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Q4 EARNINGS REPORT February 2026
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Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue,” “goal” or any other similar words are intended to identify our forward-looking statements. Although we believe that the expectations and assumptions reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our futurefinancial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in these forward-looking statements. We disclaim and do not undertake any obligation to update or revise any forward-looking statement inthis presentation except as required by applicable law or regulation. For important information on forward-looking statements, please see our earnings release for Q4 2025 on our investor relations website at https://investors.shoals.com. Non-GAAP Financial Information All results shared within this presentation are non-GAAP unless noted as “reported,” in which case we are referring to our results on a GAAP basis. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q4 2025 on our investor relations website at https://investors.shoals.com. Market and Industry Data This presentation also contains information regarding the Company's market and industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and the Company has not independently verified its accuracy or completeness. Disclaimer 2Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report
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Agenda O3 Business Unit Highlights O4 Current Events, Market Environment & Strategy O2 O1 Fourth Quarter Highlights Q4 2025 Financial OverviewO5 Shoals Q2 Earnings ReportQ1 and Full Year 2026 Financial OutlookO6 3 3Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Full Year Highlights
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4 QUARTERLY HIGHLIGHTS Q4 2025 4Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report $148M Revenue $30M Adjusted EBITDA1 $748M Backlog & Awarded Orders 1.2 Book-to-Bill Strong demand for Shoals products, continued growth, and diversified customer base in new bookings Within our Q4 2025 guidance range A Company record BLAO, with $603M containing shipment dates in upcoming four quarters Below our Q4 2025 guidance range, driven by higher legal spend, tariffs, product mix, and higher labor and shipping costs 1See Appendix for reconciliation of Non-GAAP measures.
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5 FULL YEAR HIGHLIGHTS 5Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Topline revenue growth of ~19% Reignited innovation engine, introducing multiple new products Entered a new market with our BESS offering, with BESS BLAO now at $67M Began the move into consolidated, state of the art manufacturing facility U.S. Utility Scale Solar business growth of ~11% International revenue grew from <$1M in 2024 to $13M in 2025 CC&I exceeding expectations & OEM growing at 47% yoy
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6 6Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report BUSINESS UNIT HIGHLIGHTS Q4 2025 U.S. Utility Scale Solar CC&IInternational OEM BESS Another strong period of growth within our core Utility Scale Solar market Quote volume in the quarter exceeded $700M of unique projects Increased quote activity and customer engagement Products introduced in 2024 are generating interest Our reputation for quality is winning projects Approximately $13M of revenue in 2025 CC&I is performing well Engaged with large, well respected electrical distributors Provides path to creating lasting relationships and growth with new customers OEM is tracking ahead of expectations Our partner continues to see strong demand for their panels 2026 expected to be another year of attractive growth BLAO of $67M Established partnership with ON.energy Investing in large scale BESS production capabilities We expect new production line to be operational in the coming weeks
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7 7Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report CURRENT EVENTS, MARKET ENVIRONMENT & STRATEGY • A return to growth for Shoals in 2025 • Markets have been resilient • Our competitive position continues to improve • Entered new markets with new products • Meaningful progress on our legal actions • Began moving into our new consolidated, state of the art manufacturing facility • We remain focused on executing our strategy
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8 8Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Fourth Quarter Financial Snapshot Q4 Revenue Q4 Adjusted Gross Profit1 $148.3M $46.9M Q4 Adjusted Diluted EPS1 $0.10 Q4 Adjusted Gross Profit %1 Q4 Adjusted EBITDA1, 20.4% Adjusted EBITDA Margin1 Q4 Adjusted Net Income1 31.6% $30.3M $17.5M 1See Appendix for reconciliation of Non-GAAP measures. $ Thousands (except for EPS) Q4 2025 Q4 2024 $ Change YoY % Change YoY Revenue $ 148,325 $ 106,987 $ 41,338 38.6% Cost of Goods Sold 101,411 66,803 34,608 51.8% Gross Profit 46,914 40,184 6,730 16.7% Gross Profit % 31.6% 37.6% (5.9)% (15.8)% Wire Insulation Shrinkback Expense — — — —% Adjusted Gross Profit $ 46,914 $ 40,184 $ 6,730 16.7% Adjusted Gross Profit % 31.6% 37.6% (5.9)% (15.8)% Adjusted EBITDA $ 30,280 $ 26,409 $ 3,871 14.7% Adj EBITDA % 20.4% 24.7% (4.3)% (17.3)% Adjusted Net Income $ 17,509 $ 14,095 $ 3,414 24.2% Adj. Net Income % 11.8% 13.2% (1.4)% (10.4)% Adjusted Diluted EPS $ 0.10 $ 0.08 $ 0.02 22.1%
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9 CASH FLOW 9Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report ($4.1M) Q4 Cash Flow Consumed by Operations $17.1M 2025 Cash Flow From Operations $33.0M 2025 Capital Expenditures Elevated capex resulting from build- out of our new manufacturing facility Driven by investments in working capital Positive cash flow despite increased warranty remediation spend Elevated capex resulting from build-out of our new manufacturing facility $7.2M Q4 Capital Expenditures QTD QTD YTD YTD
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10 10Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Debt & Liquidity Net Debt-to- Adjusted EBITDA 1.3X 1 Net Debt equals Total Long-Term Debt minus Cash and Cash Equivalents 2 Total Liquidity equals Cash and Cash Equivalents plus available borrowing capacity on Revolving Credit Facility minus Letters of Credit Compared to 2.5X in Q4 2022 “Our balance sheet remains high quality.” Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash & Cash Equivalents $35.6 $4.7 $8.6 $7.3 Total Long-term Debt $141.8 $131.8 $126.8 $136.8 Less: Cash & Cash Equivalents $35.6 $4.7 $8.6 $7.3 Net Debt $106.1 $127.1 $118.2 $129.4 Adjusted EBITDA $12.8 $24.5 $32.0 $30.3 LTM Adjusted EBITDA $91.4 $88.2 $95.6 $99.5 Total Long-term Debt-to-Adjusted EBITDA 1.6 1.5 1.3 1.4 Net Debt-to-Adjusted EBITDA 1.2 1.4 1.2 1.3 Total Liquidity $93.9 $72.9 $81.8 $70.6
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11 11Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Backlog & Awarded Orders As of December 31, 2025 in record backlog & awarded orders $747.6M 18%YoY $603.4M $144.2M to deliver in Future Four Quarters Beyond Q4 2026 An increase of $326.2M As of December 31, 2025 in backlog
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12 12Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Financial Outlook $560-600M 2026 Full Yr Revenue $20-30M 2026 Capital Expenditures $65-85M 2026 Full Yr Operating Cash Flow $8-12M 2026 Interest Expense 2026Full year expectations: 1A reconciliation of Adjusted EBITDA guidance which is a forward-looking measure that is non-GAAP, to the most closely comparable GAAP measure is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future. $110-130M 2026 Adj. EBITDA1 $125-135M $16-21M Q1 2026 Revenue Q1 2026 Adj. EBITDA1 (62% YoY Growth at Midpoint) (44% YoY Growth at Midpoint) (22% YoY Growth at Midpoint) (21% YoY Growth at Midpoint) (≈340% YoY Growth at Midpoint) (24% YoY Decline at Midpoint) (Flat YoY at Midpoint)
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13 13Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Closing Thoughts “We are in an exceptional position, from both a commercial and operational perspective.” Strategic plan and process improvements are yielding tangible results: + We have protected and grown our core markets + We have reignited the innovation engine + We are building new businesses in new markets that expand our total addressable market + We are aggressively diversifying our market and customer exposure + We have invested in the right physical assets, including automation and technology, that will drive productivity for years to come + We have assembled an experienced team of business leaders that will enable us to continue the transformation of Shoals “We want to thank our shareholders and customers for their continued trust, and our employees for their hard work and dedication.”
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14 14Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report
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Appendix 15 15Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report
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16 16Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Non-GAAP Reconciliations, Adjusted Gross Profit (a) For the year ended December 31, 2025 represents no wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, nor any inventory write-downs of wire in connection with wire insulation shrinkback. For the year ended December 31, 2024 represents (i) $13.3 million of wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, and (ii) $0.5 million of inventory write-downs of wire in connection with wire insulation shrinkback. We consider expenses incurred in connection with the identification, repair and replacement of the impacted wire harnesses as well as the write-down of related inventory distinct from normal, ongoing service identification, repair and replacement expenses that would be reflected under ongoing warranty expenses within the operation of our business and normal write-downs of inventory, which we do not exclude from our non-GAAP measures. In the future, we also intend to exclude from our non-GAAP measures the benefit of liability releases, if any. We believe excluding expenses from these discrete liability events provides investors with a better view of the operating performance of our business and allows for comparability through periods. See Note 8 - Warranty Liability, in our consolidated financial statements included in this Annual Report on Form 10-K for more information. Adjusted Gross Profit Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 148,325 $ 106,987 $ 475,331 $ 399,208 Cost of revenue 101,411 66,803 308,823 257,191 Gross profit $ 46,914 $ 40,184 $ 166,508 $ 142,017 Gross profit percentage 31.6 % 37.6 % 35.0 % 35.6 % Wire insulation shrinkback expenses (a) $ — $ — $ — $ 13,764 Adjusted gross profit $ 46,914 $ 40,184 $ 166,508 $ 155,781 Adjusted gross profit percentage 31.6 % 37.6 % 35.0 % 39.0 %
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17 17Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Non-GAAP Reconciliations, Adjusted EBITDA (a) For the year ended December 31, 2025 represents no wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, nor any inventory write-downs of wire in connection with wire insulation shrinkback. For the year ended December 31, 2024 represents (i) $13.3 million of wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, and (ii) $0.5 million of inventory write-downs of wire in connection with wire insulation shrinkback. We consider expenses incurred in connection with the identification, repair and replacement of the impacted wire harnesses as well as the write-down of related inventory distinct from normal, ongoing service identification, repair and replacement expenses that would be reflected under ongoing warranty expenses within the operation of our business and normal write-downs of inventory, which we do not exclude from our non-GAAP measures. In the future, we also intend to exclude from our non- GAAP measures the benefit of liability releases, if any. We believe excluding expenses from these discrete liability events provides investors with a better view of the operating performance of our business and allows for comparability through periods. See Note 8 - Warranty Liability, in our consolidated financial statements included in this Annual Report on Form 10-K for more information. (b) For the year ended December 31, 2025, represents $18.3 million of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the year ended December 31, 2024, represents $7.3 million of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods. See Note 15 - Commitments and Contingencies, in our consolidated financial statements included in this Annual Report on Form 10-K for more information. (c) For the year ended December 31, 2025, represents $1.1 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods. Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $ 8,122 $ 7,818 $ 33,574 $ 24,127 Interest expense 2,511 3,314 9,994 13,827 Interest income (73) (518) (305) (518) Income tax expense 5,539 5,869 14,944 13,736 Depreciation expense 1,937 1,364 6,233 5,007 Amortization of intangibles 1,901 1,931 7,611 7,619 Equity-based compensation 2,227 3,838 9,902 14,230 (Gain) loss on sale of assets 1,292 — (1,835) — Wire insulation shrinkback expenses (a) — — — 13,764 Wire insulation shrinkback litigation expenses (b) 6,436 2,793 18,342 7,292 Plant optimization expenses (c) 388 — 1,063 — Adjusted EBITDA $ 30,280 $ 26,409 $ 99,523 $ 99,084
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18 18Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Non-GAAP Reconciliations, Adjusted Net Income (d) Shoals Technologies Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes. Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax. (a) For the year ended December 31, 2025 represents no wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, nor any inventory write-downs of wire in connection with wire insulation shrinkback. For the year ended December 31, 2024 represents (i) $13.3 million of wire insulation shrinkback warranty expenses related to the identification, repair and replacement of a subset of wire harnesses presenting unacceptable levels of wire insulation shrinkback, and (ii) $0.5 million of inventory write-downs of wire in connection with wire insulation shrinkback. We consider expenses incurred in connection with the identification, repair and replacement of the impacted wire harnesses as well as the write-down of related inventory distinct from normal, ongoing service identification, repair and replacement expenses that would be reflected under ongoing warranty expenses within the operation of our business and normal write-downs of inventory, which we do not exclude from our non-GAAP measures. In the future, we also intend to exclude from our non-GAAP measures the benefit of liability releases, if any. We believe excluding expenses from these discrete liability events provides investors with a better view of the operating performance of our business and allows for comparability through periods. See Note 8 - Warranty Liability, in our consolidated financial statements included in this Annual Report on Form 10-K for more information. (b) For the year ended December 31, 2025, represents $18.3 million of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the year ended December 31, 2024, represents $7.3 million of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. We consider this litigation distinct from ordinary course legal matters given the expected magnitude of the expenses, the nature of the allegations in the Company’s complaint, the amount of damages sought, and the impact of the matter underlying the litigation on the Company’s financial results. In the future, we also intend to exclude from our non-GAAP measures the benefit of recovery, if any. We believe excluding expenses from these discrete litigation events provides investors with a better view of the operating performance of our business and allows for comparability through periods. See Note 15 - Commitments and Contingencies, in our consolidated financial statements included in this Annual Report on Form 10-K for more information. (c) For the year ended December 31, 2025, represents $1.1 million of expenses incurred in connection with actions taken to consolidate our operations into a newly constructed facility, including items such as professional fees, relocation, facility set-up and other costs. We believe excluding expenses from these events provides investors with a better view of the operating performance of our business and allows for comparability through periods. Adjusted Net Income Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income $ 8,122 $ 7,818 33,574 24,127 Amortization of intangibles 1,901 1,931 7,611 7,619 Amortization / write-off of deferred financing costs 156 156 622 3,093 Equity-based compensation 2,227 3,838 9,902 14,230 (Gain) loss on sale of asset 1,292 — (1,835) — Wire insulation shrinkback expenses (a) — — — 13,764 Wire insulation shrinkback litigation expenses (b) 6,436 2,793 18,342 7,292 Plant optimization expenses (c) 388 — 1,063 — Tax impact of adjustments (d) (3,013) (2,441) (8,712) (11,591) Adjusted Net Income $ 17,509 $ 14,095 60,567 58,534
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19 19Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Non-GAAP Reconciliations, Adjusted Diluted EPS Adjusted Diluted EPS Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Adjusted diluted weighted average shares outstanding 169,664 166,830 168,378 168,725 Adjusted Net Income 17,509 14,095 60,567 58,534 Adjusted Diluted EPS $ 0.10 $ 0.08 $ 0.36 $ 0.35
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20 20Shoals © 2025 Shoals Technologies GroupQ4 Earnings Report Please reach out to investors@shoals.com with any further questions. THANK YOU!