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How Shoals Technologies Group (SHLS) makes money
Shoals Technologies Group (SHLS) made $195M of revenue in the third quarter 2026 (Q3 2026), +44% from a year earlier. System solutions brought in $150M (77%); Components brought in $44.9M (23%). Of every dollar of revenue, 32¢ was left as gross profit, 15¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| System solutions | $150M | 77.0% | +32% | +36% |
| Components | $44.9M | 23.0% | -9% | +77% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $195M | 100.0% |
| Cost of revenue | $133M | 68.1% |
| Gross profit | $62.4M | 31.9% |
| Operating expenses | $33.4M | 17.1% |
| Operating profit | $29.0M | 14.8% |
| Income tax | $6.2M | 3.2% |
| Net earnings | $17.9M | 9.1% |
| Operating cash flow | $28.9M | 14.8% |
| Free cash flow | $26.0M | 13.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $195M | +44% |
| Q2 2026 | $163M | +47% |
| Q1 2026 | $141M | +75% |
| Q4 2025 | $148M | +39% |
| Q3 2025 | $136M | +33% |
| Q2 2025 | $111M | +12% |
| Q1 2025 | $80.4M | -12% |
From Shoals Technologies Group's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Shoals Technologies Group make money?
Shoals Technologies Group (SHLS) made $195M of revenue in the third quarter 2026 (Q3 2026), +44% from a year earlier. System solutions brought in $150M (77%); Components brought in $44.9M (23%). Of every dollar of revenue, 32¢ was left as gross profit, 15¢ was left as operating profit, 9¢ was left as net earnings.
What is Shoals Technologies Group's biggest business?
System solutions: $150M in the third quarter 2026, 77% of revenue, +36% from a year earlier.
What is Shoals Technologies Group's profit margin?
Net earnings were $17.9M, 9.1% of revenue, in the third quarter 2026; the operating margin was 14.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.