Financial Data and Key Metrics Changes - Module shipments reached 6.9 gigawatts, slightly above guidance [9] - Revenue totaled $1,200,000,000, at the high end of the range, with a gross margin of 11.7% [10][31] - Net loss to shareholders was $34,000,000 or $0.69 per diluted share [10][33] - Operating expenses decreased by 4% year over year, driven by lower shipping costs [32] Business Line Data and Key Metrics Changes - CSI Solar's module shipments increased by 9.4% year over year to 6.9 gigawatts, with storage deliveries totaling 849 megawatt hours [17] - Revenue for Recurrent Energy was $125,000,000 with a gross margin of 18.6% [24] - Energy storage projects accounted for one-third of the energy storage business expected for the year [21] Market Data and Key Metrics Changes - Structural overcapacity in the solar supply chain has prolonged the market downturn, impacting module pricing [11] - Demand for energy storage is stronger than ever globally, with a record pipeline of 91 gigawatt hours [22] Company Strategy and Development Direction - The company is maintaining a profit-focused approach, managing volumes in less profitable markets and leveraging a blended supply chain strategy [11] - Continued investment in R&D and innovation is emphasized as a key strategy to navigate market challenges [13] - The company is exploring options for project development in various regions, including potential opportunities in Ethiopia [87] Management's Comments on Operating Environment and Future Outlook - Management acknowledges near-term headwinds but remains confident in long-term opportunities [10] - The rise of AI and energy-intensive applications is widening the energy gap, which solar power can help address [13] - The company expects a much stronger second quarter for energy storage despite ongoing U.S.-China tariff negotiations [19] Other Important Information - The company has announced new products, including innovative solar technologies and enhancements to energy storage solutions [14][15] - The total project pipeline now stands at 27 gigawatts of solar and 76 gigawatt hours of energy storage [29] Q&A Session Summary Question: Impact of FEOC provisions on U.S. capacity investment - Management indicated that the new draft of the FEOC was only recently released and is expected to change before finalization [41][42] Question: Balance sheet and long-term debt increase - Management stated that leverage will increase slightly as the company transitions from project developer to IPP [43] Question: Revenue guidance despite lower module and battery shipments - Management explained that the reduction in module volumes reflects a strategic decision to reduce exposure to less profitable markets [48] Question: Expectations for storage margins - Management indicated that storage margins are expected to be above 20% for Q2, with higher volumes anticipated [57] Question: Tariff assumptions embedded in guidance - Management confirmed that the guidance includes various uncertainties related to tariffs and trade negotiations [66] Question: Shipment growth expectations in China - Management noted that demand for storage in China is expected to grow once policy clarifications are made [70][72] Question: Clarification on U.S. policies and potential impacts - Management expressed that the current draft language could impact their facilities, but they are prepared to adjust ownership structures if necessary [80][81] Question: CapEx guidance and project timelines - Management confirmed that they are continuing with construction while being cautious about future spending until clarity on regulations is achieved [99]

Financial Data and Key Metrics Changes - Module shipments reached 6.9 gigawatts, slightly above guidance [8] - Revenue totaled $1.2 billion, at the high end of the range, with a gross margin of 11.7% [9][31] - Net loss to shareholders was $34 million, or $0.69 per diluted share [9][33] - Operating expenses decreased by 4% year over year, driven by lower shipping costs [32] Business Line Data and Key Metrics Changes - CSI Solar's module shipments increased by 9.4% year over year to 6.9 gigawatts [16] - Storage deliveries totaled 849 megawatt hours, aligning with guidance [16] - Revenue from Recurrent Energy was $125 million with a gross margin of 18.6% [24] Market Data and Key Metrics Changes - Structural overcapacity in the solar supply chain has prolonged the market downturn, affecting module pricing globally [10] - The U.S. accounts for upwards of one-third of the energy storage business expected for the year [22] Company Strategy and Development Direction - The company is maintaining a profit-focused approach, managing volumes in less profitable markets and leveraging a blended supply chain strategy [10] - Commitment to R&D and innovation remains a constant, with new product launches in solar and energy storage technologies [12][14] - The company is proactively implementing safeguards for major IPP projects amid uncertain policy environments [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term opportunities despite near-term headwinds [9] - Global electricity demand is growing rapidly, and solar power is positioned to meet this demand effectively [12] - The company anticipates a stronger second quarter for energy storage solutions [19] Other Important Information - The company has a record pipeline of 91 gigawatt hours in energy storage, highlighting structural growth potential [22] - Total project pipeline stands at 27 gigawatts of solar and 76 gigawatt hours of energy storage [28] Q&A Session Summary Question: Impact of FEOC provisions on U.S. capacity investment - Management indicated uncertainty due to the recent draft of the FEOC and expects changes before finalization [40][41] Question: Balance sheet and target ratios - Management stated that leverage ratios will be maintained to balance growth and capital structure [43] Question: Revenue guidance despite lower shipment expectations - Management explained that the reduction in module shipments reflects a strategic move away from less profitable markets [46][49] Question: Impact of new ITC and PTC rules - Management acknowledged the significance of ITC and PTC for developers and manufacturers, indicating potential impacts on revenue [50][52] Question: Storage volume expectations and pricing differentials - Management confirmed that guidance includes uncertainties from tariff negotiations and that pricing remains healthy [65][67] Question: Future growth in China - Management anticipates a healthy demand for storage projects in China once policy clarifications are made [70][72] Question: Clarification on deconsolidation impact - Management confirmed that the deconsolidation of a project will have a one-off impact on Q2 margins [78] Question: Commitment in Ethiopia - Management clarified that there are no committed activities in Ethiopia yet, only exploratory discussions [87][89] Question: Guidance reduction and U.S. volume - Management stated that the reduction in guidance primarily reflects a decrease in non-profitable sales to other markets [90][92]

Core Viewpoint - Canadian Solar reported a quarterly loss of $1.07 per share, which was better than the Zacks Consensus Estimate of a loss of $1.50, indicating an earnings surprise of 28.67% [1][2] Financial Performance - The company posted revenues of $1.2 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 9.92%, although this was a decrease from $1.33 billion in the same quarter last year [2] - Over the last four quarters, Canadian Solar has exceeded consensus EPS estimates three times [2] Stock Performance and Outlook - Canadian Solar shares have declined approximately 9.1% since the beginning of the year, contrasting with the S&P 500's gain of 0.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $1.76 billion, and for the current fiscal year, it is -$0.72 on revenues of $7.4 billion [7] Industry Context - The solar industry, to which Canadian Solar belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, which may negatively impact stock performance [8] - Sunnova Energy, another company in the same industry, is expected to report a quarterly loss of $0.74 per share, reflecting a year-over-year change of -29.8% [9]

Financial Performance - Q1 2025 - Total module shipments reached 6.9 GW[4] - Total storage shipments reached 0.8 GWh[4] - Revenue was $1.2 billion[4] - Gross margin was 11.7%[4] - Net loss to CSIQ was $34 million[4] - Diluted loss per share to CSIQ was $0.69[4] Revenue Breakdown - CSI Solar accounted for 22% of revenue[5] - Recurrent Energy accounted for 5% of revenue[5] - North America accounted for 35% of revenue[5] - Latin America accounted for 20% of revenue[5] - EMEA accounted for 18% of revenue[5] e-STORAGE Performance - Contracted backlog for e-STORAGE reached $3.2 billion as of March 31, 2025[30,31] - Total pipeline for e-STORAGE reached 91 GWh as of March 31, 2025[30,31] - 2025 shipments guidance for e-STORAGE is 7 – 9 GWh[30] - Annual revenue for e-STORAGE is expected to reach approximately $3.2 billion in 2025[30] Recurrent Energy Performance - Revenue was $125 million[40] - Gross profit was $23 million[40] - Gross margin was 18.6%[40] - Operating loss was $12 million[40] Project Development Pipeline - Solar project development pipeline totaled 26,880 MWp as of March 31, 2025[41,42] - Battery energy storage project development pipeline totaled 75,669 MWh as of March 31, 2025[41,42] Guidance - Q2 2025 revenue guidance is $1.9 billion – $2.1 billion[49] - Q2 2025 gross margin guidance is 23% – 25%[49]

Core Insights - The company reported a 9.8% year-over-year decline in revenue for Q1 2025, totaling $1.2 billion, which was $100 million above market expectations. However, the non-GAAP EPS loss of $1.07 fell short of market forecasts [1] - Following the earnings announcement, the company's stock price increased by 4.35% in pre-market trading [1] Revenue and Shipment Performance - For Q1 2025, the company experienced a 21.3% quarter-over-quarter and 9.8% year-over-year decline in revenue, primarily due to decreased sales of battery storage systems and solar modules [1] - The total shipment of components recognized as revenue was 6.9 GW, reflecting a 16.0% quarter-over-quarter decline but a 9.4% year-over-year increase, exceeding expectations [1] - Of the total shipments, 413 MW were delivered to the company's own utility-scale solar projects [1] Future Guidance - The company anticipates total revenue for Q2 2025 to be between $1.9 billion and $2.1 billion, surpassing the market expectation of $1.76 billion. The gross margin is expected to range from 23% to 25% [1] - The total shipment of components recognized as revenue for Q2 2025 is projected to be between 7.5 GW and 8.0 GW, including approximately 500 MW for the company's own projects [1] - The company expects total battery storage shipments for Q2 2025 to be between 2.4 GWh and 2.6 GWh [1] Annual Projections - For the full year of 2025, the company forecasts total revenue between $6.1 billion and $7.1 billion, compared to market expectations of $7.04 billion [2] - The total component shipment for CSI Solar is expected to be between 25 GW and 30 GW, including about 1 GW for the company's projects [2] - The company projects total battery storage shipments for the year to be between 7 GWh and 9 GWh, including approximately 1 GWh for its own projects [2]

Core Viewpoint - Canadian Solar Inc. reported its financial results for Q1 2025, highlighting challenges such as low module prices and geopolitical complexities, yet managed to deliver results at or above guidance in shipments, revenue, and gross margin, demonstrating disciplined execution and strategic management [3][4]. Financial Performance - Total module shipments in Q1 2025 were 6.9 GW, a decrease of 16.0% quarter-over-quarter but an increase of 9.4% year-over-year [4]. - Net revenues for Q1 2025 were $1.2 billion, down 21.3% sequentially and 10.0% year-over-year, primarily due to lower sales of battery energy storage systems and solar modules [4][5]. - Gross profit was $140 million with a gross margin of 11.7%, compared to $217 million and 14.3% in Q4 2024, and $253 million and 19.0% in Q1 2024 [5][7]. - The company reported a net loss of $34 million or $0.69 per diluted share in Q1 2025, contrasting with a net income of $34 million or $0.48 per diluted share in Q4 2024 [7][8]. Business Segments - The company operates through two segments: CSI Solar, focusing on solar modules and battery energy storage, and Recurrent Energy, which is centered on utility-scale solar power and battery energy storage project development [11]. - Recurrent Energy's project development pipeline includes approximately 27 GWp of solar and 76 GWh of battery energy storage projects as of March 31, 2025 [12][41]. Operational Highlights - CSI Solar achieved further manufacturing cost reductions through efficiency improvements and ramping up its U.S. module facility, maintaining profitability despite market challenges [3]. - The e-STORAGE segment expanded its pipeline to a record 91 GWh, with a contracted backlog valued at $3.2 billion as of March 31, 2025 [5][25]. - Operating expenses were reduced to $195 million in Q1 2025 from $344 million in Q4 2024, reflecting improved cost management [6]. Outlook - For Q2 2025, the company expects total revenue between $1.9 billion and $2.1 billion, with gross margins projected between 23% and 25% [30]. - For the full year 2025, total revenue is anticipated to be in the range of $6.1 billion to $7.1 billion, with module shipments expected between 25 GW and 30 GW [31][32].

KITCHENER, ON, May 6, 2025 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), will officially launch its SolBank 3.0 Plus battery energy storage product at Intersolar Europe. SolBank 3.0 Plus is e-STORAGE's next technological advancement in its successful SolBank battery solutions product line offering. SolBank 3.0 Plus uses enhancements to the Lithi ...

KITCHENER, ON, May 2, 2025 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ) today announced that it will hold a conference call on Thursday, May 15, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., May 15, 2025, in Hong Kong) to discuss the Company's first quarter 2025 results and business outlook.The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800 965 561 (from Hong Kong), +86 400 120 2840 (local dial-in from Mainland China) ...

Core Viewpoint - The market anticipates a significant year-over-year decline in earnings for Canadian Solar, with a consensus estimate of a quarterly loss of $1.50 per share and revenues expected to drop by 18.1% to $1.09 billion [3][4]. Company Summary - Canadian Solar is projected to report a quarterly loss of $1.50 per share, reflecting a drastic year-over-year change of -889.5% [3]. - The expected revenue for the quarter is $1.09 billion, which is an 18.1% decrease compared to the same quarter last year [3]. - The consensus EPS estimate has been revised down by 164.29% over the last 30 days, indicating a significant reassessment by analysts [4]. - The Most Accurate Estimate for Canadian Solar is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +13.81% [10][11]. - Despite the positive Earnings ESP, the stock carries a Zacks Rank of 5, complicating predictions of an earnings beat [11]. Industry Summary - SolarEdge Technologies, a competitor in the solar industry, is expected to report earnings per share of $1.20 for the same quarter, indicating a year-over-year increase of +36.8% [17]. - SolarEdge's revenues are projected to be $203.8 million, reflecting a slight decrease of 0.3% from the previous year [17]. - The consensus EPS estimate for SolarEdge has been revised down by 2.5% over the last 30 days, resulting in an Earnings ESP of -8.73% [18].

Core Points - Canadian Solar Inc. filed its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. SEC [1] - The annual report is accessible on the Company's Investor Relations website and the SEC's website [1] Company Overview - Canadian Solar is one of the largest solar technology and renewable energy companies globally, founded in 2001 and headquartered in Kitchener, Ontario [2] - The Company is a leading manufacturer of solar photovoltaic modules and provides solar energy and battery energy storage solutions [2] - Canadian Solar has delivered nearly 150 GW of solar photovoltaic modules worldwide over the past 24 years [2] - The subsidiary e-STORAGE has shipped over 10 GWh of battery energy storage solutions, with a contracted backlog of US$3.2 billion as of December 31, 2024 [2] - Since entering project development in 2010, Canadian Solar has developed approximately 11.5 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally [2] - The Company has a diversified project development pipeline, including 25 GWp of solar and 75 GWh of battery energy storage capacity in various stages of development [2] - Canadian Solar is recognized as one of the most bankable companies in the solar and renewable energy industry and has been publicly listed on NASDAQ since 2006 [2]