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Shoals Technologies Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$26.0M in Q3 2026 · −$34.5M over twelve months

Operating cash flow$28.9M
Capital spending−$2.8M
Free cash flow+$26.0M
Cash / net income1.6×
Cash conversion cycle152 days

Analysis

In Q3 2026, Shoals Technologies Group generated $28.9M of operating cash flow and spent $2.8M on capital projects, leaving free cash flow of $26.0M. That is $17.0M more than in Q3 2025 ($9.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$9.9M; the largest uses were other financing ($33.0M), capital spending ($24.7M), operating cash flow ($9.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($70.0M); the cash balance fell by $915K.

Operating cash flow was $28.9M against net income of $17.9M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: payables −$38.3M, inventory +$35.6M, receivables −$25.0M.

Its cash conversion cycle was 152 days (receivables 69 + inventory 115 − payables 32).

Free cash flow

Shoals Technologies Group: free cash flow by quarterShoals Technologies Group: free cash flow by quarter$12.5MQ4 2024$12.3MQ1 2025−$26.0MQ2 2025$9.0MQ3 2025−$11.3MQ4 2025−$49.1MQ1 2026−$207KQ2 2026$26.0MQ3 2026
Operating cash flow less capital spending.
Shoals Technologies Group: operating cash flow against capital spendingShoals Technologies Group: operating cash flow against capital spendingOperating cash flowCapital spending$14.0M$1.5MQ4 2024$15.6M$3.2MQ1 2025−$13.8M$12.2MQ2 2025$19.4M$10.4MQ3 2025−$4.1M$7.2MQ4 2025−$41.4M$7.6MQ1 2026$6.8M$7.0MQ2 2026$28.9M$2.8MQ3 2026
Latest (Q3 2026): Operating cash flow $28.9M, Capital spending $2.8M.

Capital allocation, year by year

Shoals Technologies Group: where the cash came from (up) and went (down), by fiscal yearShoals Technologies Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$4.1MFY2021: Net borrowing $49.1MFY2021: Shares issued $281MFY2021: Capital spending −$4.1MFY2021: Acquisitions −$12.9M$330MFY2021FY2022: Operating cash flow $39.5MFY2022: Net borrowing $46.0MFY2022: Shares issued $42.9MFY2022: Capital spending −$3.2M$128MFY2022FY2023: Operating cash flow $92.0MFY2023: Net borrowing $45.0MFY2023: Capital spending −$10.6M$137MFY2023FY2024: Operating cash flow $80.4MFY2024: Net borrowing $149MFY2024: Capital spending −$8.4MFY2024: Buybacks −$25.3M$229MFY2024FY2025: Operating cash flow $17.1MFY2025: Net borrowing $60.0MFY2025: Asset sales $5.1MFY2025: Capital spending −$33.0M$82.2MFY2025
Over these 5 years operating cash flow totalled $225M; the largest uses were capital spending ($59.3M) and buybacks ($25.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.7M
Debt$127M
Net debt$119M
Cash runway3 months

Shoals Technologies Group is burning cash: its operations consume cash, a free cash flow of −$34.5M a year at the current rate against $7.7M of cash and investments: a runway of about 3 months before any new financing.

Where the cash came from and went

Shoals Technologies Group: sources (+) and uses (−) of cash, Q3 2026Shoals Technologies Group: sources (+) and uses (−) of cash, Q3 2026Other financing−$33.0MOperating cash flow$28.9MCash drawn (+) / kept (−)$8.1MCapital spending−$2.8MTaxes on employees’ shares−$1.1M
Shoals Technologies Group: sources (+) and uses (−) of cash, TTM to Q3 2026Shoals Technologies Group: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$70.0MOther financing−$33.0MCapital spending−$24.7MOperating cash flow−$9.9MTaxes on employees’ shares−$3.4MCash drawn (+) / kept (−)$915K

From profit to cash

Shoals Technologies Group: net income to operating cash flow, Q3 2026Shoals Technologies Group: net income to operating cash flow, Q3 2026Net income$17.9MDepreciation & amortization$5.1MStock-based pay$4.1MDeferred taxes$6.2MGains on disposals$2KReceivables−$25.0MInventory$35.6MPayables−$38.3MAccrued liabilities$7.5MDeferred revenue$971KContract assets$9.9MPrepaid and other assets−$965KOperating cash flow$28.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266911532152
Q2 20267413759152
Q1 20268311366129
Q4 2025766845100
Q3 2025756334104
Q2 2025707737111
Q1 20258210140142
Q4 2024758430128

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$28.9M−$2.8M—$8.1M$26.0M
Q2 2026$6.8M−$7.0M$15.0M−$13.8M−$207K
Q1 2026−$41.4M−$7.6M$45.0M$5.4M−$49.1M
Q4 2025−$4.1M−$7.2M$10.0M$1.3M−$11.3M
Q3 2025$19.4M−$10.4M$20.0M−$3.9M$9.0M
Q2 2025−$13.8M−$12.2M$10.0M$30.9M−$26.0M
Q1 2025$15.6M−$3.2M—−$12.1M$12.3M
Q4 2024$14.0M−$1.5M—−$12.4M$12.5M

Shoals Technologies Group: income statement and cash flow

Shoals Technologies Group, Q3 2026: revenue $195M (+44% year over year), operating margin 14.8%. The chart follows the revenue to costs, profit and cash.

Shoals Technologies Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.