Filing Flows › Shoals Technologies Group (SHLS) › Q1 2026
Shoals Technologies Group (SHLS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Shoals Technologies Group (SHLS) reported revenue of $141M for the first quarter 2026 (Q1 2026), +75% from a year earlier and -5% from the quarter before. Operating margin was 5.5%, net loss $297K (0.2% of revenue).
Shoals Technologies Group, Q1 2026: revenue $141M (+75% year over year), operating margin 5.5%, net loss $297K, operating cash flow −$41.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $141M | -5% | +75% |
| Operating profit | $7.7M | -56% | +79% |
| Net earnings | −$297K | -104% | — |
| Operating cash flow | −$41.4M | — | -366% |
What changed
Revenue was $140.6M in Q1 2026, up 75% year over year and down 5% from the previous quarter. System solutions was the largest line at 79% of revenue. System solutions added $53.4M year over year (up 93%), 89% of the total change.
Gross margin was 29.2%, down 5.8 points from Q1 2025. Operating profit was $7.7M, a 5.5% margin (up 0.1 points year over year). Of the extra revenue versus Q1 2025, 6% reached operating profit, above the 5% margin then. Operating expenses grew 40% against revenue growth of 75%. The fastest-growing cost line was General & admin (+43%). The quarter ended with a net loss of $297K, after a profit of $8.1M the previous quarter. Net interest and other expense of $8.1M was the main reason.
Operating cash flow was −$41.4M. Non-cash charges added back $4.1M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $48.6M. Capital expenditures of $7.6M exceeded it, leaving free cash flow of −$49.1M.
Questions
What was Shoals Technologies Group's revenue in the first quarter 2026?
Shoals Technologies Group (SHLS) reported revenue of $141M for the first quarter 2026 (Q1 2026), +75% from a year earlier and -5% from the quarter before.
Was Shoals Technologies Group profitable in the first quarter 2026?
Operating profit was $7.7M (5.5% of revenue) and net loss $297K.