Canada's Canadian Solar Q2 revenue beats, helped by strength in energy storage shipments
CSIQ•What drove the quarter
- Energy storage shipments — Battery energy storage shipments exceeded guidance, serving utility-scale projects across North America, EMEA, Asia Pacific and Latin America.
- Gross margin decline — The sequential decrease in gross margin was primarily driven by the absence of a tariff refund recognized in the prior period and normalized energy storage margins, according to CFO Xinbo Zhu.
- Project sales deferral — Recurrent Energy's quarterly performance was light, primarily due to the deferral of planned project sales to the second half.
Outlook and shipment guidance
- Canadian Solar sees third-quarter revenue between $1.3 billion and $1.5 billion.
- The company expects third-quarter gross margin of 13.5% to 15.5%.
- Canadian Solar reiterated its 2026 U.S. module shipment guidance of 6.5 GW to 7.0 GW.
Key figures and market context
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $1.21 billion |
