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Canadian Solar Inc
NASDAQ:CSIQ

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Canadian Solar Inc
NASDAQ:CSIQ
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Price: 12.8 USD -4.19% Market Closed
Market Cap: $857.2m

Canadian Solar Inc
Investor Relations

Canadian Solar, Inc. engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. The company is headquartered in Guelph, Ontario. The company went IPO on 2006-11-09. The firm is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. The firm's segments include CSI Solar segment and Global Energy segment. The firm designs, develops and manufactures solar ingots, wafers, cells, modules and solar power products. The CSI Solar segment primarily involves the design, development, manufacturing and sale of a range of solar power products, including solar modules, solar system kits, battery energy storage solutions, energy and other materials, components and services. Its Global Energy segment consists of global solar and energy storage power projects, operation and maintenance (O&M) and asset management services, electricity as well as other development services. Its products include a range of solar modules for use in residential, commercial and industrial solar power generation systems.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 19, 2026
AI Summary
Q4 2025

Shipments: Q4 solar module shipments were 4.3 GW and full-year 2025 module shipments were 24.3 GW; Q4 storage shipments were 2.0 GWh and 2025 storage shipments were a record 7.8 GWh.

Revenue & Loss: 2025 revenue was $5.6 billion; Q4 revenue was $1.2 billion (below guidance) and the company reported a full-year net loss attributable to shareholders of $104 million (or $2.50 per diluted share).

Margins: Gross margin improved 106 basis points year‑over‑year to 10.2% in Q4, helped by higher U.S. mix and storage sold under third‑party contracts.

U.S. manufacturing push: Announced expansion of U.S. footprint — Mesquite module plant to 10 GW nameplate by end of 2026 and Jeffersonville, IN HJT cell facility ramping (Phase 1: 2.1 GW; Phase 2 planned to bring total cell capacity to 6.3 GW).

2026 outlook: Q1 2026 revenue guidance $900M–$1.1B with gross margin 13%–15%; U.S. guidance for 2026: 6.5–7.0 GW modules and 4.5–5.5 GWh storage shipments to the U.S.; company expects 2026 to be a transition year as domestic cell capacity ramps.

Balance sheet & cash: Ended 2025 with $1.9B cash, $6.5B gross debt ($2.2B non‑recourse under Recurrent Energy), and 2025 capex of $962M (2026 capex guidance ~ $1.2B).

Project development pressure: Recurrent Energy faced permitting delays and impairments that pushed some project sales into 2026 and caused an operating loss of $69M for the segment.

Storage momentum: Record storage backlog of $3.6B (as of March 13, 2026) covering 29 GWh of long‑term service agreements and a notable 2.5 GWh front‑of‑meter order tied to utility support for hyperscale data centers.

Key Financials
Q4 module shipments
4.3 GW
2025 module shipments (full year)
24.3 GW
U.S. module deliveries (2025)
8.1 GW
Q4 storage shipments
2.0 GWh
2025 storage shipments (full year)
7.8 GWh
Q4 revenue
$1.2 billion
2025 revenue (full year)
$5.6 billion
Q4 gross margin
10.2%
2025 operating income
$43 million
2025 net loss attributable to shareholders
$104 million
Q4 net loss (total)
$131 million
Q4 net loss attributable to shareholders
$86 million
Q4 net interest expense
$39 million
Q4 foreign exchange loss
$15 million
Cash balance (Dec 31, 2025)
$1.9 billion
Gross debt
$6.5 billion
Non-recourse debt under Recurrent Energy
$2.2 billion
2025 capital expenditures
$962 million
Q1 2026 module shipment guidance
2.2 to 2.4 GW
Q1 2026 storage shipment guidance
1.7 to 1.9 GWh
2026 U.S. guidance (modules)
6.5 to 7.0 GW (modules to U.S.)
2026 U.S. guidance (storage)
4.5 to 5.5 GWh (storage to U.S.)
Contracting backlog (storage)
$3.6 billion (as of March 13, 2026)
Interconnections secured
~70 GW solar and 15 GWh storage (excluding operating projects)
Post-adjustment project pipeline
24 GW solar and 83 GWh storage
Earnings Call Recording
Other Earnings Calls

Management

Dr. Xiaohua Qu Ph.D.
Chairman, President & CEO
No Bio Available
Mr. Yan Zhuang
President of CSI Solar & Director
No Bio Available
Dr. Huifeng Chang Ph.D.
Senior VP, Chief Strategy Officer & Director
No Bio Available
Mr. Xinbo Zhu
Senior VP & CFO
No Bio Available
Ms. Wina Huang
Head of Investor Relations
No Bio Available
Mr. Jeffrey Kalikow
Interim Chief Compliance Officer
No Bio Available
Mr. Ed Job CFA, M.Sc.
Managing Director of Investor Relations
No Bio Available
Mr. Ismael Guerrero Arias
Chief Executive Officer of Recurrent Energy
No Bio Available
Mr. Kah Locke Tham
Corporate Secretary & Corporate Controller
No Bio Available
Ms. Mary Ma
Senior Supervisor of Investor Relations
No Bio Available

Contacts

Address
ONTARIO
Guelph
West Guelph, 545 Speedvale Ave W
Contacts
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