Canadian Solar Posts 10.2% Q4 Margin, Plans 10 GW US Capacity by 2026
Canadian Solar posted a 10.2% gross margin and a $69 million Q4 operating loss driven by project impairments and permitting delays. The company shipped 24.3 GW of modules in 2025, including 8.1 GW to the U.S., and aims to double U.S. manufacturing to 10 GW peak by end-2026.
1. Q4 Financial Results
Canadian Solar recorded a 10.2% gross margin in Q4 2025 and an operating loss of $69 million due to project impairments and delays primarily from permitting challenges.
2. 2025 Module Shipments
Total module shipments reached 24.3 GW in 2025, with a record 8.1 GW delivered to the U.S., reflecting strong demand despite supply constraints.
3. US Manufacturing Expansion
The company plans to double its U.S. nameplate manufacturing capacity to 10 GW peak by end-2026, leveraging HJT technology that reduces silver usage and boosts efficiency.
4. Outlook and Strategic Focus
Management projects lower operating expenses through higher shipment volumes, focuses CapEx on U.S. plants and Southeast Asia storage, and remains confident in its Section 337 position.