Shoals Technologies Group, a supplier of electrical balance of system (EBOS) solutions, reported revenue of $148.3 million in the fourth quarter (Q4) of 2025, an increase of 39% year-over-year (YoY) from $107 million, on the back of higher product sales to utility-scale solar projects.

Profit rose 3.8% to $8.1 million from $7.8 million in the same quarter last year.

The gross profit margin increased by 31.6% compared to Q4 2024.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4 2025 stood at $30.3 million, up 14.8% YoY from $26.4 million.

Earnings per share for the quarter stood at $0.10, which missed analysts’ estimates by $0.03.

Brandon Moss, Chief Executive Officer at Shoals Technologies Group, said, “After a challenging 2024, we came back strong and grew top-line revenue by 19%. Our U.S. utility-scale solar business grew by almost 11% for the full year, accelerating in the back half and growing 30% compared to the second half of 2024. International revenue expanded from less than $1 million in 2024 to approximately $13 million in 2025. Our quote volume in the quarter exceeded $700 million for unique projects, further strengthening our pipeline.”

“We recognized approximately $13 million of revenue in 2025 from international projects and have a record $90 million of international backlog and awarded orders, which will drive continued growth in 2026 and beyond,” he said.

Full Year 2025

Shoals’ revenue of $475.3 million in 2025 increased 19.1% from $399.2 million in 2024.

The company earned a profit of $33.6 million, up 39.4% YoY from $24.1 million

The gross profit margin stood at 35%, down from 35.6% the previous year.

EBITDA for the year increased by 0.4% to $99.5 million from $99.1 million in 2024.

Earnings per share increased by 42.9% for the year and stood at $0.20 compared to $0.14 the previous year.

Operational Highlights

The company’s backlog and awarded orders as of December 31, 2025, were $747.6 million, which is 17.8% higher than the same time last year and 3.7% higher than September 30, 2025.

The increase in backlog and awarded orders reflects continued demand for the company’s solar products, with growth in new domestic and international markets.

Shoals will continue investing in scalable production capabilities for battery storage and expects its first new production line to be operational within the coming weeks. The company is contemplating building a second production line for battery storage systems. It plans to put its second production line next to its new production line, which can produce the same product or a similar variant.

It is also entering into a partnership with ON.energy, a leading developer of advanced power systems for grid-safe data centers.

The company’s original equipment manufacturing business grew by 47% last year and is expected to remain strong this year.

Shoals projected revenue of $130 million for the next quarter and nearly $600 million for 2026, representing YoY growth of 22% at the midpoint.

The company expects its CAPEX spending to decline this year. Its CAPEX guidance for 2025 was about $25 million, but it spent over $30 million. Shoals plans to normalize its CAPEX spend over the coming years.

Shoals reported a 32.8% YoY increase in revenue to $135.8 million in Q3 2025, up from $102.2 million.