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shoals technologies group Shoals Technologies Group , Inc. Reports Financial Results for First Quarter 2021 - Reports Record First Quarter Revenue of $ 45.6 million - - System Solutions Revenue Increased 46 % to $ 33.4 million – - - First Quarter Gross Margin Expands 635 bps Year - Over - Year- - Backlog and Awarded Orders at March 31 , 2021 up 42 % Versus Last Year - - Reaffirms 2021 Outlook - PORTLAND , TN . , May [ 3 ] , 2021 ( GLOBE NEWSWIRE ) - Shoals Technologies Group , Inc. ( " Shoals " or the " Company " ) ( Nasdaq : SHLS ) , a leading provider of electrical balance of system ( " EBOS " ) solutions for solar , battery storage and electric vehicle charging infrastructure , today announced financial results for its first quarter ended March 31 , 2021 . " Shoals continues to deliver strong financial results , with record first quarter revenues and gross margin improving 635 basis points year - over - year . System solutions grew 46 % year - over - year and contributed 73 % of revenues in the quarter . Our performance reflects continued strong customer demand for our products and we expect growth to accelerate as we progress through the remainder of the year , ” said Jason Whitaker , Chief Executive Officer of Shoals . Mr. Whitaker added , “ We are making steady progress on our growth initiatives of converting more customers to our BLA solution , broadening our product offering into complementary categories of EBOS , expanding internationally and introducing new products for EV charging infrastructure . When we went public in January , we had converted four major solar EPCs and developers to our system . As of the end of the first quarter , there were eight major EPCs and developers using BLA and we have a dozen new customers that we are currently in the process of converting to our system . We installed our new IV curve benchmarking products on two projects earlier this year and are on track to meet our goal of commercial sales in the fourth quarter . We shipped pre- production samples of our first wire management products to a customer in April , ahead of schedule , and we expect first commercial sales in the fourth quarter as well . We now have our sales team in place in Europe and expect to see orders from that region this year . Lastly , we have made significant progress on our new products for EV charging and are planning to accelerate the launch of our first product from 2022 to the second half of 2021. We see a tremendous opportunity for Shoals in EV infrastructure and we are moving rapidly to capitalize it . " First Quarter 2021 Financial Results Revenues were $ 45.6 million , compared to $ 40.7 million for the prior - year period , an increase of 12 % , driven by a 46 % year - over - year increase in System Solutions revenues which was partly offset by a decline in Components revenues . The growth in System Solutions revenues reflects strong demand for the Company's combine - as - you - go system . The decline in Components revenues was in line with plan and reflected an expected change in the timing of orders from certain customers relative to last year and the conversion of other 1