Filing Flows › Shoals Technologies Group (SHLS) › Q2 2025
Shoals Technologies Group (SHLS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Shoals Technologies Group (SHLS) reported revenue of $111M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +38% from the quarter before. Operating margin was 14.4%, net earnings $13.9M (12.5% of revenue).
Shoals Technologies Group, Q2 2025: revenue $111M (+12% year over year), operating margin 14.4%, net earnings $13.9M, operating cash flow −$13.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111M | +38% | +12% |
| Gross profit | $41.2M | +46% | +3% |
| Operating profit | $16.0M | +271% | -14% |
| Net earnings | $13.9M | — | +17% |
| Operating cash flow | −$13.8M | -189% | — |
What changed
Revenue was $110.8M in Q2 2025, up 12% year over year and up 38% from the previous quarter. System solutions was the largest line at 76% of revenue. Components added $6.5M year over year (up 32%), 56% of the total change.
Gross margin was 37.2%, down 3.1 points from a year earlier. Operating profit was $16.0M, a 14.4% margin (down 4.3 points year over year). Operating profit fell $2.6M even though revenue rose $11.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 18% against revenue growth of 12%. The fastest-growing cost line was General & admin (+20%). Net earnings were $13.9M, up 17% year over year. The effective tax rate was 18.4%.
Operating cash flow was −$13.8M. Non-cash charges added back $3.3M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items used $33.6M. Capital expenditures of $12.2M exceeded it, leaving free cash flow of −$26.0M.
Questions
What was Shoals Technologies Group's revenue in the second quarter 2025?
Shoals Technologies Group (SHLS) reported revenue of $111M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +38% from the quarter before.
Was Shoals Technologies Group profitable in the second quarter 2025?
Operating profit was $16.0M (14.4% of revenue) and net earnings $13.9M.