JinkoSolar Q1 Module Shipments Fall 21.9%, Gross Margin Jumps to 8.3%
JinkoSolar's Q1 2026 module shipments dropped 21.9% year-over-year to 13.7 GW, driving revenues of RMB12.25 billion (US$1.78 billion), down 11.5% annually. Gross profit soared 388.7% to RMB1.02 billion, lifting margin to 8.3%, while net loss narrowed to RMB463.5 million.
1. First Quarter Operational Results
JinkoSolar shipped 13,679 MW of solar modules in Q1 2026, down 45.2% sequentially and 21.9% year-over-year, generating RMB12.25 billion in revenue with over 80% of shipments to overseas markets. Energy storage system shipments rose significantly to approximately 1.42 GWh, primarily delivered to high-value overseas markets.
2. Profitability Improvement
Gross profit climbed 388.7% year-over-year to RMB1.02 billion, expanding gross margin to 8.3% from 0.3% in Q4 2025 and a 2.5% loss in Q1 2025. Net loss attributable to ordinary shareholders narrowed to RMB463.5 million from RMB1.50 billion in the prior quarter, reflecting better pricing and mix.
3. Milestone in Cumulative Deliveries
By quarter-end, JinkoSolar became the first module manufacturer to exceed 400 GW of cumulative deliveries, driven by approximately 240 GW of Tiger Neo series modules. The Tiger Neo 3.0 line reached an average power output of 655–660 W, with high-efficiency panels above 640 W accounting for nearly 25% of total shipments.
4. Outlook and Expansion Plans
For Q2 2026, the company forecasts module shipments of 14–16 GW and projects full-year deliveries of 75–85 GW, with high-efficiency products above 650 W expected to exceed 40 GW capacity by year-end. JinkoSolar aims to reach 100 GW of integrated production capacity, including 14 GW from overseas facilities, while scaling its solar-plus-storage strategy.