Shoals Technologies Group, a provider of electrical balance of system (EBOS) solutions, reported a 48% year-over-year growth in Q3 2023, with $132.2 million in revenue. The company’s backlog and newly awarded orders reached $633.3 million, a 34% growth, and adjusted EBITDA grew 81% year over the previous year to $48 million. Despite this success, the company’s stock share price fell by around 15% following the news. The growth was primarily driven by domestic demand for solar EBOS. Despite the losses, Shoals has filed a lawsuit against Prysmian Cables and Systems USA seeking damages for the wire shrinkback issue. The outcome of this case remains uncertain. For full-year 2023 predictions, Shoals expects revenue to be in the range of $485 million to $495 million.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
