Shoals-ARRAY merger outlines $2.2B-$2.4B 2027 revenue outlook and targets $100M annual incremental EBITDA synergies by year 3 (NASDAQ:SHLS)

Array Technologies (ARRY) will merge with Shoals Technologies in a $1B deal. The combined company, led by Shoals CEO Brandon Moss, will retain Array's name and HQ in New Mexico. Array's stock rose 15% to $5.33, while Shoals' shares gained 8% to $9.16. The merger aims to boost revenue growth, profitability, and cash flow, with projected 2027 revenue of $2.2B-$2.4B and earnings up to $480M.

Array Technologies (ARRAY) agreed to combine with Shoals Technologies (SHLS) to create an integrated energy infrastructure platform. The deal aims to broaden capabilities and deepen customer relationships, but terms, price, and timing were not disclosed. Both companies will operate independently until the deal closes.

Shoals Technologies Group (SHLS) and ARRAY reported Q3 earnings, with Shoals posting $195.3M revenue and ARRAY $330M. They aim for $100M+ in annual synergies by year three, with $35M in the first year. The merger expects to reduce preferred stock by 60% and save $100M in distributions. Combined 2027 outlook: $2.2B-$2.4B revenue, $410M-$480M Adjusted EBITDA.

Shoals Technologies Group, Inc. and ARRAY merged to create an integrated platform for utility-scale solar, aiming for $2.5B in incremental sales. Q3 saw record revenue for Shoals and strong order books for ARRAY. The company projects 2027 revenue of $2.2B-$2.4B and $100M in annual EBITDA synergies by year three. The merger is expected to reduce future cash tax obligations and support growth in adjacent markets.

Shoals (SHLS) and ARRAY are merging in a stock-for-stock transaction, with Shoals shareholders receiving 1.6931 ARRAY shares per share. The combined company, expected to close in Q1 2027, aims to simplify solar project execution and reduce costs. ARRAY will redeem $161.3M of preferred stock within 90 days and an additional $156.3M over three years. The merger is subject to shareholder and regulatory approvals.

Shoals Technologies Group and ARRAY Technologies announced an all-stock merger on November 4, 2026, targeting $100M in annual synergies by year three. Shoals' Q3 revenue exceeded expectations at $195.3M. The combined company aims for $2.2B-$2.4B in 2027 revenue. Shoals shares rose 12.99% post-announcement. The deal requires shareholder and regulatory approval, with completion expected in Q1 2027.