SHLS on Nasdaq
Shoals Technologies Group, Inc.
In its 2026 annual report the company says: “Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems.”5 It is headquartered in Portland, Tennessee.1 Its shares trade on Nasdaq under the symbol SHLS.1
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Last updated Oct 21, 2026.
Overview
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- TickerSHLS on Nasdaq1
- IndustrySemiconductors & Related Devices1
- HeadquartersPortland, Tennessee1
- Incorporated inDE3
- Business address1500 Shoals Way, Portland, Tn3
- Filer categoryAccelerated filer3
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Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission‑critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers (“OEMs”). Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
System Solutions brought in 79% of the revenue Shoals Technologies Group, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| System Solutions | $398.4M | $306.1M | $374.2M |
| Components | $90.6M | $93.1M | $101.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue65¢$308.8M
- Other costs25¢$118.0M
- Income tax3¢$14.9M
- Profit7¢$33.6M
Out of $475.3M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$33.0M
Out of $17.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $475.3M | $399.2M | $488.9M |
| Cost of revenue | $308.8M | $257.2M | $320.6M |
| Gross profit | $166.5M | $142.0M | $168.3M |
| General and administrative expenses | $101.5M | $82.3M | $80.7M |
| Depreciation and amortization | $8.6M | $8.6M | $8.6M |
| Total operating expenses | $110.1M | $90.8M | $89.3M |
| Income from operations | $56.4M | $51.2M | $79.0M |
| Interest expense | -$10.0M | -$13.8M | -$24.1M |
| Interest income | $305.0K | $518.0K | $0 |
| Gain on sale of assets | $1.8M | $0 | $0 |
| Foreign currency (loss) gain, net | -$13.0K | $0 | $0 |
| Income before income taxes | $48.5M | $37.9M | $54.9M |
| Income tax expense | -$14.9M | -$13.7M | -$12.3M |
| Net income | $33.6M | $24.1M | $42.7M |
| Less: net income attributable to non-controlling interests | $0 | $0 | $2.7M |
| Net income attributable to Shoals Technologies Group, Inc. | $33.6M | $24.1M | $40.0M |
| Basic (in USD per share) | $0.20 | $0.14 | $0.24 |
| Diluted (in USD per share) | $0.20 | $0.14 | $0.24 |
| Basic (in shares) | 167.3M shares | 168.6M shares | 164.2M shares |
| Diluted (in shares) | 168.4M shares | 168.7M shares | 164.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $7.3M | $23.5M | ||
| Accounts receivable, net | $128.8M | $78.2M | ||
| Unbilled receivables | $22.1M | $20.8M | ||
| Inventory | $89.9M | $56.0M | ||
| Other current assets | $9.8M | $9.8M | ||
| Total Current Assets | $257.9M | $188.4M | ||
| Property, plant and equipment, net | $53.3M | $28.2M | ||
| Goodwill | $69.9M | $69.9M | ||
| Other intangible assets, net | $33.5M | $41.1M | ||
| Deferred tax assets | $438.0M | $454.2M | ||
| Right-of-use operating lease assets | $46.0M | $1.8M | ||
| Other assets | $5.4M | $9.5M | ||
| Total Assets | $904.1M | $793.1M | ||
| Accounts payable | $64.9M | $20.0M | ||
| Accrued expenses and other | $22.2M | $12.5M | ||
| Warranty liabilitycurrent portion | $3.2M | $29.6M | $31.1M | |
| Deferred revenue | $37.0M | $18.7M | ||
| Total Current Liabilities | $127.3M | $80.9M | ||
| Revolving line of credit | $136.8M | $141.8M | ||
| Right-of-use operating lease liabilities, less current portion | $38.7M | $1.2M | ||
| Warranty liability, less current portion | $403.0K | $11.4M | $23.8M | |
| Other long-term liabilities | $991.0K | $991.0K | ||
| Total Liabilities | $304.1M | $236.3M | ||
| Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Additional paid-in capital | $493.1M | $483.6M | ||
| Treasury stock, at cost, 3,908,387 shares as of December 31, 2025 and 2024, respectively | -$25.3M | -$25.3M | ||
| Retained Earnings | $132.2M | $98.6M | ||
| Total Stockholders' Equity | $600.0M | $556.8M | $545.0M | $301.0M |
| Total Liabilities and Stockholders Equity | $904.1M | $793.1M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Treasury stock (in shares) | 3.9M shares | 3.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $7.3M | $23.5M | ||
| Accounts receivable, net | $128.8M | $78.2M | ||
| Unbilled receivables | $22.1M | $20.8M | ||
| Inventory | $89.9M | $56.0M | ||
| Other current assets | $9.8M | $9.8M | ||
| Total Current Assets | $257.9M | $188.4M | ||
| Property, plant and equipment, net | $53.3M | $28.2M | ||
| Goodwill | $69.9M | $69.9M | ||
| Other intangible assets, net | $33.5M | $41.1M | ||
| Deferred tax assets | $438.0M | $454.2M | ||
| Right-of-use operating lease assets | $46.0M | $1.8M | ||
| Other assets | $5.4M | $9.5M | ||
| Total Assets | $904.1M | $793.1M | ||
| Accounts payable | $64.9M | $20.0M | ||
| Accrued expenses and other | $22.2M | $12.5M | ||
| Warranty liabilitycurrent portion | $3.2M | $29.6M | $31.1M | |
| Deferred revenue | $37.0M | $18.7M | ||
| Total Current Liabilities | $127.3M | $80.9M | ||
| Revolving line of credit | $136.8M | $141.8M | ||
| Right-of-use operating lease liabilities, less current portion | $38.7M | $1.2M | ||
| Warranty liability, less current portion | $403.0K | $11.4M | $23.8M | |
| Other long-term liabilities | $991.0K | $991.0K | ||
| Total Liabilities | $304.1M | $236.3M | ||
| Preferred stock, $0.00001 par value - 5,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024 | $0 | $0 | ||
| Additional paid-in capital | $493.1M | $483.6M | ||
| Treasury stock, at cost, 3,908,387 shares as of December 31, 2025 and 2024, respectively | -$25.3M | -$25.3M | ||
| Retained Earnings | $132.2M | $98.6M | ||
| Total Stockholders' Equity | $600.0M | $556.8M | $545.0M | $301.0M |
| Total Liabilities and Stockholders Equity | $904.1M | $793.1M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Treasury stock (in shares) | 3.9M shares | 3.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $33.6M | $24.1M | $42.7M |
| Depreciation and amortization | $13.8M | $12.6M | $10.5M |
| Amortization/write off of deferred financing costs | $622.0K | $3.1M | $2.2M |
| Equity-based compensation | $9.9M | $14.2M | $20.9M |
| Provision for credit losses | $0 | $0 | $296.0K |
| Provision for obsolete or slow-moving inventory | $1.2M | $2.7M | $5.0M |
| Provision for warranty expense | $522.0K | $15.2M | $59.6M |
| Deferred taxes | $16.1M | $14.0M | $11.3M |
| Other | $1.0M | $0 | $0 |
| Accounts receivable | -$50.6M | $28.9M | -$56.8M |
| Unbilled receivables | -$1.3M | $19.3M | -$23.4M |
| Inventory | -$35.1M | -$5.8M | $15.0M |
| Other assets | $1.8M | -$9.8M | $1.4M |
| Accounts payable | $43.3M | $5.6M | $5.2M |
| Accrued expenses and other | $4.8M | -$11.2M | $4.5M |
| Warranty liability | -$41.0M | -$29.1M | -$5.2M |
| Deferred revenue | $18.3M | -$3.5M | -$1.0M |
| Net Cash Provided by Operating Activities | $17.1M | $80.4M | $92.0M |
| Purchases of property, plant and equipment | -$33.0M | -$8.4M | -$10.6M |
| Proceeds from sale of property, plant and equipment | $5.1M | $0 | $0 |
| Other | $0 | $0 | -$269.0K |
| Net Cash Used in Investing Activities | -$28.0M | -$8.4M | -$10.8M |
| Distributions to non-controlling interests | $0 | $0 | -$2.6M |
| Employee withholding taxes related to net settled equity awards | -$362.0K | -$1.2M | -$3.9M |
| Deferred financing costs | $0 | -$2.6M | $0 |
| Proceeds from revolving credit facility | $60.0M | $148.8M | $45.0M |
| Repurchase of Class A common stock | $0 | -$25.3M | $0 |
| Excise taxes on treasury stock transactions | $59.0K | $0 | $0 |
| Deferred offering costs | $0 | $0 | -$1.2M |
| Net Cash Used in Financing Activities | -$5.3M | -$71.2M | -$67.2M |
| Net Increase (Decrease) in Cash, Cash Equivalents | -$16.2M | $804.0K | $13.9M |
| Cash paid for interest | $9.1M | $16.3M | $23.1M |
| Cash paid for taxes | -$183.0K | $109.0K | $1.3M |
| Purchased equipment not yet paid for | $1.5M | $0 | $0 |
| Right of use operating lease assets obtained in exchange for lease obligations | $46.2M | $0 | $0 |
| Right of use operating lease liabilities obtained in exchange for lease assets | $41.3M | $0 | $0 |
| Recording of deferred tax assets related to exchanges of Class B common stock to Class A common stock | $0 | $0 | $187.6M |
| Capital contribution related to tax receivable agreement exchanges of Class B common stock to Class A common stock | $0 | $0 | $187.6M |
No quarter-by-quarter statement was filed.
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Corporate structure
Shoals Technologies Group, Inc. sits at the top of its group. 5 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Shoals Technologies Group, Inc.
- PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Aug 14, 2026 (5 filings since Feb 14, 2022)
- BlackRock Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Jul 30, 2026 (11 filings since Jan 26, 2022)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Shoals Technologies Group, Inc., latest Apr 30, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Mar 27, 2026 (6 filings since Feb 10, 2022)
- Encompass Capital Advisors LLC Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Feb 17, 2026 (3 filings since May 15, 2025)
- BlackRock Portfolio Management LLC Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Jan 21, 2026 (3 filings since Apr 15, 2025)
- Wellington Management Company Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Oct 6, 2025 (4 filings since Feb 8, 2024)
- Point72 Asset Management, L.P. Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Aug 14, 2025 (4 filings since Oct 21, 2024)
- Clearbridge Investments, LLC Filed SCHEDULE 13G/A on Shoals Technologies Group, Inc., latest Oct 31, 2024 (4 filings since Feb 10, 2022)
- JOHO CAPITAL LLC Filed SC 13G/A on Shoals Technologies Group, Inc., latest Sep 25, 2024 (2 filings since May 17, 2024)
- Dean Solon Filed SC 13D/A on Shoals Technologies Group, Inc., latest Mar 10, 2023 (2 filings since Dec 9, 2022)
- Capital World Investors Filed SC 13G/A on Shoals Technologies Group, Inc., latest Feb 13, 2023 (2 filings since Feb 11, 2022)
- Shoals Technologies Group, Inc. Portland, Tennessee
- Shoals Energy Australia Pty Ltd Subsidiary · Australia
- Shoals Energy Spain, S.L. Subsidiary · Spain
- Shoals Intermediate Parent, Inc. Subsidiary · Delaware, United States
- Shoals International, LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Shoals Technologies Group, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $70.8M2 Dec 31, 2025 | $41.3M2 Dec 31, 2024 | +71.5% |
| Accumulated depreciation | $17.5M2 Dec 31, 2025 | $13.1M2 Dec 31, 2024 | +33.9% |
| Property and equipment, net | $53.3M2 Dec 31, 2025 | $28.2M2 Dec 31, 2024 | +88.9% |
| Operating-lease assets (leased space) | $46.0M2 Dec 31, 2025 | $1.8M2 Dec 31, 2024 | +2478.1% |
Investments
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $69.9M2 Dec 31, 2025 | $69.9M2 Dec 31, 2024 | 0% |
| Finite-lived intangibles, gross | $99.6M2 Dec 31, 2025 | $99.6M2 Dec 31, 2024 | 0% |
| Accumulated amortization | $66.1M2 Dec 31, 2025 | $58.5M2 Dec 31, 2024 | +13.0% |
| Finite-lived intangibles, net | $33.5M2 Dec 31, 2025 | $41.1M2 Dec 31, 2024 | −18.5% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $89.9M2 Dec 31, 2025 | $56.0M2 Dec 31, 2024 | +60.6% |
| Raw materials | $90.7M2 Dec 31, 2025 | $55.7M2 Dec 31, 2024 | +62.8% |
| Work in process | $2.8M2 Dec 31, 2025 | $2.3M2 Dec 31, 2024 | +22.7% |
| Finished goods | $268.0K2 Dec 31, 2025 | $2.4M2 Dec 31, 2024 | −88.9% |
Properties, in its own words
The table below describes the material facilities owned or leased by Shoals Technologies Group, Inc. as of February 2026:
Location · Status · Approximate Square Feet · Uses
The rest of Item 2
1400 · Shoals Way, Portland, TN · Owned · 103,200 · Office, manufacturing, warehousing and shipping
215 · Industrial Drive, Muscle Shoals, AL · Owned · 16,910 · Office, manufacturing, warehousing and shipping
109 · Kirby Drive, Portland, TN · Leased · 219,767 · Office, manufacturing, warehousing and shipping
1500 · Shoals Way, Portland, TN · Leased · 638,330 · Office, manufacturing, warehousing and shipping
We believe that our existing properties are in good condition and are sufficient and suitable for the conduct of our business for the foreseeable future.
Item 2 of the 10-K filed Feb 24, 2026.5
Leadership
Who has led Shoals Technologies Group, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerBrandon Moss Jul 17, 2023 to now14
- Chief executive officerJason R. Whitaker Jan 26, 2021 to Mar 13, 202315
- PresidentJeffery Tolnar Dec 22, 2022 to now16
- Chief financial officerDominic Bardos Oct 5, 2022 to now17
- Chief financial officerPhilip A. Garton Jan 26, 2021 to Mar 25, 202218
- Chief operating officerKirsten Moen Apr 10, 2026 to now19
Board members and other officers (19)
- Chief Accounting OfficerBibber David Sean Van Nov 10, 2025 to now20
- Chief Accounting OfficerInez Lund Feb 28, 2024 to Mar 11, 202521
- Chief Technology OfficerAlan D. Neal Jan 26, 2021 to Feb 3, 202222
- Board memberBrandon Moss Jul 18, 2024 to now23
- Board memberNiharika Ramdev Aug 12, 2024 to now24
- Board memberJeanette M. Mills Aug 16, 2022 to now25
- Board memberRobert K. Julian Aug 16, 2022 to now26
- Board memberDean Solon Jan 26, 2021 to Feb 25, 202227
- Board memberFrank R. Cannova Jan 26, 2021 to Aug 23, 202128
- Board memberJason J. Lee Jan 26, 2021 to Aug 23, 202129
- Board memberJason R. Whitaker Jan 26, 2021 to Mar 13, 202315
- Board memberJohn Bradford Forth Jan 26, 2021 to now30
- Board memberPeter M. Wilver Jan 26, 2021 to May 3, 202431
- Board memberLori S. Sundberg Mar 22, 2021 to now32
- Board memberToni Volpe Mar 22, 2021 to now33
- Board memberTy P. Daul Mar 22, 2021 to now34
- Board memberPeter Joseph Jonna Aug 23, 2021 to May 9, 202235
- General counselBobbie Lee King Jr. Jun 16, 2025 to now36
- General counselMehgan Peetz Jan 26, 2021 to Jul 15, 202437
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Shoals Energy Australia Pty Ltd Australia4
- Shoals Energy Spain, S.L. Spain4
- Shoals Intermediate Parent, Inc. Delaware4
- Shoals International, LLC Delaware4
- Shoals Technologies Group, LLC Tennessee4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 31, 20268-K Entered a material agreement; New debt or obligation38
- Aug 4, 20268-K Results of operations39
- Jun 12, 20268-K Entered a material agreement; New debt or obligation40
- Jun 12, 20268-K Entered a material agreement; New debt or obligation41
- May 5, 20268-K Results of operations42
- May 1, 20268-K Shareholder vote43
- Feb 24, 20268-K Financial statements and exhibits44
- Feb 24, 20268-K Results of operations45
- Nov 6, 20258-K Executive or director change; Regulation FD disclosure46
- Nov 4, 20258-K Results of operations47
- Aug 5, 20258-K Results of operations48
- May 7, 20258-K Shareholder vote49
- Jul 17, 2023New chief executive Brandon Moss becomes CEO14
- Jan 26, 2021New chief executive Jason R. Whitaker becomes CEO15
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.11 a share, on Nov 4, 2025.50
When it reported results
- Aug 4, 2026Reported quarterly or annual results39
- May 5, 2026Reported quarterly or annual results42
- Feb 24, 2026Reported quarterly or annual results45
- Nov 4, 2025Reported quarterly or annual results47
- Aug 5, 2025Reported quarterly or annual results48
- May 6, 2025Reported quarterly or annual results51
- Feb 25, 2025Reported quarterly or annual results52
- Nov 12, 2024Reported quarterly or annual results53
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
360 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 174 insider forms, 49 large holders, 69 other. The latest 20:
- Sep 11, 20264 EDGAR
- Aug 31, 20268-K EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 4, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jul 20, 20264 EDGAR
- Jun 16, 2026144 EDGAR
- Jun 16, 20264 EDGAR
- Jun 12, 20268-K/A EDGAR
- Jun 12, 20268-K EDGAR
- Jun 2, 20264 EDGAR
- Jun 2, 20264 EDGAR
- Jun 2, 20264 EDGAR
- Jun 1, 2026SD EDGAR
- May 8, 2026144 EDGAR
- May 8, 20264 EDGAR
- May 5, 202610-Q EDGAR
- May 5, 20268-K EDGAR
The 360 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
59 open-market trades by officers, directors and large owners since October 2021: 4 buys and 55 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 16, 2026 | King Bobbie Lee JrChief Legal Officer | Sale | 10,000 | $10.41 | $104.1K | Form 4 |
| May 8, 2026 | Bardos DominicChief Financial Officer | Sale | 54,449 | $8.48 | $461.7K | Form 4 |
| Dec 5, 2025 | Bardos DominicChief Financial Officer | Sale | 4,170 | $7.83 | $32.7K | Form 4 |
| Dec 5, 2025 | TOLNAR JEFFERYPresident | Sale | 2,450 | $7.85 | $19.2K | Form 4 |
| Mar 12, 2025 | Bardos DominicChief Financial Officer | Buy | 35,000 | $2.80 | $98.0K | Form 4 |
| Mar 10, 2025 | Lund InezChief Accounting Officer | Sale | 1,900 | $2.92 | $5.5K | Form 4 |
| Mar 10, 2025 | TOLNAR JEFFERYPresident | Sale | 2,700 | $2.88 | $7.8K | Form 4 |
| Mar 5, 2025 | Lund InezChief Accounting Officer | Sale | 1,025 | $3.11 | $3.2K | Form 4 |
| Mar 5, 2025 | TOLNAR JEFFERYPresident | Sale | 5,800 | $3.07 | $17.8K | Form 4 |
| Mar 5, 2025 | Bardos DominicChief Financial Officer | Sale | 7,450 | $3.09 | $23.0K | Form 4 |
| Mar 5, 2025 | MOSS BRANDONChief Executive Officer | Sale | 21,700 | $3.07 | $66.6K | Form 4 |
| Dec 5, 2024 | Lund InezChief Accounting Officer | Sale | 850 | $4.72 | $4.0K | Form 4 |
| Dec 5, 2024 | TOLNAR JEFFERYPresident | Sale | 1,310 | $4.65 | $6.1K | Form 4 |
| Dec 5, 2024 | Bardos DominicChief Financial Officer | Sale | 4,300 | $4.69 | $20.2K | Form 4 |
| Nov 22, 2024 | Bardos DominicChief Financial Officer | Buy | 15,000 | $4.71 | $70.7K | Form 4 |
| Nov 21, 2024 | MOSS BRANDONChief Executive Officer | Buy | 22,300 | $4.55 | $101.5K | Form 4 |
| Sep 16, 2024 | TOLNAR JEFFERYPresident | Sale | 2,110 | $6.34 | $13.4K | Form 4 |
| Sep 16, 2024 | Lund InezChief Accounting Officer | Sale | 350 | $6.33 | $2.2K | Form 4 |
| Mar 8, 2024 | Peetz MehganGeneral Counsel | Sale | 3,160 | $13.04 | $41.2K | Form 4 |
| Mar 8, 2024 | Lund InezChief Accounting Officer | Sale | 1,940 | $13.05 | $25.3K | Form 4 |
All 59 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- PRICE T ROWE ASSOCIATES INC /MD/SCHEDULE 13G/A, 5 filings Feb 14, 2022 to Aug 14, 202654
- BlackRockSCHEDULE 13G/A, 11 filings Jan 26, 2022 to Jul 30, 202655
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202656
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 10, 2022 to Mar 27, 202657
- Encompass Capital Advisors LLCSCHEDULE 13G/A, 3 filings May 15, 2025 to Feb 17, 202658
- BlackRock Portfolio Management LLCSCHEDULE 13G/A, 3 filings Apr 15, 2025 to Jan 21, 202659
- Wellington Management CompanySCHEDULE 13G/A, 4 filings Feb 8, 2024 to Oct 6, 202560
- Point72 Asset Management, L.P.SCHEDULE 13G/A, 4 filings Oct 21, 2024 to Aug 14, 202561
- Clearbridge Investments, LLCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Oct 31, 202462
- JOHO CAPITAL LLCSC 13G/A, 2 filings May 17, 2024 to Sep 25, 202463
- Dean SolonSC 13D/A, 2 filings Dec 9, 2022 to Mar 10, 202364
- Capital World InvestorsSC 13G/A, 2 filings Feb 11, 2022 to Feb 13, 202365
- InvescoSC 13G/A, 2 filings Feb 14, 2022 to Feb 8, 202366
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Brandon MossChief Executive Officer | 47 | $791.7K | $6.0M67 |
| 2025 | Dominic BardosChief Financial Officer | 61 | $494.8K | $2.2M67 |
| 2025 | Jeffery TolnarPresident | 62 | $440.0K | $1.9M67 |
| 2025 | Bobbie L. King Jr.Chief Legal Officer & Corporate Secretary | 40 | $216.7K | $1.2M67 |
| 2025 | Inez LundFormer Chief Accounting Officer | $128.4K | $387.0K67 | |
| 2024 | Brandon MossChief Executive Officer | 47 | $752.7K | $8.1M67 |
| 2024 | Dominic BardosChief Financial Officer | 61 | $475.0K | $3.0M67 |
| 2024 | Jeffery TolnarPresident | 62 | $434.8K | $2.0M67 |
| 2024 | Inez LundFormer Chief Accounting Officer | $293.6K | $703.2K67 | |
| 2023 | Brandon MossChief Executive Officer | 47 | $332.3K | $5.6M67 |
| 2023 | Dominic BardosChief Financial Officer | 61 | $452.9K | $2.8M67 |
| 2023 | Jeffery TolnarPresident | 62 | $490.0K | $2.2M67 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 28,727,968 | $284.4M | 0.0% | +8,880,712 |
| Vanguard Capital Management LLC | 7,435,246 | $73.6M | 0.0% | +73,905 |
| Invesco Ltd. | 7,157,142 | $70.9M | 0.0% | −619,546 |
| State Street Corp | 6,052,905 | $59.9M | 0.0% | +43,997 |
| Amundi | 5,374,593 | $53.2M | 0.0% | −360,225 |
| Geode Capital Management, LLC | 4,745,938 | $47.0M | 0.0% | +186,631 |
| Dimensional Fund Advisors LP | 4,590,497 | $45.4M | 0.0% | +321,703 |
| Vanguard Portfolio Management LLC | 4,500,168 | $44.6M | 0.0% | −1,387,304 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 4,276,470 | $42.3M | 0.0% | −1,057,082 |
| Greenvale Capital LLP | 4,250,000 | $42.1M | 4.6% | New |
| Schroder Investment Management Group | 2,889,908 | $28.6M | 0.0% | −1,750,528 |
| Pictet Asset Management Holding SA | 2,839,736 | $28.1M | 0.0% | +89,248 |
| UBS Group AG | 2,732,435 | $27.1M | 0.0% | +857,979 |
| Northern Trust Corp | 2,324,998 | $23.0M | 0.0% | −241,447 |
| ACK Asset Management LLC | 2,255,000 | $22.3M | 2.6% | New |
| Ameriprise Financial Inc | 1,926,830 | $19.1M | 0.0% | −397,963 |
| Redwood Grove Capital, LLC | 1,760,722 | $17.4M | 4.4% | −1,276,700 |
| Morgan Stanley | 1,749,628 | $17.3M | 0.0% | +114,688 |
| Royce & Associates LP | 1,723,952 | $17.1M | 0.1% | +233,920 |
| Ardsley Advisory Partners LP | 1,665,000 | $16.5M | 1.8% | −595,000 |
| Voya Investment Management LLC | 1,627,824 | $16.1M | 0.0% | −170,581 |
| Woodson Capital Management, LP | 1,600,000 | $15.8M | 2.7% | −400,000 |
| Heartland Advisors Inc | 1,466,050 | $14.5M | 0.6% | +409,875 |
| Charles Schwab Investment Management Inc | 1,407,162 | $13.9M | 0.0% | +32,053 |
| Swedbank AB | 1,315,945 | $13.0M | 0.0% | +216,500 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
11 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jul 19, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −22.6% | Report |
| Jun 18, 2024 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +27.7% | Report |
| Apr 15, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −63.8% | Report |
| Mar 14, 2024 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +84.1% | Report |
| Jan 11, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −105.3% | Report |
| Dec 11, 2023 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +111.4% | Report |
| Oct 16, 2023 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −127.8% | Report |
| Sep 15, 2023 | Josh GottheimerDemocratic, House | Partial sale | $1,001 - $15,000 | +137.0% | Report |
| Aug 10, 2023 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −137.5% | Report |
| Apr 10, 2023 | Daniel S. GoldmanDemocratic, House | Sale | $1,001 - $15,000 | +152.8% | Report |
| Dec 6, 2022 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −163.6% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Shoals Technologies Group, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARShoals Technologies Group, Inc.1
- CIK0001831651
- Employer ID (EIN)85-37744385
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)3674 Semiconductors & Related Devices1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address1500 Shoals Way, Portland, TN1
- Phone615-451-14001
- Shares outstanding167,450,324 Common Class A shares as of Feb 19, 20265
- Public float$501.5M as of Jun 30, 20255
- AuditorErnst & Young LLP, Nashville, Tennessee PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceNov 12, 20201
- Filings447 in all: 4 (179), 8-K (51), 144 (34), 3 (27), SCHEDULE 13G/A (19), SC 13G/A (18), 10-Q (17), SC 13G (11)1
All 38 form types
4/A (8), CORRESP (8), UPLOAD (8), DEFA14A (7), 10-K (6), DEF 14A (5), SC 13D/A (5), SCHEDULE 13G (5), 424B5 (4), ARS (4), S-1/A (3), SD (3), 424B4 (2), 8-K/A (2), DRS (2), EFFECT (2), S-1 (2), S-8 (2), SC 13D (2), 144/A (1), 8-A12B (1), CERT (1), D (1), DRS/A (1), DRSLTR (1), FWP (1), NT 10-Q (1), PRE 14A (1), S-1MEF (1), S-3ASR (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 4, 2026
Proxy statement (DEF 14A) Mar 20, 2026
Latest 8-K (8-K) Aug 31, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, $0.00001 Par Value | SHLS | Nasdaq Global Market |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Shoals Technologies Group, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 26 risks under these headings, as written.5
- Risks Related to Our Business and Our Industry
- If demand for solar energy projects diminishes, we may not be able to grow, and our financial results, business and prospects could be materially adversely impacted.
- If we fail to accurately estimate the potential losses related to the wire insulation shrinkback matter, or fail to recover the costs and expenses incurred by us from the supplier, our profit margins, financial results, business and prospects could be materially adversely impacted.
- The interruption of the flow of raw materials from international vendors has disrupted our supply chain, including as a result of the imposition of additional duties, tariffs and other charges on imports and exports.
- We are subject to risks from changes to trade restrictions, import tariffs, anti-dumping and countervailing duties. Such changes could adversely affect the amount or timing of our revenue, results of operations or cash flows.
- We have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business. Modifying our business strategy could have an adverse effect on our business and financial results.
- Amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits.
- Defects or performance problems in our products or their parts, whether due to manufacturing, installation, or use, including those related to the wire insulation shrinkback matter, have a high consequence of failure and can lead to equipment and systems failure, physical injury or death, and in the past have, and in the future could, result in loss of customers, reputational damage and decreased revenue, and materially adversely impact our business, financial condition and results of operations.
- We have experienced, and may experience in the future, delays, disruptions, quality control or reputational problems in our manufacturing operations in part due to our vendor concentration.
- If we fail to retain our key personnel and attract additional qualified personnel, our business strategy and prospects could suffer.
- Our products are primarily manufactured and shipped from our production facilities in Tennessee, and any damage or disruption at these facilities may harm our business.
- We may face difficulties integrating and optimizing our consolidated Tennessee-based manufacturing and distribution operations and may not fully realize the anticipated benefits.
The other 15 risks
- Safety issues may subject us to penalties, negatively impact customer relationships, result in higher operating costs, and negatively impact employee morale and turnover.
- The market for our products is competitive, and we face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share.
- Macroeconomic conditions, including high inflation, high interest rates, and geopolitical instability impacts our business and financial results.
- We are subject to risks related to our ability to protect, enforce, and defend our intellectual property.
- Acquisitions, joint ventures and/or investments and the failure to integrate acquired businesses, could disrupt our business and negatively impact our results of operations.
- A loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment could harm our business and negatively impact revenue, results of operations, and cash flow.
- A significant drop in the price of electricity may harm our business, financial condition, results of operations and prospects.
- Failure of our information technology systems, including those managed by third parties, or cybersecurity incidents could disrupt our operations and adversely affect our results of operations.
- Our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks.
- Our indebtedness could adversely affect our financial flexibility, restrict our current and future operations, and our competitive position.
- Risks Related to Regulatory Matters
- Existing electric utility industry, federal state and municipal renewable energy and solar energy policies and regulations, including zoning and siting laws, and any subsequent changes, present technical, regulatory and economic barriers to the purchase and use of solar energy systems that may significantly reduce demand for our products or harm our ability to compete.
- Changes in tax laws or regulations that are applied adversely to us, or our customers could materially adversely affect our business, financial condition, results of operations and prospects.
- Risks Related to Our Class A Common Stock
- The market price of our Class A common stock may decline and may continue to be subject to significant volatility.
- Provisions in our amended and restated certificate of incorporation and amended and restated bylaws may have the effect of delaying or preventing a change of control or changes in our management.
- Our amended and restated certificate of incorporation also provides that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Legal proceedings
From time to time, we may be involved in litigation relating to claims that arise out of our operations and businesses and that cover a wide range of matters, including, among others, intellectual property matters, contract and employment claims, personal injury claims, product liability claims and warranty claims. Except as described under Litigation in Note 15 - Commitments and Contingencies in our consolidated financial statements included in this Annual Report on Form 10-K, there are no claims or proceedings against us that we believe will have a material adverse effect on our business, financial condition, results of operations or cash flows. However, the results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of litigation.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARJeffery Tolnar, President
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- 21SEC EDGARInez Lund, Chief Accounting Officer
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- 23SEC EDGARBrandon Moss, Board member
- 24SEC EDGARNiharika Ramdev, Board member
- 25SEC EDGARJeanette M. Mills, Board member
- 26SEC EDGARRobert K. Julian, Board member
- 27SEC EDGARDean Solon, Board member
- 28SEC EDGARFrank R. Cannova, Board member
- 29SEC EDGARJason J. Lee, Board member
- 30SEC EDGARJohn Bradford Forth, Board member
- 31SEC EDGARPeter M. Wilver, Board member
- 32SEC EDGARLori S. Sundberg, Board member
- 33SEC EDGARToni Volpe, Board member
- 34SEC EDGARTy P. Daul, Board member
- 35SEC EDGARPeter Joseph Jonna, Board member
- 36SEC EDGARBobbie Lee King Jr., General counsel
- 37SEC EDGARMehgan Peetz, General counsel
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- 39SEC EDGARResults of operations
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- 42SEC EDGARResults of operations
- 43SEC EDGARShareholder vote
- 44SEC EDGARFinancial statements and exhibits
- 45SEC EDGARResults of operations
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- 47SEC EDGARResults of operations
- 48SEC EDGARResults of operations
- 49SEC EDGARShareholder vote
- 50NasdaqNasdaq calendar
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