Company Announcements

Highlights Balanced and Profitable Growth Strategy to Drive Long-Term Shareholder Value

Introduces Long-Term Financial Targets

PORTLAND, Tenn., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“the Company”) (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS) solutions for the energy transition market, will host its inaugural Investor Day in Nashville, TN today, September 5, 2024, starting at 8:30 a.m. CT. The event is expected to conclude at approximately 12:30 p.m. CT.

Brandon Moss, Chief Executive Officer and Dominic Bardos, Chief Financial Officer, along with other members of the senior leadership team, will provide an in-depth overview of the Company, its go-forward strategy, and financials, including:

• Strategy to drive profitable growth and revenue diversification
• Innovative and industry-leading products
• Operational excellence initiatives
• Capital allocation priorities

In conjunction with the event the Company will introduce its long-term financial targets and highlight how the business is positioned to deliver long-term shareholder returns.

“We are excited to host our inaugural Investor Day to provide the investment community with a deeper understanding of our business and our profitable growth strategy,” said Brandon Moss, Chief Executive Officer. “It’s an exciting time for Shoals as we build on our strong foundation to deliver on our strategy powered by both commercial and operational excellence. With significant opportunity ahead of us, we are well positioned to drive long-term shareholder value.”

Webcast Information

A link to the live webcast and presentation materials of Shoals’ 2024 Investor Day will be available today at approximately 8:30 a.m. CT at investors.shoals.com. Webcast registration for the event is required. An archived replay of the webcast will also be available shortly after the event concludes.

About Shoals Technologies Group, Inc.

Shoals Technologies Group is a leading provider of electrical balance of systems (“EBOS”) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: https://www.shoals.com.

Forward-looking Statements:

This press release contains certain forward-looking statements that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These forward-looking statements relate to, among other things, the Company’s expansion and growth efforts; including our long-term financial guidance for the year ended December 31, 2027. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things; our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks; a further increase in interest rates or a reduction in the availability of tax incentives or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a solar energy system and could reduce the demand for the Company’s products; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; we may experience delays, disruptions, quality control or reputational problems in our manufacturing operations in part due to our vendor concentration; the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share; developments in alternative technologies may have a material adverse effect on demand for the Company’s offerings; and if demand for solar energy projects does not continue to grow or grows at a slower rate than the Company anticipates, the Company may not be able to achieve the Company’s anticipated level of growth and the Company’s business will suffer.

These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company’s actual future results may be materially different from what the Company expects.

Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com

Media Relations
Lindsey Williams, VP of Marketing
Lindsey.williams@shoals.com