Shoals J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Shoals J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Shoals Overweight

SHLS, SHLS US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$10.28

We hosted SHLS CEO for a fireside chat at the J.P. Morgan Natural Resources

Conference. Commentary was broadly constructive, with the CEO reiterating

confidence in the solar demand environment and SHLS's competitive positioning,

the BESS opportunity and ON.Energy partnership, as well as the recently launched Clean Energy, Power Infrastructure,

Airlink data center product. The company also believes a ruling from the ITC and Sustainable Investing

regarding its patent litigation case could be issued tomorrow. Below are our key AC Mark Strouse, CFA

takeaways. (1-212) 622-8244

mark.w.strouse@jpmorgan.com

• Solar demand constructive, domestically and internationally. The CEO Michael G Fairbanks

expressed confidence that the market will be stronger for longer than many (1-212) 622-4908

michael.fairbanks@jpmchase.com

expect, noting that solar's status as the lowest LCOE and fastest-to-deploy

Anna Zhu

source underpins continued growth even in a scenario where ITC/PTC credits (1-212) 622-0012

sunset at decade-end. New product adoption, particularly the long-tail BLA anna.zhu@jpmorgan.com

DC feeder solution (adding ~0.5-0.8 cents/watt to the addressable wallet) and J.P. Morgan Securities LLC

the SuperJumper harness, are exceeding expectations. Internationally,

Australia and LATAM remain the most active regions, though the CEO flagged

that SHLS's status as a domestic U.S. producer creates a modest disadvantage

under current trade policy and that sustained international growth may require

outside production investment absent a policy change.