Canadian Solar (Nasdaq:CSIQ) announced its financial results for Q1 2025, posting net revenues of $1.2 billion in-quarter, about a 10% decline year-over-year for the quarter. Revenue came in at the higher end of the company’s expected range of $1 billion to $1.2 billion.
The solar module manufacturer, energy storage provider and project developer had a 9.4% year-over-year increase in solar module shipments, shipping 6.9 GW in the quarter.
“In the first quarter of 2025, CSI Solar maintained profitability despite ongoing challenges in the solar market and softer storage shipments. We achieved further manufacturing cost reductions through efficiency improvements in Asia and the progressed ramping of our U.S. module facility,” said Yan Zhuang, president of Canadian Solar subsidiary CSI Solar.
Canadian Solar also grew its e-Storage grid-scale energy storage system order pipeline to 91 GWh, including a $3.2 billion contracted backlog. The company said on its earnings call the grid-scale storage business faces “near-term uncertainty” but that as policy clarity emerges, the company expects to be well-positioned to capitalize on growing demand globally.
Canadian Solar’s development and independent power producer (IPP) business Recurrent Energy secured a $415 million multi-currency credit facility during the quarter to refinance and support the expansion of its IPP portfolio. Canadian Solar shipped 413 MW of its own modules to Recurrent Energy in-quarter.
The company also posted 11.7% gross margins, coming in ahead of expectations.
“We started 2025 facing many of the same challenges that defined 2024, with module prices reaching historic lows and geopolitical complexities persisting. Despite these headwinds, Canadian Solar delivered results at or above guidance across shipments, revenue, and gross margin—a testament to our disciplined execution,” said Dr. Shawn Qu, chairman and chief executive officer, Canadian Solar.
The company said the impact of tariffs combined with lower sales from its energy storage division, Recurrent Energy’s ongoing transformation, and intracompany eliminations weighed on profitability, resulting in a net loss to shareholders of $34 million or $0.69 per diluted share.
Canadian Solar’s assets totaled $13.9 billion in assets, $2.0 billion in cash, and carries $5.7 billion in total debt.
For the full year 2025, the company expects to ship 25 GW to 30 GW of solar modules including 1 GW to the company’s own projects, while storage shipments are expected to range 7 GWh to 9 GWh, including approximately 1 GWh to the company’s own projects. The company’s total revenue is expected to be in the range of $6.1 billion to $7.1 billion in the full year of 2025.
“We expect second quarter performance to be bolstered by strong energy storage shipments,” said Qu. “We continue to operate in an environment of global pricing volatility and evolving policy uncertainty that limits margin visibility. Our updated full year guidance reflects our current assessment of ongoing market and geopolitical developments, as we adhere to our profit-first strategy.”
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