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Side-by-side financial comparison of Shoals Technologies Group, Inc. (SHLS) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $148.3M, roughly 1.7× Shoals Technologies Group, Inc.). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs 5.5%, a 5.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -15.3%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-88.0M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs -1.6%).
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.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
SHLS vs XIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $148.3M | $249.0M |
| Net Profit | $8.1M | $28.0M |
| Gross Margin | 31.6% | — |
| Operating Margin | 11.7% | -19.3% |
| Net Margin | 5.5% | 11.2% |
| Revenue YoY | 38.6% | -15.3% |
| Net Profit YoY | 3.9% | 124.3% |
| EPS (diluted) | $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 | $148.3M | $249.0M | ||
| Q3 25 | $135.8M | $315.0M | ||
| Q2 25 | $110.8M | $342.0M | ||
| Q1 25 | $80.4M | $282.0M | ||
| Q4 24 | $107.0M | $294.0M | ||
| Q3 24 | $102.2M | $319.0M | ||
| Q2 24 | $99.2M | $360.0M | ||
| Q1 24 | $90.8M | $257.0M |
| Q4 25 | $8.1M | $28.0M | ||
| Q3 25 | $11.9M | $-37.0M | ||
| Q2 25 | $13.9M | $79.0M | ||
| Q1 25 | $-282.0K | $-98.0M | ||
| Q4 24 | $7.8M | $-115.0M | ||
| Q3 24 | $-267.0K | $-40.0M | ||
| Q2 24 | $11.8M | $62.0M | ||
| Q1 24 | $4.8M | $70.0M |
| Q4 25 | 31.6% | — | ||
| Q3 25 | 37.0% | — | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 35.0% | — | ||
| Q4 24 | 37.6% | — | ||
| Q3 24 | 24.8% | — | ||
| Q2 24 | 40.3% | — | ||
| Q1 24 | 40.2% | — |
| Q4 25 | 11.7% | -19.3% | ||
| Q3 25 | 13.7% | 1.6% | ||
| Q2 25 | 14.4% | 26.3% | ||
| Q1 25 | 5.4% | -82.6% | ||
| Q4 24 | 15.4% | -188.1% | ||
| Q3 24 | 4.4% | 15.4% | ||
| Q2 24 | 18.7% | 18.3% | ||
| Q1 24 | 12.8% | -8.2% |
| Q4 25 | 5.5% | 11.2% | ||
| Q3 25 | 8.7% | -11.7% | ||
| Q2 25 | 12.5% | 23.1% | ||
| Q1 25 | -0.4% | -34.8% | ||
| Q4 24 | 7.3% | -39.1% | ||
| Q3 24 | -0.3% | -12.5% | ||
| Q2 24 | 11.9% | 17.2% | ||
| Q1 24 | 5.3% | 27.2% |
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.07 | $-0.40 | ||
| Q2 25 | $0.08 | $0.84 | ||
| Q1 25 | $0.00 | $-1.05 | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $0.00 | $-0.43 | ||
| Q2 24 | $0.07 | $0.66 | ||
| Q1 24 | $0.03 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.3M | $960.0M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $600.0M | $10.9B |
| Total Assets | $904.1M | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $960.0M | ||
| Q3 25 | $8.6M | $711.0M | ||
| Q2 25 | $4.7M | $880.0M | ||
| Q1 25 | $35.6M | $1.5B | ||
| Q4 24 | $23.5M | $283.0M | ||
| Q3 24 | $11.1M | $290.0M | ||
| Q2 24 | $3.2M | $281.0M | ||
| Q1 24 | $15.2M | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $141.8M | — | ||
| Q4 24 | $141.8M | $5.3B | ||
| Q3 24 | $141.8M | — | ||
| Q2 24 | $146.8M | — | ||
| Q1 24 | $168.8M | — |
| Q4 25 | $600.0M | $10.9B | ||
| Q3 25 | $589.6M | $11.0B | ||
| Q2 25 | $575.4M | $11.3B | ||
| Q1 25 | $558.9M | $12.6B | ||
| Q4 24 | $556.8M | $12.9B | ||
| Q3 24 | $545.2M | $13.6B | ||
| Q2 24 | $544.6M | $13.9B | ||
| Q1 24 | $554.0M | $14.0B |
| Q4 25 | $904.1M | $19.6B | ||
| Q3 25 | $851.8M | $19.1B | ||
| Q2 25 | $795.0M | $20.5B | ||
| Q1 25 | $788.4M | $21.4B | ||
| Q4 24 | $793.1M | $20.3B | ||
| Q3 24 | $801.3M | $20.9B | ||
| Q2 24 | $788.4M | $21.7B | ||
| Q1 24 | $825.3M | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.25× | 0.41× | ||
| Q3 24 | 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 | $-4.1M | $186.0M |
| Free Cash FlowOCF − Capex | $-11.3M | $-88.0M |
| FCF MarginFCF / Revenue | -7.6% | -35.3% |
| Capex IntensityCapex / Revenue | 4.8% | 110.0% |
| Cash ConversionOCF / Net Profit | -0.50× | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.1M | $186.0M | ||
| Q3 25 | $19.4M | $231.0M | ||
| Q2 25 | $-13.8M | $232.0M | ||
| Q1 25 | $15.6M | $90.0M | ||
| Q4 24 | $14.0M | $283.0M | ||
| Q3 24 | $15.7M | $208.0M | ||
| Q2 24 | $37.8M | $231.0M | ||
| Q1 24 | $12.9M | $78.0M |
| Q4 25 | $-11.3M | $-88.0M | ||
| Q3 25 | $9.0M | $-283.0M | ||
| Q2 25 | $-26.0M | $151.0M | ||
| Q1 25 | $12.3M | $1.0M | ||
| Q4 24 | $12.5M | $231.0M | ||
| Q3 24 | $13.3M | $152.0M | ||
| Q2 24 | $35.8M | $162.0M | ||
| Q1 24 | $10.4M | $14.0M |
| Q4 25 | -7.6% | -35.3% | ||
| Q3 25 | 6.6% | -89.8% | ||
| Q2 25 | -23.5% | 44.2% | ||
| Q1 25 | 15.4% | 0.4% | ||
| Q4 24 | 11.6% | 78.6% | ||
| Q3 24 | 13.0% | 47.6% | ||
| Q2 24 | 36.1% | 45.0% | ||
| Q1 24 | 11.4% | 5.4% |
| Q4 25 | 4.8% | 110.0% | ||
| Q3 25 | 7.7% | 163.2% | ||
| Q2 25 | 11.0% | 23.7% | ||
| Q1 25 | 4.0% | 31.6% | ||
| Q4 24 | 1.4% | 17.7% | ||
| Q3 24 | 2.3% | 17.6% | ||
| Q2 24 | 2.0% | 19.2% | ||
| Q1 24 | 2.7% | 24.9% |
| Q4 25 | -0.50× | 6.64× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | -1.00× | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.21× | 3.73× | ||
| Q1 24 | 2.69× | 1.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
