Shoals Reports 39% Q4 Revenue Growth and Multi-Gigawatt AI Data-Center Power Deal
Shoals Technologies reported fourth-quarter revenue of $148.3 million, up 39% year-over-year, with operating profit of $17.4 million, net income of $8.1 million and record backlog of $747.6 million. It also secured an agreement with ON.energy to deploy multiple gigawatts of critical power systems for AI data-center operators.
1. Fourth-Quarter Financial Performance
Shoals delivered Q4 revenue of $148.3 million, a 39% increase from the prior year, with gross profit of $46.9 million and operating profit of $17.4 million. Net income reached $8.1 million, and adjusted EBITDA rose to $30.3 million, while adjusted diluted EPS increased to $0.10.
2. AI Data-Center Power Systems Agreement
Shoals and ON.energy agreed to deploy multiple gigawatts of critical power systems tailored for AI data-center operators. The collaboration combines ON.energy’s medium-voltage UPS platform with Shoals’ DC Recombiner technology to enhance power reliability, scalability and rapid deployment.
3. Outlook and Capacity Expansion
Shoals enters 2026 with a record backlog of $747.6 million and expects continued market demand driven by energy transition and AI growth. The company is scaling production capacity through its 638,000 square-foot manufacturing campus in Tennessee and provided guidance for Q1 and full-year 2026 growth.