Canadian Solar Posts $1.1B Q1 Revenue, 2.5GW Modules and 2.1GWh Storage Shipments
Canadian Solar posted Q1 revenue of $1.1B at the high end of guidance with gross margin of 25.1%, aided by IEEPA tariff refunds, but recorded a $32M net loss ($0.71/share). Solar module shipments reached 2.5GW and energy storage shipments 2.1GWh, supported by a $3.5B project backlog and US manufacturing expansion.
1. Q1 Financial Performance
Canadian Solar reported Q1 revenue of $1.1B at the high end of guidance, with a gross margin of 25.1% boosted by IEEPA tariff refunds, resulting in a net loss of $32M (−$0.71 per share) and operating income of $127M.
2. Shipments and Backlog
The company recognized revenue on 2.5GW of solar modules and shipped 2.1GWh of energy storage, exceeding guidance and underpinning a contracted project backlog of $3.5B.
3. Cash Flow and Balance Sheet
Operating cash flow saw an outflow of $209M as capital expenditures reached $173M for US manufacturing, while the balance sheet held $1.9B in cash against $6.8B of total debt, with net interest expense of $36M and FX losses of $29M.
4. Outlook and US Manufacturing
Management guided Q2 revenue of $1.0–1.2B with a 13–15% gross margin and is ramping US capacity, including trial production of HJT solar cells at its Jeffersonville, Indiana facility.