Shoals Technologies (SHLS) Q1 Revenue Surges 75% Behind Record $758M Backlog

Shoals Technologies Group Inc. (NASDAQ:SHLS) is one of the best solar energy stocks to buy right now. On May 5, Shoals Technologies reported Q1 2026 revenue of $140.6 million, a 75% increase year-over-year. While the company achieved an income from operations of $7.7 million and an adjusted EBITDA of $21.1 million, it posted a slight net loss of $0.3 million. This performance was supported by record backlog and awarded orders reaching $758 million, driven by sustained demand in domestic utility-scale solar and expansion into international and battery energy storage markets.

The company’s gross margin was 29.2%, down from 35.0% in the prior year due to higher tariff payments, material costs, and expenses related to the opening of a new consolidated operations facility. G&A expenses also rose to $31.0 million, primarily due to increased legal fees for ongoing intellectual property and shareholder litigation. Despite these costs, the company reported a significant increase in adjusted net income, which rose to $12.1 million compared to $5.7 million in the previous year.

Shoals Technologies (SHLS) Q1 Revenue Surges 75% Behind Record $758M Backlog

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Supported by strong market demand and its new production facility, Shoals Technologies Group Inc. (NASDAQ:SHLS) raised its full-year 2026 guidance, now expecting revenue between $600 million and $640 million. For Q2, the company anticipates revenue in the range of $150 million to $170 million and adjusted EBITDA between $28 million and $33 million.

Shoals Technologies Group Inc. (NASDAQ:SHLS) provides electrical balance-of-system solutions for solar power installations, battery storage systems, and related energy infrastructure projects.

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