US Market News
2月前
Canadian Solar Reports First Quarter 2026 Results and Announces Appointment of Chief Executive OfficerMay 14, 2026 6:00 AM
PR Newswire (US) KITCHENER, ON, May 14, 2026 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2026.First Quarter HighlightsSolar module shipments of 2.5 GW, above guidance of 2.2 GW to 2.4 GW.Energy storage shipments of 2.1 GWh, exceeding guidance of 1.7 GWh to 1.9 GWh.Net revenues of $1.1 billion, at the high end of $900 million to $1.1 billion guidance.Gross margin of 25.1%.Commenced trial production at the flagship HJT solar cell factory in Jeffersonville, Indiana, marking a key milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.Appointment of Mr. Colin Parkin as Chief Executive Officer, effective May 14, 2026. Mr. Parkin previously served as President of Canadian Solar. Dr. Shawn Qu, the Company's founder, will transition from Chairman and Chief Executive Officer to the roles of Executive Chairman and Chief Technology Officer.Dr. Shawn Qu, Executive Chairman and CTO, commented, "Canadian Solar's journey from its founding in Ontario to its current position as a global leader in integrated clean energy is a testament to our enduring resilience. We have consistently evolved, and today we are navigating a pivotal shift from volume-driven expansion to value-driven leadership. This evolution calls for thoughtful leadership succession, and I am incredibly proud to transition the Chief Executive role to Colin Parkin, whose execution and operational leadership have already established our first-mover advantage in the energy storage sector. As I dedicate my focus to advancing our technological roadmap, we are deepening our commitment to our U.S. manufacturing footprint. Our Jeffersonville solar cell facility has entered trial production, and commercial operation is expected to commence in about two months. Coupled with the capacity expansion at our Mesquite module plant, we are helping strengthen the American solar supply chain to ensure long-term, sustainable growth."Dr. Shawn Qu founded Canadian Solar Inc. in Mississauga, Ontario 25 years ago. He holds a Ph.D. in Materials Science from the University of Toronto, an M.Sc. in Physics and an honorary doctorate from the University of Manitoba, and a B.Sc. in Physics from Tsinghua University. Dr. Qu has been a Fellow of the Canadian Academy of Engineering since 2019.Colin Parkin, CEO of Canadian Solar, said, "We began the year with strong execution, exceeding guidance across all metrics. We delivered 2.5 GW of solar modules globally with an optimized mix of U.S. volumes. We maintained a disciplined approach to solar module shipments throughout the quarter, strategically managing volumes in response to elevated feedstock costs—including silver—to protect profitability. Our domestic manufacturing in the U.S. contributed robust margins, as we continue to reshore our supply chain. In our energy storage segment, we recognized revenue on 2.1 GWh of volume, supported by smooth construction progress across multiple customer sites. We will build on this momentum, with storage volumes expected to reach record levels in the second half. The broader solar market remains complex, as incremental price increases have not yet fully absorbed upstream cost pressures. Furthermore, competition in the storage sector is intensifying. In the face of these challenges, we remain committed to a balanced strategy focused on rigorous execution and continuous innovation."Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "The sequential improvement in revenue was primarily driven by the sale of the Fort Duncan project, while the improvement in margin reflected the absence of pipeline impairment charges this quarter. As we continue to monetize other operating and under-construction assets, the impact on our results of operations may be less favorable in the near term. However, this strategy remains necessary to deleverage our balance sheet and recycle capital."Xinbo Zhu, Senior VP and CFO, added, "In the first quarter of 2026, we achieved $1.1 billion in revenue and a gross margin of 25.1%, with gross margin increasing both sequentially and year-over-year primarily due to the recognition of tariff refund benefits. Aided by this one-time benefit and continued controls on operating expenses, net loss attributable to shareholders narrowed to $32 million, or $0.71 per share. We closed the period with a cash position of $1.9 billion."First Quarter 2026 Results Total solar module shipments recognized as revenue in Q1 2026 were 2.5 GW, down 42% quarter-over-quarter ("qoq") and down 64% year-over-year ("yoy").Total battery energy storage shipments recognized as revenue in Q1 2026 were 2.1 GWh, up 5% qoq and up 142% yoy.Net revenues were $1.1 billion in Q1 2026, down 11% sequentially and 10% yoy, mainly due to lower sales of solar modules partially offset by higher sales of battery energy storage systems.Gross profit was $271 million, inclusive of a $93 million tariff refund benefit, compared to $124 million in Q4 2025 and $140 million in Q1 2025. Gross margin was 25.1%, compared to 10.2% and 11.7% in Q4 2025 and Q1 2025, respectively. The sequential and yoy increase in gross margin was primarily due to the recognition of IEEPA tariff refund benefits.Operating expenses were $198 million, compared to $188 million in Q4 2025 and up from $195 million in Q1 2025 due to lower logistics costs offset by the absence of one-time gains recorded in the previous quarter. Operating expenses represented 18.4% of revenue, compared to 15.5% in Q4 2025 and 16.3% in Q1 2025.Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q1 2026 was $32 million, or a net loss of $0.71 per share, compared to a net loss of $86 million, or a net loss of $1.66 per share, in Q4 2025, and a net loss of $34 million, or a net loss of $0.69 per share, in Q1 2025. Net income or loss per diluted share includes the dilutive effect of convertible bonds, as applicable, and dividends on the Recurrent Energy redeemable preferred shares.Net cash flow used in operating activities in Q1 2026 was $209 million, driven by changes in working capital, specifically an increase in inventories, compared to net cash flow used in operating activities of $65 million in Q4 2025 and net cash flow used in operating activities of $264 million in Q1 2025.Total debt, including financing liabilities, was $6.8 billion as of March 31, 2026, including $3.8 billion, $2.6 billion and $0.4 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.5 billion as of December 31, 2025, mainly due to the issuance of convertible notes. Total non-recourse debt under Recurrent Energy as of March 31, 2026, was $2.3 billion.Business SegmentsOn December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations. The Company has formed a new joint venture with its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar"), by holding a 75.1% controlling stake in CS PowerTech Inc. ("CS PowerTech"), which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.Following the consummation of this strategic initiative, Canadian Solar's business is organized into two segments:Manufacturing, comprising CS PowerTech, which focuses on the manufacturing and sales of solar products, battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; andRecurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio.Manufacturing
Solar Modules and Solar System Kits
The Company shipped 2.5 GW of solar modules and solar system kits to more than 60 countries and regions in Q1 2026.Consistent with the Company's transition from volume-driven growth to high-value creation, the Company will focus its disclosure on strategic markets rather than aggregate global manufacturing capacity.In the U.S., the Company operates a 5 GWp solar module factory in Mesquite, Texas, which it expects to expand to nameplate capacity of 10 GWp by the second half of 2026.The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology ("HJT") solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5?GWp, with additional production lines being installed and commissioned through 2026.Phase I: Trial production began in April 2026. Phase I has a nameplate capacity of 2.1 GWp and is expected to become one of the first commercial-scale HJT solar cell facilities in the U.S. upon commencement of commercial operations.Phase II: The Company expects to begin trial production for Phase II at the beginning of 2027. This expansion will add 4.2 GWp of capacity, bringing the Company's total solar cell nameplate capacity in the U.S. to 6.3 GWp.e-STORAGE: Battery Energy Storage Solutions
As of May 8, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.5 billion. These signed orders represent binding customer commitments and provide significant earnings visibility over a multi-year period.Recurrent Energy
As of March 31, 2026, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 81 GWh.The business model consists of three key drivers:Electricity revenue from the operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies;Asset sales, including selective operating assets in stable currency markets and assets in the rest of the world, to manage cash flow, debt levels and to fund growth in the operating portfolio; andPower services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.Project Development Pipeline – Solar
As of March 31, 2026, the Company's total solar project development pipeline was 23.7 GWp, including 1.8 GWp under construction, 2.6 GWp of backlog, and 19.3 GWp of projects in advanced and early-stage development, defined as follows:Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction within the next one to four years. A project's risk cliff date is the date on which it passes the last high-risk development stage and varies by country. Typically, this occurs after the project has received all required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have reasonable assurance of securing PPAs.Advanced pipeline projects are mid-stage projects that have secured or are assessed by the Company as having a greater than 90% likelihood of securing an interconnection agreement.Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.While the magnitude of the Company's project development pipeline is an important indicator of potential increases in power generation and battery energy storage capacity, as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of those projects to the extent expected, which could adversely affect its business, results of operations, and financial condition. In addition, the Company's guidance and estimates of its future operating and financial results assume the completion of certain solar projects and battery energy storage projects in its pipeline. If the Company is unable to execute on its actionable pipeline, it may fail to meet its guidance, which could adversely affect the market price of its common shares and its business, results of operations, and financial condition.The following table presents the Company's total solar project development pipeline.
Solar Project Development Pipeline (as of March 31, 2026) – MWp*RegionUnder ConstructionBacklogAdvanced DevelopmentEarly-Stage DevelopmentTotalNorth America6062264274,5735,832Europe, the Middle East, and Africa ("EMEA")6741,418**1,1344,1117,337Latin America-3743526,2566,982Asia Pacific492616**5721,8873,567Total1,7722,6342,48516,82723,718*All numbers are gross MWp.**Including 443 MWp in backlog that are owned by or already sold to third parties.
Project Development Pipeline – Battery Energy StorageAs of March 31, 2026, the Company's total battery energy storage project development pipeline was 80.6 GWh, including 5.0 GWh under construction and in backlog, and 75.6 GWh of projects in advanced and early-stage development.The table below sets forth the Company's total battery energy storage project development pipeline.Battery Energy Storage Project Development Pipeline (as of March 31, 2026) – MWh*RegionUnder ConstructionBacklogAdvanced DevelopmentEarly-Stage DevelopmentTotalNorth America60020060021,64023,040EMEA-1,350**3,92530,32235,597Latin America--1,3205,0056,325Asia Pacific1,2001,6203,2819,58015,681Total1,8003,1709,12666,54780,643 *All numbers are gross MWh.
**Including 600 MWh in backlog that are owned by third parties.Business OutlookThe Company's business outlook is based on management's current views and estimates, taking into account factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.In Q2 2026, the Company expects total revenue to be in the range of $1.0 billion to $1.2 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenue are expected to be in the range of 3.1 GW to 3.3 GW. Total battery energy storage shipments in Q2 2026 are expected to be in the range of 2.8 GWh to 3.2 GWh, including approximately 400 MWh to internal and external projects under execution.The Company is reiterating its guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions for the U.S. market in 2026.Colin Parkin, CEO of Canadian Solar, commented, "The first half of the year reflects prevailing market challenges, with solar margins remaining under pressure. In our energy storage business, margins are normalizing, and we remain partially exposed to fluctuations in lithium carbonate pricing. These factors, combined with a broader backdrop of policy uncertainty and geopolitical volatility, continue to impact both customers' long-term planning and our own operational execution. We anticipate stronger storage volumes and the benefits from the ramp-up of our U.S. domestic solar cell manufacturing to be weighted toward the second half, while our project development business continues to execute on its rebalancing strategy."Recent DevelopmentsCanadian SolarOn May 14, 2026, Canadian Solar announced the appointment of Mr. Colin Parkin as Chief Executive Officer, effective immediately. Mr. Parkin, who previously served as the Company's President, succeeds founder Dr. Shawn Qu, who has transitioned from Chairman and CEO to the roles of Executive Chairman and Chief Technology Officer. In this new capacity, Dr. Qu will focus on spearheading the Company's technological innovation and long-term R&D strategy.On April 17, 2026, Canadian Solar announced that the Patent Trial and Appeal Board ("PTAB") of the U.S. Patent and Trademark Office ("USPTO") issued Final Written Decisions invalidating all claims of two TOPCon (Tunnel Oxide Passivated Contact) solar cell patents. These patents were previously asserted by Trina Solar Co., Ltd. ("Trina") against certain subsidiaries of Canadian Solar. These decisions reflect Canadian Solar's continued ability to manage international intellectual property disputes. Manufacturing: CS PowerTech and CSI SolarOn March 31, 2026, Canadian Solar announced that it would deliver a total of 420 MWh AC of battery energy storage systems for Drax Group, a leading UK renewable energy company, across two projects in the United Kingdom. Both projects are being developed by Apatura and have been acquired by Drax. Battery installations are scheduled to commence in the third quarter of 2026 at the Marfleet site, with the Neilston project expected to start installations in early 2027. Conference Call InformationThe Company will hold a conference call on Thursday, May 14, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's first quarter 2026 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.) or +1-201-389-0920 from international locations. The conference ID is 13760199. A live webcast of the conference call will also be available via the webcast link on the investor relations section of Canadian Solar's website.A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, May 28, 2026, and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13760199. A webcast replay will also be available via the webcast link on the investor relations section of Canadian Solar's website.About Canadian Solar Inc.Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.Safe Harbor/Forward-Looking StatementsCertain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the markets for solar power and battery energy storage; our growth strategies, future business performance, and financial condition; our ability to sustain our project development and balance long-term asset ownership with selective project sales; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, and policy support schemes, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, offtake and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks are described in the Company's filings with the Securities and Exchange Commission, including its latest annual report on Form 20-F filed on April 10, 2026. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Wina HuangInvestor RelationsCanadian Solar Inc.investor@canadiansolar.com
FINANCIAL TABLES FOLLOWThe following tables provide unaudited select financial data for the Company's Manufacturing and Recurrent Energy businesses.
Select Financial Data – Manufacturing and Recurrent Energy
Three Months Ended and As of March 31, 2026(In Thousands of U.S. Dollars)
Manufacturing
Recurrent Energy
Elimination and unallocated items
TotalNet revenues
$ 949,662
$ 139,232
$ (11,016)
$ 1,077,878Cost of revenues
673,316
153,749
(20,007)
807,058Gross profit
276,346
(14,517)
8,991
270,820Operating expenses
149,529
45,736
2,689
197,954Income (loss) from operations
126,817
(60,253)
6,302
72,866Other segment items (1)
(64,181)Income before income taxes and equity in losses of affiliates
8,685
Supplementary Information:
Interest expense
$ (14,828)
$ (31,664)
$ (5,878)
$ (52,370)Interest income
6,252
10,202
204
16,658Depreciation and amortization, included in cost of revenues and operating expenses
114,089
16,632
—
130,721
Cash and cash equivalents
$ 1,353,014
$ 71,283
$ 16,813
$ 1,441,110Restricted cash – current and non-current
323,034
119,147
—
442,181Non-recourse borrowings
—
2,284,531
—
2,284,531Other short-term and long-term borrowings
2,505,510
1,349,878
—
3,855,388Convertible notes – non-current
—
—
419,150
419,150Green bonds – current
—
151,137
—
151,137
(1) Includes interest expense, net, gain on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net.The following table summarizes the revenues generated from each product or service.
Three Months Ended March 31, 2026
Three Months Ended December 31, 2025
Three Months Ended March 31, 2025
(In Thousands of U.S. Dollars)Manufacturing:
Solar modules$ 455,117
$ 718,597
$ 797,422Battery energy storage solutions382,758
296,848
155,310Solar system kits25,437
35,409
85,526EPC and others77,152
101,412
35,037Subtotal940,464
1,152,266
1,073,295Recurrent Energy:
Solar power and battery energy storage asset sales88,541
15,975
72,151Power services22,416
20,286
16,499Revenue from electricity, battery energy storage operations and others26,457
28,682
34,680Subtotal137,414
64,943
123,330Total net revenues$ 1,077,878
$ 1,217,209
$ 1,196,625
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data)
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
Net revenues$ 1,077,878
$ 1,217,209
$ 1,196,625Cost of revenues807,058
1,092,808
1,056,131
Gross profit270,820
124,401
140,494
Operating expenses:
Selling and distribution expenses54,281
81,047
90,767
General and administrative expenses135,472
106,946
105,651
Research and development expenses20,718
21,683
24,284
Other operating income, net(12,517)
(21,214)
(25,403)Total operating expenses197,954
188,462
195,299
Income (loss) from operations72,866
(64,061)
(54,805)Other income (expenses):
Interest expense(52,370)
(48,458)
(40,487)
Interest income16,658
8,960
12,096
Gain (loss) on change in fair value of derivatives, net4,985
(7,052)
(9,039)
Foreign exchange loss, net (33,920)
(8,035)
(4,586)
Investment income, net466
120
1,090Total other expenses(64,181)
(54,465)
(40,926)
Income (loss) before income taxes and equity in losses of affiliates8,685
(118,526)
(95,731)Income tax benefit (expense) (16,938)
4,178
23,122Equity in losses of affiliates(5,255)
(16,453)
(4,045)Net loss(13,508)
(130,801)
(76,654)
Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests18,585
(44,463)
(42,683)
Net loss attributable to Canadian Solar Inc.$ (32,093)
$ (86,338)
$ (33,971)
Earnings (loss) per share – basic$ (0.71)
$ (1.66)
$ (0.69)Shares used in computation – basic67,817,714
67,712,693
66,962,686Earnings (loss) per share - diluted$ (0.71)
$ (1.66)
$ (0.69)Shares used in computation – diluted67,817,714
67,712,693
66,962,686 Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)
Three Months Ended
March 31,December 31,
March 31,
2026
2025
2025Net loss$ (13,508)
$ (130,801)
$ (76,654)Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment63,355
39,752
2,091Gain (loss) on changes in fair value of available-for-sale debt securities—
1,941
(504)Gain (loss) on interest rate swap6,604
7,955
(3,081)Share of gain (loss) on changes in fair value of interest rate swap of affiliate22
(443)
(1,232)Comprehensive income (loss)56,473
(81,596)
(79,380)Less: comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests35,562
(31,664)
(40,768)Comprehensive income (loss) attributable to Canadian Solar Inc.$ 20,911
$ (49,932)
$ (38,612)
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
March 31,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents$ 1,441,110
$ 1,370,418
Restricted cash420,784
541,705
Accounts receivable trade, net698,978
829,957
Accounts receivable, unbilled247,858
228,393
Amounts due from related parties13,903
17,959
Inventories1,519,211
1,133,539
Value added tax recoverable263,970
252,251
Advances to suppliers, net220,530
217,871
Derivative assets6,852
15,002
Project assets747,798
549,269
Prepaid expenses and other current assets881,774
822,502
Total current assets6,462,768
5,978,866
Restricted cash21,397
28,312
Property, plant and equipment, net3,469,541
3,376,035
Solar power and battery energy storage systems, net2,099,078
2,065,498
Deferred tax assets, net657,297
634,160
Advances to suppliers, net101,001
104,518
Investments in affiliates307,255
289,601
Intangible assets, net31,282
31,981
Project assets1,231,954
1,481,486
Right-of-use assets430,948
441,291
Amounts due from related parties84,008
76,848
Other non-current assets638,019
663,133
TOTAL ASSETS$ 15,534,548
$ 15,171,729
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
March 31,
December 31,
2026
2025
LIABILITIES, REDEEMABLE INTERESTS AND EQUITY
Current liabilities:
Short-term borrowings$ 2,602,193
$ 2,389,037
Green bonds151,137
153,152
Accounts payable1,030,796
878,827
Short-term notes payable724,908
939,549
Amounts due to related parties6,286
7,484
Other payables821,534
779,198
Advances from customers216,077
162,586
Derivative liabilities5,789
6,179
Operating lease liabilities32,601
26,783
Other current liabilities479,288
507,594
Total current liabilities6,070,609
5,850,389
Long-term borrowings3,537,726
3,621,232
Convertible notes419,150
195,313
Liability for uncertain tax positions5,642
5,788
Deferred tax liabilities300,722
296,719
Operating lease liabilities338,663
354,508
Other non-current liabilities565,341
578,152
TOTAL LIABILITIES11,237,853
10,902,101
Redeemable non-controlling interests295,933
326,559
Equity:
Common shares835,543
835,543
Additional paid-in capital569,859
568,921
Retained earnings1,449,539
1,481,632
Accumulated other comprehensive loss(25,121)
(78,125)
Total Canadian Solar Inc. shareholders' equity2,829,820
2,807,971
Non-controlling interests1,170,942
1,135,098
TOTAL EQUITY4,000,762
3,943,069
TOTAL LIABILITIES, REDEEMABLE INTERESTS AND EQUITY$ 15,534,548
$ 15,171,729
Canadian Solar Inc.
Unaudited Condensed Statements of Cash Flows
(In Thousands of U.S. Dollars)
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
Operating Activities:
Net loss$ (13,508)
$ (130,801)
$ (76,654)
Adjustments to net loss152,825
158,944
161,770
Changes in operating assets and liabilities(347,975)
(93,177)
(349,319)
Net cash used in operating activities(208,658)
(65,034)
(264,203)
Investing Activities:
Purchase of property, plant and equipment and intangible assets(173,210)
(266,377)
(256,380)
Purchase of solar power and battery energy storage systems(20,053)
(53,105)
(128,707)
Other investing activities60,176
20,946
(83,897)
Net cash used in investing activities(133,087)
(298,536)
(468,984)
Financing Activities:
Capital contributions from tax equity investors in subsidiaries—
750
14,680
Repurchase of shares by subsidiary—
(24,510)
(21,404)
Net proceeds from issuance of convertible notes222,983
—
43,896
Other financing activities114,936
45,561
507,066
Net cash provided by financing activities337,919
21,801
544,238
Effect of exchange rate changes(53,318)
102,273
(41,153)
Net decrease in cash, cash equivalents and restricted cash(57,144)
(239,496)
(230,102)
Cash, cash equivalents and restricted cash at the beginning of the period$ 1,940,435
$ 2,179,931
$ 2,264,021
Cash, cash equivalents and restricted cash at the end of the period$ 1,883,291
$ 1,940,435
$ 2,033,919
View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-first-quarter-2026-results-and-announces-appointment-of-chief-executive-officer-302772213.htmlSOURCE Canadian Solar Inc. Original: Canadian Solar Reports First Quarter 2026 Results and Announces Appointment of Chief Executive Officer
US Market News
3月前
Canadian Solar Reports Fourth Quarter and Full Year 2025 ResultsMarch 19, 2026 6:00 AM
PR Newswire (US)
KITCHENER, ON, March 19, 2026 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2025.Full Year 2025 Highlights24.3 GW of solar module shipments delivered globally, with record 8.1 GW delivered to the U.S. market.Record 7.8 GWh of energy storage shipments delivered globally, with 3.9 GWh delivered to the U.S. market.Energy storage contracted backlog increased to record $3.6 billion, as of March 13, 2026.Completed a US$230 million convertible bond issuance to accelerate U.S. manufacturing initiatives.Resumed direct oversight of U.S. operations, forming CS PowerTech as the new U.S. manufacturing platform.Fully ramped up Texas module factory to an annual production run rate exceeding 5 GW, with planned expansion to nameplate capacity of 10 GWp by the second half of 2026.Dr. Shawn Qu, Chairman and CEO, commented, "We demonstrated strategic resilience and operational discipline throughout a year defined by persistent market headwinds and a shifting regulatory landscape. In response to the prolonged solar downturn, we pivoted away from the industry's traditional focus on shipment volumes and instead took the lead by prioritizing margins and diversifying our profit drivers, notably energy storage. Our commitment to the U.S. market remains steadfast as we spearhead the reshoring of manufacturing to North America. Our solar module factory in Mesquite, Texas has fully ramped up, and we intend to double its nameplate capacity to support a more resilient domestic supply chain. We are moving in the equipment for the first phase of our solar cell plant in Jeffersonville, Indiana as we speak and expect to see the first cell come off the production line by the end of March, with full ramp up expected by the end of June. Furthermore, we are advancing the second phase, which once operational, will bring our U.S. cell capacity to 6.3 GWp, establishing the largest crystalline silicon technology footprint in the country."Colin Parkin, President of Canadian Solar and President of e-STORAGE, said, "We shipped 4.3 GW of solar modules this quarter, as we maintained our disciplined approach to order intake amid rising input costs, concluding the year with total shipments of 24.3 GW. Although site construction delays shifted certain energy storage volumes into the first quarter of 2026, we still delivered a record 7.8 GWh in global energy storage shipments. This represents robust double-digit growth, achieved while successfully navigating a turbulent policy environment. Our momentum is further evidenced by a record contracted backlog of $3.6 billion. As we direct our resources toward our comprehensive U.S. manufacturing strategy, we are proactively rebalancing our project development investments to optimize cash flow and manage leverage."Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "Our quarterly revenue and margin profiles were impacted by delays in certain project sales, which have been pushed into 2026. We continue to shift our business mix toward the monetization of operating and under-construction assets to strengthen our balance sheet and improve cash flow. As we manage the pacing of construction activities, we are also optimizing our pipeline for quality, focusing on generating value from existing opportunities."Xinbo Zhu, Senior VP and CFO, added, "For the fourth quarter, we reported revenue of $1.2 billion and a gross margin of 10.2%. Profitability was affected by sequentially lower global storage volumes and solar module deliveries to the North American market, delayed project sales, and project asset impairments. Capital expenditures in 2025 totaled $962 million, slightly below expectations, and we ended the year with a cash position of $1.9 billion."Fourth Quarter 2025 Results Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, down 16% quarter-over-quarter ("qoq") and down 47% year-over-year ("yoy").Net revenues were $1.2 billion in Q4 2025, down 18% sequentially and 20% yoy, mainly due to lower sales of solar modules and battery energy storage systems.Gross profit was $124 million, compared to $256 million in Q3 2025 and $217 million in Q4 2024. Gross margin was 10.2%, compared to 17.2% and 14.3% in Q3 2025 and Q4 2024, respectively. The sequential decrease in gross margin was primarily due to the impairment charges related to certain project assets. The yoy decrease was driven by lower contribution from solar modules and project asset sales, partially offset by higher module ASPs.Operating expenses were $188 million, down from $222 million in Q3 2025 and $344 million in Q4 2024 due to lower logistics costs. Operating expenses represented 15.5% of revenue, compared to 14.9% in Q3 2025 and 22.6% in Q4 2024.Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q4 2025 was $86 million, or a net loss of $1.66 per diluted share, compared to a net income of $9 million, or a net loss of $0.07 per diluted share, in the Q3 2025, and net income of $34 million, or $0.48 per diluted share, in Q4 2024. Net income/(loss) per diluted share includes the dilutive effect of convertible bonds, as applicable, and the Recurrent Energy redeemable preferred shares dividends.Net cash flow used in operating activities in Q4 2025 was $65 million, driven by changes in working capital, specifically an increase in project assets, partially offset by a decrease in inventories, compared to net cash flow used in operating activities of $112 million in Q3 2025 and net cash flow provided by operating activities of $66 million in Q4 2024.Total debt, including financing liabilities, was $6.5 billion as of December 31, 2025, including $3.8 billion, $2.5 billion and $0.2 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.4 billion as of September 30, 2025, mainly due to new borrowings for construction of projects. Total non-recourse debt under Recurrent Energy as of December 31, 2025, was $2.2 billion.Business SegmentsOn December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations. The Company has formed a new joint venture with its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar"), by holding a 75.1% controlling stake in CS PowerTech Inc. ("CS PowerTech"), which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. On December 16, 2025, CSI Solar's shareholders approved the proposed initiative.Following the consummation of this strategic initiative, Canadian Solar's business is organized into two segments:Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar modules, battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; andRecurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio.ManufacturingSolar Modules and Solar System KitsThe Company shipped 4.3 GW of solar modules and solar system kits to more than 70 countries and regions in Q4 2025.Consistent with the Company's transition from volume-driven growth to high-value creation, the Company will focus its disclosure on strategic markets rather than aggregate global manufacturing capacity.In the U.S., the Company operates a 5 GWp solar module factory in Mesquite, Texas, which will be expanded to nameplate capacity of 10 GWp by the second half of 2026.The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology ("HJT") solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5?GWp, with additional production lines being installed and commissioned through 2026.Phase I: Trial production is scheduled to begin by April 2026. Phase I has a nameplate capacity of 2.1 GWp and represents the only commercially operational HJT solar cell facility in the U.S.Phase II: The Company expects to begin trial production for Phase II by the end of 2026. This expansion will add 4.2 GWp of capacity, bringing the Company's total solar cell nameplate capacity in the U.S. to 6.3 GWp.e-STORAGE: Battery Energy Storage SolutionsAs of March 13, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.6 billion. These signed orders carry contractual obligations to customers and provide significant earnings visibility over a multi-year period.Recurrent EnergyAs of December 31, 2025, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 83 GWh.The business model consists of three key drivers:Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies;Asset sales, including selective operating assets in stable currency markets and assets in the rest of the world, to manage cash flow, debt level and to fund growth in operating portfolio; andPower services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with nearly 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.Project Development Pipeline – SolarAs of December 31, 2025, the Company's total solar project development pipeline was 24.4 GWp, including 1.6 GWp under construction, 3.2 GWp of backlog, and 19.6 GWp of projects in advanced and early-stage development, defined as follows:Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction within the next one to four years. A project's risk cliff date is the date on which it passes the last high-risk development stage and varies by country. Typically, this occurs after the project has received all required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have a reasonable assurance of securing PPAs.Advanced pipeline projects are mid-stage projects that have secured or are more than 90% likely to secure an interconnection agreement.Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.While the magnitude of the Company's project development pipeline is an important indicator of potential increases in power generation and battery energy storage capacity, as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of those projects to the extent expected, which could adversely affect its business, results of operations, and financial condition. In addition, the Company's guidance and estimates of its future operating and financial results assume the completion of certain solar projects and battery energy storage projects in its pipeline. If the Company is unable to execute on its actionable pipeline, it may fail to meet its guidance, which could adversely affect the market price of its common shares and its business, results of operations, and financial condition.The following table presents the Company's total solar project development pipeline.Solar Project Development Pipeline (as of December 31, 2025) – MWp*RegionUnder
ConstructionBacklogAdvanced
DevelopmentEarly-Stage
DevelopmentTotalNorth America2765564273,9235,182Europe, the Middle East, and Africa ("EMEA")6741,687**1,0334,9958,389Latin America128**3743526,2567,110Asia Pacific492616**5462,0803,734Total1,5703,2332,35817,25424,415
*All numbers are gross MWp.**Including 63 MWp under construction and 441 MWp in backlog that are owned by or already sold to third parties. Project Development Pipeline – Battery Energy StorageAs of December 31, 2025, the Company's total battery energy storage project development pipeline was 83.5 GWh, including 6.2 GWh under construction and in backlog, and 77.3 GWh of projects in advanced and early-stage development.The table below sets forth the Company's total battery energy storage project development pipeline.Battery Energy Storage Project Development Pipeline (as of December 31, 2025) – MWh*RegionUnder
ConstructionBacklogAdvanced
DevelopmentEarly-Stage
DevelopmentTotalNorth America60020060021,54022,940EMEA43**2,590**3,82931,95538,417Latin America--1,3204,6455,965Asia Pacific1622,6402,98110,38016,163Total8055,4308,73068,52083,485
*All numbers are gross MWh.
**Including 13 MWh under construction and 1,194 MWh in backlog that are owned by third parties. Business OutlookThe Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.In Q1 2026, the Company expects total revenue to be in the range of $900 million to $1.1 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenues are expected to be in the range of 2.2 GW to 2.4 GW. Total battery energy storage shipments in Q1 2026 are expected to be in the range of 1.7 GWh to 1.9 GWh.The Company is issuing new guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions to the U.S. in 2026.Dr. Shawn Qu, Chairman and CEO, commented, "While the first quarter tends to be seasonally softer, we are navigating a complex macro environment, including elevated and volatile input costs across supply chains and policy uncertainty in key markets. In our project development business, we are rebalancing toward asset monetization and optimizing our cost structure. Our solar module shipments in the U.S. are expected to be slightly lower in 2026 than in 2025, primarily due to a limited supply of solar cells qualified as non-PFE under the OBBBA in the first half of the year. The high cost of such cells will also affect our profitability. I believe this is temporary, as our own production will ramp up in Q2 and Q3. 2026 will be a transition year, as we accelerate our U.S. manufacturing roadmap and diversify our long-term profitability drivers."Recent DevelopmentsCanadian SolarOn January 15, 2026, Canadian Solar announced a decisive victory in litigation proceedings against Maxeon Solar Pte. Ltd. ("Maxeon") before the Patent Trial and Appeal Board ("PTAB") of the United States Patent and Trademark Office ("USPTO"). In Final Written Decisions, the PTAB ruled in Canadian Solar's favor, holding that all claims asserted by Maxeon against Canadian Solar relating to the alleged infringement of the patents at issue in the federal court litigation are invalid.On January 13, 2026, Canadian Solar announced the closing of its previously announced offering of US$230 million aggregate principal amount of 3.25% convertible senior notes due 2031 (the "Notes"), including the full exercise of the initial purchasers' option to purchase an additional US$30 million aggregate principal amount of the Notes. The Notes were offered in a Rule 144A private offering. The net proceeds from the offering were approximately US$223.1 million, after deducting the initial purchasers' discount and estimated offering expenses.On December 24, 2025, Canadian Solar announced the appointment of Colin Parkin as a member of its board of directors (the "Board") and his promotion to President of Canadian Solar. Parkin succeeds Yan Zhuang on the Company's Board and assumes the role of the Company's President from Dr. Shawn Qu. Dr. Qu, the Founder of Canadian Solar, continues to serve as the Company's Chairman and Chief Executive Officer. In conjunction with Parkin's appointment, the Board also appointed Dylan Marx as Chief Operating Officer.On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations and continue reshoring manufacturing to North America. On December 16, 2025, the shareholders of its majority-owned subsidiary CSI Solar approved the proposed initiative. Canadian Solar has formed a new joint venture with CSI Solar by holding a 75.1% controlling stake in CS PowerTech, which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.Manufacturing: CS PowerTech and CSI SolarOn March 17, 2026, Canadian Solar announced that it had entered into an agreement with a major U.S. utility for a 500 MW / 2,493 MWh DC battery energy storage system ("BESS") project, supporting data center grid infrastructure and resiliency. Shipments are expected to start in March 2027 and be completed by July 2027.On February 11, 2026, Canadian Solar announced the delivery of its first grid-connected battery energy storage system in Japan, with a rated output of 2 MW and an energy capacity of 8.25 MWh DC. The project was developed by Canadian Solar Projects K.K. e-STORAGE was responsible for the design, engineering, and commissioning of the project, and will also provide long-term maintenance and inspection services throughout the operational life of the BESS.On February 5, 2026, Canadian Solar announced that it had signed agreements for the supply and long-term servicing of two standalone battery energy storage projects totaling 503 MWh DC in Franklin County, Texas. The projects, collectively referred to as the Lupinus projects, are being developed by Sunraycer. They comprise Lupinus 1, a 202 MWh facility expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027, and Lupinus 2, a 301 MWh facility scheduled to start construction in Q3 2026 and achieve commercial operation in Q2 2027.On December 17, 2025, Canadian Solar announced that it would deliver 408 MWh AC Battery Energy Storage System to Vena Energy for its Tailem Bend 3 project in South Australia. The project is under construction and is targeted to begin operation in 2027. Under an initial 5-year Long Term Service Agreement, Canadian Solar's e-STORAGE will also be responsible for maintenance of the battery energy storage system.Recurrent EnergyOn February 24, 2026, Canadian Solar announced that it had completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network. Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2026. Located in Maverick County, Texas, Fort Duncan Battery Storage reached commercial operation in June 2025. The Company had secured $183 million in project financing and tax equity for the storage facility.On December 2, 2025, Canadian Solar announced that it had been granted a Development Consent Order ("DCO") for its Tillbridge solar and battery energy storage project, located in Lincolnshire, England. The proposed project combines 800 MW of solar PV and 500 MW / 1,000 MWh of battery energy storage. The DCO was awarded by the UK Secretary of State for the Department for Energy Security and Net Zero. Once operational, Tillbridge will become one of the largest hybrid solar and storage facilities in the United Kingdom.Conference Call InformationThe Company will hold a conference call on Thursday, March 19, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's fourth quarter and full year 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.) or +1-201-389-0920 from international locations. The conference ID is 13758808. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, April 2, 2026 and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13758808. A webcast replay will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.About Canadian Solar Inc.Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered over 174 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 18 GWh of battery energy storage solutions to global markets as of December 31, 2025, boasting a $3.6 billion contracted backlog as of March 13, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6.2 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 83 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.Safe Harbor/Forward-Looking StatementsCertain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.Investor Relations Contact:Wina HuangInvestor RelationsCanadian Solar Inc.investor@canadiansolar.com
FINANCIAL TABLES FOLLOWThe following tables provide unaudited select financial data for the Company's Manufacturing and Recurrent Energy businesses.
Select Financial Data – Manufacturing and Recurrent Energy
Three Months Ended and As of December 31, 2025(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
TotalNet revenues
$ 1,263,572
$ 67,043
$ (113,406)
$ 1,217,209Cost of revenues
1,080,512
89,741
(77,445)
1,092,808Gross profit
183,060
(22,698)
(35,961)
124,401Operating expenses
145,792
46,282
(3,612)
188,462Income (loss) from operations
37,268
(68,980)
(32,349)
(64,061)Other segment items (1)
(54,465)Loss before income taxes and
equity in losses of affiliates
(118,526)
Supplementary Information:
Interest expense
$ (14,909)
$ (29,987)
$ (3,562)
$ (48,458)Interest income
7,241
1,592
127
8,960Depreciation and amortization,
included in cost of revenues and
operating expenses
119,566
13,210
—
132,776
Cash and cash equivalents
$ 1,214,433
$ 89,936
$ 66,049
$ 1,370,418Restricted cash – current and non-
current
436,561
133,456
—
570,017Non-recourse borrowings
—
2,168,485
—
2,168,485Other short-term and long-term
borrowings
2,417,322
1,424,462
—
3,841,784Convertible notes – non-current
—
—
195,313
195,313Green bonds – current
—
153,152
—
153,152
Select Financial Data – Manufacturing and Recurrent Energy
Twelve Months Ended December 31, 2025(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
TotalNet revenues
$ 5,612,124
$ 403,620
$ (420,637)
$ 5,595,107Cost of revenues
4,669,608
320,166
(420,893)
4,568,881Gross profit
942,516
83,454
256
1,026,226Operating expenses
743,959
236,111
3,000
983,070Income (loss) from operations
198,557
(152,657)
(2,744)
43,156Other segment items (1)
(183,895)Loss before income taxes and
equity in losses of affiliates
(140,739)
Supplementary Information:
Interest expense
$ (64,284)
$ (99,114)
$ (14,768)
$ (178,166)Interest income
34,794
8,678
2,582
46,054Depreciation and amortization,
included in cost of revenues and
operating expenses
498,026
57,027
—
555,053
(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net. The following table summarizes the revenues generated from each product or service.
Three MonthsEnded December 31, 2025
Three MonthsEnded September 30, 2025
Three MonthsEnded December 31, 2024
(In Thousands of U.S. Dollars)Manufacturing:
Solar modules$ 718,597
$ 839,421
$ 944,055Battery energy storage solutions296,848
486,033
241,942Solar system kits35,409
29,874
77,619EPC and others101,412
29,793
74,607Subtotal1,152,266
1,385,121
1,338,223Recurrent Energy:
Solar power and battery energy storage asset
sales15,975
39,770
137,890Power services20,286
19,892
20,232Revenue from electricity, battery energy storage
operations and others28,682
42,619
24,896Subtotal64,943
102,281
183,018Total net revenues$ 1,217,209
$ 1,487,402
$ 1,521,241
Twelve Months Ended December 31, 2025
Twelve Months Ended December 31, 2024
(In Thousands of U.S. Dollars)Manufacturing:
Solar modules$ 3,377,706
$ 4,281,178Battery energy storage solutions1,370,590
814,604Solar system kits224,621
398,173EPC and others227,855
181,422Subtotal5,200,772
5,675,377Recurrent Energy:
Solar power and battery energy storage asset
sales175,987
156,686Power services75,486
69,972Revenue from electricity, battery energy storage
operations and others142,862
91,374Subtotal394,335
318,032Total net revenues$ 5,595,107
$ 5,993,409
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Net revenues$ 1,217,209
$ 1,487,402
$ 1,521,241
$ 5,595,107
$ 5,993,409Cost of revenues1,092,808
1,231,101
1,304,205
4,568,881
4,994,090
Gross profit124,401
256,301
217,036
1,026,226
999,319
Operating expenses:
Selling and distribution
expenses81,047
101,298
131,671
382,591
487,947
General and administrative
expenses106,946
116,539
219,611
581,807
515,204
Research and development
expenses21,683
19,999
30,476
90,685
120,792
Other operating income, net(21,214)
(16,124)
(37,625)
(72,013)
(94,543)Total operating expenses188,462
221,712
344,133
983,070
1,029,400
Income (loss) from operations(64,061)
34,589
(127,097)
43,156
(30,081)Other income (expenses):
Interest expense(48,458)
(44,414)
(35,395)
(178,166)
(137,468)
Interest income8,960
15,078
26,301
46,054
88,470
Loss on change in fair value
of derivatives, net(7,052)
(20,571)
(49,719)
(42,422)
(51,400)
Foreign exchange gain
(loss), net (8,035)
3,188
40,013
(16,751)
46,750
Investment income (loss),
net120
4,514
(1,334)
7,390
1,427Total other expenses(54,465)
(42,205)
(20,134)
(183,895)
(52,221)
Loss before income taxes and
equity in earnings (losses) of
affiliates(118,526)
(7,616)
(147,231)
(140,739)
(82,302)Income tax benefit (expense) 4,178
(7,138)
11,707
(14,149)
16,576Equity in earnings (losses) of
affiliates(16,453)
(6,324)
85
(28,875)
(12,136)Net loss(130,801)
(21,078)
(135,439)
(183,763)
(77,862)
Less: net loss attributable to
non-controlling interests and
redeemable non-controlling
interests(44,463)
(30,064)
(169,342)
(79,637)
(113,913)
Net income (loss) attributable
to Canadian Solar Inc.$ (86,338)
$ 8,986
$ 33,903
$ (104,126)
$ 36,051
Earnings (loss) per share - basic$ (1.66)
$ (0.07)
$ 0.51
$ (2.50)
$ 0.54Shares used in computation –
basic67,712,693
67,620,463
66,947,055
67,368,537
66,616,400Earnings (loss) per share -
diluted$ (1.66)
$ (0.07)
$ 0.48
$ (2.50)
$ 0.54Shares used in computation -
diluted67,712,693
67,620,463
73,363,174
67,368,537
66,939,428 Canadian Solar Inc.Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)(In Thousands of U.S. Dollars)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024Net loss$ (130,801)
$ (21,078)
$ (135,439)
$ (183,763)
$ (77,862)Other comprehensive
income (loss), net of tax:
Foreign currency
translation adjustment39,752
4,013
(129,573)
141,031
(112,941)Gain (loss) on changes
in fair value of available-
for-sale debt securities1,941
(1,939)
679
363
2,223Gain (loss) on interest
rate swap7,955
(452)
6,821
(3,726)
(1,569)Share of gain (loss) on
changes in fair value of
interest rate swap of
affiliate(443)
—
1,626
(2,304)
693Comprehensive loss(81,596)
(19,456)
(255,886)
(48,399)
(189,456)Less: comprehensive
loss attributable to non-
controlling interests and
redeemable non-
controlling interests(31,664)
(28,806)
(194,803)
(59,383)
(145,860)Comprehensive income
(loss) attributable to
Canadian Solar Inc.$ (49,932)
$ 9,350
$ (61,083)
$ 10,984
$ (43,596) Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets(In Thousands of U.S. Dollars)
December 31,
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents$ 1,370,418
$ 1,701,487
Restricted cash541,705
551,387
Accounts receivable trade, net829,957
1,118,770
Accounts receivable, unbilled228,393
142,603
Amounts due from related parties17,959
5,220
Inventories1,133,539
1,206,595
Value added tax recoverable252,251
221,539
Advances to suppliers, net217,871
124,440
Derivative assets15,002
14,025
Project assets549,269
394,376
Prepaid expenses and other current assets822,502
436,635
Total current assets5,978,866
5,917,077
Restricted cash28,312
11,147
Property, plant and equipment, net3,376,035
3,174,643
Solar power and battery energy storage systems,
net2,065,498
1,976,939
Deferred tax assets, net634,160
473,500
Advances to suppliers, net104,518
118,124
Investments in affiliates289,601
232,980
Intangible assets, net31,981
31,026
Project assets1,481,486
889,886
Right-of-use assets441,291
378,548
Amounts due from related parties76,848
75,215
Other non-current assets663,133
232,465
TOTAL ASSETS$ 15,171,729
$ 13,511,550
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
December 31,
December 31,
2025
2024
LIABILITIES, REDEEMABLE INTERESTS AND
EQUITY
Current liabilities:
Short-term borrowings$ 2,389,037
$ 1,873,306
Convertible notes—
228,917
Green bonds153,152
—
Accounts payable878,827
1,062,874
Short-term notes payable939,549
637,512
Amounts due to related parties7,484
3,927
Other payables779,198
984,023
Advances from customers162,586
204,826
Derivative liabilities6,179
13,738
Operating lease liabilities26,783
21,327
Other current liabilities507,594
388,460
Total current liabilities5,850,389
5,418,910
Long-term borrowings3,621,232
2,731,543
Convertible notes195,313
—
Green bonds —
146,542
Liability for uncertain tax positions5,788
5,770
Deferred tax liabilities296,719
204,832
Operating lease liabilities354,508
271,849
Other non-current liabilities578,152
582,301
TOTAL LIABILITIES10,902,101
9,361,747
Redeemable non-controlling interests326,559
247,834
Equity:
Common shares835,543
835,543
Additional paid-in capital568,921
590,578
Retained earnings1,481,632
1,585,758
Accumulated other comprehensive loss(78,125)
(196,379)
Total Canadian Solar Inc. shareholders' equity2,807,971
2,815,500
Non-controlling interests1,135,098
1,086,469
TOTAL EQUITY3,943,069
3,901,969
TOTAL LIABILITIES, REDEEMABLE
INTERESTS AND EQUITY$ 15,171,729
$ 13,511,550
Canadian Solar Inc.Unaudited Condensed Statements of Cash Flows(In Thousands of U.S. Dollars)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Operating Activities:
Net loss$ (130,801)
$ (21,078)
$ (135,439)
$ (183,763)
$ (77,862)
Adjustments to net loss158,944
213,292
454,591
900,090
844,537
Changes in operating
assets and liabilities(93,177)
(304,274)
(252,686)
(969,068)
(1,651,999)
Net cash (used in)
provided by operating
activities(65,034)
(112,060)
66,466
(252,741)
(885,324)
Investing Activities:
Purchase of property,
plant and equipment
and intangible assets(266,377)
(266,768)
(212,098)
(962,254)
(1,106,173)
Purchase of solar
power and battery
energy storage systems(53,105)
(27,685)
(326,081)
(429,192)
(757,577)
Other investing
activities20,946
6,789
(95,730)
(112,044)
(98,507)
Net cash used in investing
activities(298,536)
(287,664)
(633,909)
(1,503,490)
(1,962,257)
Financing Activities:
Proceeds from
subsidiary's issuance of
preferred shares, net—
—
(14,756)
—
482,244Capital contributions
from tax equity
investors in subsidiaries750
200,301
196,058
215,731
226,935
Repurchase of shares
by subsidiary(24,510)
—
(1,894)
(70,135)
(79,582)
Other financing
activities45,561
110,110
(41,940)
1,201,909
1,690,174
Net cash provided by
financing activities21,801
310,411
137,468
1,347,505
2,319,771
Effect of exchange rate
changes102,273
5,035
(133,798)
85,140
(154,601)
Net decrease in cash,
cash equivalents and
restricted cash(239,496)
(84,278)
(563,773)
(323,586)
(682,411)
Cash, cash equivalents
and restricted cash at
the beginning of the
period$ 2,179,931
$ 2,264,209
$ 2,827,794
$ 2,264,021
$ 2,946,432
Cash, cash equivalents
and restricted cash at
the end of the period$ 1,940,435
$ 2,179,931
$ 2,264,021
$ 1,940,435
$ 2,264,021
View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2025-results-302718570.htmlSOURCE Canadian Solar Inc.
Original: Canadian Solar Reports Fourth Quarter and Full Year 2025 Results
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