CLASS PERIOD: This lawsuit is on behalf of all purchasers of Shoals Class A common stock between January 27, 2021 and May 7, 2024 inclusive, including purchases directly in Shoals' December 2022 secondary public offering of Class A common stock. NEW YORK, May 21, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Shoals Technologies Group, Inc. (NASDAQ: SHLS). Shareholders who purchased shares of SHLS during the class period listed are encouraged to contact the firm regar ...

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Investors suffering losses on their Shoals investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 215-638-4847 or by email to [email protected]. The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Shoals did not deliver EBOS products that met the highe ...

NEW YORK, May 16, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Shoals Technologies Group, Inc. ("Shoals" or the "Company") (NASDAQ: SHLS). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. The class action concerns whether Shoals and certain of it ...

PORTLAND, Tenn., May 09, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc., a leading provider of electrical balance of systems ("EBOS") solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced the appointment of Gary Uren as Senior Vice President and General Manager (SVPGM) over International Business and Matt Tractenberg as Vice President of Finance and Investor Relations. Gary Uren is a growth-oriented senior business leader, corporate strategist, and M&A ...

Financial Data and Key Metrics Changes - First quarter net revenue declined 14% to $90.8 million compared to the same period in 2023, driven by project pushouts and fewer production days [52] - Gross profit decreased to $36.5 million, with a gross profit margin of 40.2%, down from 45.9% in the prior year due to higher labor costs and lower fixed cost absorption [53] - Net income was $4.8 million, down from $17.0 million in the prior year, while adjusted EBITDA was $20.5 million compared to $38.1 million in the prior year [56] - Cash flow from operations was $12.9 million, with capital expenditures of $2.5 million, and the company ended the quarter with a net debt to adjusted EBITDA ratio of one times, improved from two times a year ago [57] Business Line Data and Key Metrics Changes - Backlog and awarded orders totaled $615.2 million, with $75 million in new orders added during the quarter, representing a 17% year-over-year increase [60] - The company experienced reduced revenue in the near-to-mid-term due to solar project delays, impacting domestic utility scale solar projects [20][21] - The Community, Commercial, and Industrial (CC&I) market is expected to grow faster than utility scale solar, with an addressable market of 1.5 to 2 gigawatts for community solar projects and approximately 2 gigawatts for CC&I projects [24] Market Data and Key Metrics Changes - Solar power accounted for 4% of power production in the U.S. in 2023, expected to rise to 6% in 2024 and 7% in 2025 [13] - The average price paid by commercial and industrial customers for electricity increased by 20% from 2022 to 2023, benefiting solar as it can reduce costs and provide certainty [17][18] - The company noted that over 1.5 of all solar projects in development have been delayed six months or more due to various factors [19] Company Strategy and Development Direction - The company is focusing on the CC&I market and international growth, particularly in regions like Africa, Latin America, and the MENA region, which collectively have an estimated addressable market of 63 gigawatts by 2025 [26][28] - The company aims to leverage its products to build faster with less labor and at lower costs, enhancing its competitive position in the market [35] - The management has refined its corporate strategy and enhanced its operating model to drive better results for shareholders [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term fundamentals for solar growth, driven by accelerating load growth and persistently higher power prices [34] - The company expects project delays to reverse over time, with most delayed projects anticipated to be completed in 2025 [63] - Management highlighted the importance of flexibility and responsiveness to customer needs, which has led to changes in the sales structure and operations [66] Other Important Information - The company is pursuing legal action against Prysmian for wire insulation issues, with a potential exposure range remaining unchanged at $59.7 million to $184.9 million [54][41] - The company completed the ITC trial related to intellectual property litigation and expects a ruling in July, with further reviews in November and January 2025 [42] Q&A Session Summary Question: Visibility into second half ramp and potential AD/CVD case impact - Management confirmed visibility into projects and has accounted for potential delays in guidance, with no significant disruption anticipated from panel tariffs [72][73] Question: Market share and order trends - Management noted that 37% of projects have been delayed by at least one month, with $50 million worth of projects pushed to 2025, but emphasized that these projects are not lost [75] Question: Bookings and backlog dynamics - Management clarified that while total backlog increased, some projects were canceled or pushed back, impacting the perception of bookings for the quarter [91] Question: Competitive environment in eMobility - Management stated that there have been no significant changes in the competitive landscape, and they continue to believe in their superior technology and IP [116] Question: Sales organization adequacy for international and CC&I markets - Management indicated that they have made investments in the sales organization to better capture opportunities in international markets and the CC&I space [118]

Commission File Number: 001-39942 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Shoals Technologies Group, Inc. (Exact name of registrant as specified in its charter) | Delaware 85-3774438 | | ...

Exhibit 99.1 Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2024 PORTLAND, TN. – May 7, 2024 (GLOBE NEWSWIRE) – Shoals Technologies Group, Inc. ("Shoals" or the "Company") (Nasdaq: SHLS), a leading provider of electrical balance of system ("EBOS") solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced results for its first quarter ended March 31, 2024. "Despite additional project delays in the period, the team's continued strong execu ...

PORTLAND, Tenn., April 23, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (the "Company") (NASDAQ:SHLS) today announced that the Company will release its first quarter 2024 results after market close on Tuesday, May 7, 2024, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://investors.shoals.com. ...

NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Shoals Technologies Group, Inc. ("Shoals" or the "Company") (NASDAQ:SHLS) and reminds investors of the May 21, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $10 ...

Hiraman Thesis Today's thesis is about Shoals Technologies (NASDAQ:SHLS), which serves two rapidly growing industries: solar and EV. I am bullish on SHLS and think it can generate good returns in the long run due to its unique products and solutions, presence in rapidly growing markets, and strong financial and fundamental conditions. About Shoals Shoals serves the solar, EV, and Battery energy market and was founded in 1996. It is headquartered in Portland, Tennessee, and its manufacturing facility is loca ...