Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
CANADIAN SOLAR INC.
The contents of this Report on Form 6-K are hereby incorporated by
reference into the Company’s registration statement on Form S-8 (File No. 333-299055) filed with the SEC on September 21, 2026.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
| SSE Stock Code: 688472 |
|
SSE Stock Abbreviation: CSI Solar |
CSI Solar Co., Ltd.
2026 Third Quarter Report
| The
board of directors of CSI Solar Co., Ltd. (the “Company”) and all members of the board of directors guarantee that the
information of this public announcement contains no misrepresentations, misleading statements, or material omissions, and they are
legally responsible for the truthfulness, accuracy, and completeness of the information contained herein. |
Important Notice:
The board of directors,
the directors, and senior management members of the Company guarantee that the information contained in this quarterly report is true,
accurate, and complete without any false information, misleading statements or material omissions, and severally and jointly accept legal
responsibility for the above.
The person in charge
of the Company, the person in charge of accounting function, and the person in charge of accounting institution (head of accounting department)
guarantee that the financial statements contained in this quarterly report are true, accurate, and complete.
Whether the financial
statements for the third quarter have been audited:
¨ Yes √ No
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
1. Key Financial Data
(1) Key Accounting Data and
Financial Indicators
Unit: Yuan Currency:
RMB
| Item | |
Current Reporting
Period | |
Increase/Decrease
Over the Same
Period Last Year
(%) | |
For the Period
from the
Beginning of the
Year to the End of
the Current
Reporting Period | |
Increase/Decrease
Over the Same
Period Last Year
(%) | |
| Operating revenue | |
| 5,862,796,815.70 | |
| -42.63 | |
| 18,647,208,646.72 | |
| -40.37 | |
| Total profit | |
| -483,050,106.11 | |
| -393.83 | |
| 167,052,056.40 | |
| -83.41 | |
| Net profit attributable to the shareholders of the Company | |
| -394,859,604.02 | |
| -253.09 | |
| -95,260,650.29 | |
| -109.63 | |
| Net profit attributable to the shareholders of the Company after deducting non-recurring gains and losses | |
| -496,541,412.51 | |
| -275.10 | |
| -749,127,178.97 | |
| -166.92 | |
| Net cash flow from operating activities | |
| 774,500,475.28 | |
| -54.10 | |
| -119,535,246.80 | |
| -102.19 | |
| Basic earnings per share (RMB/share) | |
| -0.11 | |
| -257.14 | |
| -0.03 | |
| -111.11 | |
| Diluted earnings per share (RMB/share) | |
| -0.11 | |
| -257.14 | |
| -0.03 | |
| -111.11 | |
| Weighted average return on equity (%) | |
| -1.76 | |
| Decreased by 2.86 percentage points | |
| -0.42 | |
| Decreased by 4.70 percentage points | |
| Total R&D expenditure | |
| 138,483,269.19 | |
| -3.19 | |
| 415,019,660.51 | |
| -16.59 | |
| R&D expenditure as a percentage of operating revenue (%) | |
| 2.36 | |
| Increased by 0.96 percentage points | |
| 2.23 | |
| Increased by 0.64 percentage points | |
| | |
End of Current
Reporting Period | | |
End of Previous Year | | |
Increase/Decrease
at the End of
Current
Reporting Period
over the End of
Previous Year (%) | |
| Total assets | |
| 58,250,893,426.64 | | |
| 64,378,089,598.43 | | |
| -9.52 | |
| Equity attributable to the shareholders of the Company | |
| 21,909,720,544.98 | | |
| 23,394,375,286.53 | | |
| -6.35 | |
Note: “Current reporting period”
refers to the three-month period from the beginning to the end of the quarter, unless otherwise stated.
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
(2) Non-recurring Gain and Loss
Items and Amounts
√ Applicable ¨ Not applicable
Unit: Yuan Currency:
RMB
| Non-recurring Gain and Loss Items | |
Amount for the
Current Reporting
Period | |
Amount from the
Beginning
of the Year to the
End of the
Current Reporting
Period | |
Explanation | |
| Gains and losses on disposal of non-current assets, including the written-off portion of asset impairment provisions made | |
| 166,922,238.06 | |
| 321,285,575.21 | |
| |
| Government grants included in the current profit and loss, except for those which are closely related to the Company’s ordinary operations, comply with national policies and regulations, and continuously received in certain standard amounts or quantities | |
| 16,985,887.81 | |
| 72,598,323.19 | |
| |
| Gains and losses from changes in fair value of financial assets and liabilities by non-financial enterprise, and gains and losses on disposal of financial assets and liabilities, except for effective hedging transactions related to the Company’s ordinary operations | |
| -63,004,262.64 | |
| 450,735,943.86 | |
| |
| Profits and losses from entrusting investment or management of assets to others | |
| 819,387.27 | |
| 3,557,896.92 | |
| |
| Reversal of provision for impairment of accounts receivable that are individually tested for impairment | |
| 845,723.50 | |
| 1,343,925.31 | |
| |
| Other non-operating gains and losses other than the above | |
| 1,142,360.23 | |
| -438,658.01 | |
| |
| Less: Effect of income tax | |
| 22,112,199.97 | |
| 195,787,711.99 | |
| |
| Effect of minority interests (after tax) | |
| -82,674.23 | |
| -571,234.19 | |
| |
| Total | |
| 101,681,808.49 | |
| 653,866,528.68 | |
| |
Explanations
shall be given on significant items classified as non-recurring gains and losses by the Company that are not set out in the “Explanatory
Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public - Non-recurring Gain and Loss”,
and on non-recurring gains and losses items set out in the “Explanatory
Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public - Non-recurring Gain and Loss”
but classified as ordinary gains and losses by the Company.
¨ Applicable √ Not applicable
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
(3) Changes in Key Accounting
Data and Financial Indicators and the Reasons Thereof
√ Applicable
¨ Not applicable
| Item |
Change
(%) |
Main
Reason |
| Operating
revenue _ current reporting period |
-42.63
|
Amid
intensifying industry competition and downward pressure on product prices, the growth of the Company's energy storage segment was
insufficient to offset the decline in shipment volumes in the solar segment, resulting in decreases in both revenue and profit. |
| Operating
revenue _ from beginning of the year to the end of current reporting period |
-40.37
|
| Total
profit _ current reporting period |
-393.83
|
| Total
profit _ from beginning of the year to the end of current reporting period |
-83.41
|
| Net
profit attributable to the shareholders of the Company _ current reporting period |
-253.09
|
| Net
profit attributable to the shareholders of the Company _ from beginning of the year to the end of current reporting period |
-109.63
|
| Net
profit attributable to the shareholders of the Company after deducting non-recurring gains and losses _ current reporting period |
-275.10
|
| Net
profit attributable to the shareholders of the Company after deducting non-recurring gains and losses _ from beginning of the year
to the end of current reporting period |
-166.92
|
| Net
cash flow from operating activities _ current reporting period |
-54.10
|
Mainly
due to the decline in the Company’s sales volume and average selling prices (“ASP”), which correspondingly reduced
both cash received from sale of goods and provision of services and cash paid for purchase of goods and services rendered. As the
decrease in cash received from sale of goods and provision of services exceeded the decrease in cash paid for purchase of goods and
services rendered, net cash flows from operating activities declined year-on-year and turned into a net outflow from the beginning
of the year to the end of current reporting period. |
| Net
cash flow from operating activities _ from beginning of the year to the end of current reporting period |
-102.19
|
| Basic
earnings per share (RMB/share)_ current reporting period |
-257.14
|
Mainly
due to a decrease in net profit attributable to the shareholders of the Company, resulting in a decrease in earnings per share compared
with the same period last year. |
| Basic
earnings per share (RMB/share)_ from beginning of the year to the end of current reporting period |
-111.11
|
| Diluted
earnings per share (RMB/share)_ current reporting period |
-257.14
|
| Diluted
earnings per share (RMB/share)_ from beginning of the year to the end of current reporting period |
-111.11
|
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
2. Shareholder Information
(Omitted)
3. Other Reminders
Other important information about the
Company’s operations during the Reporting Period that should be brought to the attention of investors
√ Applicable ¨ Not applicable
As of September
30, 2026, the Company had repurchased an aggregate of 37,791,085 shares through the trading system of the Shanghai Stock Exchange by
way of centralized bidding, representing 1.04% of the Company’s total share capital. The highest transaction price was RMB 11.35
per share and the lowest was RMB 8.16 per share, with total funds used for the repurchase amounting to RMB 365,291,813.71 (excluding
stamp duty, transaction commissions, and other transaction costs).
4. Quarterly Financial Statements
(1) Type of audit opinion
¨ Applicable √ Not Applicable
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
(2) Financial Statements
Consolidated
Balance Sheet
September 30, 2026
Prepared by: CSI Solar Co., Ltd.
Unit: Yuan Currency:
RMB Audit Type: Unaudited
| Item | |
As of September 30, 2026 | |
As of December 31, 2025 | |
| Current assets: |
| Monetary funds | |
7,963,687,067.66 | |
| 11,469,051,585.43 | |
| Financial assets held for trading | |
1,108,093,470.21 | |
| 1,789,927,582.31 | |
| Derivative financial assets | |
40,599,840.21 | |
| 105,443,355.82 | |
| Notes receivable | |
314,566,286.48 | |
| 348,852,927.63 | |
| Accounts receivable | |
7,401,458,180.16 | |
| 7,669,723,520.20 | |
| Receivables financing | |
151,246,635.18 | |
| 139,007,197.19 | |
| Prepayments | |
1,347,919,463.40 | |
| 1,128,193,493.48 | |
| Other receivables | |
2,581,669,854.13 | |
| 3,276,546,062.69 | |
| Inventories | |
5,135,274,583.36 | |
| 5,690,726,889.03 | |
| Contract assets | |
2,309,229,247.17 | |
| 2,277,880,002.17 | |
| Assets held for sale | |
- | |
| 1,906,796,110.77 | |
| Non-current assets due within one year | |
486,085,782.07 | |
| - | |
| Other current assets | |
1,710,764,172.80 | |
| 1,759,763,309.34 | |
| Total current assets | |
30,550,594,582.83 | |
| 37,561,912,036.06 | |
| Non-current assets: |
| Long-term receivables | |
3,009,861,667.82 | |
| - | |
| Long-term equity investments | |
651,405,403.30 | |
| 520,228,862.29 | |
| Other equity investments | |
77,233,496.70 | |
| 80,361,605.85 | |
| Other non-current financial assets | |
1,816,799,183.76 | |
| 762,364,705.76 | |
| Fixed assets | |
14,190,922,842.24 | |
| 13,443,445,172.88 | |
| Construction in progress | |
2,847,832,015.88 | |
| 6,670,196,711.62 | |
| Right-of-use assets | |
535,168,649.36 | |
| 675,928,356.70 | |
| Intangible assets | |
771,193,250.97 | |
| 788,676,212.17 | |
| Long-term prepaid expenses | |
295,189,946.28 | |
| 372,277,210.91 | |
| Deferred tax assets | |
2,733,924,200.57 | |
| 2,807,076,201.82 | |
| Other non-current assets | |
770,768,186.93 | |
| 695,622,522.37 | |
| Total non-current assets | |
27,700,298,843.81 | |
| 26,816,177,562.37 | |
| Total assets | |
58,250,893,426.64 | |
| 64,378,089,598.43 | |
| Current liabilities: |
| Short-term loan | |
7,030,036,711.16 | |
| 6,399,613,611.63 | |
| Derivative financial liabilities | |
86,748,468.84 | |
| 42,400,244.47 | |
| Notes payable | |
4,171,897,650.99 | |
| 6,603,903,276.77 | |
| Accounts payable | |
4,493,327,696.11 | |
| 4,362,986,835.28 | |
| Contract liabilities | |
2,283,412,903.48 | |
| 3,184,137,745.18 | |
| Employee benefits payables | |
208,362,227.97 | |
| 364,039,453.73 | |
| Taxes payable | |
537,329,416.70 | |
| 671,259,372.83 | |
| Other payables | |
4,609,039,979.80 | |
| 4,765,965,640.55 | |
| Non-current liabilities due within one year | |
4,646,889,697.51 | |
| 3,612,269,444.00 | |
| Other current liabilities | |
43,970,568.25 | |
| 53,431,422.25 | |
| Total current liabilities | |
28,111,015,320.81 | |
| 30,060,007,046.69 | |
| Non-current liabilities: |
| Long-term loan | |
4,984,022,431.13 | |
| 7,189,267,824.05 | |
| Lease liabilities | |
594,765,508.25 | |
| 724,902,824.05 | |
| Long-term payables | |
16,640,623.95 | |
| 2,679,273.13 | |
| Estimated liabilities | |
797,238,846.83 | |
| 1,030,179,958.05 | |
| Deferred income | |
958,251,537.88 | |
| 1,056,640,165.77 | |
| Deferred income tax liabilities | |
121,883,604.80 | |
| 82,134,270.62 | |
| Other non-current liabilities | |
704,377,258.99 | |
| 831,954,854.32 | |
| Total non-current liabilities | |
8,177,179,811.83 | |
| 10,917,759,169.99 | |
| Total Liabilities | |
36,288,195,132.64 | |
| 40,977,766,216.68 | |
| Owner’s equity (or shareholders’ equity): |
| Paid-in capital (or equity) | |
3,643,140,112.00 | |
| 3,643,140,112.00 | |
| Capital reserve | |
7,475,047,786.10 | |
| 7,452,746,094.01 | |
| Less: Treasury stock | |
798,898,331.65 | |
| 477,840,770.93 | |
| Other comprehensive income | |
-780,700,034.68 | |
| -45,091,322.54 | |
| Surplus reserve | |
273,273,191.10 | |
| 273,273,191.10 | |
| Undistributed profits | |
12,097,857,822.11 | |
| 12,548,147,982.89 | |
| Total equity attributable to the Company (or shareholders’ equity) | |
21,909,720,544.98 | |
| 23,394,375,286.53 | |
| Minority interests | |
52,977,749.02 | |
| 5,948,095.22 | |
| Total owners’ equity (or shareholders’ equity) | |
21,962,698,294.00 | |
| 23,400,323,381.75 | |
| Total liabilities and owners’ equity (or shareholders’ equity) | |
58,250,893,426.64 | |
| 64,378,089,598.43 | |
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
Person in charge of the Company: Qu Xiaohua
Person in charge of accounting function:
Pan Naihong
Person in charge of accounting institution:
Kuai Guofeng
Consolidated
Income Statement
January–September
2026
Prepared by: CSI Solar Co., Ltd.
Unit: Yuan Currency:
RMB Audit Type: Unaudited
| Item | |
First three quarters of 2026
(January–September) | |
First three quarters of 2025
(January–September) | |
| 1. Total operating revenue | |
| 18,647,208,646.72 | |
| 31,270,481,519.57 | |
| Including: Operating revenue | |
| 18,647,208,646.72 | |
| 31,270,481,519.57 | |
| 2. Total operating costs | |
| 19,110,119,773.87 | |
| 30,804,940,364.02 | |
| Including: Operating costs | |
| 16,328,103,290.77 | |
| 27,901,500,869.02 | |
| Taxes and surcharges | |
| 119,041,410.97 | |
| 115,847,604.50 | |
| Selling expenses | |
| 502,929,388.84 | |
| 819,594,066.16 | |
| Administrative expenses | |
| 948,715,577.38 | |
| 1,372,497,877.69 | |
| R&D expenses | |
| 415,019,660.51 | |
| 497,539,309.09 | |
| Financial expenses | |
| 796,310,445.40 | |
| 97,960,637.56 | |
| Including: Interest expense | |
| 347,584,342.45 | |
| 437,589,452.21 | |
| Interest income | |
| 119,333,021.26 | |
| 197,359,408.14 | |
| Add: Other income | |
| 247,267,959.52 | |
| 1,675,154,410.29 | |
| Investment income (losses indicated by “-”) | |
| 277,990,561.79 | |
| -146,417,767.81 | |
| Including: Gains from investment in associates and joint ventures | |
| 38,298,543.57 | |
| 23,481,797.97 | |
| Gains from changes in fair value (losses indicated by “-”) | |
| 253,318,674.48 | |
| 19,481,157.93 | |
| Credit impairment losses (losses indicated by “-”) | |
| -102,188,486.48 | |
| -147,203,262.63 | |
| Impairment loss on assets (losses indicated by “-”) | |
| -383,750,518.30 | |
| -766,804,147.20 | |
| Gain on disposal of assets (losses indicated by “-”) | |
| 306,768,093.84 | |
| -35,272,341.28 | |
| 3. Operating profit (losses indicated by “-”) | |
| 136,495,157.70 | |
| 1,064,479,204.85 | |
| Add: Non-operating income | |
| 52,782,549.26 | |
| 39,716,400.38 | |
| Less: Non-operating expenses | |
| 22,225,650.56 | |
| 97,424,335.30 | |
| 4. Total profit (total losses indicated by “-”) | |
| 167,052,056.40 | |
| 1,006,771,269.93 | |
| Less: Income tax expense | |
| 252,950,013.09 | |
| -4,287,290.96 | |
| 5. Net profit (net loss indicated by “-”) | |
| -85,897,956.69 | |
| 1,011,058,560.89 | |
| (1) Classified by continuity of operations |
| 1. Net profit from continuing operations (net loss indicated by “-”) | |
| -85,897,956.69 | |
| 1,011,058,560.89 | |
| (2) Classified by ownership |
| 1. Net profit attributable to the shareholders of the Company (net loss indicated by “-”) | |
| -95,260,650.29 | |
| 988,933,550.08 | |
| 2. Profit and loss attributable to minority shareholders (net loss indicated by “-”) | |
| 9,362,693.60 | |
| 22,125,010.81 | |
| 6. Other comprehensive income, net of tax | |
| -735,608,712.14 | |
| 184,121,744.83 | |
| (1) Other comprehensive income attributable to owners of the Company, net of tax | |
| -735,608,712.14 | |
| 184,121,744.83 | |
| 1. Other comprehensive income that cannot be reclassified into profit or loss | |
| - | |
| -190,936.95 | |
| (1) Changes in fair value of other equity instrument investments | |
| - | |
| -190,936.95 | |
| 2. Other comprehensive income to be reclassified into profit and loss | |
| -735,608,712.14 | |
| 184,312,681.78 | |
| (1) Other comprehensive income that can be reclassified into profit or loss under the equity method | |
| -9,660,058.35 | |
| - | |
| (2) Cash Flow Hedge Reserve | |
| -73,089,100.33 | |
| - | |
| (3) Exchange difference arising from translation of foreign currency financial statements | |
| -652,859,553.46 | |
| 184,312,681.78 | |
| 7. Total comprehensive income | |
| -821,506,668.83 | |
| 1,195,180,305.72 | |
| (1) Total comprehensive income attributable to owners of the Company | |
| -830,869,362.43 | |
| 1,173,055,294.91 | |
| (2) Total comprehensive income attributable to minority shareholders | |
| 9,362,693.60 | |
| 22,125,010.81 | |
| 8. Earnings per share: |
| (1) Basic earnings per share (RMB/share) | |
| -0.03 | |
| 0.27 | |
| (2) Diluted earnings per share (RMB/share) | |
| -0.03 | |
| 0.27 | |
CSI Solar Co.,
Ltd. 2026 Third Quarter Report
In the current reporting period, for
enterprises under the same control, the net profit achieved by the merged entity before the merger was nil, and the net profit achieved
by the merged entity in the previous period was nil.
Person in charge of the Company: Qu
Xiaohua
Person in charge of accounting function:
Pan Naihong
Person in charge of accounting institution:
Kuai Guofeng
Consolidated
Cash Flow Statement
January–September
2026
Prepared by: CSI Solar Co., Ltd.
Unit: Yuan Currency:
RMB Audit Type: Unaudited
| Item | |
First three quarters of 2026
(January–September) | |
First three quarters of 2025
(January–September) | |
| 1. Cash flow from operating activities: |
| Cash received from sale of goods and provision of services | |
| 20,208,253,099.89 | |
| 47,171,225,937.65 | |
| Tax refunds received | |
| 11,935.32 | |
| 15,675,572.83 | |
| Other cash received related to operating activities | |
| 3,243,523,107.19 | |
| 3,692,915,655.79 | |
| Subtotal of cash inflow from operating activities | |
| 23,451,788,142.40 | |
| 50,879,817,166.27 | |
| Cash paid for purchase of goods and services rendered | |
| 18,580,872,858.18 | |
| 36,546,710,836.77 | |
| Cash paid to and on behalf of employees | |
| 1,367,518,315.32 | |
| 2,042,597,285.89 | |
| Various taxes paid | |
| 436,494,646.85 | |
| 1,035,540,470.42 | |
| Other cash payments related to operating activities | |
| 3,186,437,568.85 | |
| 5,785,723,598.36 | |
| Subtotal
cash outflow from operating activities | |
| 23,571,323,389.20 | |
| 45,410,572,191.44 | |
| Net cash flow from operating activities | |
| -119,535,246.80 | |
| 5,469,244,974.83 | |
| 2. Cash flows from investing activities: |
| Cash received from disposal of investments | |
| 1,150,354,097.06 | |
| 1,120,528,775.17 | |
| Cash received from return of investments | |
| 237,981,359.61 | |
| 132,245,903.16 | |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | |
| 590,733,057.62 | |
| 4,799,146.63 | |
| Net cash received from disposal of subsidiaries and other business units | |
| 214,951,966.74 | |
| 3,372,018.14 | |
| Net cash received from other investing activities | |
| 1,186,329,672.83 | |
| - | |
| Subtotal of cash inflows from investing activities | |
| 3,380,350,153.86 | |
| 1,260,945,843.10 | |
| Cash paid for the acquisition and construction of fixed assets, intangible assets and other long-term assets | |
| 2,246,287,762.88 | |
| 5,085,851,891.42 | |
| Cash paid for investments | |
| 1,494,357,471.17 | |
| 1,672,896,277.33 | |
| Other cash payments related to investing activities | |
| 7,414,160.83 | |
| | |
| Subtotal
of cash outflows from investing activities | |
| 3,748,059,394.88 | |
| 6,758,748,168.75 | |
| Net cash flows from investing activities | |
| -367,709,241.02 | |
| -5,497,802,325.65 | |
| 3. Cash flow from financing activities: |
| Proceeds from investments | |
| 82,917,237.13 | |
| - | |
| Including: Proceeds from Minority Shareholders | |
| 82,917,237.13 | |
| - | |
| Proceeds from loans | |
| 6,252,801,995.90 | |
| 8,739,872,926.23 | |
| Other cash received from financing activities | |
| 880,973,889.07 | |
| 2,837,862,271.82 | |
| Subtotal of cash inflows from financing activities | |
| 7,216,693,122.10 | |
| 11,577,735,198.05 | |
| Cash paid for repayment of loans | |
| 6,804,593,659.45 | |
| 6,519,603,201.46 | |
| Cash paid for dividends, profits or interest payments | |
| 703,540,796.43 | |
| 721,377,659.57 | |
| Other cash paid for financing activities | |
| 573,527,217.89 | |
| 2,246,688,751.53 | |
| Subtotal of cash outflows from financing activities | |
| 8,081,661,673.77 | |
| 9,487,669,612.56 | |
| Net cash flow from financing activities | |
| -864,968,551.67 | |
| 2,090,065,585.49 | |
| 4. Effect of changes in exchange rate on cash and cash equivalents | |
| -433,790,180.11 | |
| 58,064,537.21 | |
| 5. Net increase in cash and cash equivalents | |
| -1,786,003,219.60 | |
| 2,119,572,771.88 | |
| Add: Beginning balance of cash and cash equivalents | |
| 8,453,344,709.03 | |
| 7,806,646,753.41 | |
| 6. Ending balance of cash and cash equivalents | |
| 6,667,341,489.43 | |
| 9,926,219,525.29 | |
Person in charge of the Company: Qu
Xiaohua
Person in charge of accounting function:
Pan Naihong
Person in charge of accounting institution:
Kuai Guofeng
Adjustments to the financial
statements at the beginning of the year upon initial adoption of new accounting standards or interpretation of standards since 2026
¨ Applicable √ Not Applicable
We hereby announce
the above.
Board of Directors
of CSI Solar Co., Ltd.
October
30, 2026
Safe Harbor/Forward-Looking Statements
Certain statements in this press release 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 U.S. Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by such terms as “may”, “will”, “expect”, “anticipate”,
“future”, “ongoing”, “continue”, “intend”, “plan”, “potential”,
“prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar
expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things,
our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies,
future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion
of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such
as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks;
our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute
supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships
with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation,
and compliance with environmental and sustainability regulations. Other risks were described in Canadian Solar’s filings with the
Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although Canadian Solar believes
that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided
in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information,
except as required under applicable law.
Inherent Uncertainty of the Forecast
The forecast should be read in conjunction with
the assumptions and qualifications set forth herein. The forecast is based on numerous assumptions, many of which are beyond our control,
and some or all of which may not materialize.
Additionally, to the extent that the assumptions
inherent in the forecast are based upon future business decisions and objectives, they are subject to change. Although the forecast is
presented with numerical specificity and is based on reasonable expectations developed by our management, the assumptions and estimates
underlying the forecast are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many
of which are beyond the control of CSI Solar and Canadian Solar. Accordingly, the forecast is only an estimate and is necessarily speculative
in nature. It is expected that some or all of the assumptions in the forecast will not be realized and that actual results will vary
from the forecast. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to
place undue reliance on the forecast. The forecast should not be regarded as a representation or warranty by Canadian Solar, CSI Solar
or any other person that the forecast can or will be achieved.
PRC GAAP
CSI Solar’s financial statements were prepared
in accordance with PRC GAAP, whereas Canadian Solar’s financial statements are prepared in accordance with generally accepted
accounting principles in the United States (“U.S. GAAP”). PRC GAAP differs materially from U.S. GAAP. We have not
prepared a reconciliation of the financial statements between PRC GAAP and U.S. GAAP and has not quantified such differences.
In addition, Canadian Solar’s financial statements eliminate all intercompany transactions between Canadian Solar and its subsidiaries.
As a result, CSI Solar’s financial statements are not directly comparable to the corresponding consolidated financial performance
of Canadian Solar. Investors should consult their own professional advisors for an understanding of the differences between PRC
GAAP and U.S. GAAP and how those differences might affect the information contained in the financial statements.
No Audit or Review
The financial statements above have not been
audited or reviewed by the independent public accountants of Canadian Solar or CSI Solar. The financial statements should not be relied
upon by investors to provide the same type or quality of information as information that has been subject to an audit or review by independent
auditors.
