Canadian Solar Q4 Loss Widens to $86M as Revenue Falls 20%
Canadian Solar posted an $86 million Q4 2025 net loss, or $1.66 per share versus an expected $0.47 loss, on $1.2 billion revenue down 20% year-over-year and 4.3 GW of module shipments, down 47% y/y. It forecasts Q1 revenue $900 million to $1.1 billion, 13%–15% gross margin and 2.2–2.4 GW module shipments.
1. Q4 Earnings Miss
Canadian Solar recorded a net loss of $86 million, or $1.66 per share, in Q4 2025 compared with an expected $0.47 loss per share. Revenue fell to $1.2 billion, down 20% year-over-year, while gross profit declined to $124 million, a 10.2% margin driven by asset impairments and lower project asset sales.
2. Shipments and Costs
Total module shipments recognized as revenue were 4.3 GW, down 16% sequentially and 47% year-over-year, reflecting weaker solar module and energy storage demand and project delivery delays. Operating expenses decreased to $188 million but rose to 15.5% of revenue, slightly above the prior quarter’s 14.9%.
3. Q1 Outlook and Balance Sheet
Management projects Q1 2026 revenue of $900 million to $1.1 billion, a 13%–15% gross margin and module shipments of 2.2–2.4 GW. Year-end debt increased to $6.5 billion, supported by new project financing as the Texas module factory ramps toward 10 GWp capacity by H2 2026.