Shoals Technologies Stock Is Moving Higher After Hours: Here's Why

Shoals Technologies Group Inc SHLS shares are trading higher in Monday's after-hours session after the solar EBOS solutions company reported better-than-expected financial results and raised guidance.

• Q1 Revenue: $105.09 million beat estimates of $96.94 million
• Q1 EPS: 14 cents beat estimates of 10 cents

Revenue was up 55% year-over-year. Backlog grew 75% to $527.5 million. Gross margin for the first quarter came in at 45.9%. 

"Solar market conditions remain favorable, both for the industry as a whole and for Shoals specifically. We believe we are just starting to realize the full power of the Shoals platform," said Jeff Tolnar, president and interim CEO of Shoals.

Shoals raised its full-year 2023 revenue forecast to a range of $480 million to $510 million versus estimates of $489.03 million. Adjusted EBITDA is expected to be in a range of $145 million to $160 million.

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SHLS Price Action: Shoals shares were up 11.6% after hours at $22 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.