Canadian Solar Reports Third Quarter 2025 Results – Canadian Solar (NASDAQ:CSIQ)

KITCHENER, ON, Nov. 13, 2025 /PRNewswire/ — Canadian Photo voltaic Inc. (“Canadian Photo voltaic” or the “Firm”) (NASDAQ:CSIQ) in the present day introduced monetary outcomes for the third quarter ended September 30, 2025.

Third Quarter Highlights

• Internet revenues of $1.5 billion, on the excessive finish of $1.3 billion to $1.5 billion steering.
• 17.2% gross margin, exceeding steering of 14% to 16%.
• e-STORAGE achieved report 2.7 GWh in quarterly battery vitality storage shipments, above steering of two.1 GWh to 2.3 GWh.
• e-STORAGE’s contracted backlog elevated to $3.1 billion, as of October 31, 2025.
• Section I of the photo voltaic cell manufacturing facility in Indiana, U.S. is predicted to start manufacturing in March 2026.
• Section I of the lithium battery vitality storage manufacturing facility in Kentucky, U.S. is predicted to begin manufacturing in December 2026.

Dr. Shawn Qu, Chairman and CEO, commented, “Third quarter income was on the excessive finish of steering, whereas gross margin exceeded expectations, supported by robust vitality storage deliveries and a excessive mixture of module shipments to worthwhile markets. Demand for vitality storage continues to develop, pushed by rising functions akin to information facilities. We’re managing the enterprise with self-discipline, prioritizing profitability and investing strategically to make sure the resilience of our operations. I’m happy to share that our residential vitality storage enterprise is on observe to turn out to be worthwhile in 2025. On the similar time, we’re making robust progress on our manufacturing amenities within the U.S. Development of our photo voltaic cell manufacturing facility in Indiana and our built-in lithium battery cell, pack, and BESS manufacturing facility in Kentucky is progressing as deliberate, with manufacturing anticipated to begin within the first and fourth quarters of 2026, respectively.”

Yan Zhuang, President of Canadian Photo voltaic’s subsidiary CSI Photo voltaic, stated, “We delivered a sequentially larger share of module shipments to the worthwhile North American market. Our Mesquite manufacturing facility, which has now efficiently ramped up, contributed meaningfully to each cargo quantity and profitability. In our vitality storage enterprise, earlier deliveries to 2 tasks shifted sure volumes from the fourth quarter into the third, leading to a report quarter of two.7 GWh in shipments. Whereas our $3.1 billion utility-scale storage backlog offers line of sight to future progress, we additionally proceed to develop our choices and capabilities in C&I and residential storage, segments which we count on will contribute extra meaningfully to profitability subsequent yr. Wanting forward, we count on additional profitability enhancements, as we start manufacturing of photo voltaic cells and lithium battery vitality storage merchandise within the U.S.”

Ismael Guerrero, CEO of Canadian Photo voltaic’s subsidiary Recurrent Vitality, stated, “Profitability improved sequentially, pushed by larger margin contributions from this quarter’s undertaking gross sales. These included the worthwhile gross sales of an vitality storage undertaking in Italy and a hybrid undertaking in Australia. Till our IPP enterprise scales additional—increasing electrical energy gross sales and energy providers as recurring income streams—near-term profitability will proceed to rely totally on international undertaking gross sales. Sustaining monetary self-discipline stays our high precedence. We will steadiness the expansion of our working portfolio and selective undertaking possession gross sales to prudently handle money move and debt ranges. Waiting for 2026, we count on to tip this steadiness extra towards undertaking possession gross sales to reinforce money recycling and cut back leverage.”

Xinbo Zhu, Senior VP and CFO, added, “Within the third quarter, we achieved income of $1.5 billion, on the excessive finish of steering, and delivered a gross margin of 17.2%, exceeding expectations. Working bills normalized with the absence of one-time objects, leading to internet revenue attributable to shareholders of $9 million. With continued self-discipline in working capital administration and prudent pacing of undertaking building, we ended the quarter with a money place of $2.2 billion.”

Third Quarter 2025 Outcomes

Whole module shipments acknowledged as revenues in Q3 2025 have been 5.1 GW, down 35% quarter-over-quarter (“qoq”) and down 39% year-over-year (“yoy”). Of the full, 33 MW have been shipped to the Firm’s personal utility-scale solar energy tasks.

Internet revenues have been $1.5 billion in Q3 2025, down 12% sequentially and 1% yoy, primarily as a consequence of decrease gross sales of photo voltaic modules partially offset by larger gross sales of battery vitality storage programs.

Gross revenue was $256 million, in comparison with $505 million in Q2 2025 and $247 million in Q3 2024. Gross margin was 17.2%, in comparison with 29.8% and 16.4%, respectively. The sequential lower in gross margin was primarily as a result of absence of a launch of revenue upon sales-type leasing of a U.S. undertaking in Q2. The yoy enhance was pushed by the next contribution from battery vitality storage programs, which have delivered a extra favorable margin profile than photo voltaic modules on a blended foundation.

Working bills have been $222 million, down from $378 million in Q2 2025 and $247 million in Q3 2024 as a consequence of ongoing value reductions and absence of impairment prices associated to sure photo voltaic and storage property, in addition to manufacturing property. Working bills represented 14.9% of income, in comparison with 22.3% in Q2 2025 and 16.4% in Q3 2024.

Internet revenue attributable to Canadian Photo voltaic in accordance with typically accepted accounting ideas in the US of America (“GAAP”) in Q3 2025 was $9 million, or a internet lack of $0.07 per diluted share, in comparison with a internet revenue of $7 million, or a internet lack of $0.08 per diluted share, within the Q2 2025, and internet loss of $14 million, or $0.31 per diluted share, in Q3 2024. Internet loss per diluted share consists of the dilutive impact of convertible bonds and Recurrent Vitality redeemable most well-liked shares dividends, as relevant.

Adjusted internet loss attributable to Canadian Photo voltaic Inc. (non-GAAP) was $26 million, and adjusted loss per share – diluted was $0.58 per share in Q3 2025, in comparison with an adjusted internet lack of $23 million and adjusted loss per share – diluted of $0.53 per share in Q2 2025, and a internet loss of $14 million or $0.31 per share in Q3 2024. Adjusted internet loss attributable to Canadian Photo voltaic Inc. and adjusted loss per share – diluted in Q3 2025 and Q2 2025 exclude the popularity of revenue utilizing hypothetical liquidation at e-book worth (“HLBV”) technique. The Firm makes use of the HLBV technique to attribute revenue and loss to its tax fairness traders. Please see Recurrent Vitality – HLBV for definition and About Non-GAAP Monetary Measures for reconciliation to nearest GAAP measures.

Internet money move utilized in working actions in Q3 2025 was $112 million, pushed by modifications in working capital, particularly a lower in inventories throughout the prior quarter, in comparison with internet money move offered by working actions of $189 million in Q2 2025 and internet money move utilized in working actions of $231 million in Q3 2024.

Whole debt, together with financing liabilities, was $6.4 billion as of September 30, 2025, together with $2.7 billion, $3.5 billion, and $0.2 billion associated to CSI Photo voltaic, Recurrent Vitality, and convertible notes, respectively. Whole debt rose from $6.3 billion as of June 30, 2025, primarily as a consequence of new borrowings for growth of tasks and operational property. Whole non-recourse debt as of September 30, 2025, was $2.0 billion.

Enterprise Segments

The Firm operates in two reportable segments: CSI Photo voltaic, targeted on photo voltaic modules and battery vitality storage manufacturing and merchandise, and Recurrent Vitality, targeted on utility-scale solar energy and battery vitality storage undertaking growth and operation.

Recurrent Vitality

As of September 30, 2025, the Firm held a number one place with a complete international photo voltaic undertaking growth pipeline of roughly 25 GWp and a battery vitality storage undertaking growth pipeline of 81 GWh.

The enterprise mannequin consists of three key drivers:

• Electrical energy income from working portfolio to drive secure, diversified money flows in progress markets with secure currencies, with some undertaking possession gross sales to handle money move and debt stage;
• Asset gross sales (solar energy and battery vitality storage) in the remainder of the world to drive cash-efficient progress mannequin, as worth from undertaking gross sales will assist fund progress in working property in secure forex markets; and
• Energy providers (O&M) by means of long-term operations and upkeep (“O&M”) contracts, presently with over 14 GW of contracted tasks, to drive secure and long-term recurring earnings and synergies with the undertaking growth platform.

Venture Growth Pipeline – Photo voltaic

As of September 30, 2025, the Firm’s complete photo voltaic undertaking growth pipeline was 25.1 GWp, together with 2.0 GWp underneath building, 3.4 GWp of backlog, and 19.7 GWp of tasks in superior and early-stage growth, outlined as follows:

• Backlog tasks are late-stage tasks which have handed their threat cliff date and are anticipated to start out building within the subsequent 1-4 years. A undertaking’s threat cliff date is the date on which the undertaking passes the final high-risk growth stage and varies relying on the nation the place it’s situated. Usually, this happens after the undertaking has obtained all of the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, together with feed-in tariff (“FIT”) preparations and energy buy agreements (“PPAs”). A big majority of backlog tasks are contracted (i.e., have secured a PPA or FIT), and the remaining have an affordable assurance of securing PPAs.
• Superior pipeline tasks are mid-stage tasks which have secured or have greater than 90% certainty of securing an interconnection settlement.
• Early-stage pipeline tasks are early-stage tasks managed by the Firm which can be within the technique of securing interconnection.

Whereas the magnitude of the Firm’s undertaking growth pipeline is a vital indicator of potential expanded energy technology and battery vitality storage capability in addition to potential future income progress, the event of tasks in its pipeline is inherently unsure. If the Firm doesn’t efficiently full the pipeline tasks in a well timed method, it could not understand the anticipated advantages of the tasks to the extent anticipated, which may adversely have an effect on its enterprise, monetary situation, or outcomes of operations. As well as, the Firm’s steering and estimates for its future working and monetary outcomes assume the completion of sure photo voltaic tasks and battery vitality storage tasks which can be in its pipeline. If the Firm is unable to execute on its actionable pipeline, it could miss its steering, which may adversely have an effect on the market worth of its frequent shares and its enterprise, monetary situation, or outcomes of operations.

HLBV

The Firm applies the HLBV technique to account for its contractual relationships with tax fairness traders in U.S. photo voltaic vitality and battery vitality storage tasks. This technique which allocates revenue or loss attributable to redeemable noncontrolling pursuits displays the modifications within the quantities that tax fairness traders would hypothetically obtain upon liquidation initially and finish of every reporting interval, after contemplating any capital transactions, akin to contributions or distributions, between the subsidiaries and tax fairness traders.

The next desk presents the Firm’s complete photo voltaic undertaking growth pipeline.

Venture Growth Pipeline – Battery Vitality Storage

As of September 30, 2025, the Firm’s complete battery vitality storage undertaking growth pipeline was 80.6 GWh, together with 6.5 GWh underneath building and in backlog, and 74.1 GWh of tasks in superior and early-stage growth.

The desk under units forth the Firm’s complete battery vitality storage undertaking growth pipeline.

CSI Photo voltaic

Photo voltaic Modules and Photo voltaic System Kits

CSI Photo voltaic shipped 5.1 GW of photo voltaic modules and photo voltaic system kits to greater than 60 international locations in Q3 2025. The highest 5 markets ranked by shipments have been the U.S., China, Spain, Pakistan, and South Africa.

CSI Photo voltaic’s revised manufacturing capability enlargement targets are set forth under.

e-STORAGE: Battery Vitality Storage Options

As of October 31, 2025, e-STORAGE contracted backlog, together with contracted long-term service agreements, was $3.1 billion. These are signed orders with contractual obligations to prospects, offering vital earnings visibility over a multi-year interval.

The desk under units forth e-STORAGE’s manufacturing capability enlargement targets.

Enterprise Outlook

The Firm’s enterprise outlook relies on administration’s present views and estimates given components akin to present market circumstances, order e-book, manufacturing capability, enter materials costs, international change fluctuations, the anticipated timing of undertaking gross sales, and the worldwide financial surroundings. This outlook is topic to uncertainty with respect to, amongst different issues, buyer demand, undertaking building and sale schedules, product gross sales costs and prices, provide chain constraints, and geopolitical conflicts. Administration’s views and estimates are topic to alter with out discover.

In This fall 2025, the Firm expects complete income to be within the vary of $1.3 billion to $1.5 billion. Gross margin is predicted to be between 14% and 16%. Whole module shipments acknowledged as revenues by CSI Photo voltaic are anticipated to be within the vary of 4.6 GW to 4.8 GW. Whole battery vitality storage shipments by CSI Photo voltaic in This fall 2025 are anticipated to be within the vary of two.1 GWh to 2.3 GWh, together with roughly 600 MWh to the Firm’s personal tasks.

For the total yr of 2026, the Firm expects CSI Photo voltaic’s complete module shipments to be within the vary of 25 GW to 30 GW, together with roughly 1 GW to the Firm’s tasks. CSI Photo voltaic’s complete battery vitality storage shipments are anticipated to be within the vary of 14 GWh to 17 GWh.

Dr. Shawn Qu, Chairman and CEO, commented, “We’ll proceed to deal with worthwhile photo voltaic markets and to handle volumes in much less worthwhile areas. In distinction, demand for vitality storage stays strong, supported by wholesome market fundamentals and rising functions. Our 2026 full yr storage outlook displays robust year-over-year progress, backed by contracted volumes and visibility into prospects’ growth pipelines. We additionally count on to start manufacturing of photo voltaic cells and lithium battery vitality storage merchandise within the U.S. subsequent yr. Monetary prudence stays our high precedence. Accordingly, Recurrent Vitality will enhance undertaking possession gross sales in 2026 to recycle capital and handle the general debt stage.”

Current Developments

Canadian Photo voltaic

On September 11, 2025, Canadian Photo voltaic introduced it was named a Tier 1 PV module provider and a Tier 1 Battery Vitality Storage System provider within the inaugural 2025 Tier 1 Cleantech Corporations checklist launched by S&P World Commodity Insights. This twin recognition locations Canadian Photo voltaic among the many elite international suppliers excelling in each photovoltaic modules and vitality storage options.

CSI Photo voltaic

On November 12, 2025, Canadian Photo voltaic introduced it was contracted to offer a completely built-in vitality storage resolution and turnkey EPC providers for the 411 MW / 1,560 MWh Skyview 2 Vitality Storage Venture in Edwardsburgh Cardinal, Ontario, Canada. Shipments of its SolBank 3.0 resolution are anticipated to start in February 2026, with business operation deliberate for the second quarter of 2027.

On November 12, 2025, Canadian Photo voltaic introduced it signed a battery vitality storage system provide settlement for a 20.7 MW / 56 MWh DC vitality storage undertaking in Decrease Saxony, Germany. The settlement additionally features a 20-year long-term service settlement.

On October 21, 2025, Canadian Photo voltaic introduced it achieved business operation of the 220 MWh DC Mannum Battery Vitality Storage Venture in South Australia. e-STORAGE served because the EPC supplier for the undertaking, which is owned by Epic Vitality and was developed by Recurrent Vitality. The Firm has additional strengthened its observe report in delivering large-scale storage options by commissioning the undertaking in Australia.

On October 1, 2025, Canadian Photo voltaic introduced it entered into battery storage settlement and long-term providers agreements with Aypa Energy for the Elora and Hedley battery vitality storage tasks in Ontario, Canada. Collectively, the Elora and Hedley tasks will present 420 MW / 2,122 MWh of recent storage capability to Ontario’s grid. Supply is scheduled to begin within the first quarter of 2026, with business operation anticipated within the first half of 2027.

On September 8, 2025, Canadian Photo voltaic introduced the launch of its next-generation Low Carbon modules, which mix the newest wafer improvements with superior heterojunction (HJT) cell know-how. Designed for utility-scale and C&I functions, the brand new LC modules ship as much as 660 Wp output with module effectivity of as much as 24.4%, with deliveries commencing in August 2025.

On September 4, 2025, Canadian Photo voltaic introduced the launch of its subsequent technology modular battery, FlexBank 1.0, at RE+ in Las Vegas. Delivering as much as 8.36 MWh vitality capability, FlexBank 1.0 is a scalable vitality storage platform for utility-scale functions. The brand new system is predicted to be prepared for deployment in 2026.

Recurrent Vitality

On October 21, 2025, Canadian Photo voltaic introduced it closed $825 million in building financing and tax fairness for its 600 MWh Desert Bloom Storage and 150 MWac Papago Photo voltaic amenities. Nord/LB, Mitsubishi UFJ Monetary Group, Inc., CoBank, and Siemens Monetary Companies offered the development financing, and Wells Fargo offered the tax fairness. Desert Bloom Storage and Papago Photo voltaic are a part of Recurrent Vitality’s multi-project partnership with Arizona Public Service. Each property are presently underneath building and are anticipated to start operations within the first half of 2026.

Convention Name Data

The Firm will maintain a convention name on Thursday, November 13, 2025, at 8:00 a.m. U.S. Japanese Time (9:00 p.m., Thursday, November 13, 2025, in Hong Kong) to debate the Firm’s third quarter 2025 outcomes and enterprise outlook. The dial-in cellphone quantity for the dwell audio name is +1-877-300-8521 (toll-free from the U.S.), 800 905 945 (from Hong Kong), 400 120 1203 (native dial-in from Mainland China) or +1-412-317-6026 from worldwide areas. The convention ID is 10203526. A dwell webcast of the convention name can even be obtainable on the investor relations part of Canadian Photo voltaic’s web site at www.canadiansolar.com.

A replay of the decision shall be obtainable after the conclusion of the decision till 11:00 p.m. U.S. Japanese Time on Thursday, November 27, 2025 (12:00 p.m. November 28, 2025, in Hong Kong) and could be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from worldwide areas. The replay pin quantity is 10203526. A webcast replay can even be obtainable on the investor relations part of Canadian Photo voltaic’s at www.canadiansolar.com

About Canadian Photo voltaic Inc.

Canadian Photo voltaic is among the world’s largest photo voltaic know-how and renewable vitality corporations. Based in 2001 and headquartered in Kitchener, Ontario, the Firm is a number one producer of photo voltaic photovoltaic modules; supplier of photo voltaic vitality and battery vitality storage options; and developer, proprietor, and operator of utility-scale solar energy and battery vitality storage tasks. Over the previous 24 years, Canadian Photo voltaic has efficiently delivered almost 170 GW of premium-quality, photo voltaic photovoltaic modules to prospects the world over. Via its subsidiary e-STORAGE, Canadian Photo voltaic has shipped over 16 GWh of battery vitality storage options to international markets as of September 30, 2025, boasting a $3.1 billion contracted backlog as of October 31, 2025. Since getting into the undertaking growth enterprise in 2010, Canadian Photo voltaic has developed, constructed, and linked roughly 12 GWp of solar energy tasks and 6 GWh of battery vitality storage tasks globally. Its geographically diversified undertaking growth pipeline consists of 25 GWp of photo voltaic and 81 GWh of battery vitality storage capability in varied levels of growth. Canadian Photo voltaic is among the most bankable corporations within the photo voltaic and renewable vitality business, having been publicly listed on the NASDAQ since 2006. For added details about the Firm, comply with Canadian Photo voltaic on LinkedIn or go to www.canadiansolar.com.

Protected Harbor/Ahead-Wanting Statements

Sure statements on this press launch, together with these concerning the Firm’s anticipated future cargo volumes, revenues, gross margins, and undertaking gross sales are forward-looking statements that contain a variety of dangers and uncertainties that would trigger precise outcomes to vary materially. These statements are made underneath the “Protected Harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. In some instances, you’ll be able to establish forward-looking statements by such phrases as “might”, “will”, “count on”, “anticipate”, “future”, “ongoing”, “proceed”, “intend”, “plan”, “potential”, “prospect”, “steering”, “consider”, “estimate”, “is/are prone to” or related expressions, the detrimental of those phrases, or different comparable terminology. These forward-looking statements embody, amongst different issues, our expectations concerning international electrical energy demand and the adoption of photo voltaic and battery vitality storage applied sciences; our progress methods, future enterprise efficiency, and monetary situation; our transition to a long-term proprietor and operator of unpolluted vitality property and enlargement of undertaking pipelines; our potential to monetize undertaking portfolios, handle provide chain fluctuations, and reply to financial components akin to inflation and rates of interest; our outlook on authorities incentives, commerce measures, regulatory developments, and geopolitical dangers; our expectations for undertaking timelines, prices, and returns; aggressive dynamics in photo voltaic and storage markets; our potential to execute provide chain, manufacturing, and operational initiatives; entry to capital, debt obligations, and covenant compliance; relationships with key suppliers and prospects; technological development and product high quality; and dangers associated to mental property, litigation, and compliance with environmental and sustainability laws. Different dangers have been described within the Firm’s filings with the Securities and Trade Fee, together with its annual report on Kind 20-F filed on April 30, 2025. Though the Firm believes that the expectations mirrored within the forward-looking statements are affordable, it can not assure future outcomes, stage of exercise, efficiency, or achievements. Traders mustn’t place undue reliance on these forward-looking statements. All info offered on this press launch is as of in the present day’s date, until in any other case acknowledged, and Canadian Photo voltaic undertakes no responsibility to replace such info, besides as required underneath relevant regulation.

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FINANCIAL TABLES FOLLOW

The next tables present unaudited choose monetary information for the Firm’s CSI Photo voltaic and Recurrent Vitality companies.

 

The next desk summarizes the revenues generated from every services or products.

 

 

 

 

 

 

 

 

 

 

About Non-GAAP Monetary Measures 

This press launch additionally comprises adjusted internet revenue (loss) attributable to Canadian Photo voltaic Inc. and adjusted earnings (loss) per share – diluted that aren’t decided in accordance with GAAP. These non-GAAP monetary measures shouldn’t be thought-about as an alternative choice to internet revenue (loss) attributable to Canadian Photo voltaic Inc. or earnings (loss) per share, respectively, every of which is an indicator of monetary efficiency decided in accordance with GAAP. Adjusted internet revenue (loss) attributable to Canadian Photo voltaic Inc. and adjusted earnings (loss) per share – diluted exclude from internet revenue (loss) attributable to Canadian Photo voltaic Inc. and earnings (loss) per share sure objects that the Firm doesn’t take into account indicative of its ongoing monetary efficiency akin to the consequences of HLBV technique to account for its tax fairness preparations. Administration makes use of these non-GAAP monetary measures to facilitate the evaluation and communication of the Firm’s monetary efficiency as in comparison with its earlier monetary outcomes. Administration believes that these non-GAAP monetary measures are additionally helpful and significant to traders to facilitate their evaluation of the Firm’s monetary efficiency. These non-GAAP measures might differ from non-GAAP measures utilized by different corporations, and due to this fact their comparability could also be restricted.

The desk under offers a reconciliation of our GAAP internet revenue (loss) to non-GAAP monetary measures.

 

SOURCE Canadian Photo voltaic Inc.