Canadian Solar ships 6 GW of solar panels in strong Q3 22, with revenue a 57% yearly increase


Canadian Solar, a Guelph, Ontario-based integrated solar module manufacturer and development company, announced total Q3 22 shipments of 6 GW of solar modules, a 55% increase from 3.87 GW shipped in the same quarter a year ago.

The company generated $1.93 billion in revenue for Q3 22, a 57% increase from $1.23 billion in Q3 21, driven by an increase in module shipments and average sale prices.

Of its total 6 GW shipments, only 196 MW or 3.3% of module shipments were used by the company’s utility-scale solar development arm, Recurrent Energy.

“We achieved a 123% increase in net income on a year-over-year basis, despite the headwinds from ongoing COVID-19 shutdowns and macroeconomic challenges, said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.  “We continue to execute our long-term strategy and build on our competitive position with a further expansion of our upstream capacity and increased level of vertical integration in our solar manufacturing capacity.”

Canadian Solar ended Q3 22 with $2 billion in cash, representing a 43% yearly increase.

Annual Guidance

Canadian Solar provided guidance of shipping 30 GW to 35 GW of modules in 2023, which represents a 56% growth from its prior midpoint range.

The company anticipates concluding 2022 with about 20.9 GW of total module shipments and 1.8 GWh – 1.9 GWh of battery shipments.  Q4 22 revenue is expected in the range of  $1.8 billion to $1.9 billion.

Recent Highlights

  • The carve-out IPO of module business CSI Solar Co. Ltd. is back on track, currently awaiting completion of the China Securities Regulatory Commission registration. The company anticipates CSI Solar becoming a separately listed public company from Canadian Solar in Q1 23.
  • On November 3, CSI Solarreceived France’s Simplified Carbon Assessment (Evaluation carbone simplifiée or ECS) certification and Italy’s Environmental Product Declaration (EPD) certification for its high-efficiency mono-facial and bifacial modules, using 182mm and 210mm silicon wafers.
  • On September 13, Canadian Solarlaunched EP Cube, a residential energy storage system to be sold and marketed by CSI Solar. The resi storage system is stackable in 9.9 kWh to 19.9 kWh capacitie, with up to six units connected in parallel to deliver up to 119.9 kWh of storage and 45.6 kW output, which is more power than comparable resi storage systems offered in the U.S. to date.

Canadian Solar trading opened at $36.61 per share today, down 6.6% from $39.21 per share a year ago, with a current $2.35 billion market capitalization.

The company’s global project development pipeline includes 25 GW of solar projects and 40.6 GWh of battery projects whose regional breakdown can be found in the chart below.

CSIQ Global Project Development Pipeline as of Q3 22.

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