Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q4 2023 Earnings Presentation
16 slides from Canadian Solar's earnings presentation, Mar 14, 2024
Slide 1: Canadian Solar 4Q23 Earnings Call
Canadian Solar 4Q23 Earnings Call March 14, 2024
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: FY2023 Overview
FY2023 Overview Key Financial Metrics Revenue Breakdown Solar and Storage Scale Recurrent Solar Module Shipments, GW Energy, 42-47 $7.6 billion $498M Revenue 31 21 16.8% 7 9 12 15 CSI Solar, 5 7 Gross margin 2 3 5 $7,116M $793 million EBITDA North America, China, 22% Turnkey Utility-Scale Storage 28
Slide 4: A Global Solar and Storage Manufacturing and Project Development Business
A Global Solar and Storage Manufacturing and Project Development Business Canadian Solar (NASDAQ: CSIQ) $7.61B 16.8% $793M FY23 Revenue FY23 Gross Margin FY23 EBITDA $274M $3.87 FY23 Net Income FY23 Diluted EPS(1) 62% 80%(2) CSI Solar (SSE: 688472) Recurrent Energy Vertically Integrated Manufacturin
Slide 5: Massive Growth in Clean Energy Demand Over the Next Decade
Massive Growth in Clean Energy Demand Over the Next Decade Watt-hours per request Google search ChatGPT Data centers to power AI BLOOM transformation AI-powered Google search (New State Research) AI-powered Google search (SemiAnalysis) 0 2 4 6 8 10 Data center electricity usage in the U.S. Electric
Slide 6: Well-Positioned to Excel in the U.S.
Well-Positioned to Excel in the U.S. Long-Term Investments Strong Track Record with a Leading Brand 6
Slide 7: CSI Solar: Record Full Year Revenue and Solar Module Shipments in FY2023
CSI Solar: Record Full Year Revenue and Solar Module Shipments in FY2023 CSI Solar FY2023 Gross Margin Module shipments: 30.7 GW 23.5% 22.2% Storage shipments: 1.9 GWh 21.3% 19.9% Revenue: $7.2 billion 17.4% 18.5% 17.3% 16.6% Gross profit: $1.1 billion 15.9% 19.3% 15.1% 13.1% 19.4% 14.5% 14.3% Gross
Slide 8: N-type TOPCon to Comprise Near 80% of Total Cell Capacity by Year End
N-type TOPCon to Comprise Near 80% of Total Cell Capacity by Year End Solar Cell Manufacturing Capacity Breakdown, GW Manufacturing Capacity Expansion Roadmap 56 Capacity, GW Country Dec 2023A Jun 2024E Dec 2024E 50 48 Ingot Total 20 20 50 39 China 21 23 45 Wafer Thailand - 5 5 26 Total 21 28 50 20
Slide 9: e-STORAGE FY2023 Performance Overview
e-STORAGE FY2023 Performance Overview Contracted backlog* Turnkey Utility-Scale Battery Energy Storage Revenue, $M $2.6 billion Transition year (white label to own self-manufactured product) 2024 shipments guidance c.2,600 6.0 – 6.5 GWh 2024 year-end capacity 440 20 GWh 223 0 2020 2021 2022 2023 202
Slide 10: $500 Million Investment By BlackRock to Drive Business Model Transformation
$500 Million Investment By BlackRock to Drive Business Model Transformation “We are excited to partner on behalf of our clients with Recurrent Energy. We believe this partnership will help unlock the full potential of Recurrent Energy’s impressive renewable energy project development platform. Recur
Slide 11: Recurrent Energy FY2023 Performance Overview
Recurrent Energy FY2023 Performance Overview Recurrent Energy FY2023 Gross Margin Project sales: 280 MW Revenue: $498 million 43.7% 47.1% 43.9% 36.5% 40.5% 36.0% Gross profit: $205 million 31.7% 27.7% 24.0% 21.7% 19.2% 157 Gross margin: 41.1% 14.4% 10.3% 8.6% 3.5% 4.2% Operating income: $97 million
Slide 12: One of the Largest and Most Mature Global Solar and Storage Project Pipelines
One of the Largest and Most Mature Global Solar and Storage Project Pipelines Solar Development Project Pipeline – MWp* Battery Energy Storage Development Project Pipeline – MWh In Advanced Early-Stage In Advanced Early-Stage Region Backlog Total Region Backlog Total Construction Pipeline Pipeline C
Slide 13: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 4Q22 1Q23 2Q23 3Q23 4Q23 qoq yoy Net revenues 1,972 1,701 2,364 1,846 1,702 -8% -14% -CSI Solar 1,976 1,709 2,014 1,806 1,701 -6% -14% -Recurrent Energy 74 20 360 64 54 -16% -27% -Elimination (78) (28) (10) (24) (53) Gross mar
Slide 14: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 4Q22 1Q23 2Q23 3Q23 4Q23 Working capital days 8 9 9 5 (1) Operating cash inflow 397 47 290 158 190 Cash and equivalents 981 848 2,011 1,921 1,939 Restricted cash 988 1,227 1,239 1,072 1,008 Short-term borrowings 1,350 1,665 1,757 1,596 1
Slide 15: Guidance as of March 14, 2024
Guidance as of March 14, 2024 Q4 2023 Q1 2024 FY2023 FY2024 2023-24E Actual Guidance Actual Guidance yoy ∆% Solar Module 8.2 GW 6.1 – 6.4 GW 30.7 GW 42 – 47 GW c. +45% Shipments (DC) Utility Scale Battery Energy Storage 879 MWh ~1 GWh 1.9 GWh* 6.0 – 6.5 GWh c. +240% Shipments (DC) Revenue $1.7B $1.2
Slide 16: Thank you
Cf -_ = Sc CanadianSolar Thank you CSIQ Nasdaq Listed