Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q4 2024 Earnings Presentation
15 slides from Canadian Solar's earnings presentation, Mar 25, 2025
Slide 1: Canadian Solar 4Q24 Earnings Call
Canadian Solar 4Q24 Earnings Call March 25, 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: FY2024 Q4 and Full Year Overview
FY2024 Q4 and Full Year Overview Key Financial Metrics Revenue and Module Shipment Breakdown FY2024 Q4 Full Year 2024 FY2024 Q4 Full Year 2024 Recurrent Recurrent $1.5 billion $6.0 billion Energy, Energy, $318M $183M Revenue Revenue 14.3% 16.7% CSI Solar, $1,338M CSI Solar, $5,675M Gross margin Gros
Slide 4: Record Year for Energy Storage With More Growth Ahead
Record Year for Energy Storage With More Growth Ahead Annual Shipments in GWh Deep value turnkey solution leveraging 11 - 13 proprietary BESS technology… SolBank 3.0 (Capacity: 5 MWh) ✓ High Energy Density ✓ Advanced Safety Design ✓ Optimized Modular Design ✓ Installation and Safety Efficiency 6.6 1
Slide 5: U.S. Manufacturing Plans Underway Across Three States
U.S. Manufacturing Plans Underway Across Three States 2023 Q4 2025 Q4 2026 Q1 5 GW solar module facility, 5 GW solar cell facility, located 6 GWh energy storage facility, located in Mesquite, Texas in Jeffersonville, Indiana located in Shelbyville, Kentucky Investing over $2 billion cumulatively to
Slide 6: CSI Solar FY2024 Q4 and Full Year Performance Overview
CSI Solar FY2024 Q4 and Full Year Performance Overview CSI Solar FY2024 • Module shipments: 31.1 GW Gross Margin • Storage shipments: 6.6 GWh 21.3% 19.8% • Revenue: $6.5 billion 18.5% 18.4% 18.6% 17.3%17.4% 16.6% 16.7% • Gross profit: $1.2 billion 15.1% 15.9% 14.5% 14.3% 13.1% • Gross margin: 18.4%
Slide 7: Declining Supply Chain Pricing and Versatile Capacity Plans
Declining Supply Chain Pricing and Versatile Capacity Plans Below Cost Supply Chain Pricing Solar Manufacturing Capacity U.S. Cents/W Capacity in W 14.87 60 Dec 48 2024A 31 Polysilicon Module 7.74 8.23 25 Wafer Cell Cell Wafer Module 4.30 Ingot 61 3.54 Dec 36 1.97 1.90 1.01 2025E 37 33 Oct-23 Jan-24
Slide 8: 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 11 – 13 GWh Transition year from white label to own self-manufactured c.$3.2B(1) 2025 year-end BESS and battery cell capacit
Slide 9: Recurrent Energy FY2024 Q4 and Full Year Performance Overview
Recurrent Energy FY2024 Q4 and Full Year Performance Overview Recurrent Energy FY2024 Gross Margin • Project sales: 1.2 GW • Revenue: $323 million 43.7% 47.1% 43.9% 47.4% 40.5% 36.0% 33.1% • Gross profit: $65 million 32.0% 24.0% 27.7% 19.2% 21.7% • Gross margin: 20.2% 14.4% 4.2% 7.5% • Operating los
Slide 10: 2024 the Year of Execution
2024 the Year of Execution While bringing a record number of …and further expanded our valuable 1 3 projects to commercial operation… O&M business globally. 1.3 GW 1.4 GW 1.8 GWh Solar Solar BESS 2024 COD In construction …we continued to secure future 2 performance through high quality PPAs… 1.5 GW
Slide 11: One of the Industry's Largest and Most Mature Global Solar and Storage Project Development Pipelines
One of the Industry’s Largest and Most Mature Global Solar and Storage Project Development Pipelines Solar Development Project Pipeline – MWp(1) Battery Energy Storage Development Project Pipeline – MWh(1) Under Advanced Early-Stage Under Advanced Early-Stage Region Backlog Total Region Backlog Tota
Slide 12: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 4Q23 1Q24 2Q24 3Q24 4Q24 qoq yoy Net revenues 1,702 1,329 1,635 1,508 1,521 +1% -11% -CSI Solar 1,701 1,342 1,731 1,716 1,670 -3% -2% -Recurrent Energy 54 39 50 45 188 +318% +251% -Elimination (53) (52) (146) (253) (337) Gross
Slide 13: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 4Q23 1Q24 2Q24 3Q24 4Q24 Working capital days (1) 63 24 56 45 Operating cash inflow (outflow) 190 (291) (429) (231) 66 Cash and equivalents 1,939 2,077 1,620 2,169 1,701 Restricted cash 1,008 817 572 659 563 Short-term borrowings(1) 1,80
Slide 14: Guidance as of March 25, 2025
Guidance as of March 25, 2025 FY2024 Q4 FY2025 Q1 FY2024 FY2025 FY2024-25E Actual Guidance Actual Guidance yoy ∆% Solar Module 8.2 GW 6.4 – 6.7 GW(1) 31.1 GW 30 – 35 GW(3) c. +4% Shipments (DC) Utility Scale Battery Energy Storage 2.2 GWh 800 MWh(2) 6.6 GWh(3) 11 – 13 GWh(4) c. +82% Shipments (DC) R
Slide 15: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.