Shoals Q1 revenue up 49% to $68M record; lowers high end of FY22 outlook due to industry headwinds

Shoals Technologies Group, Inc.

2022-Q1 EPS reported $0.02 revenue$67,976,000

Q1 revenue $68.0M (+49% YoY); gross margin 38.7% (up 550+ bps sequentially, down 250 bps YoY).
Diluted EPS $0.02 vs $(0.06) loss YoY; Adjusted diluted EPS $0.05 vs $0.05 YoY.
Backlog and awarded orders record $302.3M, up 67% YoY.
FY2022 revenue outlook lowered at high end to $300M-$325M; cites Commerce Dept investigation uncertainty.
Converted 7 BLA customers in Q1, three international; BLA customer count 6x vs year ago.

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