Shoals Technologies Group Inc (SHLS.O): Long-Awaited Victory; ITC Truncates Voltage Trunk Bus

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Shoals Technologies Group Inc (SHLS.O): Long-Awaited Victory; ITC Truncates Voltage Trunk Bus

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26 Jun 2026 00:31:22 ET │ 10 pages

Shoals Technologies Group Inc (SHLS.O)

Long-Awaited Victory; ITC Truncates Voltage Trunk Bus

CITI’S TAKE

SHLS won a decisive ITC ruling, with the Commission finding infringement

Neutral / High Risk and issuing an exclusion order on Voltage’s LYNX trunk bus products — an

Short-Term View: Upside, expires 19-JUL-26 outcome that was broadly expected given prior ALJ findings and the

Price (25 Jun 26 16:00) US$9.86 strength of the asserted patents. We view the 60-day Presidential review

as a procedural step and believe reversal is highly unlikely, particularly Target price US$9.50

given the merits of the case and the dynamic of a U.S. manufacturer Expected share price return -3.7%

prevailing over a competitor with Chinese manufacturing ties. While Expected dividend yield 0.0%

Voltage’s core LYNX product is effectively barred from the U.S. market, the Expected total return -3.7%

company has noted redesigned alternatives; however, adoption risk and Market Cap US$1,654M

the commercial viability of these products is unclear. Overall, we see this

as a clear positive for SHLS, reinforcing its IP moat, and a negative for

Voltage, effectively concluding a multi-year legal overhang. Given the

outcome and its timing were broadly expected, we don’t anticipate a Vikram BagriAC

sharp move in the stock. +1-212-816-4506

vikram.bagri@citi.com

Ruling Details — The ITC determined on 6/25 that Voltage, LLC violated Section 337 Theodore Giletti, CFA

of the Tariff Act of 1930 by importing infringing LYNX trunk bus products into the US. +1-212-816-3835

The Commission found infringement of specific claims in Shoals’ ’375 and ’376 theodore.giletti@citi.com