Shoals Technologies Group Business Summary

Shoals Technologies Group, Inc. (SHLS) is a dominant provider of electrical balance of system (EBOS) solutions for the utility-scale solar, battery energy storage (BESS), and electric vehicle charging markets. The company generates revenue primarily through the sale of proprietary, integrated system solutions and individual components, with its patented "Big Lead Assembly" (BLA) technology serving as a high-margin growth engine by replacing traditional field-wiring with factory-assembled, plug-and-play architectures. Its business is segmented into System Solutions—which accounts for approximately 74% of revenue—and Components, including combiners, harnesses, and junction boxes. As of February 2026, Shoals maintains a commanding 60-68% share of the North American utility-scale solar EBOS market, positioning itself as a premium infrastructure leader relative to direct competitors such as Array Technologies, SolarBOS (a division of Solara), and Bentek Corporation. The company’s competitive moat is reinforced by a robust intellectual property portfolio, recently strengthened by favorable 2026 ITC rulings against infringing imports. Founded in 1996 by Dean Solon, who remains a major stakeholder, Shoals is currently managed by a leadership team with deep industrial and electrical pedigree. CEO Brandon Moss, appointed in 2023, previously served as Group President at Southwire Company and held commercial leadership roles at Lutron and Stanley Black & Decker. He is supported by President Jeff Tolnar, an expert in e-mobility and software solutions from Shell and Honeywell, and CFO Dominic Bardos, who brings over three decades of global finance experience from Holley Inc. and various consumer service firms. Kirsten Moen, who joined as COO in late 2024, oversees manufacturing and operational excellence following a career at Eaton and Meggitt. The board is chaired by Brad Forth, a Senior Partner at Neos Partners and former Oaktree Capital executive, while major institutional backing is provided by BlackRock, Vanguard, and Encompass Capital Advisors, reflecting the company’s critical role in the global energy transition infrastructure.