Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q2 2024 Earnings Presentation
16 slides from Canadian Solar's earnings presentation, Aug 22, 2024
Slide 1: Canadian Solar 2Q24 Earnings Call
Canadian Solar 2Q24 Earnings Call August 22, 2024 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: FY2024 Q2 Overview
FY2024 Q2 Overview Key Quarterly Revenue and Shipment Solar and Battery Energy Financial Metrics Breakdown Storage Scale $1.6 billion Recurrent Energy, Solar Module Shipments, GW 32-37 Revenue $50M 31 21 17.2% 7 9 12 15 Gross margin 5 7 3 5 CSI Solar, 2 $1,585M $174 million EBITDA North America, Ene
Slide 4: Canadian Solar's Foundation and Growth Pillars
Canadian Solar’s Foundation and Growth Pillars Solar Project Storage Manufacturing & Manufacturing Development Total Solutions CSI Solar ✓ Scaled, strategic ✓ Developer, owner ✓ Scaled, strategic manufacturing & operator of both manufacturing ✓ Global brand & solar and storage ✓ Global brand & opera
Slide 5: 2023 Corporate Sustainability Report
2023 Corporate Sustainability Report ▪ Report covers CSI Solar and Recurrent Energy ▪ On track to achieve environmental goals and reduce the environmental footprint of operations ▪ Adherence to ethical labor practices in our operations and supply chain ▪ Advocacy for diversity, equity, and inclusion
Slide 6: CSI Solar FY2024 Q2 Performance Overview
CSI Solar FY2024 Q2 Performance Overview Gross Margin 23.5% 22.2% 21.3% CSI Solar FY2024 Q2 19.9% 17.4% 18.5% 18.4% 17.3% 16.6% 15.9% Module shipments: 8.2 GW 19.3% 15.1% 14.3% 13.1% 19.4% 14.5% 13.5% 12.1% 16.7% Storage shipments: 1.5 GWh 9.7% 13.4% 341 345 316 Revenue: $1.7 billion 287 290 288 299
Slide 7: Module Pricing and Input Costs Reaching Record Lows
Module Pricing and Input Costs Reaching Record Lows Below Cost Supply Chain Price (RMB/W) Manufacturing Capacity Roadmap 1.95 Polysilicon Capacity, GW Country Jun 2024A Sep 2024E Dec 2024E Wafer Cell Ingot Total 20 25 25 Module China 23 26 26 1.23 Wafer Thailand 5 5 5 Total 28 31 31 0.89 China 36 36
Slide 8: e-STORAGE FY2024 Q2 Performance Overview
e-STORAGE FY2024 Q2 Performance Overview Contracted backlog(1) $2.6 billion Turnkey Utility-scale Battery Energy Storage Revenue, $M 2024 shipments guidance Transition year (white label to own 6.5 – 7.0 GWh self-manufactured product) c.$2.6B 2025 year-end capacity 30 GWh Total pipeline(1) 440 223 66
Slide 9: Recurrent Energy FY2024 Q2 Performance Overview
Recurrent Energy FY2024 Q2 Performance Overview Gross Margin 43.9% 47.4% 36.5% 43.7% 47.1% 36.0% 40.5% 33.1% Recurrent Energy FY2024 Q2 31.7% 24.0% 19.2% 21.7% 27.7% 10.3% 8.6% 3.5% 14.4% 4.2% 157 Revenue: $50 million 113 Gross profit: $24 million 89 80 61 Gross margin: 47.4% 48 32 25 18 22 24 12 18
Slide 10: One of the Largest and Most Mature Solar and Storage Project Pipelines
One of the Largest and Most Mature Solar and Storage Project Pipelines Solar Development Project Pipeline – MWp(1) Battery Energy Storage Development Project Pipeline – MWh(1) In Advanced Early-Stage In Advanced Early-Stage Region Backlog Total Region Backlog Total Construction Pipeline Pipeline Con
Slide 11: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 2Q23 3Q23 4Q23 1Q24 2Q24 qoq yoy Net revenues 2,364 1,846 1,702 1,329 1,635 +23% -31% -CSI Solar 2,014 1,806 1,701 1,342 1,731 +29% -14% -Recurrent Energy 360 64 54 39 50 +28% -86% -Elimination (10) (24) (53) (52) (146) Gross
Slide 12: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 2Q23 3Q23 4Q23 1Q24 2Q24 Working capital days 9 5 (1) 63 24 Operating cash inflow (outflow) 290 158 190 (291) (429) Cash and equivalents 2,011 1,921 1,939 2,077 1,620 Restricted cash 1,239 1,072 1,008 817 572 Short-term borrowings(1) 1,8
Slide 13: Issuance of US$200 Million Convertible Bond to PAG
Issuance of US$200 Million Convertible Bond to PAG Transaction Rationale Summary Terms of the PAG Private CB • Optimize CSIQ’s capital Issuer: Canadian Solar Inc (CSIQ US, “CSIQ”) structure and further strengthen the Company’s Investor: PAG balance sheet Amount: Up to USD$200 million with flexible d
Slide 14: Issuance of US$200 Million Convertible Bond to PAG Cont'd
Issuance of US$200 Million Convertible Bond to PAG Cont’d “With two decades of experience in the solar industry, Canadian Solar has established a solid foundation as a globally leading solar player. Today, it is well-positioned for growth, propelled by its scaled module business, rapidly expanding e
Slide 15: Guidance as of August 22, 2024
Guidance as of August 22, 2024 FY2024 Q2 FY2024 Q3 FY2023 FY2024 FY2023-24E Actual Guidance Actual Guidance yoy ∆% Solar Module 8.2 GW 9.0 – 9.5 GW(2) 30.7 GW 32 – 36 GW c. +11% Shipments (DC) Utility Scale Battery Energy Storage 1.5 GWh(1) 1.4 – 1.7 GWh(2) 1.9 GWh(3) 6.5 – 7.0 GWh c. +250% Shipment
Slide 16: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.