Canadian Solar Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Canadian Solar Inc. reported financial results for Q4 and full year 2024, highlighting challenges in the solar industry due to competition and policy uncertainties, but noted stronger profitability in its modules business compared to the broader market [2][4][10] Financial Performance - Q4 2024 revenue was $1.5 billion, a 1$217 million, with a gross margin of 14.3%, down from 16.4% in Q3 2024 but up from 12.5% in Q4 2023 [5][10] - Net income attributable to shareholders was $34 million, or$0.48 per diluted share, compared to a net loss of $14 million in Q3 2024 [10][11] Business Segments - The company operates through two segments: Recurrent Energy and CSI Solar, with Recurrent Energy focusing on project development and CSI Solar on manufacturing solar modules and energy storage solutions [14][27] - CSI Solar shipped 8.2 GW of solar modules in Q4 2024, with significant shipments to markets including China, the U.S., and Spain [3][27] - Recurrent Energy achieved a record 1.3 GWp of solar projects in commercial operation, despite project sales delays impacting overall performance [6][14] Energy Storage Focus - Energy storage solutions are becoming increasingly important, with a record 2.2 GWh of e-STORAGE shipments in Q4 2024 and a total pipeline of 79 GWh [6][30] - The company reported a contracted backlog of approximately$3.2 billion in energy storage projects, providing visibility into future revenue [30][31] Future Outlook - For Q1 2025, the company expects revenue between $1.0 billion and$1.2 billion, with gross margins projected between 9% and 11% [36][38] - For the full year 2025, total module shipments are expected to be between 30 GW and 35 GW, with total revenue projected between $7.3 billion and$8.3 billion [38][39]