Shoals Technologies Q2 Revenue Jumps 47% to $163M, Backlog Reaches Record $801M
SHLS sits 99% above its 52-week low of $4.43.
Summary
Shoals Technologies reported Q2 2026 revenue of $163.4 million, up 47% year-over-year, with a record backlog of $801.4 million. The company provided Q3 guidance and reaffirmed its full-year 2026 outlook, underscoring demand strength despite margin pressure.
Key Events · Earnings and Guidance · SHLS
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Q2 Revenue Up 47% to $163M
Revenue increased 47.4% year-over-year to $163.4 million, driven by strong demand, market share gains, and higher project volumes.
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Record Backlog of $801M
Backlog and awarded orders reached $801.4 million as of June 30, 2026, up 19.4% from the prior year and 5.7% sequentially, reflecting consistent demand and growth in battery storage markets.
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Adjusted EBITDA Rises to $31.6M
Adjusted EBITDA was $31.6 million, up from $24.7 million in Q2 2025, despite gross margin compression to 30.3% from 37.2% due to facility ramp-up costs and product mix.
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Q3 and Full-Year Guidance Reaffirmed
Q3 2026 revenue is expected between $150 million and $170 million with Adjusted EBITDA of $32-$37 million. Full-year 2026 guidance was reaffirmed: revenue of $600-$640 million and Adjusted EBITDA of $118-$132 million.
Analysis · SHLS · Manufacturing
Shoals delivered a strong Q2, with revenue climbing 47% year-over-year to $163.4 million on the back of robust demand and market share gains. Adjusted EBITDA rose to $31.6 million, and backlog plus awarded orders hit a record $801.4 million, up 19.4% from last year. The company issued Q3 guidance and reaffirmed its full-year outlook, signaling confidence in sustained growth. However, gross margin compressed to 30.3% from 37.2% due to operational inefficiencies and product mix, and net income dipped slightly. The results come against a backdrop of recent liquidity concerns and a new $50 million credit facility with restrictive covenants, making the strong order book and reaffirmed guidance a critical signal of operational momentum.
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At the time of this filing, SHLS was trading at $8.80 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $4.43 to $13.18. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.