Canadian Solar Stock Price, News & Analysis

Canadian Solar reported significant growth in Q3 2022, achieving a 57% year-over-year revenue increase to $1.93 billion and a 123% net income rise to $1.12 per diluted share. The gross margin was 18.8%, surpassing expectations. Module shipments surged 62% year-over-year to 6.0 GW. The company projects 30 GW to 35 GW in total module shipments for FY 2023, reflecting robust demand. The carve-out IPO for the CSI Solar subsidiary is back on track, awaiting regulatory approval. Despite challenges from COVID-19 and macroeconomic factors, Canadian Solar is positioned for long-term growth in solar and energy storage sectors.

Canadian Solar (NASDAQ: CSIQ) announced the commercial operation of its 100 MWp Azuma Kofuji solar project in Fukushima, Japan, the largest operational solar project in the prefecture. The project, built on 460 acres, will produce approximately 106,800 MWh of energy annually, enough to power 31,000 homes, and contribute to Japan's 2050 carbon neutrality goal. The project is financed by JPY 24.5 billion (approximately USD 175 million) and benefits from a long-term energy purchase agreement with Tohoku Electric Power at JPY 36 (USD 0.26) per kWh.

On November 3, 2022, Canadian Solar (NASDAQ: CSIQ) announced that its subsidiary, CSI Solar, attained France's ECS and Italy's EPD environmental certifications for its solar modules. These certifications confirm that their modules have some of the lowest carbon footprints in the industry, with carbon emissions of below 400 kg/kWp for HiHero modules and 500 kg/kWp for mono-PERC modules. Canadian Solar aims to increase its market share in Europe, a region responsible for 25% of its module shipments, as demand for sustainable energy grows.

Canadian Solar Inc. (NASDAQ: CSIQ) has scheduled a conference call for November 22, 2022, at 8:00 a.m. EST to discuss its third quarter 2022 results and business outlook. Interested parties can join via a toll-free number or listen to a live webcast on the company's investor relations website. A replay of the call will be available until December 6, 2022.

Canadian Solar, founded in 2001, is a major player in the solar energy sector, having delivered approximately 76 GW of solar modules globally. The firm has a diversified project pipeline and is recognized for its robust financial standing.

Canadian Solar (CSIQ) announced that its subsidiary Recurrent Energy has operationalized the Crimson Storage project, a significant 350 MW / 1400 MWh energy storage facility in California. This project is now the largest battery storage project in the world to reach operational status in a single phase. Crimson Storage has secured contracts with Southern California Edison and Pacific Gas and Electric for reliability services, enhancing California's energy grid reliability and contributing to carbon dioxide emission reductions of up to 275,000 tons annually.

On September 14, 2022, Canadian Solar (CSIQ) announced the launch of the SolBank, a proprietary energy storage battery solution designed for utility-scale applications. Produced by its subsidiary, CSI Energy Storage, the SolBank features lithium iron phosphate chemistry with up to 2,800 kWh of usable energy capacity. Additionally, the company plans to expand its battery manufacturing capacity from 2.5 GWh to 10 GWh by the end of 2023. The SolBank will be showcased at the RE+ trade show in Anaheim, California. As of Q2 2022, CSI Energy Storage's total project pipeline reached 11 GWh.

Canadian Solar Inc. (NASDAQ: CSIQ) announced the launch of the EP Cube, an all-in-one residential energy storage solution, at the RE+ trade show in Anaheim, California, from September 19-22, 2022. Key features include customizable capacity from 9.9 kWh to 19.9-kWh, a lightweight design for easy installation, and compatibility with both new and retrofit PV systems. The product offers a modular approach, allowing for scalable energy storage of up to 119.9 kWh. An app will facilitate energy management for homeowners and installers. This launch aims to leverage the Inflation Reduction Act's incentives for greater clean energy adoption.

Canadian Solar (NASDAQ: CSIQ) announced the award of a 253 MWp solar and 1,000 MWh battery energy storage project in Chile, known as the Zaldivar Project. This project, part of a public tender, will contribute 16% to a total of 777 GWh/year awarded. Construction is set to begin in 2024, with operations starting in 2026. The project aims to reduce over 263,000 tons of CO2 emissions annually, enhancing grid reliability and supporting Chile's carbon neutrality goal by 2050.

Canadian Solar (NASDAQ: CSIQ) reported robust Q2 2022 results, achieving solar module shipments of 5.06 GW, exceeding previous guidance. Revenue soared 62% year-over-year to $2.31 billion, surpassing the $2.2-$2.3 billion forecast, while gross margin reached 16.0%. Net income attributable to the company was $74 million, or $1.07 per diluted share. The global solar project pipeline expanded to 26 GWp, with battery storage expanding to over 31 GWh. Management raised the full-year revenue guidance to $7.5-$8.0 billion, highlighting expectations for continued growth driven by demand for clean energy.