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Revenue by Segment
Breaks down revenue by business segments, highlighting which areas are driving growth and profitability, and indicating strategic focus and market strength.System Solutions has clearly become Shoals’ growth engine, with a multi‑year step‑up and pronounced late‑period acceleration driven by larger systems and BESS wins, while Components remains a steady, much smaller base. Management’s record backlog and 2026 guidance support continued top‑line momentum, but recurring Q1 troughs and lumpy BESS/OEM order cadence create timing risk for revenue conversion. Tariff, legal and facility‑transition headwinds could compress margins and cash flow, so investors should focus on revenue quality and backlog convertibility, not just headline growth.
Date | System Solutions | Components |
|---|---|---|
Dec 31, 2025 | $121.98M | $26.34M |
Sep 30, 2025 | $110.40M | $25.40M |
Jun 30, 2025 | $84.41M | $26.43M |
Mar 31, 2025 | ― | $22.97M |
Dec 31, 2024 | $83.21M | $23.78M |
Sep 30, 2024 | $78.59M | $23.58M |
Jun 30, 2024 | $79.29M | $19.96M |
Mar 31, 2024 | $65.06M | $25.75M |
Dec 31, 2023 | $105.56M | $24.87M |
Sep 30, 2023 | $99.46M | $34.75M |