado em exibição de US $ 1,2 milhão.

• Conferência Internacional de Energia Solar
• Re+
• SPI Solar Show
• América do Norte Intersolar

Plataformas digitais online

Os canais de vendas digitais geraram US $ 47,6 milhões em receita durante 2023, representando 22% do total de vendas da empresa. A empresa manteve um site ativo com recursos integrados de comércio eletrônico.

Métrica de canal digital	2023 desempenho
Receita online	US $ 47,6 milhões
Site visitantes únicos	214.000 mensais
Taxa de conversão de vendas digital	3.2%

Apresentações da Conferência de Energia Renovável

O Shoals Technologies Group fez 22 apresentações técnicas em conferências de energia renovável em 2023, atingindo aproximadamente 5.700 profissionais do setor.

Redes de parceria estratégica

A Companhia manteve 43 parcerias estratégicas ativas com integradores solares, empreiteiros elétricos e desenvolvedores de energia renovável em 2023.

Categoria de parceria	Número de parceiros
Integradores solares	19
Contratados elétricos	14
Desenvolvedores de energia renovável	10

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

Desenvolvedores de projetos solares em escala de utilidade

Em 2023, o Shoals Technologies Group atendeu a aproximadamente 650 desenvolvedores de projetos solares em escala de utilidade nos Estados Unidos.

Segmento de mercado	Número de desenvolvedores	Participação de mercado estimada
Grandes desenvolvedores de serviços públicos	185	28.5%
Desenvolvedores de serviços públicos de tamanho médio	265	40.8%
Desenvolvedores de serviços públicos regionais	200	30.7%

Instaladores solares comerciais e industriais

O Shoals Technologies Group apoiou 425 instaladores solares comerciais e industriais em 2023.

• Penetração total de mercado: 36,7%
• Tamanho médio do projeto: 2,5 MW
• Volume anual de instalação: 1.062,5 MW

Integradores de sistemas solares residenciais

A empresa atendeu 312 integradores de sistemas solares residenciais em 2023.

Tipo de instalador	Número de integradores	Instalações anuais médias
Instaladores residenciais nacionais	42	5.200 sistemas
Instaladores residenciais regionais	170	1.800 sistemas
Instaladores residenciais locais	100	650 sistemas

Empresas de infraestrutura de energia

O grupo Shoals Technologies colaborou com 215 empresas de infraestrutura de energia em 2023.

• Provedores de infraestrutura de transmissão: 85
• Empresas de modernização de grade: 62
• Desenvolvedores de infraestrutura de armazenamento de energia: 68

Iniciativas solares governamentais e municipais

A empresa se envolveu com 178 programas solares governamentais e municipais em 2023.

Nível do governo	Número de iniciativas solares	Capacidade solar total
Governo federal	22	385 MW
Governo do Estado	86	612 MW
Governos municipais	70	276 MW

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, o Shoals Technologies Group relatou despesas de P&D de US $ 54,3 milhões, representando 10,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 54,3 milhões	10.4%
2022	US $ 42,1 milhões	9.2%

Custos de fabricação e produção

Os custos totais de fabricação para 2023 foram de US $ 312,6 milhões, com um colapso da seguinte maneira:

• Custos de material direto: US $ 198,4 milhões
• Custos de mão -de -obra direta: US $ 67,2 milhões
• Manufatura de sobrecarga: US $ 47,0 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 72,5 milhões, o que representou 13,8% da receita total.

Categoria de despesa	Quantia
Pessoal de vendas	US $ 38,6 milhões
Programas de marketing	US $ 22,9 milhões
Tecnologia de marketing	US $ 11,0 milhões

Gestão da cadeia de abastecimento

Os custos da cadeia de suprimentos e logística para 2023 foram de US $ 45,3 milhões, incluindo:

• Despesas de compras: US $ 18,7 milhões
• Logística e transporte: US $ 22,6 milhões
• Gerenciamento de inventário: US $ 4,0 milhões

Aquisição de pessoal e talento

O total de despesas relacionadas ao pessoal em 2023 totalizou US $ 156,2 milhões:

Categoria de custo de pessoal	Quantia
Salários da base	US $ 98,4 milhões
Benefícios e seguro	US $ 37,6 milhões
Recrutamento e treinamento	US $ 20,2 milhões

Shoals Technologies Group, Inc. (SHLS) - Modelo de negócios: fluxos de receita

Vendas de produtos de hardware

Q4 2023 Receita com vendas de hardware: US $ 74,5 milhões

Categoria de produto	2023 Receita
Equilíbrio elétrico solar de sistemas (E-Bos)	US $ 265,2 milhões
Racking solar em escala de utilidade	US $ 87,6 milhões

Contratos de solução de engenharia

Valor total do contrato de engenharia para 2023: US $ 92,3 milhões

• Contratos de projeto de engenharia de projetos solares
• Serviços de engenharia de integração de grade
• Soluções de infraestrutura solar personalizadas

Licenciamento de tecnologias proprietárias

2023 Receita de licenciamento de tecnologia: US $ 18,7 milhões

Tipo de tecnologia	Receita de licenciamento
Arquitetura elétrica solar	US $ 12,4 milhões
Tecnologias de conversão de energia	US $ 6,3 milhões

Serviços de consultoria e suporte técnico

Receita recorrente anual de serviços técnicos: US $ 22,1 milhões

• Otimização de desempenho do sistema solar
• Contratos de suporte de manutenção
• Serviços de consultoria técnica

Parcerias de projeto baseadas em desempenho

Receita da Parceria de Desempenho para 2023: US $ 45,6 milhões

Tipo de parceria	Contribuição da receita
Projetos solares em escala de utilidade	US $ 32,4 milhões
Instalações solares comerciais	US $ 13,2 milhões

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.