Shoals’ Q1 Net Income Jumps Five-fold to $14.3 Million on Strong Demand

System solutions contributed 87% to the total revenue of $105.1 million for Q1

May 11, 2023

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Manufacturer of electrical balance of system components (EBOS) Shoals Technologies Group’s net income jumped over five-fold year-over-year (YoY) to $14.3 million in the first quarter (Q1) of the financial year (FY) 2023 due to increased demand for solar EBOS generally, and the company’s system solutions specifically.

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Gourav Mishra

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Shoals’ Q1 Net Income Jumps Five-fold to $14.3 Million on Strong Demand

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