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Q2 Earnings Report August 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 Q2 2026 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 Q2 2026 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 2 © 2025 Shoals Technologies GroupQ4 Earnings Report 2 2Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report
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QUARTERLY HIGHLIGHTS Q2 2026 1See Appendix for reconciliation of Non-GAAP measures. $163M Revenue $31.6M Adjusted EBITDA1 $801M Backlog & Awarded Orders 1.3 Book-to-Bill A company record and within our Q2 2026 guidance range Within our Q2 2026 guidance range A company record BLAO & $700M with shipment dates in upcoming four quarters Strong demand for Shoals products, continued growth, and diversified customer base in new bookings 3 3Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report
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BUSINESS UNIT HIGHLIGHTS 4 4Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Q2 2026 PowerHub TM Units Ready to Ship MEGA Plant Opening MEGA Production
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Second Quarter Financial Snapshot Q2 Revenue Q2 Adjusted Gross Profit1 $163.4M $50.0M Q2 Adjusted Diluted EPS1 $0.12 Q2 Adjusted Gross Profit %1 Q2 Adjusted EBITDA1, 19.3% Adjusted EBITDA Margin1 Q2 Adjusted Net Income1 30.6% $31.6M $19.7M 1See Appendix for reconciliation of Non-GAAP measures. 5 5Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report $ Thousands (except for EPS) Q2 2026 Q2 2025 $ Change YoY % Change YoY Revenue $ 163,372 $ 110,841 $ 52,531 47.4% Cost of Goods Sold 113,847 69,639 44,208 63.5% Gross Profit 49,525 41,202 8,323 20.2% Gross Profit % 30.3% 37.2% (6.9)% (18.4)% Plant optimization expense 496 — 496 100.0% Adjusted Gross Profit1 $ 50,021 $ 41,202 $ 8,819 21.4% Adjusted Gross Profit %1 30.6 % 37.2% (6.6)% (17.6)% Adjusted EBITDA1 $ 31,550 $ 24,669 $ 6,881 27.9% Adj EBITDA %1 19.3% 22.3% (2.9)% (13.2)% Adjusted Net Income1 $ 19,733 $ 17,087 $ 2,645 15.5% Adj. Net Income %1 12.1% 15.4% (3.3)% (21.7)% Adjusted Diluted EPS1 $ 0.12 $ 0.10 $ 0.02 14.7%
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Debt & Liquidity 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 3 See Appendix for reconciliation of Non-GAAP measures 6 6Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash & Cash Equivalents $4.7 $8.6 $7.3 $1.9 $15.7 Total Long-term Debt $131.8 $126.8 $136.8 $181.8 $196.8 Less: Cash & Cash Equivalents $4.7 $8.6 $7.3 $1.9 $15.7 Net Debt1 $127.1 $118.2 $129.4 $179.9 $181.1 Adjusted EBITDA3 $24.7 $32.2 $31.6 $21.1 $31.6 LTM Adjusted EBITDA $89.7 $97.1 $88.6 $109.6 $116.5 Total Long-term Debt-to-Adjusted EBITDA 1.5 1.3 1.3 1.7 1.7 Net Debt-to-Adjusted EBITDA 1.4 1.2 1.3 1.6 1.6 Total Liquidity2 $72.9 $81.8 $70.6 $17.3 $67.2
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Backlog & Awarded Orders As of June 30, 2026 in record backlog & awarded orders $801.4M +19% YoY $699.7M $101.7M to deliver in Forward Four Quarters Beyond Q2 2027 $425.1M As of June 30, 2026 in record backlog 7 7Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report $ millions
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Financial Outlook $600-640M 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. $118-132M 2026 Adj. EBITDA1 $150-170M $32-37M Q3 2026 Revenue Q3 2026 Adj. EBITDA1 (18% YoY Growth at Midpoint) (8% YoY Growth at Midpoint) (30% YoY Growth at Midpoint) (26% YoY Growth at Midpoint) (340% YoY Growth at Midpoint) (24% YoY Reduction at Midpoint) (Flat YoY at Midpoint) 8 8Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report
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Q&A 9 9Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Overall, the quarter played out as anticipated, and the year is tracking to our expectations. We are executing well, have finished the move into our new facility, and are expanding capacity and capabilities at a measured pace. Underlying demand remains intact and our competitive position has strengthened. We're very excited by what we see ahead of us.” “
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Appendix 10 10Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report
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Non-GAAP Reconciliations, Adjusted Gross Profit (b) For the three and six months ended June 30, 2026, represents $0.5 million and $1.1 million of expenses incurred in connectionwith 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. 11 11Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Adjusted Gross Profit Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 163,372 $ 110,841 $ 303,929 $ 191,202 Cost of revenue 113,847 69,639 213,394 121,860 Gross profit $ 49,525 $ 41,202 $ 90,535 $ 69,342 Gross profit percentage 30.3% 37.2% 29.8% 36.3% Plant optimization expense (b) $ 496 $ — $ 1,117 $ — Adjusted gross profit $ 50,021 $ 41,202 $ 91,652 $ 69,342 Adjusted gross profit percentage 30.6% 37.2% 30.2% 36.3%
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Non-GAAP Reconciliations, Adjusted EBITDA (a) For the three and six months ended June 30, 2026, represents $2.9 million and $6.6 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the three and six months ended June 30, 2025, represents $2.5 million and $5.1 million, respectively, 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. (b) For the three and six months ended June 30, 2026, represents $0.5 million and $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. (c) For the three and six months ended June 30, 2026, represents $0.5 million and $2.1 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and for the three months and six months ended June 30, 2026, represents zero and $5.3 million, respectively, in settlement expenses associated with this litigation. For the three and six months ended June 30, 2025, represents $0.2 million and $0.9 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business. 12 12Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 12,138 $ 13,855 $ 11,841 $ 13,573 Interest expense 3,474 2,236 6,377 4,651 Interest income (268) (76) (327) (194) Income tax expense 3,358 3,117 3,269 5,414 Depreciation expense 2,740 1,439 4,939 2,830 Amortization of intangibles 1,891 1,896 3,793 3,792 Equity-based compensation 4,381 2,593 7,698 5,254 (Gain) loss on sale of asset — (3,134) 2 (3,134) Wire insulation shrinkback litigation expenses (a) 2,876 2,546 6,583 5,075 Plant optimization expenses (b) 496 — 1,117 — Shareholder litigation expenses (c) 464 197 2,120 913 Litigation settlement expense (c) — — 5,250 — Adjusted EBITDA $ 31,550 $ 24,669 $ 52,662 $ 38,174
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Non-GAAP Reconciliations, Adjusted Net Income 13 13Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report (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. Adjusted Net Income Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 12,138 $ 13,855 $ 11,841 $ 13,573 Amortization of intangibles 1,891 1,896 3,793 3,792 Amortization / write-off of deferred financing costs 156 156 311 311 Equity-based compensation 4,381 2,593 7,698 5,254 (Gain) loss on sale of asset — (3,134) 2 (3,134) Wire insulation shrinkback litigation expenses (a) 2,876 2,546 6,583 5,075 Plant optimization expenses (b) 496 — 1,117 — Shareholder litigation expenses (c) 464 197 2,120 913 Litigation settlement expense (c) — — 5,250 — Tax impact of adjustments (d) (2,669) (1,021) (6,987) (2,955) Adjusted Net Income $ 19,733 $ 17,087 $ 31,728 $ 22,829 (a) For the three and six months ended June 30, 2026, represents $2.9 million and $6.6 million, respectively, of expenses incurred in connection with the lawsuit initiated by the Company against the supplier of the defective wire. For the three and six months ended June 30, 2025, represents $2.5 million and $5.1 million, respectively, 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. (b) For the three and six months ended June 30, 2026, represents $0.5 million and $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. (c) For the three and six months ended June 30, 2026, represents $0.5 million and $2.1 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation and for the three months and six months ended June 30, 2026, represents zero and $5.3 million, respectively, in settlement expenses associated with this litigation. For the three and six months ended June 30, 2025, represents $0.2 million and $0.9 million of expenses incurred in connection with the Company’s defense of certain derivative and class action litigation. We consider expenses incurred in connection with these legal matters distinct from normal matters and expenses within the operation of our business.
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Non-GAAP Reconciliations, Adjusted Diluted EPS 14 14Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report Adjusted Diluted EPS Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Diluted weighted average shares outstanding 170,023 167,562 169,893 167,238 Adjusted Net Income $ 19,733 $ 17,087 $ 31,728 $ 22,829 Adjusted Diluted EPS $ 0.12 $ 0.10 $ 0.19 $ 0.14
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Please reach out to investors@shoals.com with any further questions. THANK YOU! 15 15Shoals © 2026 Shoals Technologies GroupQ2 Earnings Report