Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q3 2025 Earnings Presentation
12 slides from Canadian Solar's earnings presentation, Nov 13, 2025
Slide 1: Canadian Solar 3Q25 Earnings Call
Canadian Solar 3Q25 Earnings Call November 13, 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 Q3 Overview
FY2025 Q3 Overview Key Financial Metrics $105M Revenue Breakdown CSI Solar 5.1 GW Total module shipments(1) Recurrent Energy 2.7 GWh Total storage shipments(1) $1,382M $1.5 billion Revenue Shipment Breakdown 17.2% Gross margin 15% North America Latin America $9 million Net income to CSIQ(2) 14% 5.1
Slide 4: Global Scale, Local Strength, Sustainable Growth
Global Scale, Local Strength, Sustainable Growth Today Tomorrow • Solar industry stabilizing as AI-driven energy demand accelerating globally anti-involution measures take • Solar + storage positioned as the most scalable and effect and market enters a phase cost-effective power solution of rational
Slide 5: CSI Solar FY2025 Q3 Overview
CSI Solar FY2025 Q3 Overview Gross Margin CSI Solar Q3 2025 21.3% 22.3% 19.8% 18.5% 18.4% 18.6% • Module shipments: 5.1 GW 17.3%17.4% 16.6% 16.7% 15.9% 14.5% 14.3% 15.0% 13.4% • Storage shipments: 2.7 GWh 12.1% 386 • Revenue: $1.4 billion 341 345 316 320 330 287 290 288 299 290 • Gross profit: $214
Slide 6: e-STORAGE Performance Overview and Outlook
e-STORAGE Performance Overview and Outlook Turnkey Utility-Scale Battery Energy Storage Contracted backlog(1) Annual Revenue(2) $3.1 billion $ in millions ~$3.1B Dec. 2025 BESS and battery cell capacity(3) Transition year from white label 15 GWh | 3 GWh to own self-manufactured 815 441 223 Dec. 2026
Slide 7: Recurrent Energy FY2025 Q3 Overview
Recurrent Energy FY2025 Q3 Overview Gross Margin 47.1% 43.9% 47.4% 46.1% Recurrent Energy Q3 2025 40.5% 36.0% 33.1% 32.4% 32.0% 27.7% 19.2% 21.7% • Project Sales: 585 MW 14.4% 18.6% 7.5% 3.5% • Revenue: $105 million 157 • Gross profit: $48 million 80 • Gross margin: 46.1% 48 48 34 Operating income:
Slide 8: Global Solar and Battery Energy Storage Project 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 9: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 3Q24 4Q24 1Q25 2Q25 3Q25 qoq yoy Net revenues 1,508 1,521 1,197 1,694 1,487 -12% -1% -CSI Solar 1,716 1,670 1,190 1,732 1,426 -18% -17% -Recurrent Energy 45 188 125 106 105 -1% +133% -Elimination (253) (337) (118) (144) (44) G
Slide 10: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 3Q24 4Q24 1Q25 2Q25 3Q25 Working capital days 56 45 102 14 38 Operating cash inflow (outflow) (231) 66 (264) 189 (112) Cash and equivalents 2,169 1,701 1,577 1,856 1,763 Restricted cash 659 563 457 408 417 Property, plant and equipment,
Slide 11: Guidance as of November 13, 2025
Guidance as of November 13, 2025 FY2025 Q3 FY2025 Q4 FY2024 FY2025 FY2026 Actual Guidance Actual Guidance Guidance Solar Module 5.1 GW 4.6 – 4.8 GW 31.1 GW 24.5 – 24.7 GW 25 – 30 GW(2) Shipments (DC) Utility Scale Battery Energy Storage 2.7 GWh 2.1 – 2.3 GWh(1) 6.6 GWh(3) 7.8 – 8.0 GWh 14 – 17 GWh S
Slide 12: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.