Shoals Technologies reports increasing net income in 2020

PV project involving Shoals Technologies: the 25 MW »Appling Solar Farm« in Georgia, USA, by solar project developer Silicon Ranch

US Shoals Technologies Group Inc. announced financial results for its fourth quarter and full year ended December 31, 2020. In Q4 2020, revenues were $38.8 million, compared to $37.9 million for the prior-year period. Gross profit increased 19 percent to $14.8 million, compared to $12.5 million in the prior year period. Net income decreased significantly to $4.2 million, compared to $7.8 million during the same period in 2019.
Regarding the full year 2020, revenues grew 21.5 percent to $175.5 million in 2020, compared to $144.5 million in the prior year driven by significantly higher sales volumes. The sale of system solutions represented 66 percent of revenues versus 51 percent in 2019. Net income grew 34.3 percent to $33.8 million, compared to $25.1 million.
The company’s backlog and awarded orders at December 31, 2020 were $157 million, an increase of 46 percent year-over-year. According to the company, the increase reflects »continued robust demand« for the company’s products from customers in the U.S. Shoals expects revenues in 2021 to be in the range of $230 million to $240 million, up 31.0 percent to 36.7 percent year-over-year.
Shoals Technologies Group, Inc. is a provider of electrical balance of system (EBOS) solutions for solar, battery storage and electric vehicle charging infrastructure. At least one Shoals’ product was used on more than half of the solar energy projects installed in the U.S. in 2020, says the company.
© PHOTON

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