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Monday, 03/15/2021 4:20:16 PM

Monday, March 15, 2021 4:20:16 PM

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Reports Record Revenue and Earnings for 2020 –

– Fourth Quarter Gross Margin Expands More Than 530 bps Year-Over-Year –

– Backlog at December 31, 2020 up 46% Versus Last Year –

– Provides 2021 Outlook for Continued Strong Growth –

PORTLAND, Tenn., March 15, 2021 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage and electric vehicle charging infrastructure, today announced financial results for its fourth quarter and full year ended December 31, 2020.

“2020 was another record year for Shoals. We grew revenues 21%, expanded adjusted EBITDA margins more than 900 basis points, increased the percentage of our revenues from system solutions to 66% and successfully navigated the unique challenges created by the coronavirus pandemic. Our results reflect the tremendous efforts of our team members and the passion they have for our technology and its important role in the energy transition,” said Jason Whitaker, Chief Executive Officer of Shoals.

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