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Mar 31, 2025
Canadian Solar Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Canadian Solar reported net revenues of $1.2 billion and a net loss of $34 million for Q1 2025. The company's solar module shipments increased year-over-year, and its e-STORAGE contracted backlog grew significantly. Despite ongoing market challenges, the company met or exceeded its guidance for shipments, revenue, and gross margin.
Net revenues reached $1.2 billion, at the high end of guidance.
Solar module shipments increased 9.4% year-over-year to 6.9 GW.
Gross margin was 11.7%, exceeding guidance.
E-STORAGE contracted backlog expanded to $3.2 billion.
Revenue by Segment
Forward Guidance
For Q2 2025, the company expects revenues between $1.9 billion and $2.1 billion, with gross margin between 23% and 25%. Total module shipments are expected to be 7.5 GW to 8.0 GW, and battery energy storage shipments between 2.4 GWh and 2.6 GWh. For the full year 2025, total revenues are expected to be between $6.1 billion and $7.1 billion, with CSI Solar module shipments between 25 GW and 30 GW, and battery energy storage shipments between 7 GWh and 9 GWh.
Positive Outlook
- Expected strong energy storage shipments in Q2 2025.
- Higher revenue and gross margin guidance for Q2 2025 compared to Q1 2025.
- Continued focus on profit-first strategy.
- Anticipated increase in module and battery energy storage shipments for the full year 2025.
- Accelerating growth in margin-accretive energy storage business.
Challenges Ahead
- Operating in an environment of global pricing volatility.
- Evolving policy uncertainty limiting margin visibility.
- Ongoing trade policy developments impacting battery energy storage shipments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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