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Jun 30
Canadian Solar Q2 2025 Earnings Report
Canadian Solar reported Q2 2025 results with higher gross margins but a net income weighed down by one-time expenses.
Key Takeaways
Canadian Solar delivered solid operational performance in Q2 2025, with strong module shipments and a notable jump in gross profit. However, non-recurring impairments and elevated operating expenses led to a GAAP net income of $7 million and an adjusted net loss.
Delivered 7.9 GW of module shipments, near high end of guidance
Gross margin significantly exceeded expectations at 29.8%
Revenue reached $1.69 billion, driven by energy storage and module sales
Net income was $7 million, impacted by non-recurring impairments
Canadian Solar
Canadian Solar
Canadian Solar Revenue by Segment
Revenue by Segment
CSI Solar Revenue
CapyFin.comRecurrent Energy Revenue
CapyFin.comEliminations Revenue
CapyFin.com Forward Guidance
Canadian Solar expects Q3 2025 to bring softer margins and lower revenue as storage profitability normalizes and project sales shift.
Positive Outlook
- Continued strong visibility into storage volumes
- Q2 gross margin outperformance provides cushion
- Residential energy storage products gaining design recognition
- Higher visibility into module shipments for 2H 2025
- Blue Moon Solar financing secured for 2026 operation
Challenges Ahead
- Q3 revenue expected to decline to $1.3B–$1.5B range
- Gross margin guidance lowered to 14%–16%
- Module pricing environment remains under pressure
- Some project sales deferred to 2026
- Ongoing trade and tariff uncertainties in key markets
Revenue & Expenses
Visualization of income flow from segment revenue to net income