Shoals Technologies (SHLS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Shoals Technologies published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Shoals Technologies reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• On November 4, 2026, the day of these results, Shoals announced an agreement to merge with ARRAY Technologies. The deal needs approval from both companies' shareholders and regulators, and the planned Q3 call was replaced by a joint analyst call with ARRAY.
• From Q1 2026 Shoals' adjusted measures also exclude shareholder litigation costs, and prior periods were recast on that basis.

Source: Shoals Technologies Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Shoals Technologies splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Shoals Technologies's System solutions revenue was $150 million in Q3 2026, up 36% from $110 million in Q3 2025, 77% of total revenue.
• Shoals Technologies's Components revenue was $44.9 million in Q3 2026, up 77% from $25.4 million in Q3 2025, 23% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first quote is Shoals' Q4 2026 revenue outlook; the other three are from its revised full-year 2026 outlook.

In its Q3 2026 release, Shoals Technologies said:

“Revenue in the range of $165 million to $185 million”

“Revenue in the range of $665 million to $685 million”

“Cash flow from operations in the range of $55 million to $65 million”

“Capital expenditures in the range of $20 million to $30 million”

Source: Shoals Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SHLS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. Q1 2026 was a net loss of $0.3 million, which Shoals reported as diluted EPS of $(0.00).

We do not hold a confirmed date for Shoals Technologies's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Shoals Technologies reported Q3 2026 revenue of $195.3 million, up 43.8% from $135.8 million a year earlier. Shoals attributed the rise to strong underlying demand for its products, market share capture initiatives and a larger volume of projects. (Shoals Q3 2026 release, Nov 4, 2026)

Shoals makes electrical balance of systems (EBOS): the components that carry current from solar panels or a battery energy storage system to an inverter and on to the grid. It splits revenue into system solutions, complete EBOS designs built from its own products, and components sold individually. In Q3 2026 system solutions brought in $150.4 million, against $110.4 million, and components $44.9 million, against $25.4 million. (Shoals Form 10-K, 2025, Feb 24, 2026; Shoals Form 10-Q, Q3 2026, Nov 4, 2026)

Shoals' sales are almost entirely domestic and concentrated. The 10-Q says substantially all revenue in the first nine months of 2026 came from US customers, and system solutions were 75.2% of revenue. In 2025 the largest customer accounted for approximately 19.1% of revenue and the five largest for 53.7%. (Shoals Form 10-Q, Q3 2026, Nov 4, 2026; Shoals Form 10-K, 2025, Feb 24, 2026)

Gross margin fell to 31.9% from 37.0% even as gross profit rose to $62.4 million from $50.3 million. Shoals blamed operational inefficiencies from the ramp-up and move into its new manufacturing facility, product mix, rework and corrective actions on product quality matters, and higher lease amortization. (Shoals Q3 2026 release, Nov 4, 2026)

Backlog and awarded orders were $791.7 million at September 30, 2026, up 9.8% from a year earlier and down 1.2% from June 30. Of that, $374.7 million was signed backlog and $417.0 million awarded orders still being documented. Shoals cited growth in emerging battery energy storage markets. (Shoals Q3 2026 release, Nov 4, 2026; Shoals Form 10-Q, Q3 2026, Nov 4, 2026)

Shoals Technologies earned GAAP diluted EPS of $0.11 in Q3 2026, against $0.07, on net income of $17.9 million. Its Adjusted Diluted EPS was $0.14, against $0.13, on Adjusted Net Income of $24.5 million. (Shoals Q3 2026 release, Nov 4, 2026)

The adjusted figures add back amortization of intangibles ($1.9 million), equity-based compensation ($4.1 million), expenses of the lawsuit against the supplier of defective wire behind the wire insulation shrinkback matter ($711 thousand), a $1.0 million litigation settlement expense, shareholder litigation costs and $671 thousand of transaction, integration and restructuring costs, net of tax. A year earlier the wire lawsuit cost $6.8 million in the quarter. (Shoals Q3 2026 release, Nov 4, 2026)

General and administrative expenses rose to $31.0 million from $29.4 million: incentive compensation rose $5.4 million and legal spending fell $4.1 million. Interest expense was $3.9 million, against $2.8 million. Diluted weighted average shares were 170,133 thousand, against 168,750 thousand. (Shoals Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Shoals Technologies publishes a numeric outlook in its release. For Q4 2026 it expects revenue of $165 million to $185 million and Adjusted EBITDA of $36 million to $40 million. It raised its full-year 2026 outlook to revenue of $665 million to $685 million and Adjusted EBITDA of $129 million to $133 million, with operating cash flow of $55 million to $65 million and capital expenditures of $20 million to $30 million. (Shoals Q3 2026 release, Nov 4, 2026)

Shoals said productivity improvements took both Q3 revenue and Adjusted EBITDA above its expected range. The pending merger with ARRAY Technologies, announced the same day, depends on shareholder and regulatory approvals. (Shoals Q3 2026 release, Nov 4, 2026; Shoals Form 10-Q, Q3 2026, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Shoals Technologies, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Shoals Technologies's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SHLS is on is SHLS a buy or a sell?, what analysts expect next is on the SHLS forecast, and what the company does is on the Shoals Technologies (SHLS) stock page.

Every number on this page can be traced to a document Shoals Technologies published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.