Record Backlog and Strong Order Momentum Driving 2025 Growth Outlook
Shoals reported a record backlog and awarded orders (BLAO) of $671.3 million, with $540.3 million scheduled for shipment in the next 4 quarters through Q2 2026.
The company’s backlog and order flow support an increased revenue guidance for 2025, now projected between $450 million and $470 million, with a 37.9% sequential increase in Q2 and a 11.7% year-over-year growth.
Management emphasizes that despite industry volatility, demand fundamentals remain strong, driven by utility-scale solar, AI, data centers, and onshoring trends.
Adjusted EBITDA increased 6.7% to $134.6 million, supported by new assets, higher merchant prices, and a legal settlement, partially offset by energy curtailment and well field work.
Electricity segment revenue declined 3.8% to $159.9 million due to maintenance and curtailment, while product and energy storage segments grew 57.6% and 62.7%, respectively.
Gross margin compressed to 24.3% from 28.8%, mainly due to temporary electricity segment margin pressure; product and energy storage margins improved significantly.
Net income rose 26.1% to $28 million, with adjusted net income up 19.8% to $29.1 million, reflecting strong portfolio resilience despite electricity segment challenges.
Ormat reported record Q2 2025 revenue of $234 million, a 9.9% increase year-over-year, driven by product segment recovery and energy storage growth.
PSEG maintained total available liquidity of $3.6 billion as of June 30, 2025, including $186 million in cash.
PSEG Power & Other reported net income of $253 million in Q2 2025 versus $132 million in Q2 2024, with non-GAAP operating earnings rising to $52 million from $11 million, benefiting from higher nuclear output and absence of last year's refueling outage.
PSEG reported net income of $1.17 per share for Q2 2025, up from $0.87 in Q2 2024, and non-GAAP operating earnings of $0.77 per share, up from $0.63 in Q2 2024, reflecting over 20% growth year-over-year.
PSE&G segment net income and non-GAAP operating earnings were $332 million in Q2 2025 compared to $302 million in Q2 2024, driven by new distribution rates and higher generating volume.
PSEG's nuclear fleet achieved a capacity factor of 88.8% in Q2 2025, producing approximately 7.5 terawatt hours, up 0.5 terawatt hours from the prior year period.
Dafinchi