Filing Flows › Shoals Technologies Group (SHLS) › Q3 2025
Shoals Technologies Group (SHLS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Shoals Technologies Group (SHLS) reported revenue of $136M for the third quarter 2025 (Q3 2025), +33% from a year earlier and +23% from the quarter before. Operating margin was 13.7%, net earnings $11.9M (8.7% of revenue).
Shoals Technologies Group, Q3 2025: revenue $136M (+33% year over year), operating margin 13.7%, net earnings $11.9M, operating cash flow $19.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $136M | +23% | +33% |
| Gross profit | $50.3M | +22% | +98% |
| Operating profit | $18.7M | +17% | +313% |
| Net earnings | $11.9M | -14% | — |
| Operating cash flow | $19.4M | — | +24% |
| Free cash flow | $9.0M | — | -33% |
What changed
Revenue was $135.8M in Q3 2025, up 33% year over year and up 23% from the previous quarter. System solutions was the largest line at 81% of revenue. System solutions added $31.8M year over year (up 40%), 95% of the total change.
Gross margin was 37.0%, up 12.2 points from a year earlier. Operating profit was $18.7M, a 13.7% margin (up 9.3 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 4% margin then. Operating expenses grew 51% against revenue growth of 33%. The fastest-growing cost line was General & admin (+57%). Net earnings were $11.9M. The effective tax rate was 25.1%.
Operating cash flow was $19.4M (up 24% year over year), 163% of net earnings. Non-cash charges added back $3.4M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items added $1.8M. Capital expenditures of $10.4M left free cash flow of $9.0M.
Questions
What was Shoals Technologies Group's revenue in the third quarter 2025?
Shoals Technologies Group (SHLS) reported revenue of $136M for the third quarter 2025 (Q3 2025), +33% from a year earlier and +23% from the quarter before.
Was Shoals Technologies Group profitable in the third quarter 2025?
Operating profit was $18.7M (13.7% of revenue) and net earnings $11.9M.