Shoals' Q3 2024 revenue falls 23.9% due to project delays, supply chain

15 Nov 2024 CW Team

The company posted a net loss of $300,000, a significant improvement compared to the $9.8 million net loss in Q3 2023. Adjusted net income was reported at $13.9 million, reflecting a 58.2% YoY decrease. Adjusted EBITDA stood at $24.5 million, a 48.9% decrease from the previous year, with a margin of 24%, down from 35.8% in Q3 2023.

As of September 30, 2024, Shoals' backlog and awarded orders totaled $596.6 million, showing a 5.8% YoY decrease. The company expects to fulfill approximately $455.2 million worth of orders in the next four quarters.

Earnings per share (EPS) were reported at $0.08, falling short of expectations by $0.02. General and administrative expenses decreased by 17% YoY to $18.7 million, primarily due to reduced stock-based and incentive compensation expenses.

Shoals’ cash flow from operations for the first nine months of 2024 increased to $66.4 million, a 1.4% rise from $65.5 million in 2023.

Regarding the market landscape, CEO Brandon Moss acknowledged the difficulties posed by the current market conditions but expressed optimism about the long-term outlook for utility-scale solar. He also highlighted that Shoals employs over 1,000 people across the U.S. and does not benefit from any 45X tax credits. The company noted that project timelines had been extended as developers were taking longer to award projects to EPCs, who then involve Shoals in the process.

The delays were attributed to multiple factors, including developers renegotiating Power Purchase Agreements (PPAs) in response to changing financial conditions, longer permitting processes, some projects being delayed in the interconnection queue, and increased labor costs leading to economic reassessments.

To navigate these challenges, Shoals has focused on improving relationships with existing customers and forging new ones, while also emphasizing product innovation, such as the introduction of 2 kV systems, and expanding into new markets like commercial, community, and industrial solar, as well as battery energy storage solutions.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Shoals Technologies Group, a U.S.-headquartered manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and e-mobility, reported a 23.9% year-over-year (YoY) decline in revenue, which dropped to $102.2 million in the third quarter (Q3) of 2024. This decline was mainly attributed to project delays and supply chain disruptions. The company posted a net loss of $300,000, a significant improvement compared to the $9.8 million net loss in Q3 2023. Adjusted net income was reported at $13.9 million, reflecting a 58.2% YoY decrease. Adjusted EBITDA stood at $24.5 million, a 48.9% decrease from the previous year, with a margin of 24%, down from 35.8% in Q3 2023. As of September 30, 2024, Shoals' backlog and awarded orders totaled $596.6 million, showing a 5.8% YoY decrease. The company expects to fulfill approximately $455.2 million worth of orders in the next four quarters. Earnings per share (EPS) were reported at $0.08, falling short of expectations by $0.02. General and administrative expenses decreased by 17% YoY to $18.7 million, primarily due to reduced stock-based and incentive compensation expenses. Shoals’ cash flow from operations for the first nine months of 2024 increased to $66.4 million, a 1.4% rise from $65.5 million in 2023. Regarding the market landscape, CEO Brandon Moss acknowledged the difficulties posed by the current market conditions but expressed optimism about the long-term outlook for utility-scale solar. He also highlighted that Shoals employs over 1,000 people across the U.S. and does not benefit from any 45X tax credits. The company noted that project timelines had been extended as developers were taking longer to award projects to EPCs, who then involve Shoals in the process. The delays were attributed to multiple factors, including developers renegotiating Power Purchase Agreements (PPAs) in response to changing financial conditions, longer permitting processes, some projects being delayed in the interconnection queue, and increased labor costs leading to economic reassessments. To navigate these challenges, Shoals has focused on improving relationships with existing customers and forging new ones, while also emphasizing product innovation, such as the introduction of 2 kV systems, and expanding into new markets like commercial, community, and industrial solar, as well as battery energy storage solutions.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..