Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q2 2025 Earnings Presentation
14 slides from Canadian Solar's earnings presentation, Aug 21, 2025
Slide 1: Canadian Solar 2Q25 Earnings Call
Canadian Solar 2Q25 Earnings Call August 21, 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 Q2 Overview
FY2025 Q2 Overview Key Financial Metrics $104M Revenue Breakdown CSI Solar 7.9 GW Total module shipments(1) Recurrent Energy 2.2 GWh Total storage shipments(1) $1,590M $1.7 billion Revenue Shipment Breakdown 29.8% Gross margin 15% North America Latin America $7 million Net income to CSIQ(2) 30% 7.9
Slide 4: Industry Impact of the One Big Beautiful Bill Act
Industry Impact of the One Big Beautiful Bill Act Supply Demand • Solar: According to Wood Mackenzie, up to 23 GW of • According to S&P Global, demand outlook will be operating module capacity could be impacted by 45X impacted by differing tax credit phase-downs schedules FEOC restrictions: and FEOC
Slide 5: 2024 Sustainability Report
2024 Sustainability Report Reduction in Environmental Footprint (2017 vs. 2024) Responsible Supply Chain Management 54% 37% 75% 53% 94% 100% GHG Energy Water Waste Waste Packaging emissions intensity intensity intensity recycle and materials 147 supplier ESG audits, including 31 on-site intensity re
Slide 6: CSI Solar FY2025 Q2 Overview
CSI Solar FY2025 Q2 Overview Gross Margin CSI Solar Q2 2025 21.3% 22.3% 19.8% 18.5% 18.4% 18.6% • Module shipments: 7.9 GW 17.3%17.4% 16.6% 16.7% 15.1% 15.9% 14.5% 14.3% 13.4% • Storage shipments: 2.2 GWh 12.1% 386 • Revenue: $1.7 billion 341 345 316 320 330 287 290 288 299 290 • Gross profit: $386
Slide 7: e-STORAGE Performance Overview and Outlook
e-STORAGE Performance Overview and Outlook Contracted backlog(1) Turnkey Utility-Scale Battery Energy Storage $3 billion Annual Revenue(2) $ in millions 2025 shipments guidance 7 – 9 GWh c. $3B(1) June 2025 BESS and battery cell capacity Transition year from white label 10 GWh | 3 GWh to own self-ma
Slide 8: Innovation in Energy Storage Solutions
Innovation in Energy Storage Solutions Highest Standards of Safety in Utility-Scale BESS Leading Design for Residential Applications ✓ Conducted under the CSA C-800:25 §9.7 Large-Scale Fire Testing (LSFT) protocol ✓ Witnessed and independently verified by both CSA Group, the testing agency, and Ener
Slide 9: Recurrent Energy FY2025 Q2 Overview
Recurrent Energy FY2025 Q2 Overview Gross Margin 47.1% 43.9% 47.4% 43.7% 40.5% Recurrent Energy Q2 2025 36.0% 33.1% 32.0% 32.4% 27.7% 19.2% 21.7% • Project Sales: 213 MW 14.4% 18.6% 7.5% 3.5% • Revenue: $106 million 157 • Gross profit: $34 million 80 • Gross margin: 32.4% 61 48 34 Operating loss: $7
Slide 10: 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 11: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 2Q24 3Q24 4Q24 1Q25 2Q25 qoq yoy Net revenues 1,635 1,508 1,521 1,197 1,694 +42% +4% -CSI Solar 1,731 1,716 1,670 1,190 1,732 +45% +0% -Recurrent Energy 50 45 188 125 106 -15% +110% -Elimination (146) (253) (337) (118) (144) G
Slide 12: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 2Q24 3Q24 4Q24 1Q25 2Q25 Working capital days 24 56 45 102 14 Operating cash inflow (outflow) (429) (231) 66 (264) 189 Cash and equivalents 1,620 2,169 1,701 1,577 1,856 Restricted cash 572 659 563 457 408 Property, plant and equipment,
Slide 13: Guidance as of August 21, 2025
Guidance as of August 21, 2025 FY2025 Q2 FY2025 Q3 FY2024 FY2025 FY2024-25E Actual Guidance Actual Guidance yoy ∆% Solar Module 7.9 GW 5.0 – 5.3 GW 31.1 GW 25 – 27 GW(2) c. -20% Shipments (DC) Utility Scale Battery Energy Storage 2.2 GWh 2.1 – 2.3 GWh(1) 6.6 GWh(3) 7 – 9 GWh(3) c. +21% Shipments (DC
Slide 14: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.