SHLS on Nasdaq

Shoals Technologies Group, Inc.

Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV),.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

$475.3MRevenue, fiscal 20252
$33.6MNet income, fiscal 20252

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  • TickerSHLS on Nasdaq1
  • IndustrySemiconductors & Related Devices1
  • HeadquartersPortland, Tennessee1
  • Incorporated inDE3
  • Business address1500 Shoals Way, Portland, Tn3
  • Filer categoryAccelerated filer3

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Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers (“OEMs”). Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

35.0%Gross margin2
11.9%Operating margin2
7.1%Net margin2
19.1%Revenue growth, 20252
5.6%Return on equity2
-$16.0MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

System Solutions brought in 79% of the revenue Shoals Technologies Group, Inc. broke down this way in fiscal 2025.

  1. System Solutions$374.2M279%up 22% from 2024
  2. Components$101.1M221%up 9% from 2024
Products and services by year
Products and services202320242025
System Solutions$398.4M$306.1M$374.2M
Components$90.6M$93.1M$101.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue65¢$308.8M
  • Other costs25¢$118.0M
  • Income tax3¢$14.9M
  • Profit7¢$33.6M

Out of $475.3M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$33.0M

Out of $17.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue56782$475.3M in 2025+229% since 2019
0$200.0M$400.0M$600.0M2019: $144.5M$144.5M20192020: $175.5M$175.5M2020+21%2021: $213.2M$213.2M2021+21%2022: $326.9M$326.9M2022+53%2023: $488.9M$488.9M2023+50%2024: $399.2M$399.2M2024−18%2025: $475.3M$475.3M2025+19%
Gross profit56782$166.5M in 2025+277% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $44.2M$44.2M20192020: $66.5M$66.5M2020+51%2021: $82.6M$82.6M2021+24%2022: $131.3M$131.3M2022+59%2023: $168.3M$168.3M2023+28%2024: $142.0M$142.0M2024−16%2025: $166.5M$166.5M2025+17%
Operating income56782$56.4M in 2025+109% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $26.9M$26.9M20192020: $37.3M$37.3M2020+38%2021: $36.2M$36.2M2021−3%2022: $66.3M$66.3M2022+83%2023: $79.0M$79.0M2023+19%2024: $51.2M$51.2M2024−35%2025: $56.4M$56.4M2025+10%
Net income56782$33.6M in 2025+34% since 2019
0$50.0M$100.0M$150.0M2019: $25.1M$25.1M20192020: $33.8M$33.8M2020+34%2021: $2.3M$2.3M2021−93%2022: $127.6M$127.6M2022+5335%2023: $40.0M$40.0M2023−69%2024: $24.1M$24.1M2024−40%2025: $33.6M$33.6M2025+39%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue$475.3M$399.2M$488.9M
Cost of revenue$308.8M$257.2M$320.6M
Gross profit$166.5M$142.0M$168.3M
General and administrative expenses$101.5M$82.3M$80.7M
Depreciation and amortization$8.6M$8.6M$8.6M
Total operating expenses$110.1M$90.8M$89.3M
Income from operations$56.4M$51.2M$79.0M
Interest expense-$10.0M-$13.8M-$24.1M
Interest income$305.0K$518.0K$0
Gain on sale of assets$1.8M$0$0
Foreign currency (loss) gain, net-$13.0K$0$0
Income before income taxes$48.5M$37.9M$54.9M
Income tax expense-$14.9M-$13.7M-$12.3M
Net income$33.6M$24.1M$42.7M
Less: net income attributable to non-controlling interests$0$0$2.7M
Net income attributable to Shoals Technologies Group, Inc.$33.6M$24.1M$40.0M
Basic (in USD per share)$0.20$0.14$0.24
Diluted (in USD per share)$0.20$0.14$0.24
Basic (in shares)167.3M shares168.6M shares164.2M shares
Diluted (in shares)168.4M shares168.7M shares164.5M shares

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Leadership

Who has led Shoals Technologies Group, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jason R. Whitaker2021–2023
  2. Brandon Moss2023–now

President

  1. Jeffery Tolnar2022–now

Chief financial officer

  1. Philip A. Garton2021–2022
  2. Dominic Bardos2022–now

Chief operating officer

  1. Kirsten Moen2026–now
2025
Board members and other officers (19)

Timeline

  1. Jul 17, 2023New chief executive Brandon Moss becomes CEO13
  2. Jan 26, 2021New chief executive Jason R. Whitaker becomes CEO14

Filings

359 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 174 insider forms, 48 large holders, 69 other. The latest 20:

  1. Sep 11, 20264 EDGAR
  2. Aug 31, 20268-K EDGAR
  3. Aug 14, 20264 EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 4, 202610-Q EDGAR
  6. Aug 4, 20268-K EDGAR
  7. Jul 30, 2026SCHEDULE 13G/A EDGAR
  8. Jul 20, 20264 EDGAR
  9. Jun 16, 2026144 EDGAR
  10. Jun 16, 20264 EDGAR
  11. Jun 12, 20268-K/A EDGAR
  12. Jun 12, 20268-K EDGAR
  13. Jun 2, 20264 EDGAR
  14. Jun 2, 20264 EDGAR
  15. Jun 2, 20264 EDGAR
  16. Jun 1, 2026SD EDGAR
  17. May 8, 2026144 EDGAR
  18. May 8, 20264 EDGAR
  19. May 5, 202610-Q EDGAR
  20. May 5, 20268-K EDGAR

The 359 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

59 open-market trades by officers, directors and large owners since October 2021: 4 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 16, 2026King Bobbie Lee JrChief Legal OfficerSale10,000$10.41$104.1KForm 4
May 8, 2026Bardos DominicChief Financial OfficerSale54,449$8.48$461.7KForm 4
Dec 5, 2025Bardos DominicChief Financial OfficerSale4,170$7.83$32.7KForm 4
Dec 5, 2025TOLNAR JEFFERYPresidentSale2,450$7.85$19.2KForm 4
Mar 12, 2025Bardos DominicChief Financial OfficerBuy35,000$2.80$98.0KForm 4
Mar 10, 2025Lund InezChief Accounting OfficerSale1,900$2.92$5.5KForm 4
Mar 10, 2025TOLNAR JEFFERYPresidentSale2,700$2.88$7.8KForm 4
Mar 5, 2025Lund InezChief Accounting OfficerSale1,025$3.11$3.2KForm 4
Mar 5, 2025TOLNAR JEFFERYPresidentSale5,800$3.07$17.8KForm 4
Mar 5, 2025Bardos DominicChief Financial OfficerSale7,450$3.09$23.0KForm 4
Mar 5, 2025MOSS BRANDONChief Executive OfficerSale21,700$3.07$66.6KForm 4
Dec 5, 2024Lund InezChief Accounting OfficerSale850$4.72$4.0KForm 4
Dec 5, 2024TOLNAR JEFFERYPresidentSale1,310$4.65$6.1KForm 4
Dec 5, 2024Bardos DominicChief Financial OfficerSale4,300$4.69$20.2KForm 4
Nov 22, 2024Bardos DominicChief Financial OfficerBuy15,000$4.71$70.7KForm 4
Nov 21, 2024MOSS BRANDONChief Executive OfficerBuy22,300$4.55$101.5KForm 4
Sep 16, 2024TOLNAR JEFFERYPresidentSale2,110$6.34$13.4KForm 4
Sep 16, 2024Lund InezChief Accounting OfficerSale350$6.33$2.2KForm 4
Mar 8, 2024Peetz MehganGeneral CounselSale3,160$13.04$41.2KForm 4
Mar 8, 2024Lund InezChief Accounting OfficerSale1,940$13.05$25.3KForm 4

All 59 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.28,727,968$284.4M0.0%+8,880,712
Vanguard Capital Management LLC7,435,246$73.6M0.0%+73,905
Invesco Ltd.7,157,142$70.9M0.0%−619,546
State Street Corp6,052,905$59.9M0.0%+43,997
Amundi5,374,593$53.2M0.0%−360,225
Geode Capital Management, LLC4,745,938$47.0M0.0%+186,631
Dimensional Fund Advisors LP4,590,497$45.4M0.0%+321,703
Vanguard Portfolio Management LLC4,500,168$44.6M0.0%−1,387,304
BNP PARIBAS ASSET MANAGEMENT Holding S.A.4,276,470$42.3M0.0%−1,057,082
Greenvale Capital LLP4,250,000$42.1M4.6%New
Schroder Investment Management Group2,889,908$28.6M0.0%−1,750,528
Pictet Asset Management Holding SA2,839,736$28.1M0.0%+89,248
UBS Group AG2,732,435$27.1M0.0%+857,979
Northern Trust Corp2,324,998$23.0M0.0%−241,447
ACK Asset Management LLC2,255,000$22.3M2.6%New
Ameriprise Financial Inc1,926,830$19.1M0.0%−397,963
Redwood Grove Capital, LLC1,760,722$17.4M4.4%−1,276,700
Morgan Stanley1,749,628$17.3M0.0%+114,688
Royce & Associates LP1,723,952$17.1M0.1%+233,920
Ardsley Advisory Partners LP1,665,000$16.5M1.8%−595,000
Voya Investment Management LLC1,627,824$16.1M0.0%−170,581
Woodson Capital Management, LP1,600,000$15.8M2.7%−400,000
Heartland Advisors Inc1,466,050$14.5M0.6%+409,875
Charles Schwab Investment Management Inc1,407,162$13.9M0.0%+32,053
Swedbank AB1,315,945$13.0M0.0%+216,500

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

11 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 19, 2024Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−22.6%Report
Jun 18, 2024Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+27.7%Report
Apr 15, 2024Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−63.8%Report
Mar 14, 2024Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+84.1%Report
Jan 11, 2024Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−105.3%Report
Dec 11, 2023Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+111.4%Report
Oct 16, 2023Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−127.8%Report
Sep 15, 2023Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+137.0%Report
Aug 10, 2023Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−137.5%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+152.8%Report
Dec 6, 2022Josh GottheimerDemocratic, HouseBuy$1,001 - $15,000−163.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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