Financial Performance Highlights - For Q3 2025, the company reported revenue of $1.5 billion (approximately RMB 10.68 billion) with a gross margin of 17.2% [5] - The e-STORAGE business achieved a quarterly shipment volume of 2.7 GWh [5] Q4 2025 Outlook - The company expects revenue to be between $1.3 billion and $1.5 billion (approximately RMB 9.24 billion to RMB 10.67 billion) [6] - Gross margin is projected to be between 14% and 16% [6] - Module shipment volume is anticipated to be between 4.6 GW and 4.8 GW [6] - Energy storage system shipment volume is expected to be between 2.1 GWh and 2.3 GWh, with approximately 600 MWh allocated for self-owned projects [6] Company Overview - Canadian Solar Inc. was founded in 2001 by Dr. Shawn Qu and went public on NASDAQ in 2006 [9] - The company is a leading provider of solar modules and energy storage systems, with core business activities including manufacturing and sales of solar photovoltaic modules and energy storage systems, as well as the development, construction, and operation of solar power plants and energy storage projects globally [9] - As of September 30, 2025, the company has delivered nearly 170 GW of solar modules to customers in over 160 countries and regions [9] - The cumulative shipment volume of the e-STORAGE subsidiary has surpassed 16 GWh, with a backlog of orders amounting to $3.1 billion (approximately RMB 22 billion) as of October 31, 2025 [9] Recent Business Developments - In November 2025, the company secured a 411 MW/1,560 MWh order for the "Skyview 2" energy storage project in Ontario, Canada [10] - A supply agreement for a 33 MW/66 MWh energy storage project in Texas was signed in November 2025 [10] - The "Mannum" energy storage project in Australia, with a capacity of 220 MWh, commenced commercial operations in October 2025 [10] - The company has over 1.8 GWh of energy storage projects under construction in Australia [10] - In October 2025, a contract was signed with Aypa Power for two energy storage projects in Ontario, totaling 420 MW/2,122 MWh [10] - In September 2025, the company was included in S&P Global Commodity Insights' "2025 Tier 1 Clean Energy Technology Companies" list and recognized as a Tier 1 supplier for both photovoltaic modules and energy storage systems [10] - A new generation of low-carbon photovoltaic modules and modular energy storage products, FlexBank 1.0, was launched in September 2025 [10]