Shoals Technologies (US:SHLS)2022-05-16 23:36Company Overview - Shoals' products were used on approximately 50% of all U S solar capacity installed in 2021[15] - The company experienced a 22% Compound Annual Growth Rate (CAGR) in revenues from 2019 to 2021[15] - 73% of Shoals' revenues in 2021 came from "system solutions" that include multiple products[16] Market and Growth Strategy - Ground mount solar is growing faster than the overall market, with a projected 17% growth rate[22] - The company estimates a potential $2 7 billion U S market opportunity for EV charging solutions between 2022 and 2025[75] - Shoals' BLA (Big Lead Assembly) share in the U S EBOS market has increased from 7% in 2017 to 36% in 2021, with a target of 60%+[56] Financial Performance - The company's backlog and awarded orders increased by 67% from the first quarter of 2021, reaching $302 million as of March 31, 2022[86] - Shoals achieved Adjusted EBITDA of $16 532 million for the three months ended March 31, 2022, compared to $14 077 million for the same period in 2021[99] - Adjusted Net Income was $9 043 million for the three months ended March 31, 2022, compared to $8 771 million for the same period in 2021[98]