Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q1 2025 Earnings Presentation
14 slides from Canadian Solar's earnings presentation, May 15, 2025
Slide 1: Canadian Solar 1Q25 Earnings Call
Canadian Solar 1Q25 Earnings Call May 15, 2025 Canadian Solar Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by the Company solely to facilitate the understanding of the Company’s business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express
Slide 3: FY2025 Q1 Overview
FY2025 Q1 Overview Key Financial Metrics Revenue Breakdown $125M CSI Solar 6.9 GW Total module shipments Recurrent Energy 0.8 GWh Total storage shipments $1,072M $1.2 billion Revenue Shipment Breakdown 11.7% Gross margin North America 18% 22% Latin America $34 million Net loss to CSIQ(1) 6.9 GW 5% E
Slide 4: Near-Term Challenges and Long-Term Opportunities
Near-Term Challenges and Long-Term Opportunities Challenges and Risk Mitigation Strategies Opportunities We are operating in an Increasing clean energy demand We continue to… • uncertain environment … driven by: Geopolitical uncertainty, Actively monitor developments including ongoing U.S. policy an
Slide 5: Technology Leadership Across Both Solar and Storage
Technology Leadership Across Both Solar and Storage Next Generation Solar Modules Battery Energy Storage Milestones SolBank 3.0 Plus • Power: 1.2 – 2.4 MW • Capacity: 5.016 MWh • Enhanced lifetime and energy density • Advanced safety design • Mirror design • Installation and service efficiency Recog
Slide 6: CSI Solar FY2025 Q1 Overview
CSI Solar FY2025 Q1 Overview Gross Margin CSI Solar Q1 2025 21.3% 19.8% • Module shipments: 6.9 GW 18.5% 18.4% 18.6% 17.3%17.4% 16.6% 16.7% 15.1% 15.9% 14.5% 14.3% • Storage shipments: 0.8 GWh 13.1% 12.1% 13.4% • Revenue: $1.2 billion 341 345 316 320 330 • Gross profit: $160 million 287 290 288 299
Slide 7: e-STORAGE Performance Overview and Outlook
e-STORAGE Performance Overview and Outlook Contracted backlog(1) $3.2 billion Turnkey Utility-Scale Battery Energy Storage Annual Revenue $ in millions 2025 shipments guidance 7 – 9 GWh Transition year from white label to own self-manufactured c.$3.2B(1) 2025 year-end BESS and battery cell capacity
Slide 8: Expanding e-STORAGE's Global Footprint
Expanding e-STORAGE’s Global Footprint 228 MW / 912 MWh MWh Diego de Almagro Sur Project in Chile Canadian Solar Inc. 8
Slide 9: Recurrent Energy FY2025 Q1 Overview
Recurrent Energy FY2025 Q1 Overview Gross Margin 43.7% 47.1% 43.9% 47.4% Recurrent Energy Q1 2025 36.0% 40.5% 33.1% 32.0% 27.7% • Project Sales: 114 MW 19.2% 21.7% 18.6% 14.4% 4.2% 7.5% • Revenue: $125 million 3.5% 157 • Gross profit: $23 million 80 • Gross margin: 18.6% 61 48 18 16 18 22 24 14 14 2
Slide 10: Largest and Most Mature Global Solar and Battery Storage Development Pipelines
One of the Industry’s Largest and Most Mature Global Solar and Battery Energy Storage Project Development Pipelines Solar Project Development Pipeline – MWp(1) Battery Energy Storage Project Development Pipeline – MWh(1) Under Advanced Early-Stage Under Advanced Early-Stage Region Backlog Total Regi
Slide 11: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 1Q24 2Q24 3Q24 4Q24 1Q25 qoq yoy Net revenues 1,329 1,635 1,508 1,521 1,197 -21% -10% -CSI Solar 1,342 1,731 1,716 1,670 1,190 -29% -11% -Recurrent Energy 39 50 45 188 125 -34% +218% -Elimination (52) (146) (253) (337) (118) G
Slide 12: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 1Q24 2Q24 3Q24 4Q24 1Q25 Working capital days 63 24 56 45 102 Operating cash inflow (outflow) (291) (429) (231) 66 (264) Cash and equivalents 2,077 1,620 2,169 1,701 1,577 Restricted cash 817 572 659 563 457 Short-term borrowings(1) 2,18
Slide 13: Guidance as of May 15, 2025
Guidance as of May 15, 2025 FY2025 Q1 FY2025 Q2 FY2024 FY2025 FY2024-25E Actual Guidance Actual Guidance yoy ∆% Solar Module 6.9 GW 7.5 – 8.0 GW(1) 31.1 GW 25 – 30 GW(3) c. -12% Shipments (DC) Utility Scale Battery Energy Storage 0.8 GWh 2.4 – 2.6 GWh 6.6 GWh(3) 7 – 9 GWh(4) c. +21% Shipments (DC) R
Slide 14: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.