Business
Canadian Solar Reports Fourth Quarter and Full Year 2024 Results
KITCHENER, ON, March 25, 2025 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the
About this update from Canadian Solar Inc.
[{"type":"text","content":"KITCHENER, ON, March 25, 2025 /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, 2024.\n\nFourth Quarter Highlights\nHighest single quarter of e-STORAGE shipments to date at 2.2 GWh.Expanded e-STORAGE pipeline to record 79 GWh, including $3.2 billion in contracted backlog, as of December 31, 2024.Full Year 2024 Highlights\n31.1 GW of solar module shipments by CSI Solar.6.6 GWh of energy storage shipments by CSI Solar, a year-over-year (\"yoy\") increase of over 500%.Recurrent Energy brought record 1.3 GWp of solar projects to commercial operation.Dr. Shawn Qu, Chairman and CEO, commented, \"2024 was a challenging year for the solar industry, with intense competition and ongoing policy and trade-related uncertainties creating operational and financial headwinds. Despite these industry-wide pressures, our modules business executed targeted strategic adjustments, enabling us to maintain relatively stronger profitability compared to the broader market. The industry and Canadian Solar are undergoing a transition. While near- to mid-term uncertainties persist in the solar market, demand for energy storage is accelerating. Storage is increasingly compelling, both in stand-alone applications and when paired with solar, driven by growing energy demand from sectors such as data centers and electric vehicles. Finally, we remain fully committed to the U.S. market and continue to advance our manufacturing expansion across three facilities dedicated to solar modules, solar cells, and energy storage solutions.\"\nYan Zhuang, President of Canadian Solar's subsidiary CSI Solar, said, \"Our team at CSI Solar remained focused while navigating a turbulent 2024. By maintaining a disciplined order-taking strategy, we were able to sustain relatively competitive pricing while continuing to improve cost efficiencies across our vertically integrated supply chain and tightly managing operating expenses. Energy storage was a key profitability driver, as we delivered both quarterly and full year shipment records. While we anticipate margin normalization in this segment, our priority remains scaling volume and further diversifying our global footprint. With our largest-ever pipeline and a robust contracted backlog, we have strong ...