Shoals Technologies lauds 'record year' as it takes aim at post-IPO development targets

Mar 18, 2021 06:40 PM ET
  • Solar Balance of System (BOS) services supplier Shoals Technologies has celebrated a "record year" in which profits expanded 21%, positioning different post-IPO targets strongly in its crosshairs for 2021.
Shoals Technologies lauds 'record year' as it takes aim at post-IPO development targets
Image: Shoals Technologies

Earlier today Shoals reported full year 2020 income of US$ 175.5 million, up 21.5% on the US$ 144.5 million revenue number it reported in 2019. This growth was connected by the firm to "substantially higher sales quantity" throughout the year.

While year-on-year income growth slowed in Q4-- the fourth quarter's income of US$ 38.8 million was up just 2.3% on Q4 2019's figure of US$ 37.9 million-- this was laid directly with downtime pertaining to function being performed to broaden the service carrier's capability moving into 2021.

Shoals expects the forthcoming year to be among considerable progression towards a collection of development campaigns outlined within its going public (IPO), which was held earlier this year and also saw the business elevate US$ 2.2 billion after upsizing.

Gross follows the IPO are now helping it seek numerous development approaches, including transforming even more consumers to its Big Lead Assembly (BLA) solution, which incorporates cable assemblies, combiner boxes and merging into a single item for utility-scale solar jobs. Shoals is additionally improving its product providing to incorporate even more electric BOS services, increase globally as well as is likewise considering a relocation right into electric car charging facilities.

New wire administration and also IV curve benchmarking products are to be introduced in Q2 this year as well as the business anticipate them to start generating income in Q4.

Jason Whitaker, president at Shoals Technologies, commended the "significant initiatives" of his group throughout the COVID-19 pandemic.

"The energy transition is an international megatrend that is in the extremely early innings. We see remarkable chance in advance for our staff members as well as investors," he added.

Shoals is anticipating for an additional strong year in 2021 and is guiding for profits to grow by between 31-- 36.7%, getting to in between US$ 230-- 240 million. Its adjusted profits advice is for in between US$ 75-- 80 million, which would certainly represent development of between 23-- 31%.

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