Shoals Technologies Group, Inc. (SHLS) Financial Statements
Industry: Semiconductors & Related Devices
In fiscal 2025, Shoals Technologies reported revenue of $475.3M, up 19.1% from $399.2M the year before. Net income was $33.6M (a 7.1% net margin), or $0.20 per diluted share. Gross margin was 35.0% and operating margin was 11.9%. Operating activities generated $17.1M of cash, leaving -$16.0M of free cash flow. At fiscal year end, Shoals Technologies held $904.1M in total assets against $304.1M in total liabilities, including $7.3M of cash and equivalents.
Open the full interactive Shoals Technologies financials → Quarterly statements, key ratios, valuation history and price charts.
Shoals Technologies Key Stats
| Share Price | $8.65 |
|---|---|
| Market Cap | $1.47B |
| P/E Ratio | 43.2 |
| Revenue YoY Growth | +19.1% |
| 52-Week Range | $5.71 – $12.77 |
| Shares Outstanding | 168.1 million (basic, 2026 Q2) |
Shoals Technologies Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $213.2M | $326.9M | $488.9M | $399.2M | $475.3M |
| Gross Profit | $82.6M | $131.3M | $168.3M | $142.0M | $166.5M |
| Operating Income | $36.2M | $66.3M | $79.0M | $51.2M | $56.4M |
| Pre-Tax Income | $4.0M | $152.0M | $54.9M | $37.9M | $48.5M |
| Income Tax | $86,000 | $9.0M | $12.3M | $13.7M | $14.9M |
| Net Income | $2.3M | $127.6M | $40.0M | $24.1M | $33.6M |
| Diluted EPS | — | $0.85 | $0.24 | $0.14 | $0.20 |
Shoals Technologies Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $135.8M | $148.3M | $140.6M | $163.4M |
| Net Income | $11.9M | $8.1M | -$297,000 | $12.1M |
| Diluted EPS | $0.07 | $0.05 | — | $0.07 |
Shoals Technologies Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.0M | $8.8M | $22.7M | $23.5M | $7.3M |
| Current Assets | $93.4M | $153.5M | $227.2M | $188.4M | $257.9M |
| Total Assets | $426.4M | $594.9M | $844.0M | $793.1M | $904.1M |
| Current Liabilities | $31.6M | $52.6M | $92.6M | $80.9M | $127.3M |
| Total Long-Term Debt | $247.1M | $239.1M | $181.4M | $141.8M | $136.8M |
| Total Liabilities | $433.9M | $293.9M | $299.0M | $236.3M | $304.1M |
| Shareholders' Equity | $2.6M | $291.4M | $545.0M | $556.8M | $600.0M |
Shoals Technologies Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$4.1M | $39.5M | $92.0M | $80.4M | $17.1M |
| Cash From Investing | -$17.0M | -$3.7M | -$10.8M | -$8.4M | -$28.0M |
| Cash From Financing | $20.6M | -$36.6M | -$67.2M | -$71.2M | -$5.3M |
| Free Cash Flow | -$8.2M | $36.3M | $81.4M | $72.0M | -$16.0M |
Figures from Shoals Technologies' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Shoals Technologies financials page for every line item.
Shoals Technologies Company Profile
| Ticker | SHLS |
|---|---|
| Exchange | Nasdaq |
| Industry | Semiconductors & Related Devices |
| Headquarters | Portland, Tennessee |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001831651 |
Frequently Asked Questions
What was Shoals Technologies' revenue in fiscal 2025?
Shoals Technologies (SHLS) reported revenue of $475.3M for fiscal 2025.
What is Shoals Technologies' annual revenue history?
Shoals Technologies' annual revenue by fiscal year: 2021: $213.2M; 2022: $326.9M; 2023: $488.9M; 2024: $399.2M; 2025: $475.3M.
What was Shoals Technologies' net income in fiscal 2025?
Shoals Technologies reported net income of $33.6M for fiscal 2025.
What was Shoals Technologies' earnings per share (EPS) in fiscal 2025?
Shoals Technologies' diluted EPS was $0.20 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Shoals Technologies generate in fiscal 2025?
Shoals Technologies generated -$16.0M of free cash flow in fiscal 2025.
What was Shoals Technologies' revenue last quarter?
In its most recent reported quarter (2026 Q2), Shoals Technologies reported revenue of $163.4M.
How much debt does Shoals Technologies have?
Shoals Technologies reported $136.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Shoals Technologies are outstanding?
Shoals Technologies reported a weighted average of 168.1 million basic shares outstanding in 2026 Q2.
What is Shoals Technologies' market cap?
Based on its latest closing price, Shoals Technologies (SHLS) has a market capitalization of about $1.47B.
When does Shoals Technologies' fiscal year end?
Shoals Technologies' fiscal year end, as registered with the SEC, is December 31.
Where is Shoals Technologies headquartered?
Shoals Technologies lists its business address in Portland, Tennessee in its SEC filings.