Canadian Solar Reports Fourth Quarter and Full Year 2025 Results
KITCHENER, ON, March 19, 2026 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2025.
Full Year 2025 Highlights
Dr. Shawn Qu, Chairman and CEO, commented, "We demonstrated strategic resilience and operational discipline throughout a year defined by persistent market headwinds and a shifting regulatory landscape. In response to the prolonged solar downturn, we pivoted away from the industry's traditional focus on shipment volumes and instead took the lead by prioritizing margins and diversifying our profit drivers, notably energy storage. Our commitment to the U.S. market remains steadfast as we spearhead the reshoring of manufacturing to North America. Our solar module factory in Mesquite, Texas has fully ramped up, and we intend to double its nameplate capacity to support a more resilient domestic supply chain. We are moving in the equipment for the first phase of our solar cell plant in Jeffersonville, Indiana as we speak and expect to see the first cell come off the production line by the end of March, with full ramp up expected by the end of June. Furthermore, we are advancing the second phase, which once operational, will bring our U.S. cell capacity to 6.3 GWp, establishing the largest crystalline silicon technology footprint in the country."
Colin Parkin, President of Canadian Solar and President of e-STORAGE, said, "We shipped 4.3 GW of solar modules this quarter, as we maintained our disciplined approach to order intake amid rising input costs, concluding the year with total shipments of 24.3 GW. Although site construction delays shifted certain energy storage volumes into the first quarter of 2026, we still delivered a record 7.8 GWh in global energy storage shipments. This represents robust double-digit growth, achieved while successfully navigating a turbulent policy environment. Our momentum is further evidenced by a record contracted backlog of $3.6 billion. As we direct our resources toward our comprehensive U.S. manufacturing strategy, we are proactively rebalancing our project development investments to optimize cash flow and manage leverage."
Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "Our quarterly revenue and margin profiles were impacted by delays in certain project sales, which have been pushed into 2026. We continue to shift our business mix toward the monetization of operating and under-construction assets to strengthen our balance sheet and improve cash flow. As we manage the pacing of construction activities, we are also optimizing our pipeline for quality, focusing on generating value from existing opportunities."
Xinbo Zhu, Senior VP and CFO, added, "For the fourth quarter, we reported revenue of $1.2 billion and a gross margin of 10.2%. Profitability was affected by sequentially lower global storage volumes and solar module deliveries to the North American market, delayed project sales, and project asset impairments. Capital expenditures in 2025 totaled $962 million, slightly below expectations, and we ended the year with a cash position of $1.9 billion."
Fourth Quarter 2025 Results
Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, down 16% quarter-over-quarter ("qoq") and down 47% year-over-year ("yoy").
Net revenues were $1.2 billion in Q4 2025, down 18% sequentially and 20% yoy, mainly due to lower sales of solar modules and battery energy storage systems.
Gross profit was $124 million, compared to $256 million in Q3 2025 and $217 million in Q4 2024. Gross margin was 10.2%, compared to 17.2% and 14.3% in Q3 2025 and Q4 2024, respectively. The sequential decrease in gross margin was primarily due to the impairment charges related to certain project assets. The yoy decrease was driven by lower contribution from solar modules and project asset sales, partially offset by higher module ASPs.
Operating expenses were $188 million, down from $222 million in Q3 2025 and $344 million in Q4 2024 due to lower logistics costs. Operating expenses represented 15.5% of revenue, compared to 14.9% in Q3 2025 and 22.6% in Q4 2024.
Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q4 2025 was $86 million, or a net loss of $1.66 per diluted share, compared to a net income of $9 million, or a net loss of $0.07 per diluted share, in the Q3 2025, and net income of $34 million, or $0.48 per diluted share, in Q4 2024. Net income/(loss) per diluted share includes the dilutive effect of convertible bonds, as applicable, and the Recurrent Energy redeemable preferred shares dividends.
Net cash flow used in operating activities in Q4 2025 was $65 million, driven by changes in working capital, specifically an increase in project assets, partially offset by a decrease in inventories, compared to net cash flow used in operating activities of $112 million in Q3 2025 and net cash flow provided by operating activities of $66 million in Q4 2024.
Total debt, including financing liabilities, was $6.5 billion as of December 31, 2025, including $3.8 billion, $2.5 billion and $0.2 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.4 billion as of September 30, 2025, mainly due to new borrowings for construction of projects. Total non-recourse debt under Recurrent Energy as of December 31, 2025, was $2.2 billion.
Business Segments
On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations. The Company has formed a new joint venture with its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar"), by holding a 75.1% controlling stake in CS PowerTech Inc. ("CS PowerTech"), which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. On December 16, 2025, CSI Solar's shareholders approved the proposed initiative.
Following the consummation of this strategic initiative, Canadian Solar's business is organized into two segments:
Manufacturing
Solar Modules and Solar System Kits
The Company shipped 4.3 GW of solar modules and solar system kits to more than 70 countries and regions in Q4 2025.
Consistent with the Company's transition from volume-driven growth to high-value creation, the Company will focus its disclosure on strategic markets rather than aggregate global manufacturing capacity.
In the U.S., the Company operates a 5 GWp solar module factory in Mesquite, Texas, which will be expanded to nameplate capacity of 10 GWp by the second half of 2026.
The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology ("HJT") solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5 GWp, with additional production lines being installed and commissioned through 2026.
e-STORAGE: Battery Energy Storage Solutions
As of March 13, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.6 billion. These signed orders carry contractual obligations to customers and provide significant earnings visibility over a multi-year period.
Recurrent Energy
As of December 31, 2025, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 83 GWh.
The business model consists of three key drivers:
Project Development Pipeline – Solar
As of December 31, 2025, the Company's total solar project development pipeline was 24.4 GWp, including 1.6 GWp under construction, 3.2 GWp of backlog, and 19.6 GWp of projects in advanced and early-stage development, defined as follows:
While the magnitude of the Company's project development pipeline is an important indicator of potential increases in power generation and battery energy storage capacity, as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of those projects to the extent expected, which could adversely affect its business, results of operations, and financial condition. In addition, the Company's guidance and estimates of its future operating and financial results assume the completion of certain solar projects and battery energy storage projects in its pipeline. If the Company is unable to execute on its actionable pipeline, it may fail to meet its guidance, which could adversely affect the market price of its common shares and its business, results of operations, and financial condition.
The following table presents the Company's total solar project development pipeline.
Solar Project Development Pipeline (as of December 31, 2025) – MWp*
Region
Under
Construction
Backlog
Advanced
Development
Early-Stage
Development
Total
North America
276
556
427
3,923
5,182
Europe, the Middle East, and Africa ("EMEA")
674
1,687**
1,033
4,995
8,389
Latin America
128**
374
352
6,256
7,110
Asia Pacific
492
616**
546
2,080
3,734
Total
1,570
3,233
2,358
17,254
24,415
*All numbers are gross MWp.
**Including 63 MWp under construction and 441 MWp in backlog that are owned by or already sold to third parties.
Project Development Pipeline – Battery Energy Storage
As of December 31, 2025, the Company's total battery energy storage project development pipeline was 83.5 GWh, including 6.2 GWh under construction and in backlog, and 77.3 GWh of projects in advanced and early-stage development.
The table below sets forth the Company's total battery energy storage project development pipeline.
Battery Energy Storage Project Development Pipeline (as of December 31, 2025) – MWh*
Region
Under
Construction
Backlog
Advanced
Development
Early-Stage
Development
Total
North America
600
200
600
21,540
22,940
EMEA
43**
2,590**
3,829
31,955
38,417
Latin America
-
-
1,320
4,645
5,965
Asia Pacific
162
2,640
2,981
10,380
16,163
Total
805
5,430
8,730
68,520
83,485
*All numbers are gross MWh.
**Including 13 MWh under construction and 1,194 MWh in backlog that are owned by third parties.
Business Outlook
The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.
In Q1 2026, the Company expects total revenue to be in the range of $900 million to $1.1 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenues are expected to be in the range of 2.2 GW to 2.4 GW. Total battery energy storage shipments in Q1 2026 are expected to be in the range of 1.7 GWh to 1.9 GWh.
The Company is issuing new guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions to the U.S. in 2026.
Dr. Shawn Qu, Chairman and CEO, commented, "While the first quarter tends to be seasonally softer, we are navigating a complex macro environment, including elevated and volatile input costs across supply chains and policy uncertainty in key markets. In our project development business, we are rebalancing toward asset monetization and optimizing our cost structure. Our solar module shipments in the U.S. are expected to be slightly lower in 2026 than in 2025, primarily due to a limited supply of solar cells qualified as non-PFE under the OBBBA in the first half of the year. The high cost of such cells will also affect our profitability. I believe this is temporary, as our own production will ramp up in Q2 and Q3. 2026 will be a transition year, as we accelerate our U.S. manufacturing roadmap and diversify our long-term profitability drivers."
Recent Developments
Canadian Solar
On January 15, 2026, Canadian Solar announced a decisive victory in litigation proceedings against Maxeon Solar Pte. Ltd. ("Maxeon") before the Patent Trial and Appeal Board ("PTAB") of the United States Patent and Trademark Office ("USPTO"). In Final Written Decisions, the PTAB ruled in Canadian Solar's favor, holding that all claims asserted by Maxeon against Canadian Solar relating to the alleged infringement of the patents at issue in the federal court litigation are invalid.
On January 13, 2026, Canadian Solar announced the closing of its previously announced offering of US$230 million aggregate principal amount of 3.25% convertible senior notes due 2031 (the "Notes"), including the full exercise of the initial purchasers' option to purchase an additional US$30 million aggregate principal amount of the Notes. The Notes were offered in a Rule 144A private offering. The net proceeds from the offering were approximately US$223.1 million, after deducting the initial purchasers' discount and estimated offering expenses.
On December 24, 2025, Canadian Solar announced the appointment of Colin Parkin as a member of its board of directors (the "Board") and his promotion to President of Canadian Solar. Parkin succeeds Yan Zhuang on the Company's Board and assumes the role of the Company's President from Dr. Shawn Qu. Dr. Qu, the Founder of Canadian Solar, continues to serve as the Company's Chairman and Chief Executive Officer. In conjunction with Parkin's appointment, the Board also appointed Dylan Marx as Chief Operating Officer.
On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations and continue reshoring manufacturing to North America. On December 16, 2025, the shareholders of its majority-owned subsidiary CSI Solar approved the proposed initiative. Canadian Solar has formed a new joint venture with CSI Solar by holding a 75.1% controlling stake in CS PowerTech, which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.
Manufacturing: CS PowerTech and CSI Solar
On March 17, 2026, Canadian Solar announced that it had entered into an agreement with a major U.S. utility for a 500 MW / 2,493 MWh DC battery energy storage system ("BESS") project, supporting data center grid infrastructure and resiliency. Shipments are expected to start in March 2027 and be completed by July 2027.
On February 11, 2026, Canadian Solar announced the delivery of its first grid-connected battery energy storage system in Japan, with a rated output of 2 MW and an energy capacity of 8.25 MWh DC. The project was developed by Canadian Solar Projects K.K. e-STORAGE was responsible for the design, engineering, and commissioning of the project, and will also provide long-term maintenance and inspection services throughout the operational life of the BESS.
On February 5, 2026, Canadian Solar announced that it had signed agreements for the supply and long-term servicing of two standalone battery energy storage projects totaling 503 MWh DC in Franklin County, Texas. The projects, collectively referred to as the Lupinus projects, are being developed by Sunraycer. They comprise Lupinus 1, a 202 MWh facility expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027, and Lupinus 2, a 301 MWh facility scheduled to start construction in Q3 2026 and achieve commercial operation in Q2 2027.
On December 17, 2025, Canadian Solar announced that it would deliver 408 MWh AC Battery Energy Storage System to Vena Energy for its Tailem Bend 3 project in South Australia. The project is under construction and is targeted to begin operation in 2027. Under an initial 5-year Long Term Service Agreement, Canadian Solar's e-STORAGE will also be responsible for maintenance of the battery energy storage system.
Recurrent Energy
On February 24, 2026, Canadian Solar announced that it had completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network. Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2026. Located in Maverick County, Texas, Fort Duncan Battery Storage reached commercial operation in June 2025. The Company had secured $183 million in project financing and tax equity for the storage facility.
On December 2, 2025, Canadian Solar announced that it had been granted a Development Consent Order ("DCO") for its Tillbridge solar and battery energy storage project, located in Lincolnshire, England. The proposed project combines 800 MW of solar PV and 500 MW / 1,000 MWh of battery energy storage. The DCO was awarded by the UK Secretary of State for the Department for Energy Security and Net Zero. Once operational, Tillbridge will become one of the largest hybrid solar and storage facilities in the United Kingdom.
Conference Call Information
The Company will hold a conference call on Thursday, March 19, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's fourth quarter and full year 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.) or +1-201-389-0920 from international locations. The conference ID is 13758808. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, April 2, 2026 and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13758808. A webcast replay will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered over 174 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 18 GWh of battery energy storage solutions to global markets as of December 31, 2025, boasting a $3.6 billion contracted backlog as of March 13, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6.2 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 83 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
Investor Relations Contact:
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Manufacturing and Recurrent Energy businesses.
Select Financial Data – Manufacturing and Recurrent Energy
Three Months Ended and As of December 31, 2025
(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
Total
Net revenues
$ 1,263,572
$ 67,043
$ (113,406)
$ 1,217,209
Cost of revenues
1,080,512
89,741
(77,445)
1,092,808
Gross profit
183,060
(22,698)
(35,961)
124,401
Operating expenses
145,792
46,282
(3,612)
188,462
Income (loss) from operations
37,268
(68,980)
(32,349)
(64,061)
Other segment items (1)
(54,465)
Loss before income taxes and
equity in losses of affiliates
(118,526)
Supplementary Information:
Interest expense
$ (14,909)
$ (29,987)
$ (3,562)
$ (48,458)
Interest income
7,241
1,592
127
8,960
Depreciation and amortization,
included in cost of revenues and
operating expenses
119,566
13,210
—
132,776
Cash and cash equivalents
$ 1,214,433
$ 89,936
$ 66,049
$ 1,370,418
Restricted cash – current and non-
current
436,561
133,456
—
570,017
Non-recourse borrowings
—
2,168,485
—
2,168,485
Other short-term and long-term
borrowings
2,417,322
1,424,462
—
3,841,784
Convertible notes – non-current
—
—
195,313
195,313
Green bonds – current
—
153,152
—
153,152
Select Financial Data – Manufacturing and Recurrent Energy
Twelve Months Ended December 31, 2025
(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
Total
Net revenues
$ 5,612,124
$ 403,620
$ (420,637)
$ 5,595,107
Cost of revenues
4,669,608
320,166
(420,893)
4,568,881
Gross profit
942,516
83,454
256
1,026,226
Operating expenses
743,959
236,111
3,000
983,070
Income (loss) from operations
198,557
(152,657)
(2,744)
43,156
Other segment items (1)
(183,895)
Loss before income taxes and
equity in losses of affiliates
(140,739)
Supplementary Information:
Interest expense
$ (64,284)
$ (99,114)
$ (14,768)
$ (178,166)
Interest income
34,794
8,678
2,582
46,054
Depreciation and amortization,
included in cost of revenues and
operating expenses
498,026
57,027
—
555,053
(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net.
The following table summarizes the revenues generated from each product or service.
Three Months
Ended
December 31, 2025
Three Months
Ended
September 30, 2025
Three Months
Ended
December 31, 2024
(In Thousands of U.S. Dollars)
Manufacturing:
Solar modules
$ 718,597
$ 839,421
$ 944,055
Battery energy storage solutions
296,848
486,033
241,942
Solar system kits
35,409
29,874
77,619
EPC and others
101,412
29,793
74,607
Subtotal
1,152,266
1,385,121
1,338,223
Recurrent Energy:
Solar power and battery energy storage asset
sales
15,975
39,770
137,890
Power services
20,286
19,892
20,232
Revenue from electricity, battery energy storage
operations and others
28,682
42,619
24,896
Subtotal
64,943
102,281
183,018
Total net revenues
$ 1,217,209
$ 1,487,402
$ 1,521,241
Twelve Months Ended
December 31, 2025
Twelve Months Ended
December 31, 2024
(In Thousands of U.S. Dollars)
Manufacturing:
Solar modules
$ 3,377,706
$ 4,281,178
Battery energy storage solutions
1,370,590
814,604
Solar system kits
224,621
398,173
EPC and others
227,855
181,422
Subtotal
5,200,772
5,675,377
Recurrent Energy:
Solar power and battery energy storage asset
sales
175,987
156,686
Power services
75,486
69,972
Revenue from electricity, battery energy storage
operations and others
142,862
91,374
Subtotal
394,335
318,032
Total net revenues
$ 5,595,107
$ 5,993,409
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Net revenues
$ 1,217,209
$ 1,487,402
$ 1,521,241
$ 5,595,107
$ 5,993,409
Cost of revenues
1,092,808
1,231,101
1,304,205
4,568,881
4,994,090
Gross profit
124,401
256,301
217,036
1,026,226
999,319
Operating expenses:
Selling and distribution
expenses
81,047
101,298
131,671
382,591
487,947
General and administrative
expenses
106,946
116,539
219,611
581,807
515,204
Research and development
expenses
21,683
19,999
30,476
90,685
120,792
Other operating income, net
(21,214)
(16,124)
(37,625)
(72,013)
(94,543)
Total operating expenses
188,462
221,712
344,133
983,070
1,029,400
Income (loss) from operations
(64,061)
34,589
(127,097)
43,156
(30,081)
Other income (expenses):
Interest expense
(48,458)
(44,414)
(35,395)
(178,166)
(137,468)
Interest income
8,960
15,078
26,301
46,054
88,470
Loss on change in fair value
of derivatives, net
(7,052)
(20,571)
(49,719)
(42,422)
(51,400)
Foreign exchange gain
(loss), net
(8,035)
3,188
40,013
(16,751)
46,750
Investment income (loss),
net
120
4,514
(1,334)
7,390
1,427
Total other expenses
(54,465)
(42,205)
(20,134)
(183,895)
(52,221)
Loss before income taxes and
equity in earnings (losses) of
affiliates
(118,526)
(7,616)
(147,231)
(140,739)
(82,302)
Income tax benefit (expense)
4,178
(7,138)
11,707
(14,149)
16,576
Equity in earnings (losses) of
affiliates
(16,453)
(6,324)
85
(28,875)
(12,136)
Net loss
(130,801)
(21,078)
(135,439)
(183,763)
(77,862)
Less: net loss attributable to
non-controlling interests and
redeemable non-controlling
interests
(44,463)
(30,064)
(169,342)
(79,637)
(113,913)
Net income (loss) attributable
to Canadian Solar Inc.
$ (86,338)
$ 8,986
$ 33,903
$ (104,126)
$ 36,051
Earnings (loss) per share - basic
$ (1.66)
$ (0.07)
$ 0.51
$ (2.50)
$ 0.54
Shares used in computation –
basic
67,712,693
67,620,463
66,947,055
67,368,537
66,616,400
Earnings (loss) per share -
diluted
$ (1.66)
$ (0.07)
$ 0.48
$ (2.50)
$ 0.54
Shares used in computation -
diluted
67,712,693
67,620,463
73,363,174
67,368,537
66,939,428
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Net loss
$ (130,801)
$ (21,078)
$ (135,439)
$ (183,763)
$ (77,862)
Other comprehensive
income (loss), net of tax:
Foreign currency
translation adjustment
39,752
4,013
(129,573)
141,031
(112,941)
Gain (loss) on changes
in fair value of available-
for-sale debt securities
1,941
(1,939)
679
363
2,223
Gain (loss) on interest
rate swap
7,955
(452)
6,821
(3,726)
(1,569)
Share of gain (loss) on
changes in fair value of
interest rate swap of
affiliate
(443)
—
1,626
(2,304)
693
Comprehensive loss
(81,596)
(19,456)
(255,886)
(48,399)
(189,456)
Less: comprehensive
loss attributable to non-
controlling interests and
redeemable non-
controlling interests
(31,664)
(28,806)
(194,803)
(59,383)
(145,860)
Comprehensive income
(loss) attributable to
Canadian Solar Inc.
$ (49,932)
$ 9,350
$ (61,083)
$ 10,984
$ (43,596)
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
December 31,
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$ 1,370,418
$ 1,701,487
Restricted cash
541,705
551,387
Accounts receivable trade, net
829,957
1,118,770
Accounts receivable, unbilled
228,393
142,603
Amounts due from related parties
17,959
5,220
Inventories
1,133,539
1,206,595
Value added tax recoverable
252,251
221,539
Advances to suppliers, net
217,871
124,440
Derivative assets
15,002
14,025
Project assets
549,269
394,376
Prepaid expenses and other current assets
822,502
436,635
Total current assets
5,978,866
5,917,077
Restricted cash
28,312
11,147
Property, plant and equipment, net
3,376,035
3,174,643
Solar power and battery energy storage systems,
net
2,065,498
1,976,939
Deferred tax assets, net
634,160
473,500
Advances to suppliers, net
104,518
118,124
Investments in affiliates
289,601
232,980
Intangible assets, net
31,981
31,026
Project assets
1,481,486
889,886
Right-of-use assets
441,291
378,548
Amounts due from related parties
76,848
75,215
Other non-current assets
663,133
232,465
TOTAL ASSETS
$ 15,171,729
$ 13,511,550
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
December 31,
December 31,
2025
2024
LIABILITIES, REDEEMABLE INTERESTS AND
EQUITY
Current liabilities:
Short-term borrowings
$ 2,389,037
$ 1,873,306
Convertible notes
—
228,917
Green bonds
153,152
—
Accounts payable
878,827
1,062,874
Short-term notes payable
939,549
637,512
Amounts due to related parties
7,484
3,927
Other payables
779,198
984,023
Advances from customers
162,586
204,826
Derivative liabilities
6,179
13,738
Operating lease liabilities
26,783
21,327
Other current liabilities
507,594
388,460
Total current liabilities
5,850,389
5,418,910
Long-term borrowings
3,621,232
2,731,543
Convertible notes
195,313
—
Green bonds
—
146,542
Liability for uncertain tax positions
5,788
5,770
Deferred tax liabilities
296,719
204,832
Operating lease liabilities
354,508
271,849
Other non-current liabilities
578,152
582,301
TOTAL LIABILITIES
10,902,101
9,361,747
Redeemable non-controlling interests
326,559
247,834
Equity:
Common shares
835,543
835,543
Additional paid-in capital
568,921
590,578
Retained earnings
1,481,632
1,585,758
Accumulated other comprehensive loss
(78,125)
(196,379)
Total Canadian Solar Inc. shareholders' equity
2,807,971
2,815,500
Non-controlling interests
1,135,098
1,086,469
TOTAL EQUITY
3,943,069
3,901,969
TOTAL LIABILITIES, REDEEMABLE
INTERESTS AND EQUITY
$ 15,171,729
$ 13,511,550
Canadian Solar Inc.
Unaudited Condensed Statements of Cash Flows
(In Thousands of U.S. Dollars)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2025
2025
2024
2025
2024
Operating Activities:
Net loss
$ (130,801)
$ (21,078)
$ (135,439)
$ (183,763)
$ (77,862)
Adjustments to net loss
158,944
213,292
454,591
900,090
844,537
Changes in operating
assets and liabilities
(93,177)
(304,274)
(252,686)
(969,068)
(1,651,999)
Net cash (used in)
provided by operating
activities
(65,034)
(112,060)
66,466
(252,741)
(885,324)
Investing Activities:
Purchase of property,
plant and equipment
and intangible assets
(266,377)
(266,768)
(212,098)
(962,254)
(1,106,173)
Purchase of solar
power and battery
energy storage systems
(53,105)
(27,685)
(326,081)
(429,192)
(757,577)
Other investing
activities
20,946
6,789
(95,730)
(112,044)
(98,507)
Net cash used in investing
activities
(298,536)
(287,664)
(633,909)
(1,503,490)
(1,962,257)
Financing Activities:
Proceeds from
subsidiary's issuance of
preferred shares, net
—
—
(14,756)
—
482,244
Capital contributions
from tax equity
investors in subsidiaries
750
200,301
196,058
215,731
226,935
Repurchase of shares
by subsidiary
(24,510)
—
(1,894)
(70,135)
(79,582)
Other financing
activities
45,561
110,110
(41,940)
1,201,909
1,690,174
Net cash provided by
financing activities
21,801
310,411
137,468
1,347,505
2,319,771
Effect of exchange rate
changes
102,273
5,035
(133,798)
85,140
(154,601)
Net decrease in cash,
cash equivalents and
restricted cash
(239,496)
(84,278)
(563,773)
(323,586)
(682,411)
Cash, cash equivalents
and restricted cash at
the beginning of the
period
$ 2,179,931
$ 2,264,209
$ 2,827,794
$ 2,264,021
$ 2,946,432
Cash, cash equivalents
and restricted cash at
the end of the period
$ 1,940,435
$ 2,179,931
$ 2,264,021
$ 1,940,435
$ 2,264,021
SOURCE Canadian Solar Inc.