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Jun 30, 2025
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
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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