Shoals Technologies Group, Inc. (SHLS) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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SHLS Revenue Growth
Revenue Breakdown (FY 2025)
SHLS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
SHLS Revenue Analysis (2018–2025)
As of May 8, 2026, Shoals Technologies Group, Inc. (SHLS) generated trailing twelve-month (TTM) revenue of $535.5 million, reflecting explosive growth of +74.9% year-over-year. The most recent quarter (Q1 2026) recorded $140.6 million in revenue, down 5.2% sequentially.
Looking at the longer-term picture, SHLS's 5-year compound annual growth rate (CAGR) stands at +22.0%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $488.9 million in 2023.
Revenue diversification analysis shows SHLS's business is primarily driven by System Solutions (79%), and Components (21%). With over half of revenue concentrated in System Solutions, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including GNRC (-0.5% YoY), REZI (+10.5% YoY), and ARRY (+13.2% YoY), SHLS has outperformed the peer group in terms of revenue growth. Compare SHLS vs GNRC →
SHLS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SHLSCurrent | $536M | +74.9% | +22.0% | 11.9% | |
 GNRC | $4.2B | -0.5% | +11.1% | 6.9% | |
 REZI | $7.5B | +10.5% | +8.1% | 8.1% | |
 ARRY | $1.3B | +13.2% | +8.0% | 6.6% | |
 FTCI | $100M | +73.0% | -11.9% | -33.5% | |
 ENPH | $1.5B | -1.6% | +13.7% | 11.2% |
SHLS Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $475.3M | +19.1% | $166.5M | 35.0% | $56.4M | 11.9% |
| 2024 | $399.2M | -18.4% | $142.0M | 35.6% | $51.2M | 12.8% |
| 2023 | $488.9M | +49.6% | $168.3M | 34.4% | $79.0M | 16.2% |
| 2022 | $326.9M | +53.3% | $131.3M | 40.2% | $66.3M | 20.3% |
| 2021 | $213.2M | +21.5% | $82.6M | 38.8% | $36.2M | 17.0% |
| 2020 | $175.5M | +21.5% | $66.5M | 37.9% | $37.3M | 21.2% |
| 2019 | $144.5M | +39.3% | $44.2M | 30.6% | $26.9M | 18.6% |
| 2018 | $103.8M | - | $28.2M | 27.1% | $11.1M | 10.7% |
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Start ComparisonSHLS — Frequently Asked Questions
Quick answers to the most common questions about buying SHLS stock.
Is SHLS's revenue growth accelerating or slowing?
SHLS revenue is accelerating at +74.9% year-over-year, exceeding the 5-year CAGR of +22.0%. TTM revenue reached $536M. Growth momentum has increased versus prior periods.
What is SHLS's long-term revenue growth rate?
Shoals Technologies Group, Inc.'s 5-year revenue CAGR of +22.0% reflects the sustained expansion pattern. Current YoY growth of +74.9% is above this long-term average.
How is SHLS's revenue distributed by segment?
SHLS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.