Canadian Solar Reports Third Quarter 2025 Results
Rhea-AI Summary
Canadian Solar (NASDAQ: CSIQ) reported Q3 2025 results on Nov 13, 2025: net revenue $1.5B (high end of guidance) and gross margin 17.2% (above 14–16% guidance). e-STORAGE set a quarterly shipment record of 2.7 GWh and had a contracted backlog of $3.1B as of Oct 31, 2025. CSI Solar recognized 5.1 GW of module shipments (down 35% QoQ). GAAP net income attributable to shareholders was $9M (net loss $0.07 per diluted share); adjusted non-GAAP loss was $26M. Cash was $2.2B and total debt was $6.4B at Sept 30, 2025. Phase I U.S. factories expected to start production: solar cells in Indiana in Mar 2026 and lithium battery factory in Kentucky in Dec 2026.
Positive
- Revenue $1.5B at high end of guidance
- Gross margin 17.2% above guidance
- e-STORAGE shipments 2.7 GWh record quarter
- e-STORAGE backlog $3.1B (Oct 31, 2025)
- Cash $2.2B at quarter end
- U.S. factory Phase I production planned in 2026
Negative
- Module shipments 5.1 GW, down 35% QoQ
- Adjusted net loss of $26M in Q3 2025
- Total debt of $6.4B as of Sept 30, 2025
- Net cash used in operating activities $112M in Q3 2025
News Market Reaction – CSIQ
On the day this news was published, CSIQ gained 0.56%, reflecting a mild positive market reaction. Argus tracked a peak move of +16.8% during that session. Our momentum scanner triggered 91 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $13M to the company's valuation, bringing the market cap to $2.32B at that time.
Data tracked by StockTitan Argus on the day of publication.
Third Quarter Highlights
- Net revenues of
$1.5 billion $1.3 billion $1.5 billion 17.2% gross margin, exceeding guidance of14% to16% .- e-STORAGE achieved record 2.7 GWh in quarterly battery energy storage shipments, above guidance of 2.1 GWh to 2.3 GWh.
- e-STORAGE's contracted backlog increased to
$3.1 billion - Phase I of the solar cell factory in
Indiana ,U.S. is expected to begin production in March 2026. - Phase I of the lithium battery energy storage factory in
Kentucky ,U.S. is expected to commence production in December 2026.
Dr. Shawn Qu, Chairman and CEO, commented, "Third quarter revenue was at the high end of guidance, while gross margin exceeded expectations, supported by strong energy storage deliveries and a high mix of module shipments to profitable markets. Demand for energy storage continues to grow, driven by emerging applications such as data centers. We are managing the business with discipline, prioritizing profitability and investing strategically to ensure the resilience of our operations. I am pleased to share that our residential energy storage business is on track to become profitable in 2025. At the same time, we are making strong progress on our manufacturing facilities in the
Yan Zhuang, President of Canadian Solar's subsidiary CSI Solar, said, "We delivered a sequentially higher share of module shipments to the profitable North American market. Our Mesquite factory, which has now successfully ramped up, contributed meaningfully to both shipment volume and profitability. In our energy storage business, earlier deliveries to two projects shifted certain volumes from the fourth quarter into the third, resulting in a record quarter of 2.7 GWh in shipments. While our
Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "Profitability improved sequentially, driven by higher margin contributions from this quarter's project sales. These included the profitable sales of an energy storage project in
Xinbo Zhu, Senior VP and CFO, added, "In the third quarter, we achieved revenue of
Third Quarter 2025 Results
Total module shipments recognized as revenues in Q3 2025 were 5.1 GW, down
Net revenues were
Gross profit was
Operating expenses were
Net income attributable to Canadian Solar in accordance with generally accepted accounting principles in
Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was
Net cash flow used in operating activities in Q3 2025 was
Total debt, including financing liabilities, was
Business Segments
The Company operates in two reportable segments: CSI Solar, focused on solar modules and battery energy storage manufacturing and products, and Recurrent Energy, focused on utility-scale solar power and battery energy storage project development and operation.
Recurrent Energy
As of September 30, 2025, the Company held a leading position with a total global solar project development pipeline of approximately 25 GWp and a battery energy storage project development pipeline of 81 GWh.
The business model consists of three key drivers:
- Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies, with some project ownership sales to manage cash flow and debt level;
- Asset sales (solar power and battery energy storage) in the rest of the world to drive cash-efficient growth model, as value from project sales will help fund growth in operating assets in stable currency markets; and
- Power services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with over 14 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.
Project Development Pipeline – Solar
As of September 30, 2025, the Company's total solar project development pipeline was 25.1 GWp, including 2.0 GWp under construction, 3.4 GWp of backlog, and 19.7 GWp of projects in advanced and early-stage development, defined as follows:
- Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project's risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. Typically, this occurs after the project has received all the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remaining have a reasonable assurance of securing PPAs.
-
Advanced pipeline projects are mid-stage projects that have secured or have more than
90% certainty of securing an interconnection agreement. - Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.
While the magnitude of the Company's project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company's guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations.
HLBV
The Company applies the HLBV method to account for its contractual relationships with tax equity investors in
The following table presents the Company's total solar project development pipeline.
|
|
Solar Project Development Pipeline (as of September 30 , 202 5 ) – MWp* |
|||||
|
Region |
Under |
Backlog |
Advanced |
Early-Stage |
Total |
|
|
|
276 |
556 |
427 |
4,341 |
5,600 |
|
|
|
1,108 |
1,687** |
785 |
4,616 |
8,196 |
|
|
|
128** |
374 |
352 |
5,866 |
6,720 |
|
|
|
171 |
- |
466 |
1,164 |
1,801 |
|
|
|
300 |
735** |
- |
1,470 |
2,505 |
|
|
|
49 |
56 |
80 |
103 |
288 |
|
|
Total |
2,032 |
3,408 |
2,110 |
17,560 |
25,110 |
|
|
|
|
|
|
|
|
|
|
*All numbers are gross MWp. **Including 63 MWp under construction and 483 MWp in backlog that are owned by or already sold to third parties. |
||||||
Project Development Pipeline – Battery Energy Storage
As of September 30, 2025, the Company's total battery energy storage project development pipeline was 80.6 GWh, including 6.5 GWh under construction and in backlog, and 74.1 GWh of projects in advanced and early-stage development.
The table below sets forth the Company's total battery energy storage project development pipeline.
|
Battery Energy Storage Project Development Pipeline (as of September 30, 2025) – MWh |
|||||
|
Region |
Under |
Backlog |
Advanced |
Early-Stage |
Total |
|
|
600 |
200 |
600 |
22,932 |
24,332 |
|
EMEA |
43 |
2,590 |
3,829 |
30,590 |
37,052 |
|
|
- |
- |
1,320 |
1,825 |
3,145 |
|
|
440 |
240 |
500 |
2,580 |
3,760 |
|
|
- |
1,260 |
- |
6,500 |
7,760 |
|
|
8 |
1,140 |
1,731 |
1,650 |
4,529 |
|
Total |
1,091 |
5,430 |
7,980 |
66,077 |
80,578 |
CSI Solar
Solar Modules and Solar System Kits
CSI Solar shipped 5.1 GW of solar modules and solar system kits to more than 60 countries in Q3 2025. The top five markets ranked by shipments were the
CSI Solar's revised manufacturing capacity expansion targets are set forth below.
|
Solar Manufacturing Capacity, GW* |
||
|
|
December 2025 Plan |
December 2026 Plan |
|
Ingot |
31.0 |
31.0 |
|
Wafer |
37.0 |
33.2 |
|
Cell |
32.4 |
33.2 |
|
Module |
51.3 |
55.8 |
|
*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice |
e-STORAGE: Battery Energy Storage Solutions
As of
October 31
, 202
5
,
e-STORAGE
contracted backlog, including contracted long-term service agreements, was
The table below sets forth e-STORAGE's manufacturing capacity expansion targets.
|
e-STORAGE Manufacturing Capacity Expansion Plans* |
|||
|
|
|
December 2025 |
December 2026 |
|
SolBank Battery Energy |
|
15 |
24 |
|
Battery Cells (GWh) |
|
3 |
9 |
|
*BESS and battery cell nameplate capacities are shown on a single-shift and double-shift annualized basis, respectively, |
Business Outlook
The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.
In Q4 2025, the Company expects total revenue to be in the range of
For the full year of 2026, the Company expects CSI Solar's total module shipments to be in the range of 25 GW to 30 GW, including approximately 1 GW to the Company's projects. CSI Solar's total battery energy storage shipments are expected to be in the range of 14 GWh to 17 GWh.
Dr. Shawn Qu, Chairman and CEO, commented, "We will continue to focus on profitable solar markets and to manage volumes in less profitable regions. In contrast, demand for energy storage remains robust, supported by healthy market fundamentals and growing applications. Our 2026 full year storage outlook reflects strong year-over-year growth, backed by contracted volumes and visibility into customers' development pipelines. We also expect to begin production of solar cells and lithium battery energy storage products in the
Recent Developments
Canadian Solar
On September 11, 2025, Canadian Solar announced it was named a Tier 1 PV module supplier and a Tier 1 Battery Energy Storage System supplier in the inaugural 2025 Tier 1 Cleantech Companies list released by S&P Global Commodity Insights. This dual recognition places Canadian Solar among the elite global providers excelling in both photovoltaic modules and energy storage solutions.
CSI Solar
On November 12, 2025, Canadian Solar announced it was contracted to provide a fully integrated energy storage solution and turnkey EPC services for the 411 MW / 1,560 MWh Skyview 2 Energy Storage Project in Edwardsburgh
On November 12, 2025, Canadian Solar announced it signed a battery energy storage system supply agreement for a 20.7 MW / 56 MWh DC energy storage project in
On October 21, 2025, Canadian Solar announced it achieved commercial operation of the 220 MWh DC Mannum Battery Energy Storage Project in
On October 1, 2025, Canadian Solar announced it entered into battery storage agreement and long-term services agreements with Aypa Power for the Elora and
On September 8, 2025, Canadian Solar announced the launch of its next-generation Low Carbon modules, which combine the latest wafer innovations with advanced heterojunction (HJT) cell technology. Designed for utility-scale and C&I applications, the new LC modules deliver up to 660 Wp output with module efficiency of up to
On September 4, 2025, Canadian Solar announced the launch of its next generation modular battery, FlexBank 1.0, at RE+ in
Recurrent Energy
On October 21, 2025, Canadian Solar announced it closed
Conference Call Information
The Company will hold a conference call on Thursday, November 13, 2025, at 8:00 a.m.
A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, November 27, 2025 (12:00 p.m. November 28, 2025, in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 10203526. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the
Investor Relations Contact:
|
Wina Huang Investor Relations Canadian Solar Inc. |
|
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's CSI Solar and Recurrent Energy businesses.
|
|
|
|
|
Select Financial Data – CSI Solar and Recurrent Energy |
||||||
|
|
|
|
|
Three Months Ended and As of September 30, 2025
(In Thousands of |
||||||
|
|
|
|
|
CSI Solar |
|
Recurrent |
|
Elimination |
|
Total |
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
1,212,128 |
|
56,710 |
|
(37,737) |
|
1,231,101 |
|
|
Gross profit |
|
|
214,363 |
|
48,490 |
|
(6,552) |
|
256,301 |
|
|
Operating expenses |
|
|
175,651 |
|
45,733 |
|
328 |
|
221,712 |
|
|
Income (loss) from |
|
|
38,712 |
|
2,757 |
|
(6,880) |
|
34,589 |
|
|
Other segment items (1) |
|
|
|
|
|
|
|
|
(42,205) |
|
|
Loss before income taxes |
|
|
|
|
|
|
|
|
(7,616) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Information: |
|
|
|
|
|
|
|
||
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
12,215 |
|
1,112 |
|
1,751 |
|
15,078 |
|
|
Depreciation and |
|
|
117,184 |
|
15,601 |
|
— |
|
132,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
Restricted cash – current and |
|
|
386,130 |
|
30,490 |
|
— |
|
416,620 |
|
|
Non-recourse borrowings |
|
|
— |
|
1,952,303 |
|
— |
|
1,952,303 |
|
|
Other short-term and long- |
|
|
2,590,436 |
|
1,385,118 |
|
— |
|
3,975,554 |
|
|
Convertible notes – non- |
|
|
— |
|
— |
|
194,751 |
|
194,751 |
|
|
Green bonds – current and |
|
|
— |
|
160,056 |
|
— |
|
160,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial Data – CSI Solar and Recurrent Energy |
|||||||
|
|
|
|
Nine Months Ended September 30, 2025
(In Thousands of |
|||||||
|
|
|
|
CSI Solar |
|
Recurrent |
|
Elimination |
|
Total |
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
3,589,096 |
|
230,425 |
|
(343,448) |
|
3,476,073 |
|
|
Gross profit |
|
|
759,456 |
|
106,152 |
|
36,217 |
|
901,825 |
|
|
Operating expenses |
|
|
598,167 |
|
189,829 |
|
6,612 |
|
794,608 |
|
|
Income (loss) from operations |
|
|
161,289 |
|
(83,677) |
|
29,605 |
|
107,217 |
|
|
Other segment items (1) |
|
|
|
|
|
|
|
|
(129,430) |
|
|
Loss before income taxes and |
|
|
|
|
|
|
|
|
(22,213) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Information: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
27,553 |
|
7,086 |
|
2,455 |
|
37,094 |
|
|
Depreciation and amortization, |
|
|
378,460 |
|
43,817 |
|
— |
|
422,277 |
|
|
|
||||||||||
|
(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net. |
||||||||||
The following table summarizes the revenues generated from each product or service.
|
|
|
|
|
||
|
|
Three Months September 30, 2025 |
|
Three Months June 30 , 2025 |
|
Three Months September 30, 202 4 |
|
|
(In Thousands of |
||||
|
CSI Solar: |
|
|
|
|
|
|
Solar modules |
|
|
|
|
|
|
Solar system kits |
29,874 |
|
73,812 |
|
106,438 |
|
Battery energy storage solutions |
486,033 |
|
432,399 |
|
95,384 |
|
EPC and others |
29,793 |
|
61,613 |
|
43,589 |
|
Subtotal |
1,385,121 |
|
1,590,090 |
|
1,462,568 |
|
Recurrent Energy: |
|
|
|
|
|
|
Solar power and battery energy storage asset |
39,770 |
|
48,091 |
|
— |
|
Power services |
19,892 |
|
18,809 |
|
20,698 |
|
Revenue from electricity, battery energy storage |
42,619 |
|
36,881 |
|
24,358 |
|
Subtotal |
102,281 |
|
103,781 |
|
45,056 |
|
Total net revenues |
|
|
|
|
|
|
|
|
||||
|
|
Nine
Months September 30, 2025 |
|
Nine
Months September 30, 2024 |
||
|
|
(In Thousands of |
||||
|
CSI Solar: |
|
|
|
||
|
Solar modules |
|
|
|
||
|
Solar system kits |
189,212 |
|
320,554 |
||
|
Battery energy storage solutions |
1,073,742 |
|
572,662 |
||
|
EPC and others |
126,443 |
|
106,815 |
||
|
Subtotal |
4,048,506 |
|
4,337,154 |
||
|
Recurrent Energy: |
|
|
|
||
|
Solar power and battery energy storage asset |
160,012 |
|
18,796 |
||
|
Power services |
55,200 |
|
55,210 |
||
|
Revenue from electricity, battery energy storage |
114,180 |
|
61,008 |
||
|
Subtotal |
329,392 |
|
135,014 |
||
|
Total net revenues |
|
|
|
||
|
Canadian Solar Inc. |
||||||||||
|
Unaudited Condensed Consolidated Statements of Operations |
||||||||||
|
(In Thousands of |
||||||||||
|
|
||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
1,231,101 |
|
1,188,841 |
|
1,260,188 |
|
3,476,073 |
|
3,689,885 |
|
|
|
Gross profit |
256,301 |
|
505,030 |
|
247,436 |
|
901,825 |
|
782,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution |
101,298 |
|
109,479 |
|
136,172 |
|
301,544 |
|
356,276 |
|
|
General and administrative |
116,539 |
|
252,671 |
|
99,989 |
|
474,861 |
|
295,593 |
|
|
Research and development |
19,999 |
|
24,719 |
|
30,459 |
|
69,002 |
|
90,316 |
|
|
Other operating income, net |
(16,124) |
|
(9,272) |
|
(19,478) |
|
(50,799) |
|
(56,918) |
|
Total operating expenses |
221,712 |
|
377,597 |
|
247,142 |
|
794,608 |
|
685,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
34,589 |
|
127,433 |
|
294 |
|
107,217 |
|
97,016 |
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
(44,414) |
|
(44,807) |
|
(34,184) |
|
(129,708) |
|
(102,073) |
|
|
Interest income |
15,078 |
|
9,920 |
|
13,745 |
|
37,094 |
|
62,169 |
|
|
Gain (loss) on change in fair |
(20,571) |
|
(5,760) |
|
14,932 |
|
(35,370) |
|
(1,681) |
|
|
Foreign exchange gain |
3,188 |
|
(7,318) |
|
(18,662) |
|
(8,716) |
|
6,737 |
|
|
Investment income (loss), |
4,514 |
|
1,666 |
|
3,427 |
|
7,270 |
|
2,761 |
|
Total other expenses |
(42,205) |
|
(46,299) |
|
(20,742) |
|
(129,430) |
|
(32,087) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income |
(7,616) |
|
81,134 |
|
(20,448) |
|
(22,213) |
|
64,929 |
|
|
Income tax benefit (expense) |
(7,138) |
|
(34,311) |
|
19,829 |
|
(18,327) |
|
4,869 |
|
|
Equity in losses of affiliates |
(6,324) |
|
(2,053) |
|
(5,451) |
|
(12,422) |
|
(12,221) |
|
|
Net income (loss) |
(21,078) |
|
44,770 |
|
(6,070) |
|
(52,962) |
|
57,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income (loss) |
(30,064) |
|
37,573 |
|
7,956 |
|
(35,174) |
|
55,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share - basic |
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation - |
67,620,463 |
|
67,167,296 |
|
66,933,121 |
|
67,252,558 |
|
66,505,377 |
|
|
Earnings (loss) per share - |
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation - |
67,620,463 |
|
67,167,296 |
|
66,933,121 |
|
67,252,558 |
|
66,505,377 |
|
|
Canadian Solar Inc. |
||||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) |
||||||||||
|
(In Thousands of |
||||||||||
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency |
4,013 |
|
95,175 |
|
130,342 |
|
101,279 |
|
16,632 |
|
|
Gain (loss) on changes |
(1,939) |
|
865 |
|
(105) |
|
(1,578) |
|
1,544 |
|
|
Gain (loss) on interest |
(452) |
|
(8,148) |
|
(8,874) |
|
(11,681) |
|
(8,390) |
|
|
Share of gain (loss) on |
— |
|
(629) |
|
(1,908) |
|
(1,861) |
|
(933) |
|
|
Comprehensive income |
(19,456) |
|
132,033 |
|
113,385 |
|
33,197 |
|
66,430 |
|
|
Less: comprehensive |
(28,806) |
|
41,855 |
|
12,969 |
|
(27,719) |
|
48,943 |
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Canadian Solar Inc. |
|
|||||
|
Unaudited Condensed Consolidated Balance Sheets |
||||||
|
(In Thousands of |
||||||
|
|
||||||
|
|
September 30, |
|
December 31, |
|
||
|
|
2025 |
|
2024 |
|
||
|
ASSETS |
|
|
|
|
||
|
Current assets: |
|
|
|
|
||
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
Restricted cash |
405,749 |
|
551,387 |
|
|
|
|
Accounts receivable trade, net |
814,685 |
|
1,118,770 |
|
|
|
|
Accounts receivable, unbilled |
234,915 |
|
142,603 |
|
|
|
|
Amounts due from related parties |
5,723 |
|
5,220 |
|
|
|
|
Inventories |
1,244,397 |
|
1,206,595 |
|
|
|
|
Value added tax recoverable |
253,734 |
|
221,539 |
|
|
|
|
Advances to suppliers, net |
190,491 |
|
124,440 |
|
|
|
|
Derivative assets |
3,570 |
|
14,025 |
|
|
|
|
Project assets |
538,385 |
|
394,376 |
|
|
|
|
Prepaid expenses and other current assets |
930,503 |
|
436,635 |
|
|
|
Total current assets |
6,385,463 |
|
5,917,077 |
|
||
|
Restricted cash |
10,871 |
|
11,147 |
|
||
|
Property, plant and equipment, net |
3,310,094 |
|
3,174,643 |
|
||
|
Solar power and battery energy storage systems, |
2,030,656 |
|
1,976,939 |
|
||
|
Deferred tax assets, net |
388,129 |
|
473,500 |
|
||
|
Advances to suppliers, net |
146,046 |
|
118,124 |
|
||
|
Investments in affiliates |
276,083 |
|
232,980 |
|
||
|
Intangible assets, net |
31,987 |
|
31,026 |
|
||
|
Project assets |
1,397,333 |
|
889,886 |
|
||
|
Right-of-use assets |
448,091 |
|
378,548 |
|
||
|
Amounts due from related parties |
76,813 |
|
75,215 |
|
||
|
Other non-current assets |
655,434 |
|
232,465 |
|
||
|
TOTAL ASSETS |
|
|
|
|
||
|
Canadian Solar Inc. |
|
||||
|
Unaudited Condensed Consolidated Balance Sheets (Continued) |
|
||||
|
(In Thousands of |
|
||||
|
|
|
||||
|
|
September 30, |
|
December 31, |
|
|
|
|
2025 |
|
2024 |
|
|
|
LIABILITIES, REDEEMABLE INTERESTS AND |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
|
|
|
Convertible notes |
— |
|
228,917 |
|
|
|
Green bonds |
125,060 |
|
— |
|
|
|
Accounts payable |
1,070,135 |
|
1,062,874 |
|
|
|
Short-term notes payable |
745,794 |
|
637,512 |
|
|
|
Amounts due to related parties |
2,163 |
|
3,927 |
|
|
|
Other payables |
896,982 |
|
984,023 |
|
|
|
Advances from customers |
221,652 |
|
204,826 |
|
|
|
Derivative liabilities |
4,776 |
|
13,738 |
|
|
|
Operating lease liabilities |
25,889 |
|
21,327 |
|
|
|
Other current liabilities |
447,572 |
|
388,460 |
|
|
Total current liabilities |
5,968,174 |
|
5,418,910 |
|
|
|
Long-term borrowings |
3,499,706 |
|
2,731,543 |
|
|
|
Convertible notes |
194,751 |
|
— |
|
|
|
Green bonds |
34,996 |
|
146,542 |
|
|
|
Liability for uncertain tax positions |
5,770 |
|
5,770 |
|
|
|
Deferred tax liabilities |
117,351 |
|
204,832 |
|
|
|
Operating lease liabilities |
344,664 |
|
271,849 |
|
|
|
Other non-current liabilities |
632,483 |
|
582,301 |
|
|
|
TOTAL LIABILITIES |
10,797,895 |
|
9,361,747 |
|
|
|
Redeemable non-controlling interests |
369,356 |
|
247,834 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Common shares |
835,543 |
|
835,543 |
|
|
|
Additional paid-in capital |
579,551 |
|
590,578 |
|
|
|
Retained earnings |
1,567,970 |
|
1,585,758 |
|
|
|
Accumulated other comprehensive loss |
(114,811) |
|
(196,379) |
|
|
Total Canadian Solar Inc. shareholders' equity |
2,868,253 |
|
2,815,500 |
|
|
|
Non-controlling interests |
1,121,496 |
|
1,086,469 |
|
|
|
TOTAL EQUITY |
3,989,749 |
|
3,901,969 |
|
|
|
TOTAL LIABILITIES, REDEEMABLE |
|
|
|
|
|
|
Canadian Solar Inc. |
||||||||||
|
Unaudited Condensed Statements of Cash Flows |
||||||||||
|
(In Thousands of |
||||||||||
|
|
||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to net |
213,292 |
|
366,084 |
|
57,395 |
|
741,146 |
|
389,946 |
|
|
Changes in operating |
(304,274) |
|
(222,298) |
|
(282,290) |
|
(875,891) |
|
(1,399,313) |
|
|
Net cash provided by |
(112,060) |
|
188,556 |
|
(230,965) |
|
(187,707) |
|
(951,790) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, |
(266,768) |
|
(172,729) |
|
(238,164) |
|
(695,877) |
|
(898,474) |
|
|
Purchase of solar |
(27,685) |
|
(219,695) |
|
(247,219) |
|
(376,087) |
|
(431,496) |
|
|
Other investing activities |
6,789 |
|
(55,882) |
|
(11,325) |
|
(132,990) |
|
1,622 |
|
|
Net cash used in investing |
(287,664) |
|
(448,306) |
|
(496,708) |
|
(1,204,954) |
|
(1,328,348) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from |
— |
|
— |
|
200,000 |
|
— |
|
497,000 |
|
Capital contributions |
200,301 |
|
— |
|
(7,064) |
|
214,981 |
|
— |
|
|
|
Repurchase of shares |
— |
|
(24,221) |
|
— |
|
(45,625) |
|
(77,688) |
|
|
Other financing |
110,110 |
|
495,276 |
|
1,078,357 |
|
1,156,348 |
|
1,762,991 |
|
|
Net cash provided by |
310,411 |
|
471,055 |
|
1,271,293 |
|
1,325,704 |
|
2,182,303 |
|
|
Effect of exchange rate |
5,035 |
|
18,985 |
|
91,933 |
|
(17,133) |
|
(20,803) |
|
|
Net increase (decrease) in |
(84,278) |
|
230,290 |
|
635,553 |
|
(84,090) |
|
(118,638) |
|
|
Cash, cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents |
|
|
|
|
|
|
|
|
|
About Non-GAAP Financial Measures
This press release also contains adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share - diluted that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income (loss) attributable to Canadian Solar Inc. or earnings (loss) per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share - diluted exclude from net income (loss) attributable to Canadian Solar Inc. and earnings (loss) per share certain items that the Company does not consider indicative of its ongoing financial performance such as the effects of HLBV method to account for its tax equity arrangements. Management uses these non-GAAP financial measures to facilitate the analysis and communication of the Company's financial performance as compared to its previous financial results. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of the Company's financial performance. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
The table below provides a reconciliation of our GAAP net income (loss) to non-GAAP financial measures.
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income |
|
|
|
|
|
|
|
|
|
|
|
Less: HLBV effects |
(34,606) |
|
(30,248) |
|
— |
|
(90,756) |
|
— |
|
|
Non-GAAP adjusted net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings (loss) per |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income |
|
|
|
|
|
|
|
|
|
|
|
Less: HLBV effects |
(0.51) |
|
(0.45) |
|
— |
|
(1.35) |
|
— |
|
|
Add: HLBV effects |
— |
|
— |
|
— |
|
— |
|
— |
|
|
Non-GAAP adjusted earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation – |
67,620,463 |
|
67,167,296 |
|
66,933,121 |
|
67,252,558 |
|
66,505,377 |
|
|
Shares used in computation – |
67,620,463 |
|
67,167,296 |
|
66,933,121 |
|
67,252,558 |
|
66,505,377 |
|
View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2025-results-302614244.html
SOURCE Canadian Solar Inc.
FAQ
What were Canadian Solar's Q3 2025 revenues and gross margin (CSIQ)?
How large was Canadian Solar's e-STORAGE backlog and shipments in Q3 2025 (CSIQ)?
When will Canadian Solar begin U.S. production of solar cells and batteries (CSIQ)?
What was Canadian Solar's cash and debt position at Sept 30, 2025 (CSIQ)?
How did module shipments trend in Q3 2025 for Canadian Solar (CSIQ)?
What guidance did Canadian Solar give for Q4 2025 revenue and shipments (CSIQ)?
