Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q1 2024 Earnings Presentation
15 slides from Canadian Solar's earnings presentation, May 9, 2024
Slide 1: Canadian Solar 1Q24 Earnings Call
Canadian Solar 1Q24 Earnings Call May 9, 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: FY2024 Q1 Overview
FY2024 Q1 Overview Key Quarterly Revenue and Shipment Solar and Battery Energy Financial Metrics Breakdown Storage Scale Recurrent $1.3 billion Energy, Solar Module Shipments, GW 35-40 Revenue $39M 31 21 19.0% 7 9 12 15 5 7 Gross margin CSI Solar, 2 3 5 $1,290M $156 million China, EBITDA North Ameri
Slide 4: Recognition of Our Industry-leading ESG Standards
Recognition of Our Industry-leading ESG Standards Top 3% Environment* Top 4% Lead Manager Sustainable Procurement* Issuer Canadian Solar Size JPY 18.5 billions ($120 million) Maturity September 2026 Top 5% Use of proceeds Solar and battery storage Overall* External reviewer Japan Credit Rating Agenc
Slide 5: CSI Solar FY2024 Q1 Performance Overview
CSI Solar FY2024 Q1 Performance Overview Gross Margin 23.5% 22.2% CSI Solar FY2024 Q1 21.3% 19.9% 17.4% 18.5% Module shipments: 6.3 GW 15.9% 17.3% 16.6% 18.4% 19.3% 15.1% 13.1% 19.4% 14.5% 14.3% Storage shipments: 1.1 GWh 13.5% 12.1% Revenue: $1.3 billion 9.7% 13.4% 341 345 316 287 290 288 299 248 G
Slide 6: 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 Mar 2024A Jun 2024E Dec 2024E 50 48 48 Ingot Total 20 20 50 39 China 23 23 45 Wafer Thailand 1 5 5 Total 24 28 50 26
Slide 7: e-STORAGE FY2024 Q1 Performance Overview
e-STORAGE FY2024 Q1 Performance Overview Contracted backlog* $2.5 billion Turnkey Utility-scale Battery Energy Storage Revenue, $M 2024 shipments guidance Transition year (white label to own 6.0 – 6.5 GWh self-manufactured product) c.$2.5B 2025 year-end capacity 30 GWh Total pipeline* 440 223 56 GWh
Slide 8: Focus on Closing BlackRock Transaction and Achieving Strategic Targets
Focus on Closing BlackRock Transaction and Achieving Strategic Targets Regulatory Clearances* Targets and Ongoing Tasks In operation by 2026 4 GW 2 GWh Solar BESS Execute on NTP Drive ESG Capture AI and COD strategy opportunity Transition to hybrid business model as developer plus long-term owner an
Slide 9: Recurrent Energy FY2024 Q1 Performance Overview
Recurrent Energy FY2024 Q1 Performance Overview Gross Margin 43.7% 47.1% 43.9% 36.5% 36.0% 40.5% 33.1% Recurrent Energy FY2024 Q1 31.7% 24.0% 19.2% 21.7% 157 27.7% 10.3% 14.4% 8.6% 4.2% 3.5% Project sales: 5 MW 113 Revenue: $39 million 89 Gross profit: $13 million 80 61 Gross margin: 33.1% 48 32 Ope
Slide 10: 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 11: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 1Q23 2Q23 3Q23 4Q23 1Q24 qoq yoy Net revenues 1,701 2,364 1,846 1,702 1,329 -22% -22% -CSI Solar 1,709 2,014 1,806 1,701 1,342 -21% -21% -Recurrent Energy 20 360 64 54 39 -27% +97% -Elimination (28) (10) (24) (53) (52) Gross m
Slide 12: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 1Q23 2Q23 3Q23 4Q23 1Q24 Working capital days 9 9 5 (1) 63 Operating cash inflow (outflow) 47 290 158 190 (291) Cash and equivalents 848 2,011 1,921 1,939 2,077 Restricted cash 1,227 1,239 1,072 1,008 817 Short-term borrowings 1,665 1,75
Slide 13: Chief Financial Officer Transition
Chief Financial Officer Transition Mr. Xinbo Zhu brings more than 20 years of experience across corporate finance, strategy, risk management, and operations to the Company, having held numerous key positions within Canadian Solar. Most recently, he served as Chief Supply and Risk Officer of Recurren
Slide 14: Guidance as of May 9, 2024
Guidance as of May 9, 2024 FY2024 Q1 FY2024 Q2 FY2023 FY2024 FY2023-24E Actual Guidance Actual Guidance yoy ∆% Solar Module 6.3 GW 7.5 – 8.0 GW* 30.7 GW 35 – 40 GW c. +22% Shipments (DC) Utility Scale Battery Energy Storage 1.1 GWh 1.4 – 1.6 GWh* 1.9 GWh 6.0 – 6.5 GWh c. +230% Shipments (DC) Revenue
Slide 15: Thank you
Cf -_ = Sc CanadianSolar Thank you CSIQ Nasdaq Listed