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shoals INVENTING SIMPLE Shoals Technologies Group , Inc. Reports Financial Results for Third Quarter 2021 - Revenue Increased 14 % Year - Over - Year to a Record $ 59.8 million - - System Solutions Revenue Increased 5 % Year - Over - Year to $ 38.6 million - - Gross Margin of 36.4 % reflecting higher mix of Components sales and Acquisition Impacts— - Backlog and Awarded Orders Up 101 % Year - Over - Year to a Record $ 270.7 million - - Acquires ConnectPV , a Leading Provider of EBOS Products for Battery Storage - - Provides Fourth Quarter and First Quarter 2022 Outlook - PORTLAND , TN . , November 9 , 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 results for its third quarter ended September 30 , 2021 . " We are continuing to grow faster than the market as Shoals ' System Solutions take share from conventional solar EBOS . Third quarter revenues increased 14 % year over year and we ended the quarter with the highest level of backlog and awarded orders in the company's history . Since the beginning of the year , the number of solar EPCS and developers that use BLA has more than quadrupled and there are an additional 12 customers that are currently transitioning to our system ” said Jason Whitaker , Chief Executive Officer of Shoals . Mr. Whitaker added , " We are not just taking a bigger slice of the pie we are in , we are growing the size of the pie available to us by broadening our product portfolio . We have been doing that organically through new product introductions like our wire management solutions and IV curve benchmarking products , and now inorganically through the acquisition of ConnectPV , which we completed during the third quarter . ConnectPV brings us new products targeted specifically to energy storage where we see tremendous growth potential . ConnectPV also gives us access to a number of customers that we did not historically serve which should further accelerate our market share gains . We are also expanding beyond solar by taking our technology and expertise to the rapidly growing EV charging market . We manufactured the first commercial versions of our full EV System Solution set including all four product families during the third quarter , and took first orders from customers in November . We remain very focused on the EV charging opportunity and are excited about the prospect of creating a significant business in EV to complement our core solar business . Between continued share gains with BLA , new products for solar and the business we are building in EV , I am incredibly excited about the future for Shoals . " 1