Business
Canadian Solar Reports First Quarter 2025 Results
KITCHENER, Ontario, May 15, 2025 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for
About this update from Canadian Solar Inc.
[{"type":"text","content":"KITCHENER, Ontario, May 15, 2025 /PRNewswire/ -- Canadian Solar Inc. (\"Canadian Solar\" or the \"Company\") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2025.\n\nFirst Quarter Highlights\n9.4% year-over-year (\"yoy\") increase in solar module shipments to 6.9 GW, above guidance of 6.4 GW to 6.7 GW.Net revenues of $1.2 billion, at the high end of $1.0 billion to $1.2 billion guidance.11.7% gross margin, exceeding guidance of 9% to 11%.Expanded e-STORAGE pipeline to record 91 GWh, including $3.2 billion in contracted backlog, as of March 31, 2025.Recurrent Energy grew its global solar and battery energy storage project development pipelines to approximately 27 GWp and 76 GWh, respectively, as of March 31, 2025.Recurrent Energy secured a $415 million multi-currency credit facility to refinance and support the expansion of its IPP portfolio across diverse geographies and markets.Dr. Shawn Qu, Chairman and CEO, commented, \"We started 2025 facing many of the same challenges that defined 2024, with module prices reaching historic lows and geopolitical complexities persisting. Despite these headwinds, Canadian Solar delivered results at or above guidance across shipments, revenue, and gross margin—a testament to our disciplined execution. With a long history of navigating policy developments and market cycles, we are strategically balancing near-term challenges with long-term opportunities. While we strictly control operating expenses and capital expenditures, we maintain tailored strategies across our business. We will continue to manage module volumes with a focus on profitability, accelerate growth in our margin-accretive energy storage business, and advance Recurrent Energy's transition toward a partial IPP model.\"\nYan Zhuang, President of Canadian Solar's subsidiary CSI Solar, said, \"In the first quarter of 2025, CSI Solar maintained profitability despite ongoing challenges in the solar market and softer storage shipments. We achieved further manufacturing cost reductions through efficiency improvements in Asia and the progressed ramping of our U.S. module facility. While e-STORAGE faces near-term uncertainty, our record 91 GWh pipeline and contracted backlog underscore the segment's structural growth potential. As policy clarity emerges, we continue to be well-positioned to capitalize...