Shoals manufactures balance of system components for solar, energy storage and electric vehicle charging solutions. The company opened a factory in Tennessee and posted record gross revenues and profits in 2021.
Shoals Technologies Group, a provider of Balanced Power Systems (BOS) systems for solar, storage and electric vehicle (EV) charging, announced the opening of a manufacturing facility in Tennessee. The 219,000 square foot facility is expected to enter service in the second quarter of 2022.
The facility is expected to double the company’s manufacturing capacity. He said the new space will allow him to introduce new innovations to the BOS space.
“Our new plant will allow us to optimize our manufacturing lines to increase operational efficiency, increase production capacity and bring new innovations to market to deliver even more value to our customers,” said Jason Whitaker, CEO of Shoals Technologies Group. “In addition, the new facility gives us a significant footprint for the growth of new product lines, particularly our Fuel by Shoals® eMobility solutions for electric vehicle charging, which provide a simpler, more reliable and scalable way to deploy EV charging systems.”
Shoals released its fourth quarter 2021 results, posting record earnings and gross margin. Gross margin for the full year 2021 was 38.8% and orders nearly doubled year over year to a record $299 million. Revenue from its systems solutions grew 29% year-over-year for the fourth quarter of 2021.
Revenue and gross margin increased 21% and 24%, respectively, from 2020 reported figures. Adjusted EDBITA saw modest growth as the company made investments in human capital, international expansion and a new EV business unit.
“As demand for our products accelerates, the current environment is dynamic and we are closely monitoring our supply chain, labor costs, material costs and logistics availability,” said Whitaker.
Fourth quarter revenue totaled $48 million, compared to $38.8 million in the year-ago quarter. Operating income was $2.2 million and net loss was $2.2 million. This compares to the prior Q4 operating profit of $7.2 million and a net gain of $4.2 million. The figures are not directly comparable because prior to its IPO the Company was organized as a tax intermediary partnership rather than a corporation and did not record income taxes. The basic and diluted loss per share was ($0.04).
Shoals said at least half of the solar energy projects installed in the United States in 2020 used its products.
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