In Q4 2025, module shipments recognized as revenue fell 16% sequentially to 4.3 GW, driving net revenues down 18% to $1.2 billion. Gross margin declined to 10.2% from 17.2% in Q3, reflecting impairment charges, while net loss widened to $86 million (loss of $1.66 per share) versus a $9 million loss in Q3. Capital expenditures for 2025 totaled $962 million, slightly below forecasts, and year-end cash stood at $1.9 billion. Total debt rose to $6.5 billion, including $3.8 billion at Recurrent Energy and $2.5 billion in manufacturing liabilities, while non-recourse project debt reached $2.2 billion, reflecting new project financing. Canadian Solar delivered 24.3 GW of solar modules and 7.8 GWh of energy storage globally in 2025, marking record shipments in the U.S. at 8.1 GW for modules and 3.9 GWh for storage. The contracted energy storage backlog climbed to $3.6 billion, and the company completed a $230 million convertible bond issuance to fund U.S. manufacturing initiatives. The company resumed direct oversight of U.S. operations with the formation of CS PowerTech and fully ramped its Mesquite, Texas module factory to a 5 GW annual run rate, with plans to expand to 10 GWp by the second half of 2026. Equipment for the first phase of a 6.3 GWp cell plant in Jeffersonville, Indiana is being installed, with first-cell production expected by March end and full ramp by June.