Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) (Translation of Registrant's name into English) Ontario (Jurisdiction of incorporation or organization) 4273 King Street East, Suite 102 Kitchener, Ontario,N2P 2E9 Canada (Address of principal executive offices) Xinbo Zhu, Chief Financial Officer 4273 King Street East, Suite 102 Kitchener, Ontario, N2P 2E9 ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Exhibit 99.1 Initially sized at US$415 million, the facility includes an accordion feature, which allows for potential upsizing, and offers disbursements in USD, EUR, GBP, and AUD. This structure strengthens Recurrent Energy's financial agility, enabling it to pursue strategic opportunities and accelerate the deployment of clean energy projects worldwide. Recurrent Energy Secures $415 Million Corporate Debt Financing to Accelerate Global IPP Growth Flexible, multi-currency facility strengthens Recurrent Ene ...

Market Overview - US stock indices experienced a significant rise for the third consecutive trading day, with the Dow Jones up 486.83 points (1.23%), Nasdaq up 457.99 points (2.74%), and S&P 500 up 108.91 points (2.03%) on April 24 [1] Technology Sector Performance - Major tech stocks saw substantial gains, with Tesla, Amazon, and Microsoft rising over 3%, while Google and Meta increased by more than 2%, and Apple rose nearly 2% [2] - The semiconductor sector led the gains, with Micron Technology and Broadcom up over 6%, Intel and AMD rising over 4%, and Nvidia increasing by more than 3% [2] - Nvidia's market capitalization increased by $90.8 billion (approximately ¥661.8 billion) in one night [2] Company Earnings Reports - Alphabet (Google's parent company) reported Q1 revenue of $90.23 billion, a 12% year-over-year increase, exceeding the expected $89.1 billion. Earnings per share were $2.81, up from $1.89 a year ago, and also above the forecast of $2.01. The operating profit was $30.61 billion, a 20% increase year-over-year, surpassing the expected $28.86 billion. The board authorized a stock buyback of up to $70 billion [6] - Intel reported Q1 revenue of $12.67 billion, a slight decline of 0.4% year-over-year, but above the expected $12.31 billion. Adjusted earnings per share were $0.13, down from $0.18 a year ago, but above the forecast of $0.01. The data center and AI revenue was $4.13 billion, exceeding the analyst expectation of $2.96 billion. Intel projected Q2 revenue between $11.2 billion and $12.4 billion, below the market estimate of $12.88 billion. The company reduced its total capital expenditure target for 2025 from $20 billion to $18 billion, leading to a post-earnings drop of over 7% in its stock [7] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 0.68%, with notable gains in popular Chinese stocks such as NIO and Futu Holdings, which increased by over 6%, and Pinduoduo, Baidu, NetEase, and Bilibili rising over 2%. Xpeng Motors surged by 39.41%, and ZYBT rose by 34.91% [7][8] Commodity Market - International precious metals futures saw a general increase, with COMEX gold futures rising by 2.04% to $3,361.30 per ounce, and WTI crude oil futures up by 0.84% to $62.79 per barrel [9]

KITCHENER, ON, April 23, 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"), has signed a contract with Colbún, one of Chile's leading power generation companies, to supply a 228 MW/912 MWh Battery Energy Storage System (BESS) for the Diego de Almagro Sur project in Chile's Atacama Region. The Diego de Almagro Sur BESS Project will utilize e-STOR ...

Company Overview - Recurrent Energy, a subsidiary of Canadian Solar Inc., is a global developer, owner, and operator of solar and energy storage assets, with a focus on utility-scale projects [1][5] - Canadian Solar Inc. is one of the largest solar technology and renewable energy companies, having delivered nearly 150 GW of solar photovoltaic modules globally [6][7] Project Details - The Bayou Galion Solar project, a 127 MWdc solar facility located in Northeast Louisiana, commenced operations in November 2024 [1][3] - This project represents a $160 million investment and generates enough electricity to power approximately 20,500 homes annually [3][4] Economic Impact - Cumulative solar investment in Louisiana exceeded $2 billion by the end of 2024, driven by demand from manufacturing and data centers [2] - The Bayou Galion Solar project is expected to create jobs, generate local tax revenue, and diversify the electrical power sources in Morehouse Parish [4][3] Community Engagement - Recurrent Energy hosted a ribbon-cutting ceremony to celebrate the project's completion, attended by local leaders and community members [1][3] - The company is making a donation to the Cotton Country Players, a local theatre group, to support the historic Rose Theatre [3] Future Prospects - Recurrent Energy has a project development pipeline that includes over 25 GWp of solar and 75 GWh of energy storage capacity across six continents [5] - The successful completion of the Bayou Galion project marks a significant milestone for Recurrent Energy in expanding its operations in Louisiana [4][3]

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing the importance of a long-term perspective [1] - Great businesses provide significant societal value and demonstrate durability, which is a key factor for investment [1] - Companies that offer products and services significantly better than competitors are positioned for substantial growth [1] Business Characteristics - Selection, convenience, and value are critical attributes sought in businesses [1] - Durability acts as a multiplier for value, with a preference for non-cyclical businesses [1] - The ability to innovate and maintain competitive advantages is essential for long-term success [1] Revenue and Structure - Multiple revenue streams and anti-fragile business structures are preferred for resilience [1] - A business's ability to recover from adversity is a strong indicator of its potential [1] - Uniqueness is identified as the primary driver of value [1] Cost and Investment Strategy - Low costs associated with maintaining existing operations allow for high leverage in reinvestment and growth [1] - Minimal marketing expenses are advantageous for sustainable growth [1] - Trust and network effects are valuable indicators of a business's durability [1] Management and Leadership - Effective management is crucial, with a preference for executives who have aligned interests and a strong focus on the business [1] - Companies led by seasoned CEOs, founders, or family businesses are favored [1] - Good management fosters a culture of empowerment and attracts talent [1] Market Timing and Investment Philosophy - The best investment opportunities arise when negative news is already priced in, revealing true value [1] - Companies that can maintain stability during layoffs and adverse conditions are seen as more valuable [1] - Price movements are influenced by expectations, with a focus on undervalued companies amidst negative sentiment [1]

Core Insights - Canadian Solar, Inc. (CSIQ) reported a fourth-quarter 2024 loss of $1.47 per share, which is significantly wider than the Zacks Consensus Estimate of a loss of 21 cents per share and a decline from the previous year's earnings of two cents per share [1][2] - The company's total revenues for 2024 were $6.46 billion, down from $7.23 billion in 2023, reflecting a year-over-year decline primarily due to a decrease in the average selling price (ASP) for its modules [3] Financial Performance - In Q4 2024, Canadian Solar's revenues were $1.52 billion, missing the Zacks Consensus Estimate of $1.58 billion by 3.7% and declining 10.6% from $1.70 billion in the same quarter last year [3] - The gross margin for the quarter was reported at 14.3%, which is below the company's guidance of 16-18% and represents a decline of 180 basis points year-over-year due to lower module ASP [4] - Total operating expenses increased by 61.7% year-over-year to $344.1 million, driven by impairment charges and higher shipping and handling costs [4] Operational Metrics - Solar module shipments for the quarter totaled 8.2 gigawatts (GW), aligning with the company's guidance of 8.0-8.5 GW and reflecting a 1% increase year-over-year [4] - Depreciation and amortization charges rose to $135 million from $89 million in the previous year, attributed to vertical integration investments and increased capacity in strategic markets [5] Cash Flow and Debt - As of December 31, 2024, Canadian Solar's cash and cash equivalents stood at $1.70 billion, a decrease from $1.94 billion as of December 31, 2023 [6] - Long-term borrowings increased to $2.49 billion from $1.27 billion over the same period [6] Future Guidance - For Q1 2025, Canadian Solar anticipates total module shipments between 6.4-6.7 GW and total revenues in the range of $1.0-$1.2 billion, which is below the Zacks Consensus Estimate of $1.4 billion [7] - The company expects a gross margin between 9% and 11% for the first quarter of 2025 [7] - For the full year 2025, total module shipments are projected to be between 30-35 GW, with total revenues expected to range from $7.3-$8.3 billion [8][9]

Core Insights - Canadian Solar Inc (CSIQ) reported a significant fourth-quarter loss of $1.47 per share, which was much worse than the anticipated loss of $0.03, although revenue slightly exceeded expectations at $1.67 billion compared to the forecast of $1.64 billion [1] Company Performance - CSIQ's stock reached a nearly 12-year low of $9.49 on March 13, driven by a long-term downtrend and tariff uncertainties from the Trump administration. The stock has declined 6.4% year-to-date and is down 43.3% year-over-year. Despite the earnings miss, CSIQ's stock rebounded by 7% to $10.39 [2] - Sunrun Inc (RUN) saw its stock rise by 3.2% to $6.58, with the $6 level acting as a technical support. However, the overall trend remains negative, with RUN down 30.6% in 2025 and 66.1% over the past six months [3] - First Solar Inc (FSLR) experienced a 2.1% increase in stock price to $131.55, but it remains down 25.4% year-to-date and is close to its lowest levels since October 2022. The stock has faced repeated rejections at short-term moving averages, indicating ongoing technical pressure [4]

Financial Data and Key Metrics Changes - In Q4 2024, the company shipped 8.2 gigawatts of solar modules, totaling 31.1 gigawatts for the year, with total revenue of $6 billion [11][12] - Net income for Canadian Solar shareholders was $34 million, or $0.48 per diluted share, impacted by inventory write-downs and project asset impairments [12][48] - The gross margin was significantly affected, with a reduction of over 950 basis points due to various factors including duties, tariffs, and impairments [45][46] Business Line Data and Key Metrics Changes - CSI Solar achieved full-year revenue of $6.5 billion with a gross margin of 18.4%, maintaining profitability in both module and energy storage segments [23] - Energy storage shipments reached 2.2 gigawatt hours in Q4, totaling 6.6 gigawatt hours for the year, marking a 500% year-over-year increase [27] - Recurrent Energy executed 1.3 gigawatts of solar projects and started construction on 1.4 gigawatts of solar and 1.8 gigawatt hours of battery energy storage systems [34] Market Data and Key Metrics Changes - The U.S. accounted for approximately 25% of global shipments, with strategic volume control to maintain higher blended prices despite falling average selling prices [24] - Polysilicon prices fell over 40% during the year, leading to a decline in module pricing at a similar or faster rate [25] - The company is expanding into new markets such as Mainland Europe and Japan, with a record pipeline of 79 gigawatt hours reflecting diversified global demand [30] Company Strategy and Development Direction - The company is focusing on energy storage growth, leveraging its technology to provide integrated solutions for various applications [16][18] - Canadian Solar is ramping up U.S. manufacturing capabilities, with a module factory expected to contribute 3 gigawatts of volume in 2025 [19][20] - The company anticipates continued consolidation in the solar market and is confident in navigating geopolitical uncertainties [56] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 was a challenging year for the solar industry, with intensified competition and structural overcapacity leading to a prolonged market downturn [13] - Despite challenges, the company remains resilient, with growing demand for energy storage and a strategic focus on high-margin solutions [15][16] - The company expects Q1 2025 module shipments to be between 6.4 gigawatts and 6.7 gigawatts, with full-year revenue guidance of $7.3 billion to $8.3 billion [52][56] Other Important Information - The company reported a net increase in cash of $682 million for 2024, with capital expenditures totaling $1.1 billion [50] - Management emphasized the importance of product innovation and comprehensive energy storage solutions to maintain competitive advantage [18][21] Q&A Session Summary Question: Can you talk about how you see margins trending for your energy storage systems? - Management indicated that while there are improvements in battery chemistry, the main structure remains the same, and they expect to pass on savings to customers while maintaining reasonable margins [60][61] Question: Can you discuss the guidance for module shipments and the factors driving it? - Management explained that the pricing trend is complicated, with stabilization in most markets, and they are ramping up U.S. manufacturing to help margins [69][72] Question: What are the impacts of tariffs on margins? - Management confirmed that tariffs are already factored into their cost structure, and they do not expect significant changes in margins moving forward [91][95] Question: How are you managing the impact of AD/CVD tariffs? - Management stated that they are using a combination of manufacturing strategies to mitigate the impact of tariffs, particularly by increasing domestic production [148][149] Question: What is the outlook for e-STORAGE margins? - Management confirmed that e-STORAGE margins are expected to remain intact in the 17% to 20% range, despite some downward pressure from increased competition [124][161]

Canadian Solar (CSIQ) Q4 2024 Earnings Call March 25, 2025 08:00 AM ET Company Participants Wina Huang - Head of Investor RelationsShawn (Xiaohua) Qu - President, Chairman and Chief Executive OfficerYan Zhuang - Director and President of CSI SolarIsmael Arias - Chief Executive Officer of Recurrent EnergyXinbo Zhu - Senior VP & CFOColin Rusch - Managing Director - Head of Sustainable Growth & Resource Optimization ResearchMaheep Mandloi - DirectorVikram Bagri - Member Board of DirectorsBrian Lee - Vice Presi ...