Canadian Solar Earnings Call Transcripts
Fiscal Year 2026
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Revenue reached $1.1B in Q1 2026 with a 25.1% gross margin, aided by tariff refunds, but net loss was $32M due to higher expenses and FX losses. U.S. manufacturing and storage segments outperformed, with robust margins and strong backlog, while guidance for Q2 and full-year volumes was reiterated.
Fiscal Year 2025
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2025 saw resilient performance amid market headwinds, with a strategic pivot to margin and U.S. expansion. Revenue reached $5.6B, but net loss was $104M due to FX and interest costs. 2026 will be a transition year, focusing on U.S. manufacturing and profitability diversification.
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Q3 2025 saw strong solar and record energy storage shipments, with revenue at $1.5B and gross margin of 17.2%. U.S. manufacturing ramped up, residential storage turned profitable, and project asset sales will increase in 2026 to manage debt and cash flow.
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Second quarter saw strong module shipments and robust gross margin, but net income was impacted by non-recurring expenses and delayed project sales. Guidance for 2025 was narrowed, with ongoing policy and supply chain risks expected to pressure margins.
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Q1 2025 saw module shipments and revenue at the high end of guidance, but profitability was impacted by lower storage contributions and tariffs, resulting in a net loss. Guidance for 2025 was lowered for module and storage volumes, with a focus on profitable markets and a one-time margin boost expected in Q2.
Fiscal Year 2024
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Q4 and full-year 2024 saw strong energy storage growth and resilient profitability despite industry overcapacity, price declines, and tariff impacts. 2025 guidance anticipates stable U.S. shipment share, margin improvement after Q1, and continued investment in U.S. manufacturing.
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Q3 saw 8.4 GW module and 1.8 GWh storage shipments, $1.5B revenue, and a net loss of $14M. U.S. manufacturing expansion and strong storage demand offset industry headwinds, while project delays and trade risks persist.
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Q2 2024 saw strong solar module and storage shipments, with revenue of $1.6 billion and a 17.2% gross margin, despite industry headwinds. Guidance for 2024 was revised to 32-36 GW in module shipments and $6.5-$7.5 billion in revenue, with storage driving second-half strength.