Solar(CSIQ) - 2024 Q3 - Quarterly Report

Financial Performance - In Q3 2024, Canadian Solar generated net revenues of $1.5 billion, a decrease of 8$45,056 million, a decrease of 29.3% year-over-year from $63,806 million in Q3 2023[36]. - Net revenues for the three months ended September 30, 2024, were$1,507,624, a decrease of 18.3% compared to $1,846,285 for the same period in 2023[70]. - For the nine months ended September 30, 2024, total net revenues were$4,472,168, a decrease of 24.4% from $5,911,589 in the same period of 2023[74]. - The company reported a loss from operations of$294 for the three months ended September 30, 2024, compared to an income of $83,016 in the same period of 2023[70]. - Net loss for Q3 2024 was$6.1 million, a significant decline from net income of $27.4 million in Q2 2024 and$62.5 million in Q3 2023[79]. - The company reported earnings per share (EPS) of $(0.31) for Q3 2024, compared to$0.02 in Q2 2024 and $0.33 in Q3 2023[77]. Revenue and Shipments - Total module shipments recognized as revenues were 8.4 GW, up 2$1.5 billion and $1.7 billion, with gross margin anticipated to be between 16$247 million, with a gross margin of 16.4%, down from 17.2% in Q2 2024 and 16.7% in Q3 2023[6]. - Gross profit for Q3 2024 was $14,418 million, resulting in a gross margin of 32.0$247,436, resulting in a gross margin of 16.4%, down from 16.7% in the same period last year[70]. Cash Flow and Liquidity - The company ended the quarter with a strong cash position of $2.8 billion, which will be strategically deployed for long-term growth[3]. - Cash and cash equivalents as of September 30, 2024, totaled$2,168,777, an increase from $1,614,146 at the end of the previous quarter[70]. - Cash, cash equivalents, and restricted cash at the end of the period totaled$2,827,794,000, an increase from $2,192,241,000 at the end of the previous quarter[86]. - Net cash provided by financing activities was$1,271,293,000 for the three months ended September 30, 2024, significantly up from $187,598,000 in the previous quarter[86]. - The company reported a significant increase in cash flow from financing activities, totaling$2,182,303,000 for the nine months ended September 30, 2024, compared to $1,830,612,000 for the same period in 2023[86]. Debt and Liabilities - Total debt increased to$5.4 billion as of September 30, 2024, up from $4.2 billion as of June 30, 2024[14]. - Total liabilities increased to$9,563.0 million as of September 30, 2024, compared to $8,190.5 million at the end of 2023, reflecting increased borrowings[84]. - Short-term borrowings increased to$2,502.6 million in Q3 2024, up from $1,805.2 million at the end of 2023, indicating higher leverage[84]. Project Development and Future Outlook - Recurrent Energy signed a record number of long-term PPAs totaling 540 MWp of solar and 600 MWh of storage in Q3 2024[3]. - Recurrent Energy's total solar project development pipeline reached 26.4 GWp, with 1.7 GWp under construction[20]. - The battery energy storage project development pipeline totaled 66.1 GWh, including 9.8 GWh under construction and in backlog[28]. - e-STORAGE had a total project turnkey pipeline of over 60 GWh as of September 30, 2024, with a contracted backlog of$3.2 billion as of November 30, 2024[41][42]. - The company plans to establish a 6 GWh battery cell, module, and packaging manufacturing facility in Kentucky with an initial investment of over $300 million[54]. - Canadian Solar has developed approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally since entering the project development business in 2010[65]. Operating Expenses - Operating expenses totaled$247.1 million in Q3 2024, compared to $234.4 million in Q2 2024 and$225.0 million in Q3 2023, with R&D expenses increasing to $30.5 million from$25.6 million in Q2 2024[77].