vs
Side-by-side financial comparison of Purple Innovation, Inc. (PRPL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $140.7M, roughly 1.1× Purple Innovation, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -2.3%, a 7.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 9.1%). Purple Innovation, Inc. produced more free cash flow last quarter ($-7.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 8.3%).
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
PRPL vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.7M | $148.3M |
| Net Profit | $-3.2M | $8.1M |
| Gross Margin | 41.9% | 31.6% |
| Operating Margin | -1.6% | 11.7% |
| Net Margin | -2.3% | 5.5% |
| Revenue YoY | 9.1% | 38.6% |
| Net Profit YoY | 62.1% | 3.9% |
| EPS (diluted) | $0.03 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $140.7M | $148.3M | ||
| Q3 25 | $118.8M | $135.8M | ||
| Q2 25 | $105.1M | $110.8M | ||
| Q1 25 | $104.2M | $80.4M | ||
| Q4 24 | $129.0M | $107.0M | ||
| Q3 24 | $118.6M | $102.2M | ||
| Q2 24 | $120.3M | $99.2M | ||
| Q1 24 | $120.0M | $90.8M |
| Q4 25 | $-3.2M | $8.1M | ||
| Q3 25 | $-11.7M | $11.9M | ||
| Q2 25 | $-17.3M | $13.9M | ||
| Q1 25 | $-19.1M | $-282.0K | ||
| Q4 24 | $-8.5M | $7.8M | ||
| Q3 24 | $-39.2M | $-267.0K | ||
| Q2 24 | $27.0K | $11.8M | ||
| Q1 24 | $-50.2M | $4.8M |
| Q4 25 | 41.9% | 31.6% | ||
| Q3 25 | 42.8% | 37.0% | ||
| Q2 25 | 35.9% | 37.2% | ||
| Q1 25 | 39.4% | 35.0% | ||
| Q4 24 | 42.9% | 37.6% | ||
| Q3 24 | 29.7% | 24.8% | ||
| Q2 24 | 40.7% | 40.3% | ||
| Q1 24 | 34.8% | 40.2% |
| Q4 25 | -1.6% | 11.7% | ||
| Q3 25 | -10.2% | 13.7% | ||
| Q2 25 | -13.5% | 14.4% | ||
| Q1 25 | -13.9% | 5.4% | ||
| Q4 24 | -6.0% | 15.4% | ||
| Q3 24 | -39.5% | 4.4% | ||
| Q2 24 | -12.1% | 18.7% | ||
| Q1 24 | -19.3% | 12.8% |
| Q4 25 | -2.3% | 5.5% | ||
| Q3 25 | -9.9% | 8.7% | ||
| Q2 25 | -16.5% | 12.5% | ||
| Q1 25 | -18.4% | -0.4% | ||
| Q4 24 | -6.6% | 7.3% | ||
| Q3 24 | -33.1% | -0.3% | ||
| Q2 24 | 0.0% | 11.9% | ||
| Q1 24 | -41.8% | 5.3% |
| Q4 25 | $0.03 | $0.05 | ||
| Q3 25 | $0.11 | $0.07 | ||
| Q2 25 | $0.16 | $0.08 | ||
| Q1 25 | $0.18 | $0.00 | ||
| Q4 24 | $0.08 | $0.04 | ||
| Q3 24 | $0.36 | $0.00 | ||
| Q2 24 | $0.00 | $0.07 | ||
| Q1 24 | $0.47 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.3M | $7.3M |
| Total DebtLower is stronger | $126.7M | — |
| Stockholders' EquityBook value | $-29.7M | $600.0M |
| Total Assets | $296.3M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.3M | $7.3M | ||
| Q3 25 | $32.4M | $8.6M | ||
| Q2 25 | $34.2M | $4.7M | ||
| Q1 25 | $21.6M | $35.6M | ||
| Q4 24 | $29.0M | $23.5M | ||
| Q3 24 | $23.4M | $11.1M | ||
| Q2 24 | $23.4M | $3.2M | ||
| Q1 24 | $34.5M | $15.2M |
| Q4 25 | $126.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $70.7M | $141.8M | ||
| Q3 24 | $50.8M | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $-29.7M | $600.0M | ||
| Q3 25 | $-26.9M | $589.6M | ||
| Q2 25 | $-15.6M | $575.4M | ||
| Q1 25 | $1.3M | $558.9M | ||
| Q4 24 | $20.2M | $556.8M | ||
| Q3 24 | $28.0M | $545.2M | ||
| Q2 24 | $66.4M | $544.6M | ||
| Q1 24 | $65.5M | $554.0M |
| Q4 25 | $296.3M | $904.1M | ||
| Q3 25 | $302.1M | $851.8M | ||
| Q2 25 | $303.8M | $795.0M | ||
| Q1 25 | $293.8M | $788.4M | ||
| Q4 24 | $307.8M | $793.1M | ||
| Q3 24 | $309.3M | $801.3M | ||
| Q2 24 | $362.1M | $788.4M | ||
| Q1 24 | $382.1M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 3.50× | 0.25× | ||
| Q3 24 | 1.82× | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-5.8M | $-4.1M |
| Free Cash FlowOCF − Capex | $-7.8M | $-11.3M |
| FCF MarginFCF / Revenue | -5.5% | -7.6% |
| Capex IntensityCapex / Revenue | 1.4% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-41.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.8M | $-4.1M | ||
| Q3 25 | $-968.0K | $19.4M | ||
| Q2 25 | $-4.0M | $-13.8M | ||
| Q1 25 | $-23.1M | $15.6M | ||
| Q4 24 | $6.8M | $14.0M | ||
| Q3 24 | $1.1M | $15.7M | ||
| Q2 24 | $-8.9M | $37.8M | ||
| Q1 24 | $-16.8M | $12.9M |
| Q4 25 | $-7.8M | $-11.3M | ||
| Q3 25 | $-1.8M | $9.0M | ||
| Q2 25 | $-7.0M | $-26.0M | ||
| Q1 25 | $-25.3M | $12.3M | ||
| Q4 24 | $5.7M | $12.5M | ||
| Q3 24 | $101.0K | $13.3M | ||
| Q2 24 | $-11.0M | $35.8M | ||
| Q1 24 | $-19.9M | $10.4M |
| Q4 25 | -5.5% | -7.6% | ||
| Q3 25 | -1.5% | 6.6% | ||
| Q2 25 | -6.6% | -23.5% | ||
| Q1 25 | -24.3% | 15.4% | ||
| Q4 24 | 4.4% | 11.6% | ||
| Q3 24 | 0.1% | 13.0% | ||
| Q2 24 | -9.2% | 36.1% | ||
| Q1 24 | -16.5% | 11.4% |
| Q4 25 | 1.4% | 4.8% | ||
| Q3 25 | 0.7% | 7.7% | ||
| Q2 25 | 2.8% | 11.0% | ||
| Q1 25 | 2.2% | 4.0% | ||
| Q4 24 | 0.8% | 1.4% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | 1.7% | 2.0% | ||
| Q1 24 | 2.5% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | -330.22× | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
