Shoals Technologies (SHLS) Operating Expenses (2020 - 2026)
Shoals Technologies' (SHLS) quarterly Operating Expenses came in at $33.3 million in Q1 2026, up 39.72% YoY from $23.8 million in Q1 2025, and up 12.82% on a QoQ basis from $29.5 million in Q4 2025.
Shoals Technologies (SHLS) Operating Expenses (2020 - 2026) Analysis & Trends
Shoals Technologies (SHLS) has 7 years of Operating Expenses data on file, last reported at $33.3 million in Q1 2026.
- Quarterly Operating Expenses rose 39.72% year-over-year to $33.3 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $119.6 million (up 33.17% YoY) and the FY2025 annual result came in at $110.1 million, up 21.22% from the prior year.
- Operating Expenses advanced to $33.3 million in Q1 2026, from $29.5 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $33.3 million in Q1 2026 to a low of $15.6 million in Q2 2022.
- A 5-year average of $22.9 million and a median of $23.5 million in 2023 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses surged 83.31% — and 2024, when it retreated 15.65%.
- Tracing SHLS's Operating Expenses over 5 years: stood at $17.0 million in 2022, then jumped by 38.25% to $23.5 million in 2023, then rose by 0.81% to $23.7 million in 2024, then gained by 24.51% to $29.5 million in 2025, then rose by 12.82% to $33.3 million in 2026.
- The last three Operating Expenses figures came in at $33.3 million (Q1 2026), $29.5 million (Q4 2025), and $31.6 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | First Solar | 23.03 Bn | 21.30 Bn | 605.00 Mn | 154.62 Mn |
| 2 | Nextpower | 13.25 Bn | 12.03 Bn | 335.85 Mn | 144.95 Mn |
| 3 | Enphase Energy | 5.07 Bn | 4.13 Bn | 175.01 Mn | 123.50 Mn |
| 4 | Sunrun | 2.24 Bn | 2.24 Bn | 527.54 Mn | 835.20 Mn |
| 5 | Solaredge Technologies | 1.89 Bn | 1.31 Bn | 95.15 Mn | 111.20 Mn |
| 6 | Shoals Technologies | 1.24 Bn | 1.22 Bn | 49.53 Mn | 30.80 Mn |
| 7 | Canadian Solar | 991.33 Mn | -596.96 Mn | 124.40 Mn | 188.46 Mn |
| 8 | JinkoSolar Holding | 831.90 Mn | -2.48 Bn | 147.66 Mn | -232.93 Mn |
| 9 | Array Technologies | 727.79 Mn | 420.48 Mn | 99.60 Mn | 64.84 Mn |
| 10 | Toyo | 170.12 Mn | 93.48 Mn | 47.76 Mn | -11.49 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 30.80 Mn |
| Mar 31, 2026 | 33.29 Mn |
| Dec 31, 2025 | 29.51 Mn |
| Sep 30, 2025 | 31.58 Mn |
| Jun 30, 2025 | 25.20 Mn |
| Mar 31, 2025 | 23.83 Mn |
| Dec 31, 2024 | 23.70 Mn |
| Sep 30, 2024 | 20.85 Mn |
| Jun 30, 2024 | 21.42 Mn |
| Mar 31, 2024 | 24.88 Mn |
| Dec 31, 2023 | 23.51 Mn |
| Sep 30, 2023 | 24.72 Mn |
| Jun 30, 2023 | 18.88 Mn |
| Mar 31, 2023 | 22.16 Mn |
| Dec 31, 2022 | 17.01 Mn |
| Sep 30, 2022 | 16.08 Mn |
| Jun 30, 2022 | 15.61 Mn |
| Mar 31, 2022 | 16.29 Mn |
| Dec 31, 2021 | 13.24 Mn |
| Sep 30, 2021 | 12.21 Mn |