Shoals Technologies Group (SHLS) Backlog

Represents the value of unfulfilled orders, showing future revenue visibility and overall product demand strength.

• Backlog
• Stock Price

Backlog rebounded sharply to a record by end‑2025, reflecting broad demand (BESS, international and OEM expansion) and providing substantial near‑term revenue visibility—management says ~$603M of BLAO ships in the next four quarters—supporting their healthy 2026 revenue guide. That said, conversion timing is lumpy and margins are under pressure from tariffs, product mix and transitional factory inefficiencies; legal costs and tight year‑end cash mean the story is growth‑at‑risk if execution slips. In short: backlog underpins upside to revenue, but watch margin flow‑through and cash conversion.