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- Securities Litigation (new) — The company recorded a $5.3 million accrual for an expected securities litigation settlement, a new material charge not present in the prior year.
- Operating Cash Flow Deterioration (worsened) — Operating cash flow swung from positive $1.7 million to negative $34.6 million, driven by a $97.1 million inventory build.
Shoals revenue jumps 47.4% to $163.4M, but net income falls 12.4% to $12.1M as cash flow turns negative
Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~1 min read
Key Changes
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Revenue surged 47.4% to $163.4M, but gross margin fell from 37.2% to 30.3% on manufacturing inefficiencies, product quality costs, and tariffs.
MD&A: Revenue & Gross Margin verify on EDGAR → -
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Operating cash flow swung from positive $1.7M to negative $34.6M, driven by a $97.1M inventory build; debt rose $60M to $196.8M.
MD&A: Cash Flow & Debt verify on EDGAR → -
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Net income fell 12.4% to $12.1M despite operating income rising 17% to $18.7M, as below-the-line items (taxes/interest) more than offset operational gains.
Key Financials view on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 26, 2026 · How we verify