Canadian Solar has shed nearly 40% this year and sits far below its 52-week high, but a surprise analyst upgrade and a pair of upcoming U.S. factory launches are reshaping the bull case heading into the company's August earnings call.
Canadian Solar (NASDAQ:CSIQ) was one of the more punishing solar names in the first half of 2026. Shares slid nearly 40% from the start of the year through the end of June. CSIQ sits well below its 52-week high of $34.59, but over the past month, the stock has rallied more than 7%. Most analysts remain cautious, with the Street consensus target at $21.60. But Mizuho recently stepping in with an upgrade and a fresh take on the regulatory overhang that has weighed on the name.
Mizuho upgraded Canadian Solar to Neutral from Underperform, setting a $19 price target, down from $21. The firm’s new target sits below the Street consensus of $21.60 but reflects a meaningful shift in conviction from outright bearish to neutral.
Mizuho’s $19 CSIQ Prediction The core of Mizuho’s upgrade is the view that Canadian Solar’s Prohibited Foreign Entity-related underperformance is overdone. The firm now assumes the company can qualify for 45X manufacturing tax credits as a non-Prohibited Foreign Entity. The lower target reflects reduced volume expectations and higher cash outflow tied to the U.S. factory buildout, but the regulatory risk that drove the prior Underperform rating is no longer seen as a structural threat.
Key Drivers of CSIQ Stock Performance Battery energy storage momentum: Canadian Solar’s e-STORAGE division signed a deal for a 500 MW/2,493 MWh DC battery system with a major U.S. utility, and management is guiding for 14-17 GWh of energy storage shipments in 2026, up sharply from prior years. The segment delivers better margins than the legacy module business, with gross margin expanding to 20.6% for the nine-month 2025 period versus 17.5% in the prior year. U.S. manufacturing coming online: An Indiana solar cell factory is expected to begin production in March 2026, with a Kentucky lithium battery factory following in December 2026. Domestic production directly supports 45X tax credit eligibility, the key regulatory hurdle Mizuho now believes the company can clear. Capital recycling through project monetization: CEO Shawn Qu has been direct about the strategy: “Recurrent Energy will increase project ownership sales in 2026 to recycle capital and manage the overall debt level.” With a $3.10 billion contracted BESS backlog and an 80 GWh development pipeline, the asset monetization flywheel could support sustained revenue visibility over time. What Will It Take for CSIQ to Reach $19? With 66.97 million shares outstanding, the stock currently trades at $14.32. The path hinges on two conditions: Canadian Solar formally clearing the Prohibited Foreign Entity designation to protect its tax credit eligibility, and the energy storage segment continuing to scale without margin deterioration. A Q2 earnings call is scheduled for Aug. 27, 2026, which is likely the next major catalyst.
The primary risk remains China-linked manufacturing exposure, with CSI Solar reporting a 54.56% net profit decline in 2025 due to tariffs and oversupply. Still, Mizuho’s shift off Underperform reflects the firm’s view that the stock’s decline since November has already accounted for the regulatory risk that previously drove its bearish stance.
Contact [email protected] for any questions or corrections.
, /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2026.
Second Quarter Highlights
Energy storage shipments of 3.7 GWh to internal and external projects under execution, exceeding guidance of 2.8 GWh to 3.2 GWh. Net revenues of $1.2 billion, at the high end of $1.0 billion to $1.2 billion guidance. Gross margin of 13.9%, in line with guidance of 13% to 15%. Officially opened the first phase of the flagship HJT solar cell factory in Jeffersonville, Indiana. Published the 2025 Sustainability Report on June 1, 2026, highlighting new milestones and disclosure updates aligned to global reporting standards. Colin Parkin, CEO of Canadian Solar, said, "We are executing on a multidimensional solar technology roadmap, spanning advanced cell innovations to next-generation applications. In the near to midterm, U.S. manufacturing remains at the forefront of our strategy. In July, we celebrated the official opening of our state-of-the-art HJT solar cell factory, marking a historic milestone, as Canadian Solar became not only the first commercially operational HJT manufacturer in the United States, but also a meaningful contributor to the local economy and community development. In addition to ramping up the Phase I capacity of 2.1 GWp, we will start installing equipment for Phase II before the end of the year, bringing total nameplate cell capacity to 6.3 GWp in the first half of 2027. This will position CS PowerTech as the largest crystalline silicon cell manufacturer in North America. When combined with our 10 GWp module facility in Texas, CS PowerTech solidifies its position as one of North America's premier integrated PV manufacturers.
During the quarter, shipments within our Manufacturing segment were in line with expectations, with slight operational outperformance in battery energy storage, as we continue to navigate global macroeconomic uncertainties with agility. We delivered 3.1 GW of solar modules, with nearly half shipped to our North American home base. In addition, we achieved 3.7 GWh of energy storage shipments to internal and external projects under execution, serving utility-scale projects across North America, EMEA, Asia Pacific and Latin America. As we double down on our U.S. manufacturing strategy, we continue to rebalance our global project development business and optimize capital allocation across our core growth engines."
Xinbo Zhu, Senior VP and CFO, added, "For the quarter, we achieved total revenue of $1.2 billion with a gross margin of 13.9%. The sequential decrease in gross margin was primarily driven by the absence of a tariff refund recognized in the prior period, alongside normalized energy storage margins. Net loss attributable to shareholders was $77 million, or $1.40 per share, and we ended the period with a cash position of $1.9 billion.
Recurrent Energy's quarterly performance was light, primarily due to the deferral of planned project sales to the second half. Electricity revenue increased sequentially following the COD of a major utility-scale solar project in Spain. Within our global pipeline, we are focusing on quality, prioritizing value realization from mature, high-margin opportunities; pruning less attractive projects; and managing operating expenses to protect profitability."
Second Quarter 2026 Results
Total solar module shipments recognized as revenue in Q2 2026 were 3.1 GW, up 25% quarter-over-quarter ("qoq") and down 60% year-over-year ("yoy").
Total battery energy storage shipments recognized as revenue in Q2 2026 were 3.7 GWh, up 82% qoq and up 73% yoy. Of the total, 471 MWh were shipped to internal projects under execution, with associated revenue to be recognized in subsequent quarters.
Net revenues were $1.2 billion in Q2 2026, up 12% sequentially and down 29% yoy. The sequential increase reflects higher sales of solar modules and battery energy storage solutions, partially offset by lower project sales. The yoy decrease reflects a decline in solar module and project sales.
Gross profit was $168 million, compared to $271 million in Q1 2026 and $505 million in Q2 2025. Gross margin was 13.9%, compared to 25.1% and 29.8% in Q1 2026 and Q2 2025, respectively. The sequential and yoy decrease in gross margin was primarily due to the absence of IEEPA tariff refund benefits recognized in the previous quarter and the absence of the release of unrealized profit upon sales-type leasing of a U.S. project in Q2 2025.
Operating expenses were $240 million, compared to $198 million in Q1 2026 and down from $378 million in Q2 2025. The sequential increase reflects higher ramp-up costs and logistics costs. The yoy decrease is mainly due to decrease in impairment charges related to certain solar and storage assets, as well as manufacturing assets. Operating expenses represented 19.8% of revenue, compared to 18.4% in Q1 2026 and 22.3% in Q2 2025.
Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q2 2026 was $77 million, or a net loss of $1.40 per share, compared to a net loss of $32 million, or a net loss of $0.71 per share, in Q1 2026, and a net income of $7 million, or a net loss of $0.08 per share, in Q2 2025. Net income or loss per diluted share includes the dilutive effect of convertible bonds, as applicable, and paid-in-kind dividends on the Recurrent Energy redeemable preferred shares.
Net cash flow used in operating activities in Q2 2026 was $181 million, driven by changes in working capital, compared to net cash flow used in operating activities of $209 million in Q1 2026 and net cash flow provided by operating activities of $189 million in Q2 2025.
Total debt, including financing liabilities, was $7.1 billion as of June 30, 2026, including $4.1 billion, $2.5 billion, and $0.4 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.8 billion as of March 31, 2026, mainly due to new non-recourse debt drawdown for construction of solar and battery energy storage projects under Recurrent Energy in the U.S. Total non-recourse debt under Recurrent Energy as of June 30, 2026, was $2.6 billion.
Business Segments
Canadian Solar's business is organized into two segments:
Manufacturing, comprising CS PowerTech, which focuses on the manufacture and sales of solar products, battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; and Recurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio. Manufacturing
Solar Modules and Solar System Kits
The Company shipped 3.1 GW of solar modules and solar system kits to more than 70 countries and regions in Q2 2026.
Consistent with the Company's transition from volume-driven growth to high-value creation, the Company will focus its capacity 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 is currently being expanded to a nameplate capacity of 10 GWp, with completion expected in 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 in the process of increasing its production capacity beyond 6 GWp, with additional production lines being installed and commissioned through 2026.
Phase I: A ribbon-cutting ceremony was held in July 2026. Phase I has a nameplate capacity of 2.1 GWp and is the first commercial-scale HJT solar cell facility in the U.S. Phase II: The Company expects to begin trial production for Phase II in the first quarter of 2027. This expansion will add 4.2 GWp of capacity, bringing the Company's total solar cell nameplate capacity in the U.S. to 6.3 GWp. e-STORAGE: Battery Energy Storage Solutions
As of June 30, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.5 billion. These signed orders represent binding customer commitments and provide significant earnings visibility over a multi-year period.
Recurrent Energy
As of June 30, 2026, the Company had a total global solar project development pipeline of approximately 22 GWp and a battery energy storage project development pipeline of 84 GWh.
The business model consists of three key drivers:
Electricity revenue from the operating portfolio to drive stable, diversified cash flows in growth markets; Asset sales, including selective sales of operating assets and development-stage projects, to manage cash flow and debt levels, and to fund growth in the operating portfolio; and Power services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform. Project Development Pipeline – Solar
As of June 30, 2026, the Company's total solar project development pipeline was 21.7 GWp, including 1.7 GWp under construction, 2.2 GWp of backlog, and 17.7 GWp of projects in advanced and early-stage development. The pipeline includes projects that may be retained for long-term ownership and operation or sold to third parties, depending on market conditions and capital allocation priorities. The pipeline stages are defined as follows:
Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction within the next one to four years. A project's risk cliff date is the date on which it passes the last high-risk development stage and varies by country. Typically, this occurs after the project has received all required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have a reasonable likelihood of securing PPAs. Advanced pipeline projects are mid-stage projects that have secured or are assessed by the Company as having a high likelihood of securing an interconnection agreement. Early-stage pipeline projects are early-stage projects managed by the Company that are in the process of securing interconnection. Although the magnitude of the Company's project development pipeline provides an indication of current development activity, it is not a predictor of future owned generation or storage assets, revenue growth, or operating results. The Company may elect to sell, transfer, or otherwise monetize projects at various stages of development, and as a result, not all pipeline projects are expected to contribute to the Company's long-term owned asset base. The development of projects in the Company's 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 timely completion of certain solar and battery energy storage projects under construction or in backlog. If the Company is unable to execute on its projects under construction and in backlog, 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 June 30, 2026) – MWp*
Region
Under
Construction
Backlog
Advanced
Development
Early-Stage
Development
Total
North America
558
226
293
4,573
5,650
Europe, the Middle East, and Africa
("EMEA")
674
1,438
1,012
3,169
6,293
Latin America
-
488
352
5,906
6,746
Asia Pacific
492
56
572
1,858
2,978
Total
1,724
2,208
2,229
15,506
21,667
*Total project pipeline represents the gross MWp size of projects owned by the Company and includes 392 MWp in backlog partially sold
to third parties.
Project Development Pipeline – Battery Energy Storage
As of June 30, 2026, the Company's total battery energy storage project development pipeline was 84.1 GWh, including 600 MWh under construction, 4.4 GWh in backlog, and 79.1 GWh of projects in advanced and early-stage development. The pipeline includes projects that may be retained for long-term ownership and operation or sold to third parties.
The table below sets forth the Company's total battery energy storage project development pipeline.
Battery Energy Storage Project Development Pipeline (as of June 30, 2026) – MWh*
Region
Under
Construction
Backlog
Advanced
Development
Early-Stage
Development
Total
North America
600
-
600
21,840
23,040
EMEA
-
2,665
2,640
26,965
32,270
Latin America
-
93
1,320
10,753
12,166
Asia Pacific
-
1,620
3,281
11,680
16,581
Total
600
4,378
7,841
71,238
84,057
*Total project pipeline represents the gross MWh size of projects owned by the Company and includes 1,496 MWh in backlog partially
sold to third parties.
Business Outlook
The Company's business outlook is based on management's current views and estimates, taking into account 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 Q3 2026, the Company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Gross margin is expected to be between 13.5% and 15.5%. Total module shipments recognized as revenue are expected to be in the range of 3.5 GW to 3.8 GW. Total battery energy storage shipments in Q3 2026 are expected to be in the range of 3.4 GWh to 3.8 GWh.
The Company is reiterating its guidance of 6.5 GW to 7.0 GW of solar modules and 4.5 GWh to 5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
Colin Parkin, CEO of Canadian Solar, commented, "We expect margins in the third quarter to remain stable, as we continue to scale our integrated U.S. solar manufacturing strategy, though ramp-up costs associated with our solar cell facility in Jeffersonville, Indiana, will weigh on profitability for the remainder of the year. We anticipate the cadence of U.S. solar and storage shipments to accelerate in the second half, with each quarter of 2026 delivering larger volumes than the last. Meanwhile, at Recurrent, we expect to close the delayed project sales from the second quarter, driving a sequentially stronger third quarter."
Recent Developments
Canadian Solar
On August 18, 2026, Canadian Solar announced the successful resolution of the remaining U.S. patent litigation brought by Maxeon Solar Pte. Ltd. ("Maxeon"). Maxeon's patent infringement lawsuit in the Federal District Court was dismissed with prejudice, and the U.S. Court of Appeals for the Federal Circuit vacated the relevant portion of the Patent Trial and Appeal Board decision in Canadian Solar's favor.
On July 30, 2026, Canadian Solar announced that its U.S.-manufactured TOPCon and HJT Low Carbon HP modules achieved FM Approvals recognition under the FM 4478 and FM 4480 identified component standards, making them the first FM Approvals PV modules listed as identified components for severe hail zones.
On July 14, 2026, Canadian Solar announced that it was named a Tier 1 supplier for both battery energy storage systems and PV modules on S&P Global Energy's Tier 1 Cleantech Companies list. S&P Global Energy's selection criteria span market presence and cumulative equipment shipments; annual market share; scale; global manufacturing diversification; financial performance via key financial indicators, sustainability factors, and more.
On June 24, 2026, Canadian Solar announced that its Baotou ingot facility and Suqian solar cell manufacturing facilities earned Silver Level Solar Stewardship Initiative (SSI) Supply Chain Traceability Certification, becoming the first manufacturer to receive Silver status for both ingot and cell production.
On June 22, 2026, Canadian Solar announced the launch of its new TOPCon 3.0 high-power-density module delivering up to 670 Wp power output and 24.8% conversion efficiency of 24.8% for utility-scale and C&I applications, with mass global shipments scheduled to begin in August 2026.
On June 1, 2026, Canadian Solar announced the publication of its 2025 Corporate Sustainability Report. The sustainability disclosures are aligned with global standards established by the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI), with reference to the International Financial Reporting Standards (IFRS) set by the International Sustainability Standards Board (ISSB).
Manufacturing: CS PowerTech and CSI Solar
On August 13, 2026, Canadian Solar announced its energy storage solutions business, e-STORAGE, successfully completed Large-Scale Fire Testing (LSFT) for its KuBank 3.0 C&I energy storage system under the latest UL 9540A:2026 standard. The test was independently verified by TÜV Rheinland and Energy Safety Response Group (ESRG), and the system has entered mass production for worldwide availability.
On July 24, 2026, Canadian Solar announced that its subsidiary CS PowerTech Inc., the largest silicon PV manufacturer in the U.S., officially launched the first phase of its flagship PV cell manufacturing plant in Jeffersonville, Indiana. The facility is the first plant in the U.S. designed to produce advanced HJT bifacial N-type solar cells. Combined with the Texas module facility, it creates a fully localized supply chain with an expected total annual cell capacity of over 6 GWp.
On June 25, 2026, Canadian Solar announced e-STORAGE signed a supply contract with an electric utility in Florida to supply a 95 MW / 426 MWh DC battery energy storage system (BESS). Featuring its proprietary SolBank 3.0 battery blocks which are fully produced at Canadian Solar's manufacturing facilities, the installation is planned for the second half of 2027, with commercial operations targeted for early 2028.
On June 24, 2026, Canadian Solar announced e-STORAGE will supply a 75 MW / 381 MWh DC BESS to Apex Clean Energy in Branch County, Michigan, co-located with Apex's operating Coldwater Solar facility. Under the agreement, e-STORAGE will deliver an integrated solution combining SolBank 3.0 battery blocks, Power Conversion Systems, and its proprietary EQ‑S Energy Management System, with deliveries scheduled to begin in early 2027 and commercial operation targeted for mid-2027.
On June 23, 2026, Canadian Solar announced e-STORAGE will deliver an 8 MW / 40 MWh BESS, co-located at an existing combined-cycle gas power plant in Rizziconi, Calabria, to Axpo. This partnership marks e-STORAGE's first battery storage project in Italy.
Recurrent Energy
On August 13, 2026, Canadian Solar announced that its subsidiary, Recurrent Energy, successfully closed $695 million in project financing and tax equity for its 330 MW Cobalt Solar facility located in Riverside County, California. The debt financing package, totaling approximately $484 million, was led by Mitsubishi UFJ Financial Group, Inc. (MUFG) and Nord/LB, while a parallel $211 million tax equity investment was secured from Wells Fargo. Currently under construction with Blattner Energy serving as the EPC provider, the project is expected to reach commercial operation by the end of 2027.
On August 12, 2026, Canadian Solar announced Recurrent Energy reached commercial operation ahead of schedule for its 150 MWac Carwarp Energy Park near Mildura, Victoria, Australia. Backed by a long-term PPA with Microsoft, the asset incorporates approximately 243,000 high-efficiency Canadian Solar TOPCon modules and holds planning and grid approvals to incorporate a hybrid 120 MW BESS.
On July 6, 2026, Canadian Solar announced an executive leadership transition at Recurrent Energy. Mr. Dylan Marx was appointed Chief Executive Officer, succeeding Mr. Ismael Guerrero, who will remain as a non-executive advisor through December 31, 2026.
Conference Call Information
The Company will hold a conference call on Thursday, August 27, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's second quarter 2026 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 13762069. A live webcast of the conference call will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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, September 10, 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 13762069. A webcast replay will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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 nearly 180 GW of premium-quality solar photovoltaic modules to customers across the world. Through its energy storage solutions business e-STORAGE, Canadian Solar has shipped over 23 GWh of battery energy storage solutions to global markets and had a contracted backlog of $3.5 billion as of June 30, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.4 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes approximately 22 GWp of solar and 84 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 markets for solar power and battery energy storage; our growth strategies, future business performance, and financial condition; our ability to sustain our project development and balance long-term asset ownership with selective project sales; 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, and policy support schemes, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, offtake 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 are described in the Company's filings with the Securities and Exchange Commission, including its latest annual report on Form 20-F filed on April 10, 2026. 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:
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 June 30, 2026
(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
Total
Net revenues
$ 1,097,535
$ 117,306
$ (7,127)
$ 1,207,714
Cost of revenues
966,977
81,335
(9,073)
1,039,239
Gross profit
130,558
35,971
1,946
168,475
Operating expenses
179,932
55,341
4,261
239,534
Loss from operations
(49,374)
(19,370)
(2,315)
(71,059)
Other segment items (1)
3,719
Loss before income taxes and
equity in losses of affiliates
(67,340)
Supplementary Information:
Interest expense
$ (14,657)
$ (41,913)
$ (7,054)
$ (63,624)
Interest income
10,645
10,388
10
21,043
Depreciation and amortization,
included in cost of revenues and
operating expenses
111,918
15,855
—
127,773
Cash and cash equivalents
$ 1,344,189
$ 74,939
$ 42,120
$ 1,461,248
Restricted cash – current and non-
current
248,584
140,524
—
389,108
Non-recourse borrowings
—
2,622,080
—
2,622,080
Other short-term and long-term
borrowings
2,407,554
1,320,796
28,000
3,756,350
Convertible notes – non-current
—
—
420,063
420,063
Green bonds – current
—
147,995
—
147,995
Select Financial Data – Manufacturing and Recurrent Energy
Six Months Ended June 30, 2026
(In Thousands of U.S. Dollars)
Manufacturing
Recurrent
Energy
Elimination
and
unallocated
items
Total
Net revenues
$ 2,047,197
$ 256,538
$ (18,143)
$ 2,285,592
Cost of revenues
1,640,293
235,084
(29,080)
1,846,297
Gross profit
406,904
21,454
10,937
439,295
Operating expenses
329,461
101,077
6,950
437,488
Income (loss) from operations
77,443
(79,623)
3,987
1,807
Other segment items (1)
(60,462)
Loss before income taxes and
equity in losses of affiliates
(58,655)
Supplementary Information:
Interest expense
$ (29,485)
$ (73,577)
$ (12,932)
$ (115,994)
Interest income
16,897
20,590
214
37,701
Depreciation and amortization,
included in cost of revenues and
operating expenses
226,007
32,487
—
258,494
(1) Includes interest expense, net, gain 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
June 30, 2026
Three Months
Ended
March 31, 2026
Three Months
Ended
June 30, 2025
(In Thousands of U.S. Dollars)
Manufacturing:
Solar modules
$ 589,377
$ 455,117
$ 1,022,266
Battery energy storage solutions
425,922
382,758
432,399
Solar system kits
35,575
25,437
73,812
EPC and others
42,970
77,152
61,613
Subtotal
1,093,844
940,464
1,590,090
Recurrent Energy:
Solar power and battery energy storage asset
sales
61,114
88,541
48,091
Power services
20,053
22,416
18,809
Revenue from electricity, battery energy storage
operations and others
32,703
26,457
36,881
Subtotal
113,870
137,414
103,781
Total net revenues
$ 1,207,714
$ 1,077,878
$ 1,693,871
Six Months Ended
June 30, 2026
Six Months Ended
June 30, 2025
(In Thousands of U.S. Dollars)
Manufacturing:
Solar modules
$ 1,044,494
$ 1,819,688
Battery energy storage solutions
808,680
587,709
Solar system kits
61,012
159,338
EPC and others
120,122
96,650
Subtotal
2,034,308
2,663,385
Recurrent Energy:
Solar power and battery energy storage asset
sales
149,655
120,242
Power services
42,469
35,308
Revenue from electricity, battery energy storage
operations and others
59,160
71,561
Subtotal
251,284
227,111
Total net revenues
$ 2,285,592
$ 2,890,496
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2026
2026
2025
2026
2025
Net revenues
$ 1,207,714
$ 1,077,878
$ 1,693,871
$ 2,285,592
$ 2,890,496
Cost of revenues
1,039,239
807,058
1,188,841
1,846,297
2,244,972
Gross profit
168,475
270,820
505,030
439,295
645,524
Operating expenses:
Selling and distribution expenses
74,907
54,281
109,479
129,188
200,246
General and administrative
expenses
152,300
135,472
252,671
287,772
358,322
Research and development
expenses
20,796
20,718
24,719
41,514
49,003
Other operating income, net
(8,469)
(12,517)
(9,272)
(20,986)
(34,675)
Total operating expenses
239,534
197,954
377,597
437,488
572,896
Income (loss) from operations
(71,059)
72,866
127,433
1,807
72,628
Other income (expenses):
Interest expense
(63,624)
(52,370)
(44,807)
(115,994)
(85,294)
Interest income
21,043
16,658
9,920
37,701
22,016
Gain (loss) on change in fair value of
derivatives, net
14,621
4,985
(5,760)
19,606
(14,799)
Foreign exchange loss, net
(23,172)
(33,920)
(7,318)
(57,092)
(11,904)
Investment income, net
54,851
466
1,666
55,317
2,756
Total other income (expenses)
3,719
(64,181)
(46,299)
(60,462)
(87,225)
Income (loss) before income taxes
and equity in losses of affiliates
(67,340)
8,685
81,134
(58,655)
(14,597)
Income tax expense
(16,339)
(16,938)
(34,311)
(33,277)
(11,189)
Equity in losses of affiliates
(2,095)
(5,255)
(2,053)
(7,350)
(6,098)
Net income (loss)
(85,774)
(13,508)
44,770
(99,282)
(31,884)
Less: net income (loss) attributable to
non-controlling interests and
redeemable non-controlling interests
(8,915)
18,585
37,573
9,670
(5,110)
Net income (loss) attributable to
Canadian Solar Inc.
$ (76,859)
$ (32,093)
$ 7,197
$ (108,952)
$ (26,774)
Earnings (loss) per share – basic
$ (1.40)
$ (0.71)
$ (0.08)
$ (2.11)
$ (0.77)
Shares used in computation – basic
67,907,507
67,817,714
67,167,296
67,862,859
67,065,556
Earnings (loss) per share – diluted
$ (1.40)
$ (0.71)
$ (0.08)
$ (2.11)
$ (0.77)
Shares used in computation – diluted
67,907,507
67,817,714
67,167,296
67,862,859
67,065,556
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2026
2026
2025
2026
2025
Net income (loss)
$ (85,774)
$ (13,508)
$ 44,770
$ (99,282)
$ (31,884)
Other comprehensive income
(loss), net of tax:
Foreign currency translation
adjustment
33,766
63,355
95,175
97,121
97,266
Gain on changes in fair value of
available-for-sale debt securities
—
—
865
—
361
Loss on commodity cash flow
hedges
(6,200)
—
—
(6,200)
—
Gain (loss) on interest rate swap
461
6,604
(8,148)
7,065
(11,229)
Share of gain (loss) on changes
in fair value of interest rate swap
of affiliate
241
22
(629)
263
(1,861)
Comprehensive income (loss)
(57,506)
56,473
132,033
(1,033)
52,653
Less: comprehensive income
(loss) attributable to non-
controlling interests and
redeemable non-controlling
interests
10,860
35,562
41,855
46,422
1,087
Comprehensive income (loss)
attributable to Canadian Solar
Inc.
$ (68,366)
$ 20,911
$ 90,178
$ (47,455)
$ 51,566
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
June 30,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,461,248
$ 1,370,418
Restricted cash
374,655
541,705
Accounts receivable trade, net
908,875
829,957
Accounts receivable, unbilled
260,738
228,393
Amounts due from related parties
11,636
17,959
Inventories
1,656,236
1,133,539
Value added tax recoverable
269,386
252,251
Advances to suppliers, net
173,960
217,871
Derivative assets
5,255
15,002
Project assets
923,493
549,269
Prepaid expenses and other current assets
955,644
822,502
Total current assets
7,001,126
5,978,866
Restricted cash
14,453
28,312
Property, plant and equipment, net
3,554,386
3,376,035
Solar power and battery energy storage systems, net
Canadian Solar (CSIQ - Free Report) came out with a quarterly loss of $1.4 per share versus the Zacks Consensus Estimate of a loss of $1.01. This compares to a loss of $0.53 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -38.61%. A quarter ago, it was expected that this solar wafers manufacturer would post a loss of $1.06 per share when it actually produced a loss of $0.71, delivering a surprise of +33.02%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Canadian Solar, which belongs to the Zacks Solar industry, posted revenues of $1.21 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.62%. This compares to year-ago revenues of $1.69 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Canadian Solar shares have lost about 41.7% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Canadian Solar?While Canadian Solar has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Canadian Solar was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.35 on $1.65 billion in revenues for the coming quarter and -$1.81 on $5.68 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the bottom 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
FuelCell Energy (FCEL - Free Report) , another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended July 2026. The results are expected to be released on September 2.
This fuel cell power plant maker is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of +66.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
FuelCell Energy's revenues are expected to be $39.12 million, down 16.3% from the year-ago quarter.
Is SunPower Stock Ready to Lead the Solar Market?Canadian Solar NASDAQ: CSIQ reported second-quarter 2026 revenue of $1.2 billion, reaching the high end of its guidance range, as stronger module shipments in the United States and accelerated energy-storage deliveries supported manufacturing performance. The company recorded a net loss attributable to shareholders of $77 million, or $1.40 per share, amid elevated freight costs and ramp-up expenses at its Jeffersonville, Indiana, solar-cell facility.
CEO Colin Parkin said Canadian Solar recognized revenue on 3.1 gigawatts of solar modules during the quarter and shipped 3.7 gigawatt-hours of energy-storage products, exceeding its storage shipment guidance. The company recognized revenue on 3.3 gigawatt-hours of storage solutions.
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MarketBeat Week in Review – 5/22 - 5/26Gross margin was 13.9%, in line with management's outlook. Parkin said profitability was affected by higher freight expenses tied to geopolitical uncertainty, as well as near-term costs associated with bringing the Jeffersonville facility into production. The manufacturing segment recorded an operating loss of $49 million.
U.S. Manufacturing Expansion and Backlog Canadian Solar said its Jeffersonville plant is the first commercially operational heterojunction, or HJT, solar-cell manufacturing facility in the United States. Phase 1 of the facility is being ramped to 2.1 gigawatts of capacity and is expected to enter full-scale production on Oct. 1.
Solar Panel Demand Makes Canadian Solar a Buy-the-Dip OpportunityThe company plans to begin installing equipment for Phase 2 before year-end, with total nameplate cell capacity at Jeffersonville expected to reach 6.3 gigawatts in 2027. Combined with Canadian Solar's 10-gigawatt module plant in Texas, Parkin said the expansion would establish CSI Solar as one of North America's largest integrated photovoltaic manufacturers.
Canadian Solar has secured more than 13 gigawatts of contracted backlog for domestically manufactured HJT and TOPCon n-type bifacial modules, with deliveries scheduled through 2029. Management said the backlog has a value exceeding $4.5 billion and includes agreements with U.S. utilities, independent power producers, developers and engineering, procurement and construction providers.
Parkin said nearly half of quarterly module volume was shipped to North America. He also said freight costs should decline as the company expands production in the region, reducing its dependence on overseas shipping. While freight costs are incorporated into contracts, Parkin said domestic manufacturing should reduce logistics costs over time.
Storage Deliveries and Data-Center Demand Canadian Solar's e-STORAGE unit delivered energy-storage systems to utility-scale projects in North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The company said storage results exceeded guidance because deliveries accelerated for two projects in the U.S. and Canada.
At quarter-end, e-STORAGE's contracted backlog stood at $3.5 billion, including long-term service agreements covering 34 gigawatt-hours of projects. Parkin said demand associated with data centers is moving from discussions toward contracted opportunities.
Earlier in the year, e-STORAGE secured a contract with a major U.S. utility for a 500-megawatt, 2.5-gigawatt-hour direct-current project intended to support data-center grid infrastructure and resilience. Management said battery storage can help data centers address power availability and grid stability by increasing utilization of existing transmission infrastructure and responding to changes in electricity demand.
The company said its storage offering includes internally produced battery cells, the SolBank platform, power-conversion equipment, energy-management controls, engineering and commissioning services, and long-term service agreements.
Recurrent Energy Results and Portfolio Actions Recurrent Energy, Canadian Solar's project development business, generated $117 million of second-quarter revenue. CEO Dylan Marx said revenue declined sequentially because several project sales shifted into the second half of the year, though electricity sales increased following the commercial operation of a large solar asset in Spain.
Recurrent Energy reported an operating loss of $19 million, reflecting muted project sales and a $24 million impairment charge associated with an upcoming Latin American project sale.
During the quarter, Recurrent Energy brought a 426-megawatt solar asset in Spain into commercial operation and connected the 150-megawatt Carwarp project in Australia, which is supported by a long-term power purchase agreement with Microsoft. The unit also closed a $695 million construction financing and tax-equity package for its 330-megawatt Cobalt solar project in California. MUFG and NORD/LB provided construction loans, while Wells Fargo provided tax equity.
As of June 30, Recurrent Energy had secured grid interconnections for about 6 gigawatts of solar and 13 gigawatt-hours of storage projects globally, excluding operating projects. Its total development pipeline included nearly 22 gigawatts of solar and 84 gigawatt-hours of storage.
Marx said Recurrent Energy is pruning lower-margin opportunities, including scaling back its Europe, Middle East and Africa pipeline after reviewing permitting, technical and commercial viability. The company expects to selectively monetize operating, construction-stage and development assets in the second half to recycle capital, improve financial flexibility and address leverage.
Balance Sheet, Policy and Outlook Chief Financial Officer Xinbo Zhu said operating cash flow was negative $181 million in the second quarter, primarily due to working-capital changes. Total assets rose to $16.1 billion, while total debt increased to $7.1 billion, mainly because of non-recourse construction financing for U.S. solar and storage projects under Recurrent Energy.
Capital expenditures were $172 million in the quarter, largely directed toward U.S. manufacturing initiatives. Canadian Solar expects full-year 2026 capital expenditures of approximately $1.3 billion, including spending on Jeffersonville's second phase, expanded module capacity in Mesquite, Texas, and an energy-storage facility in Southeast Asia. The company ended the quarter with $1.9 billion in cash.
Management also discussed the Trump administration's Section 232 announcement related to imported polysilicon and derivative products. Parkin said the company views the policy direction as supportive of domestic manufacturing and expects it to strengthen U.S. solar pricing. Thomas Koerner, Corporate Senior Vice President, said the stated value of the company's 13-gigawatt domestic-module backlog does not yet include potential Section 232-related adjustments.
For the third quarter, Canadian Solar expects to recognize revenue from 3.5 gigawatts to 3.8 gigawatts of module shipments and deliver 3.4 gigawatt-hours to 3.8 gigawatt-hours of energy storage. Revenue is projected at $1.3 billion to $1.5 billion, with gross margin expected between 13.5% and 15.5%.
The company reiterated full-year U.S. shipment guidance of 6.5 gigawatts to 7 gigawatts of modules and 4.5 gigawatt-hours to 5.5 gigawatt-hours of energy storage. Parkin said Canadian Solar expects U.S. solar and storage volumes to increase sequentially in each remaining quarter of 2026.
About Canadian Solar (NASDAQ:CSIQ)Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Canadian Solar Inc. (NASDAQ:CSIQ) shares traded lower Thursday morning before heading up after the company reported mixed second-quarter 2026 results, with a revenue beat offset by an EPS miss and a below-consensus third-quarter sales outlook.
Revenue fell 29% year over year to $1.208 billion but beat the $1.143 billion estimate. GAAP loss widened to $1.40 per diluted share, missing the $1.18 loss estimate.
Canadian Solar posted a net loss of $77 million, compared with net income of $7 million a year earlier. Gross profit fell to $168 million from $505 million, while gross margin contracted to 13.9% from 29.8%.
The margin decline reflected the absence of IEEPA tariff-refund benefits recorded in the prior quarter and a U.S. project sales-type leasing benefit recognized a year earlier.
• Where is CSIQ stock headed?
Margins and ShipmentsSolar module shipments fell 60% year over year to 3.1 GW, while battery storage shipments jumped 73% to 3.7 GWh, above guidance of 2.8-3.2 GWh. Of the battery shipments, 471 MWh went to internal projects.
Manufacturing generated $1.098 billion in revenue, with an 11.9% gross margin and a $49 million operating loss.
Recurrent Energy reported $117 million in revenue, a 30.7% gross margin, and a $19 million operating loss.
The company expects deferred project sales to close in the third quarter.
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Conference Call Adds Policy, CapEx Detaile-STORAGE’s contracted backlog stood at $3.5 billion as of June 30, while U.S. module backlog exceeded 13 GWp and $4.5 billion as of Aug. 14.
On the earnings call, management added that the U.S. module backlog excludes potential Section 232 adjustments and could increase as customer contracts are renegotiated.
Management also said on the call that 2026 capital spending should total about $1.3 billion, weighted toward the second half of the year.
CSI Solar recorded a $41 million mark-to-market investment gain, while Recurrent Energy recognized a $24 million impairment tied to a Latin America project.
The call also revealed a 500 MW/2.5 GWh storage contract with a major U.S. utility designed to support data-center grid infrastructure and resiliency.
Separately, operating cash outflow totaled $181 million. Cash and equivalents stood at $1.461 billion, restricted cash at $389 million, and total debt at $7.145 billion.
Q3 Outlook Trails EstimateCanadian Solar expects third-quarter revenue of $1.3 billion to $1.5 billion, below the $1.813 billion estimate, with gross margin projected at 13.5% to 15.5%.
The company expects module shipments of 3.5-3.8 GW and battery storage shipments of 3.4-3.8 GWh.
For 2026, Canadian Solar reaffirmed U.S. shipment guidance of 6.5 GW to 7.0 GW for modules and 4.5 GWh to 5.5 GWh for storage.
CSIQ Price Action: Canadian Solar shares were up 2.16% at $14.17 at the time of publication on Thursday, according to Benzinga Pro data.
Key Takeaways Canadian Solar's Q2 loss widened to $1.40 per share, while revenues fell 28.7% year over year.Battery storage shipments rose 73% year over year, while Canadian Solar's module shipments fell 25%.Canadian Solar expects Q3 revenues of $1.30-$1.50 billion and a gross margin of 13.5%-15.5%. Canadian Solar, Inc. (CSIQ - Free Report) reported a second-quarter 2026 loss of $1.40 per share, wider than the Zacks Consensus Estimate of a loss of $1.01. The loss also widened compared with the year-ago quarter’s loss of eight cents.
CSIQ’s RevenuesCanadian Solar reported revenues of $1.21 billion, which beat the Zacks Consensus Estimate of $1.17 billion by 3.6%. The top line, however, declined 28.7% from the year-ago quarter’s figure of $1.69 billion.
Canadian Solar’s manufacturing business generated $1.09 billion in revenues during the second quarter. Solar module revenues were $589.4 million, while battery energy storage solutions contributed $425.9 million. Solar system kits generated $35.7 million, while EPC and other revenues were $43.0 million.
Recurrent Energy generated revenues of $113.9 million. Solar power and battery energy storage asset sales contributed $61.1 million, while power services generated $20.1 million. Revenues from electricity and battery energy storage operations totaled $32.7 million.
Operational Update of CSIQSolar module shipments recognized as revenues totaled 3.1 gigawatts (GW), down 25% year over year. The company delivered 3.1 GW of solar modules during the quarter, with nearly half shipped to its North American home base.
Battery energy storage shipments recognized as revenues totaled 3.7 gigawatt-hours (GWh), up 73% year over year and 82% sequentially. Of the total, 471 megawatt-hours were shipped to internal projects under execution, with associated revenues expected to be recognized in subsequent quarters.
CSIQ's Margin and Expense PerformanceCanadian Solar’s gross profit was $168 million compared with $505 million in the second quarter of 2025. Gross margin was 13.9%, down from 29.8% in the year-ago quarter. The decline primarily reflected the absence of IRA tariff refund benefits recognized in the prior quarter and the absence of realized profit from sales-type leasing of a U.S. project recorded in the prior-year period.
Total operating expenses were $240 million, down from $378 million in the second quarter of 2025. The decrease mainly reflected lower impairment charges related to certain solar and storage assets and reduced manufacturing assets. Operating expenses represented 19.8% of revenues compared with 22.3% a year ago.
Canadian Solar's Pipeline and BacklogAs of June 30, 2026, e-STORAGE’s contracted backlog, including contracted long-term service agreements, stood at $3.5 billion. The signed orders represent binding customer commitments and provide visibility over a multi-year period.
Recurrent Energy had a global solar project development pipeline of approximately 22 GW and a battery energy storage project development pipeline of 84 GWh. The solar pipeline included 1.7 GW under construction, 2.2 GW of backlog and 17.7 GW of early-stage projects.
CSIQ's Financial UpdateAs of June 30, 2026, Canadian Solar’s cash and cash equivalents totaled $1.46 billion compared with $1.37 billion as of Dec. 31, 2025.
Long-term borrowings as of June 30, 2026, were $3.29 billion, down from $3.62 billion as of Dec. 31, 2025.
CSIQ’s GuidanceFor the third quarter of 2026, Canadian Solar expects revenues in the range of $1.30-$1.50 billion. The Zacks Consensus Estimate for third-quarter sales is pegged at $1.65 billion, higher than the company’s guided range.
The company expects the gross margin to be between 13.5% and 15.5%.
CSIQ’s Zacks RankCanadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar ReleaseEnphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2026 adjusted earnings of 46 cents per share, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 33.3% from 69 cents in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $291.9 million missed the Zacks Consensus Estimate of $295 million by 1%. The top line also decreased 19.6% from the prior-year quarter’s reported figure of $363.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2026 earnings of $3.92 per share, which beat the Zacks Consensus Estimate of $2.74 by 43.1%. The bottom line increased 23.3% from $3.18 in the year-ago quarter.
Net sales of $1.06 billion missed the consensus estimate of $1.061 billion by 0.4% and declined 3.7% year over year.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2026 adjusted earnings of six cents per share, which beat the Zacks Consensus Estimate of four cents by 50%.
Revenues increased 19.6% year over year to $346.2 million and surpassed the consensus estimate of $343 million by 1.3%.
Canadian Solar (NASDAQ:CSIQ) reported second-quarter 2026 revenue of $1.2 billion, reaching the high end of its guidance range, as stronger module shipments in the United States and accelerated energy-storage deliveries supported manufacturing performance. The company recorded a net loss attributable to shareholders of $77 million, or $1.40 per share, amid elevated freight costs and ramp-up expenses at its Jeffersonville, Indiana, solar-cell facility.
CEO Colin Parkin said Canadian Solar recognized revenue on 3.1 gigawatts of solar modules during the quarter and shipped 3.7 gigawatt-hours of energy-storage products, exceeding its storage shipment guidance. The company recognized revenue on 3.3 gigawatt-hours of storage solutions.
Gross margin was 13.9%, in line with management’s outlook. Parkin said profitability was affected by higher freight expenses tied to geopolitical uncertainty, as well as near-term costs associated with bringing the Jeffersonville facility into production. The manufacturing segment recorded an operating loss of $49 million. U.S. Manufacturing Expansion and Backlog Canadian Solar said its Jeffersonville plant is the first commercially operational heterojunction, or HJT, solar-cell manufacturing facility in the United States. Phase 1 of the facility is being ramped to 2.1 gigawatts of capacity and is expected to enter full-scale production on Oct. 1.
The company plans to begin installing equipment for Phase 2 before year-end, with total nameplate cell capacity at Jeffersonville expected to reach 6.3 gigawatts in 2027. Combined with Canadian Solar’s 10-gigawatt module plant in Texas, Parkin said the expansion would establish CSI Solar as one of North America’s largest integrated photovoltaic manufacturers.
Canadian Solar has secured more than 13 gigawatts of contracted backlog for domestically manufactured HJT and TOPCon n-type bifacial modules, with deliveries scheduled through 2029. Management said the backlog has a value exceeding $4.5 billion and includes agreements with U.S. utilities, independent power producers, developers and engineering, procurement and construction providers.
Parkin said nearly half of quarterly module volume was shipped to North America. He also said freight costs should decline as the company expands production in the region, reducing its dependence on overseas shipping. While freight costs are incorporated into contracts, Parkin said domestic manufacturing should reduce logistics costs over time.
Storage Deliveries and Data-Center Demand Canadian Solar’s e-STORAGE unit delivered energy-storage systems to utility-scale projects in North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The company said storage results exceeded guidance because deliveries accelerated for two projects in the U.S. and Canada.
At quarter-end, e-STORAGE’s contracted backlog stood at $3.5 billion, including long-term service agreements covering 34 gigawatt-hours of projects. Parkin said demand associated with data centers is moving from discussions toward contracted opportunities.
Earlier in the year, e-STORAGE secured a contract with a major U.S. utility for a 500-megawatt, 2.5-gigawatt-hour direct-current project intended to support data-center grid infrastructure and resilience. Management said battery storage can help data centers address power availability and grid stability by increasing utilization of existing transmission infrastructure and responding to changes in electricity demand.
The company said its storage offering includes internally produced battery cells, the SolBank platform, power-conversion equipment, energy-management controls, engineering and commissioning services, and long-term service agreements.
Recurrent Energy Results and Portfolio Actions Recurrent Energy, Canadian Solar’s project development business, generated $117 million of second-quarter revenue. CEO Dylan Marx said revenue declined sequentially because several project sales shifted into the second half of the year, though electricity sales increased following the commercial operation of a large solar asset in Spain.
Recurrent Energy reported an operating loss of $19 million, reflecting muted project sales and a $24 million impairment charge associated with an upcoming Latin American project sale.
During the quarter, Recurrent Energy brought a 426-megawatt solar asset in Spain into commercial operation and connected the 150-megawatt Carwarp project in Australia, which is supported by a long-term power purchase agreement with Microsoft. The unit also closed a $695 million construction financing and tax-equity package for its 330-megawatt Cobalt solar project in California. MUFG and NORD/LB provided construction loans, while Wells Fargo provided tax equity.
As of June 30, Recurrent Energy had secured grid interconnections for about 6 gigawatts of solar and 13 gigawatt-hours of storage projects globally, excluding operating projects. Its total development pipeline included nearly 22 gigawatts of solar and 84 gigawatt-hours of storage.
Marx said Recurrent Energy is pruning lower-margin opportunities, including scaling back its Europe, Middle East and Africa pipeline after reviewing permitting, technical and commercial viability. The company expects to selectively monetize operating, construction-stage and development assets in the second half to recycle capital, improve financial flexibility and address leverage.
Balance Sheet, Policy and Outlook Chief Financial Officer Xinbo Zhu said operating cash flow was negative $181 million in the second quarter, primarily due to working-capital changes. Total assets rose to $16.1 billion, while total debt increased to $7.1 billion, mainly because of non-recourse construction financing for U.S. solar and storage projects under Recurrent Energy.
Capital expenditures were $172 million in the quarter, largely directed toward U.S. manufacturing initiatives. Canadian Solar expects full-year 2026 capital expenditures of approximately $1.3 billion, including spending on Jeffersonville’s second phase, expanded module capacity in Mesquite, Texas, and an energy-storage facility in Southeast Asia. The company ended the quarter with $1.9 billion in cash.
Management also discussed the Trump administration’s Section 232 announcement related to imported polysilicon and derivative products. Parkin said the company views the policy direction as supportive of domestic manufacturing and expects it to strengthen U.S. solar pricing. Thomas Koerner, Corporate Senior Vice President, said the stated value of the company’s 13-gigawatt domestic-module backlog does not yet include potential Section 232-related adjustments.
For the third quarter, Canadian Solar expects to recognize revenue from 3.5 gigawatts to 3.8 gigawatts of module shipments and deliver 3.4 gigawatt-hours to 3.8 gigawatt-hours of energy storage. Revenue is projected at $1.3 billion to $1.5 billion, with gross margin expected between 13.5% and 15.5%.
The company reiterated full-year U.S. shipment guidance of 6.5 gigawatts to 7 gigawatts of modules and 4.5 gigawatt-hours to 5.5 gigawatt-hours of energy storage. Parkin said Canadian Solar expects U.S. solar and storage volumes to increase sequentially in each remaining quarter of 2026.
About Canadian Solar (NASDAQ:CSIQ) Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.
Deutsche Bank AG purchased a new position in Canadian Solar Inc. (NASDAQ:CSIQ – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 77,596 shares of the solar energy provider’s stock, valued at approximately $1,243,000. Deutsche Bank AG owned approximately 0.11% of Canadian Solar as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in CSIQ. Two Sigma Investments LP purchased a new stake in shares of Canadian Solar in the third quarter worth $11,544,000. Bank of America Corp DE grew its position in Canadian Solar by 292.7% during the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after purchasing an additional 798,610 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in Canadian Solar during the 2nd quarter valued at about $89,510,000. Renaissance Technologies LLC bought a new stake in Canadian Solar during the 1st quarter valued at about $6,921,000. Finally, JPMorgan Chase & Co. increased its stake in Canadian Solar by 206.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock valued at $7,457,000 after purchasing an additional 385,355 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.
Trending Headlines about Canadian Solar Here are the key news stories impacting Canadian Solar this week:
Positive Sentiment: Energy-storage shipments reached 3.7 GWh, exceeding the company’s 2.8–3.2 GWh guidance and reportedly rising 73% year over year. This growth provides a potential offset to weakness in the solar-module business. Canadian Solar Reports Second Quarter 2026 Results Positive Sentiment: Second-quarter revenue of $1.21 billion exceeded the roughly $1.17 billion analyst estimate, although the increase was not enough to offset the earnings shortfall. Canadian Solar Beats on Revenue, But Investors Face Softer Q3 Setup Neutral Sentiment: Mizuho lowered its price target from $18 to $17 and maintained a neutral rating. The revised target still implies substantial upside from recent levels, but the reduction reflects ongoing execution and profitability concerns. Benzinga analyst update Negative Sentiment: Canadian Solar reported a second-quarter loss of $1.40 per share, far worse than analyst expectations and the $0.53 loss recorded a year earlier. Revenue fell 28.7% year over year, while lower solar-module sales contributed to the downturn. Canadian Solar Posts Q2 2026 Loss Negative Sentiment: Management guided third-quarter revenue to $1.3–$1.5 billion, below the approximately $1.7 billion consensus estimate, signaling continued demand and margin pressure. The CEO also warned that the U.S. factory ramp-up could weigh further on profits. Canadian Solar CEO Warns of More Profit Pressure Negative Sentiment: GLJ Research reaffirmed a sell rating with a $5.58 price target, reinforcing bearish sentiment after the earnings release. Benzinga analyst update Canadian Solar Trading Down 6.0% Shares of CSIQ stock opened at $13.14 on Friday. Canadian Solar Inc. has a 12-month low of $9.41 and a 12-month high of $34.59. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm’s 50 day moving average is $14.95 and its 200 day moving average is $16.09. The stock has a market capitalization of $892.21 million, a P/E ratio of -3.42 and a beta of 1.52. Canadian Solar (NASDAQ:CSIQ – Get Free Report) last announced its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.55%. Canadian Solar’s quarterly revenue was down 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.53) earnings per share. Research analysts expect that Canadian Solar Inc. will post -2.51 earnings per share for the current year.
Wall Street Analyst Weigh In Several research analysts have recently issued reports on CSIQ shares. Roth Capital set a $15.00 target price on shares of Canadian Solar in a research note on Friday. Mizuho decreased their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Friday. Citigroup lowered their price objective on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Glj Research reissued a “sell” rating and issued a $5.58 target price on shares of Canadian Solar in a report on Thursday. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $17.75.
View Our Latest Report on Canadian Solar
Canadian Solar Company Profile (Free Report)
Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.
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, /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company" or "Canadian Solar") today announced that the remaining U.S. proceeding related to patent allegations brought by Maxeon Solar Pte. Ltd. ("Maxeon") against Canadian Solar has been resolved in Canadian Solar's favor. Maxeon's patent infringement suit in the Federal District Court has now been dismissed with prejudice. Further, the U.S. Court of Appeals for the Federal Circuit vacated the relevant portion of the Patent Trial and Appeal Board ("PTAB") decision relating to Maxeon's remaining claim.
The proceedings stemmed from a March 2024 patent infringement lawsuit filed by Maxeon concerning three patents related to TOPCon solar cell technology. In Final Written Decisions issued in January 2026, the PTAB ruled in Canadian Solar's favor, finding all Maxeon patent claims asserted against the Company in the federal court litigation invalid. Canadian Solar welcomes the dismissal of the lawsuit and the final resolution of these patent claims. The ruling provides important clarity and reinforces Canadian Solar's claims of non-infringement.
Colin Parkin, Chief Executive Officer of Canadian Solar Inc., said, "We are very pleased with the resolution of these proceedings, which affirms Canadian Solar's continued ability to compete through technology and manufacturing leadership. As one of the world's largest renewable energy companies, Canadian Solar has built a global manufacturing platform and a deep intellectual property portfolio by advancing high-performance solar and energy storage solutions for our global customer base. We respect intellectual property rights and will continue to defend our technology, support our customers, and bring leading innovations to market."
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, has successfully completed Large-Scale Fire Testing (LSFT) for its KuBank 3.0 commercial and industrial (C&I) energy storage system under the latest UL 9540A:2026 standard, becoming the industry's first to pass this rigorous large-scale fire test.
KuBank 3.0 delivers up to 940 kWh of energy capacity in a single liquid-cooled cabinet. Built with advanced 314 Ah LFP battery cells, it supports flexible 400V, 690V, and 800V architectures, offers integrated load connection, enables seamless transitions between grid-connected and islanded operation, and holds comprehensive international certifications.
The LSFT is a rigorous system-level safety evaluation designed to assess how an energy storage system behaves under extreme fire conditions, including whether fire can be contained within the tested unit and prevented from propagating to adjacent systems. For customers, this validation is critical because it provides third-party visibility into fire safety performance, supports permitting and project approval processes, and helps reduce deployment risk in C&I environments.
Conducted under highly demanding conditions, the test evaluated a fully charged 940 kWh system with thermal runaway intentionally initiated and all fire suppression systems disabled. During the approximately four-hour fire event, no explosion occurred, the cabinet structure remained intact, and no fire propagation was observed in neighboring units. KuBank 3.0 passed the test on its first attempt without corrective actions, validating its advanced safety performance under the latest UL 9540A:2026 standard. The test was witnessed and independently verified by both TÜV Rheinland, the testing agency, and Energy Safety Response Group (ESRG), a fire safety consultant.
Designed with an independent physical compartment architecture, high-strength fire-resistant construction, and advanced thermal insulation materials, KuBank 3.0 enhances fire safety performance at the system level. Its intelligent liquid-cooling system maintains battery temperatures within the optimal operating range with a temperature deviation of ≤3°C, while its multi-layer active safety architecture integrates zone isolation, early thermal runaway monitoring, multi-stage fire detection, and protection technologies to support safe and reliable operation.
Jeff Roy, President of e-STORAGE, said, "Passing this large-scale fire test on the first attempt demonstrates the strength of KuBank 3.0's safety-first design. As safety standards continue to evolve, customers need energy storage solutions that have been validated under the most demanding real-world conditions. This achievement provides greater confidence in the safe deployment of KuBank 3.0 across C&I applications."
KuBank 3.0 has entered mass production and is now available to customers worldwide.
About TÜV Rheinland
As a leading global testing and certification body, TÜV Rheinland provides technical services that support the green energy transition. With a focus on reliability, innovation, and sustainability, TÜV Rheinland helps the industry address technical challenges and establish high-quality standards.
About Energy Storage Response Group (ESRG)
ESRG is a U.S.-based consulting firm specializing in battery energy storage system (BESS) safety, fire protection, and regulatory compliance. Backed by experienced fire service professionals and engineers, ESRG provides technical consulting, risk assessment, permitting support, and emergency response planning, helping manufacturers, developers, utilities, and regulators deploy energy storage systems safely and in compliance with industry standards.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
About e-STORAGE
e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage systems (BESS) spanning battery cells, battery PACKs, power conversion systems (PCS), energy management systems (EMS) and system integration. It also provides comprehensive EPC services and full-lifecycle station operation and asset management, helping customers improve grid operations across the project lifecycle. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.
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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
Cobalt Solar is fully permitted and under construction.
, /PRNewswire/ -- Recurrent Energy, a subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), and a leading global developer, owner, and operator of solar and energy storage assets, announced today the successful close of $695 million in project financing and tax equity for its Cobalt Solar facility.
Located approximately 20 miles west of Blythe, California, in Riverside County, the 330 MW project is currently under construction and is expected to reach commercial operation by the end of 2027. Blattner Energy has been appointed as the engineering, procurement, and construction (EPC) provider for the project.
The debt financing package, totaling approximately $484 million, was led by Mitsubishi UFJ Financial Group, Inc. (MUFG) and Nord/LB, and includes a combination of construction and term loans, a tax equity bridge loan, and a letter of credit facility. In parallel, Recurrent Energy secured a $211 million tax equity investment from Wells Fargo.
"MUFG is pleased to support Recurrent Energy as they strive to meet the growing energy demands of the U.S.," said Fred Zelaya, Managing Director at MUFG. "We value the opportunity to help Recurrent Energy augment large-scale renewable energy infrastructure and power capacity."
"Nord/LB is proud to have co-led the debt financing for the Cobalt Project on behalf of our long-standing client, Recurrent Energy. The closing reflects the strength of our partnership and our shared commitment to advancing reliable clean energy infrastructure," said Sondra Martinez, Managing Director at Nord/LB.
"We are pleased to support Recurrent Energy with tax equity financing for the Cobalt Solar Project and are proud to continue our long-standing relationship as they expand their renewable energy activity in California," said Jordan Newman, Managing Director with Wells Fargo Renewable Energy & Environmental Finance.
Dylan Marx, CEO of Recurrent Energy, added, "We are thrilled to close the project financing and ramp up construction of Cobalt Solar. This project represents a significant addition to the U.S. energy landscape and will contribute meaningfully to meeting the country's growing electricity demand. We appreciate the continued support and collaboration of MUFG, Nord/LB, and Wells Fargo in bringing this initiative forward."
Beyond its contribution to clean energy generation, Cobalt Solar is expected to deliver tangible economic benefits to the local community, including approximately $14 million in property tax revenues for Riverside County. Once operational, the facility will generate enough electricity to power the equivalent of approximately 82,000 homes per year.
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world's largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar's global development and power services business. To date, Recurrent Energy has successfully developed, built, and connected 12 GWp of solar projects and more than 5 GWh of energy storage projects across six continents. As of September 30, 2025, its global pipeline includes approximately 23 GWp of solar power and 73 GWh of energy storage capacity. The company also has over 14 GW of solar and energy storage projects under operations and maintenance (O&M) contracts. These figures exclude China. Additional details are available at www.recurrentenergy.com.
About Canadian Solar
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 24 years, Canadian Solar has successfully delivered nearly 170 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 16 GWh of battery energy storage solutions to global markets as of September 30, 2025, boasting a $3.1 billion contracted backlog as of October 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 81 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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
inve[email protected]
Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ) today announced that it will hold a conference call on Thursday, August 27, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's second quarter 2026 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 13762069. A live webcast of the conference call will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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, September 10, 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 13762069. A webcast replay will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that its U.S.-manufactured TOPCon and HJT Low Carbon hail-resilient modules have received FM Approvals recognition under the rigorous FM 4478 and FM 4480 identified component standards, making them the first FM Approvals PV modules listed as identified components for severe hail zones.
The recognition validates the exceptional durability and resilience of Canadian Solar's U.S.-manufactured TOPCon and HJT Low Carbon HP modules, including proven resistance to severe hail impacts. To achieve FM listing, the modules successfully passed a comprehensive series of tests designed to evaluate their ability to withstand the demanding environmental and mechanical stresses encountered by utility-scale solar projects, including:
Hail Damage Resistance Testing per ANSI/FM Approvals Standard for Ground-Mounted or Elevated Photovoltaic Module System, Class 4480. Design Qualification and Type Approval Testing in accordance with the IEC/EN 61215 series standards. Safety Qualification Testing in accordance with IEC/EN 61730-2 and ANSI/UL 61730 requirements. As the first FM Approvals identified component PV modules listed in the industry, Canadian Solar's U.S.-manufactured TOPCon and HJT HP products set a new standard for solar projects in hail-prone markets. The FM Approvals recognition provides developers, asset owners, and investors with an additional layer of confidence by validating the modules' resilience under severe hail conditions.
By helping reduce hail-related project risks, strengthening insurability, and supporting long-term asset performance, these modules can enhance project bankability and contribute to more predictable lifetime returns. Designed for today's increasingly challenging climate conditions, they enable solar project stakeholders to better protect revenue streams while supporting reliable plant operation over the life of the asset.
Dr. Shawn Qu, Executive Chairman and Chief Technology Officer of Canadian Solar, said, "As extreme weather events become more frequent, resilience is increasingly critical to solar project success. The FM Approvals listing of our U.S.-manufactured TOPCon and HJT HP modules demonstrates our commitment to delivering high-performance products that help customers mitigate risk, improve project bankability, and ensure reliable long-term operation of their solar assets."
About FM Approvals
FM Approvals is a premier, global, third-party testing and certification agency, founded as a business unit of FM Global. Backed by technical integrity, engineering expertise, and science-based testing standards, FM Approvals evaluates loss prevention products used to protect commercial and industrial facilities. During testing and certification, products are analyzed to understand performance under real-life perils including fire, flood, wind, seismic activity, and other emerging threats. Products that are certified to the requirements of our loss prevention standards are listed in the Approval Guide or RoofNav.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
Miniatures of solar panel and electric pole are seen in front of Canadian Solar logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 24 (Reuters) - Canadian Solar (CSIQ.O), opens new tab opened a solar cell factory in Indiana on Friday that the company says will help fill a major gap in U.S. solar manufacturing by producing a key component that is largely produced in Asia.
The U.S. is seeking to build a domestic solar supply chain through tax incentives and trade measures aimed at reducing dependence on imports. China controls about 80% of the global solar supply chain.
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The nearly $1 billion investment by Canadian Solar's U.S. manufacturing arm, CS PowerTech, is expected to produce 6 gigawatts of cells annually and employ more than 1,200 people once it reaches full production by early next year.
"For us this is a tremendous milestone," Canadian Solar CEO Colin Parkin said in an interview.
Canadian Solar, which is based in Ontario, Canada, is one of the biggest solar equipment manufacturers in the world, with factories in China, Southeast Asia and the United States.
The Jeffersonville, Indiana, facility is the first U.S. plant designed to make heterojunction, or HJT, solar cells, a high-efficiency technology that Parkin said offers better performance than conventional technologies and has more room for future improvements.
The United States has added significant solar module assembly capacity since the 2022 Inflation Reduction Act created a tax credit for advanced clean energy manufacturing. But production of cells that are assembled into panels has lagged, leaving manufacturers dependent on imports.
Output from the Jeffersonville plant will be used by Canadian Solar's module factory in Mesquite, Texas, which is being expanded to 10 GW of annual capacity.
"It will directly reduce our reliance on imported cells," Parkin said, though the company will still depend on some imports.
U.S. tariffs on solar imports and manufacturing incentives helped justify the investment, Parkin said, adding that producing both cells and modules domestically allows the company to capture the full value of available tax incentives.
Canadian Solar is also actively evaluating investments further upstream in the solar supply chain, he said.
Reporting by Nichola Groom; Editing by Nia Williams
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Jeffersonville, Indiana facility will include more than 1,200 employees that will strengthen U.S. manufacturing, supply-chain resilience, and energy dominance
, /PRNewswire/ -- CS PowerTech Inc., a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ) and the largest silicon PV solar manufacturer in the U.S., today announced the official opening of the first phase of its flagship PV cell manufacturing facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The Jeffersonville PVCells facility is a cornerstone of CS PowerTech's U.S. manufacturing platform, reshoring critical advanced manufacturing, strengthening U.S. supply-chain resilience, and supporting America's energy security.
Jeffersonville PVCells is the first American PV cell facility designed to produce industry-leading heterojunction (HJT) bifacial N-type solar cells. Together with CS PowerTech's module manufacturing plant in Mesquite, Texas, the Jeffersonville facility creates a more localized, vertically integrated supply chain to serve its customers and to strengthen critical U.S. energy infrastructure.
At full capacity, the facility is expected to produce more than 6 GWp annually, support more than 1,200 skilled manufacturing, engineering, and technical jobs in Southern Indiana, and represent nearly $1 billion in local investment.
Rusty Schmit, President of CS PowerTech Inc., said, "Jeffersonville is a cornerstone of our strategy to build one of North America's most advanced energy manufacturing supply chains. This facility will produce next-generation HJT solar cells, support domestic manufacturing, and ultimately strengthen grid reliability as our customers deploy the products. We are proud to invest in Indiana's workforce and work with regional partners to build a long-term center of excellence for solar technology and advanced manufacturing."
Colin Parkin, Chief Executive Officer of Canadian Solar Inc., added, "The Jeffersonville facility demonstrates our commitment to scaling one of the world's most advanced solar cell technologies in the United States. HJT technology is critical for the next generation of high-efficiency, high-performance solar modules, and this plant gives CS PowerTech the ability to deliver leading technology, improved energy yield, and long-term value for customers while strengthening domestic advanced manufacturing."
Governor Mike Braun, stated, "CS PowerTech's investment strengthens Indiana's position in advanced manufacturing, creates good-paying jobs for Hoosiers in the area, and reinforces our role in building the technologies that will continue to power America's future."
Indiana State Senator Chris Garten, stated, "CS PowerTech's investment in Jeffersonville is a major win for Southern Indiana. This facility will create over a thousand high-quality jobs, strengthen our advanced manufacturing base, and help position our region as a leader in the technologies that will power America's future."
Indiana State House Representative Wendy Dant Chesser, said, "Indiana's manufacturing workforce is second to none. We welcome CS PowerTech's investment at River Ridge and are excited to launch Southern Indiana into the lead for advanced energy manufacturing and technology."
Jeffersonville Mayor Mike Moore, stated, "CS PowerTech is an important part of Jeffersonville's growth story. This investment reflects the strength of our workforce and our city's position as a premier destination for advanced manufacturing."
Marc Hildenbrand, Executive Director of the River Ridge Development Authority, said, "CS PowerTech's investment validates River Ridge's long-term vision as a destination for transformational growth. This facility shows how infrastructure, talent, and strong public-private partnerships can attract world-class advanced manufacturing to Southern Indiana."
The Jeffersonville facility will ramp production to full capacity for phase one over the next few months and CS PowerTech expects to begin work on phase two expansion before the end of the year.
About CS PowerTech Inc.
CS PowerTech is one of the largest North American PV manufacturers. The company is a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ) and operates U.S.-based manufacturing and sales of solar modules and solar cells in Mesquite, Texas and Jeffersonville, Indiana, respectively. CS PowerTech is focused on building a cohesive and scalable U.S. manufacturing ecosystem that employs over 3,000 Americans, supports local communities, accelerates clean energy adoption, and reinforces long-term American energy dominance and independence.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
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, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced it has been named a Tier 1 supplier of both battery energy storage systems and PV modules in the second annual list of S&P Global Energy's Tier 1 Cleantech Companies. This dual recognition reflects Canadian Solar's unique capability to deliver industry-leading solutions in both energy storage and solar technology.
S&P Global Energy's selection criteria are based on its unique cross-functional capabilities to provide an unmatched degree of criteria dimensions that span market presence and cumulative equipment shipments; annual market share; scale; global manufacturing diversification; financial performance via key financial indicators, sustainability factors, and more.
Edurne Zoco, Ph.D., Head of Clean Technologies and Supply Chains, S&P Global Energy, said, "What makes the S&P Global Energy Tier 1 list different is the breadth and depth of the data behind it. We look beyond market share, drawing on S&P Global's proprietary data on market leadership, financial performance, and sustainability to provide a more complete picture of supplier strength."
Colin Parkin, Chief Executive Officer of Canadian Solar, added, "We are proud to be recognized by S&P Global Energy as a Tier 1 supplier in both energy storage and photovoltaic modules. This recognition is designed to help cleantech suppliers stand out in a crowded market while giving developers and investors a clearer way to identify companies with a proven track record and stronger foundations for long-term success."
The S&P Global Energy Tier 1 Cleantech Companies List 2026 is not a placement ranking, but a roster of qualified companies meeting S&P Global Energy's robust methodology assessment and listed in alphabetical order by category. The group of companies considered for the S&P Global Energy Tier 1 Cleantech Companies assessment are selected from the top 30 companies for each of the five technology categories (Solar PV Modules, Solar PV Inverters, Energy Storage Systems, Energy Storage Battery Cells, & Wind Turbines), based on the top shipments or installations globally in the previous year.
The S&P Global Energy Tier 1 Cleantech Companies recognition is the first supplier classification in the cleantech industry to embed sustainability as a key criterion. The S&P Global Energy Tier 1 Cleantech Companies list will be updated annually, and therefore, reflect any changes that can occur year to year, depending on how the suppliers in each sector evolve in relation to each of the indicators in the assessment.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that Mr. Ismael Guerrero is stepping down from his position as Chief Executive Officer of Recurrent Energy, the Company's global project development subsidiary. Mr. Dylan Marx has been appointed to assume leadership of the subsidiary, effective immediately.
To ensure a seamless transition, Mr. Guerrero will serve in a non-executive advisory capacity through December 31, 2026. Concurrently, Mr. Marx will step down from his role as Chief Operating Officer of Canadian Solar to focus on executing his new responsibilities at Recurrent Energy.
Colin Parkin, Chief Executive Officer of Canadian Solar, commented, "With more than 15 years of experience in global project development, Canadian Solar remains fully committed to supporting Recurrent Energy and working with our partners and stakeholders to generate long-term value.
Dylan's deep knowledge of Recurrent Energy's business, global perspective, and proven track record in operational oversight make him the right leader to guide Recurrent into its next phase. We thank Ismael for his service to the company and congratulate Dylan on his new appointment."
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that it held its Annual Meeting of Shareholders on June 30, 2026. Each of the proposals submitted for shareholder approval was approved. Specifically, the shareholders approved:
The election of Shawn (Xiaohua) Qu, Harry E. Ruda, Andrew L.C. Wong, Lauren C. Templeton, Leslie Chang, Colin Parkin, and Yuan Z. Qu each as a director of the Company until the next annual meeting of shareholders of the Company or until their successors are elected or appointed; The re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company until the close of the next annual meeting of shareholders of the Company or until its successor is appointed, and the authorization of the directors of the Company to fix the auditors' remuneration. 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 — delivering solar, storage, system integration and long-term operation under a single accountable partner. Over the past 25 years, Canadian Solar has successfully delivered nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. In North America, Canadian Solar operates local manufacturing to meet tariff and compliance requirements and safeguard on-schedule project delivery. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
Canadian Solar Inc. Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, has entered into a supply agreement with an electric utility in Florida to deliver a 95 MW/426 MWh (DC) battery energy storage system (BESS). The battery installation is planned for the second half of 2027, with commercial operation targeted for early 2028. e-STORAGE will provide its proprietary 'SolBank' battery pack powered by its lithium-Ion phosphate-based battery cells, all produced at Canadian Solar's manufacturing facilities, giving the customer full supply chain visibility and compliance.
Under the agreement, e-STORAGE will deliver a complete, integrated BESS solution, combining 5 MWh SolBank 3.0 battery packs, along with the power conversion systems and energy management system. Once operational, the 426 MWh project will dispatch stored energy during peak demand periods, helping the utility lower energy costs. The project marks e-STORAGE's entry into Florida — a market where rapid solar growth and rising seasonal peak demands are making large-scale storage central to grid reliability.
Jeff Roy, President of e-STORAGE, said: "Florida is one of the fastest-growing storage markets in the U.S., and we're glad to support our customer with capacity at this scale. The project deepens e-STORAGE's presence in a strategically important market and further demonstrates e-STORAGE's capabilities in delivering fully integrated energy storage solutions for demanding power management applications."
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 — delivering solar, storage, system integration and long-term operation under a single accountable partner. Over the past 25 years, Canadian Solar has successfully delivered nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. In North America, Canadian Solar operates local manufacturing to meet tariff and compliance requirements and safeguard on-schedule project delivery. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
About e-STORAGE
e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage systems (BESS) spanning battery cells, battery PACKs, power conversion systems (PCS), energy management systems (EMS) and system integration. It also provides comprehensive EPC services and full-lifecycle station operation and asset management, helping customers improve grid operations across the project lifecycle. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.
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 10, 2026. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced the launch of its new TOPCon 3.0 high-power-density photovoltaic module, tailored for utility-scale power plants as well as commercial and industrial (C&I) PV systems. With a power output of up to 670 Wp and a conversion efficiency of up to 24.8%, the new product is scheduled for global mass shipment starting in August 2026.
The TOPCon 3.0 high-power-density module delivers higher energy yield and lower Levelized Cost of Electricity (LCOE), improving project economics and long-term returns.
Higher power density: With a power output of up to 670 Wp, the module features a multi-cut technology based on large-format rectangular cells and enhanced light utilization, while maintaining a standard module size of 2382 × 1134 × 30 mm for optimum logistics and easy system integration.
Higher bifaciality: Cell poly-patterned technology and optimized back-side design enable PV module bifaciality of up to 90%, delivering an additional 0.4%–0.5% system-level energy gain.
Lower temperature coefficient: Advanced passivation technologies on cell edge and surface lower the PV module temperature coefficient to -0.26%/°C, improving PV system performance in high-temperature environments.
Together, these advanced cell and module technologies deliver high reliability and reduce degradation to ≤1% in the first year and 0.35% annually thereafter, ensuring over 88.85% output after 30 years.
For demanding conditions such as glare-sensitive, high-load, corrosive, and dusty environments, the TOPCon 3.0 module portfolio can be equipped with anti-glare glass, IoT (Internet of Things)-enabled junction box, and steel, composite, or anti-dust frames, enhancing PV system safety and visibility.
Dr. Shawn Qu, Executive Chairman and Chief Technology Officer of Canadian Solar, said, "With the launch of our TOPCon 3.0 module, we continue to advance high-efficiency PV technology, delivering up to 1.6% higher energy yield and up to 1.4% lower LCOE, translating into stronger lifecycle value and more predictable long-term returns for our global partners."
The TOPCon 3.0 high-power-density module will be showcased at Intersolar Europe from June 23 to 25 in Munich, Germany. Visit Canadian Solar at booth B2.250 to explore the new generation of high-efficiency PV technology.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, has entered into an agreement with Axpo subsidiary to deploy an 8 MW/40 MWh battery energy storage system (BESS) in southern Italy. This marks e-STORAGE's first project in Italy, a further step in its expansion across continental Europe.
Construction at Axpo's Rizziconi power plant in Calabria is scheduled to begin at the end of 2026, with grid connection and commercial operation expected in early 2028. The battery storage system will be installed at Axpo's existing combined-cycle gas power plant in Rizziconi, Calabria, leveraging its established grid interconnection to provide flexibility and balancing services.
Under the agreement, e-STORAGE will deliver a complete and integrated solution that combines SolBank 3.0 battery blocks, power conversion systems, and the company's proprietary EQ-S Energy Management System into a single coordinated system under one accountable partner. The battery cells and 5 MWh capacity SolBank 3.0 pack systems are developed and manufactured at Canadian Solar's own production facilities, providing customers with complete supply chain visibility. Today's announced installation marks the first milestone in a wider partnership between e-STORAGE and Axpo, with both firms planning to strengthen their collaboration in the years ahead.
The Rizziconi project is a specific response to conditions in southern Italy, where rising solar output regularly exceeds what the network can absorb by midday. Historically, Calabria has faced higher power costs and weaker grid connectivity than northern Italy, which makes local flexibility especially valuable. The e-STORAGE system will capture solar energy that would otherwise be wasted and return it to the grid when needed. This will ease the pressure on a constrained network and help lower the cost of electricity for a region of Italy that has long depended on distant supplies of energy from the north and elsewhere.
Frank Amend, Axpo Group Head of Batteries & Hybrid Systems, said: "We are excited to begin the construction of our first BESS project in Italy. This will be an important addition to our portfolio as we execute our ambitious BESS strategy to strengthen grid flexibility and advance the energy transition in Europe. We are also excited to partner with e-STORAGE on this project. Their integrated approach aligns with our commitment to delivering reliable and innovative energy solutions across Europe."
Jeff Roy, President of e-STORAGE, added: "To enter one of Europe's most dynamic storage markets through an integrated project like this proves just how effectively our technology can adapt to real grid needs. We are pleased to begin our partnership with Axpo in Italy and see this agreement as the foundation for a longer-term collaboration supporting customers across Europe."
About Axpo
Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions. Axpo is Switzerland's largest energy producer and an international leader in energy trading and the marketing of solar and wind power. Axpo combines the experience and expertise of about 7,500 employees who are driven by a passion for innovation, collaboration and impactful change. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in more than 30 countries across Europe, North America and Asia.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
About e-STORAGE
e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage solutions, comprehensive EPC services, and innovative solutions aimed at improving grid operations. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.
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 10, 2026. 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.
Axpo Holding AG, Corporate Communications
T 0800 44 11 00 (Switzerland), T +41 56 200 41 10 (International)
(Available 7.30 a.m. to 5.30 p.m.)
[email protected]
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that its Baotou ingot manufacturing facility and Suqian solar cell manufacturing facility achieved the Silver Level Solar Stewardship Initiative (SSI) Supply Chain Traceability Certification. Canadian Solar is the first manufacturer to achieve Silver certification under the SSI Supply Chain Traceability Certification for both ingot and cell production. This certification demonstrates the Company's commitment to transparency and traceability across its upstream suppliers and to advancing responsible sourcing.
The SSI Supply Chain Traceability Standard is designed to enhance visibility into material sourcing and manufacturing processes across the solar value chain, supporting industry efforts to advance responsible and sustainable production practices. All certification audits are performed by independent third-party firms under the defined SSI audit protocol (ingot and cell).
Colin Parkin, Chief Executive Officer of Canadian Solar, said, "Achieving SSI Supply Chain Traceability Certification for our ingot and cell manufacturing facilities marks an important milestone in strengthening transparency and accountability across our supply chain. As the industry continues to evolve, we are committed to advancing responsible manufacturing practices and enhancing confidence in the integrity of solar products worldwide."
In 2025, Canadian Solar's Suqian solar cell factory and Baotou ingot factory underwent the SSI ESG assessments and received Silver and Bronze certifications, respectively. The certified sites are publicly listed by the Solar Stewardship Initiative and can be viewed on its official website under Currently Certified Sites.
The announcement coincides with Intersolar Europe in Munich, where Canadian Solar will present its latest technologies and initiatives at booth B2.250.
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, will supply a 75 MW / 381 MWh DC battery energy storage system (BESS) to Apex Clean Energy in Branch County, Michigan. The system will be co-located with Apex's operating Coldwater Solar facility.
Under the agreement, e-STORAGE will deliver a complete, integrated solution that combines SolBank 3.0 battery blocks with Power Conversion Systems and e-STORAGE's proprietary EQ‑S Energy Management System into one coordinated utility‑scale platform. Deliveries are scheduled to begin in early 2027, with commercial operation targeted for mid-2027. e-STORAGE will provide its proprietary 'SolBank' battery pack powered by its lithium-Ion phosphate-based battery cells, all produced at Canadian Solar's manufacturing facilities, giving the customer full supply chain visibility and compliance.
Coldwater Storage enters service against a firm policy backdrop: Michigan law requires utilities to bring 2,500 MW of energy storage online by 2030, and the state's largest coal units are slated to retire through 2032, removing dispatchable capacity from the MISO grid that storage must replace. Once operational, the project will store low‑cost energy and discharge it when demand peaks, helping firm the supply that Michigan is shifting toward solar and wind.
Ken Young, CEO of Apex, said: "Power demand is rising rapidly, and storage projects like Coldwater enable our grid to keep pace. e-STORAGE has the technology and the scale to deliver this project, and we're glad to be working once again with our partners at Canadian Solar."
Jeff Roy, President of e-STORAGE, said: "Michigan is rebuilding its power generation mix on a fixed timeline, and this collaboration shows how that target turns into reliable capacity on the ground. By supplying the batteries, power conversion, and our EQ-S controls as one integrated system, we serve as Apex's single accountable technology partner across the project's lifecycle."
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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.
About e-STORAGE
e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage solutions, comprehensive EPC services, and innovative solutions aimed at improving grid operations. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.
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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
, /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ) today announced that it will hold a conference call on Thursday May 14, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's first quarter 2026 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 13760199. A live webcast of the conference call will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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, May 28, 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 13760199. A webcast replay will also be available via the webcast link on the investor relations section of Canadian Solar's website.
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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.
Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.
Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.
Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.
When we join a positive earnings ESP with a Zacks Rank #3 (Hold) or stronger, stocks posted a positive bottom-line surprise 70% of the time. Plus, this system saw investors produce roughly 28% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider SolarEdge Technologies?The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. SolarEdge Technologies (SEDG - Free Report) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at -$0.20 a share 13 days away from its upcoming earnings release on May 5, 2026.
SolarEdge Technologies' Earnings ESP sits at +15.22%, which, as explained above, is calculated by taking the percentage difference between the -$0.20 Most Accurate Estimate and the Zacks Consensus Estimate of -$0.23. SEDG is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
SEDG is just one of a large group of Oils and Energy stocks with a positive ESP figure. Canadian Solar (CSIQ - Free Report) is another qualifying stock you may want to consider.
Canadian Solar is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on May 14, 2026. CSIQ's Most Accurate Estimate sits at -$1.06 a share 22 days from its next earnings release.
The Zacks Consensus Estimate for Canadian Solar is -$1.08, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +1.85%.
SEDG and CSIQ's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
On April 22, 2026, Canadian Solar Inc CSIQ shares rose 9.1% today, bringing the current price to $13.51. The stock has seen a 52-week range between $6.96 and $34.59, indicating significant volatility over the past year.
GF Value™ verdict: Current price of $13.51 is 11.2% below GF Value™ of $15.21.GF Score™ of 82/100 indicates a strong overall performance relative to its peers.Most notable signal: CSIQ has not seen any insider transactions in the last 3 months. Is CSIQ Overvalued or Undervalued? Based on the current price of $13.51 compared to the GF Value™ of $15.21, Canadian Solar Inc is considered undervalued by approximately 11.2%. This suggests that there may be an opportunity for appreciation in the stock price if the market recognizes its intrinsic value. GF Valuation labels CSIQ as "Modestly Undervalued," which implies that while there is potential for growth, caution is warranted as market conditions and company performance can fluctuate.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The margin of safety here could provide a cushion against potential downside risks, but investors should remain aware of the company's financial health and market conditions that could impact future performance.
How Does CSIQ's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)Not available16.5x Forward P/E74.9xNot available Unfortunately, the current P/E (TTM) ratio is not available for Canadian Solar Inc., but it is important to note that the forward P/E of 74.9x is significantly higher than the 5-year median P/E of 16.5x. This suggests that the stock is trading at a premium relative to its historical valuation. Therefore, the P/E analysis appears to disagree with the GF Value™ verdict of modest undervaluation, indicating a potential concern regarding the stock's current pricing in the market.
What Does CSIQ's GF Score™ Tell Us? MetricRating GF Score™82 Financial Strength3/10 Profitability6/10 Growth8/10 Valuation8/10 Momentum10/10 The GF Score™ of 82/100 indicates that Canadian Solar Inc is performing well in several key areas, particularly in Growth (8/10) and Momentum (10/10). However, the Financial Strength rating of 3/10 raises some concerns regarding the stability and robustness of the company's financial position. Overall, while CSIQ shows good potential for growth and strong momentum, its financial strength could be a limiting factor for long-term investors.
What Are Insiders Doing with CSIQ Stock? There have been no insider transactions reported for Canadian Solar Inc in the last three months. This lack of activity may suggest that insiders are either confident in the company's current strategy or are possibly awaiting more favorable market conditions before making any moves. The absence of insider buying could also be interpreted as a sign that insiders do not anticipate a significant price increase in the near term.
What This Means for Investors Based on the GF Value™ analysis, Canadian Solar Inc is currently undervalued at $13.51 relative to its intrinsic value of $15.21. However, with a high forward P/E ratio and low financial strength score, investors should exercise caution and consider these factors before making investment decisions.
For the complete analysis, visit the Canadian Solar Inc CSIQ stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CSIQ's GF Score™?
CSIQ's GF Score™ is 82/100, indicating a strong overall performance compared to its peers, which suggests potential for higher long-term returns.
Is CSIQ overvalued or undervalued?
CSIQ is currently considered undervalued, with a GF Value™ indicating a price of $15.21 compared to the current price of $13.51.
What is CSIQ's P/E ratio?
The exact P/E (TTM) ratio is not available, but the forward P/E is 74.9x, which is above its 5-year median of 16.5x, suggesting the stock is trading at a premium.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On May 01, 2026, Canadian Solar Inc CSIQ shares rose 9.5% today, closing at $16.74. The stock has fluctuated significantly over the past year, with a 52-week range of $8.84 to $34.59.
GF Value™ verdict: Current price of $16.74 is 9.5% overvalued compared to a GF Value™ of $15.29.GF Score™ of 83/100 indicates a strong potential for long-term returns.Notable signal: No insider transactions reported in the last 3 months. Is CSIQ Overvalued or Undervalued? According to the GF Value™, Canadian Solar Inc's current price of $16.74 is considered to be 9.5% overvalued against its estimated fair value of $15.29. This overvaluation suggests a limited margin of safety for potential investors. The GF Valuation label indicates that CSIQ is fairly valued, which may imply that while there are no immediate bargains in the stock, investors should be cautious about entering at these levels due to the current price exceeding its intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Being overvalued poses risks, particularly if market conditions shift or if the company's performance does not meet expectations. Investors might want to wait for a more attractive entry point or consider the inherent risks associated with investing at a price that surpasses the calculated fair value.
How Does CSIQ's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 92.5x 15.6x The current P/E ratio of 92.5x is significantly higher than its 5-year median P/E of 15.6x, indicating that the stock is trading well above its historical valuation. This analysis aligns with the GF Value™ verdict, suggesting that CSIQ is overvalued based on its historical performance metrics.
What Does CSIQ's GF Score™ Tell Us? Metric Rating GF Score™ 83 Financial Strength 3/10 Profitability 6/10 Growth 8/10 Valuation 9/10 Momentum 8/10 CSIQ's GF Score™ of 83/100 indicates a relatively strong position in terms of growth and valuation, suggesting good potential for long-term returns. However, the financial strength score of 3/10 highlights a significant weakness that could impact the company’s stability and risk profile. The strong growth rank of 8/10 shows that the company has good growth prospects, while a valuation rank of 9/10 indicates that despite the current overvaluation, there is recognition of its growth potential in the market.
What Are Insiders Doing with CSIQ Stock? There have been no reported insider transactions in the last three months for Canadian Solar Inc. This lack of activity could suggest that insiders are not currently confident in the stock's potential at its current price levels or simply indicate a period of stability where no significant buying or selling activity is warranted.
What This Means for Investors Based on the GF Value™ assessment, Canadian Solar Inc CSIQ is currently overvalued. The current price of $16.74 exceeds the estimated fair value of $15.29, indicating a potential risk for new investors entering the market at this time.
For the complete analysis, visit the Canadian Solar Inc CSIQ stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CSIQ's GF Score™?
CSIQ has a GF Score™ of 83/100, indicating a strong potential for long-term returns based on various financial metrics.
Is CSIQ overvalued or undervalued?
CSIQ is currently considered overvalued, with a GF Value™ of $15.29 compared to its current price of $16.74.
What is CSIQ's P/E ratio?
CSIQ's current P/E ratio is 92.5x, which is significantly higher than its 5-year median P/E of 15.6x, indicating that the stock is trading above its historical valuation levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Canadian Solar (CSIQ) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
American solar installers have stopped doing business with China-backed U.S. production centers due to uncertainties about their products' eligibility for government subsidies
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Key Takeaways: China-linked U.S. solar panel makers may be ineligible for U.S. subsidies aimed at supporting residential-based solar power, according to a Reuters report JinkoSolar is selling 75.1% of its U.S. plant in Florida to an American private equity company in an apparent attempt to keep its products eligible for subsidies As Donald Trump prepares to visit China later this week to meet with President Xi Jinping, U.S. protectionist measures against Chinese products are likely to be one of the top items on the agenda. An important part of that discussion could focus on solar energy products, not only ones produced in China but also ones made at Chinese-invested plants in the U.S.
The size of the stake sale is quite revealing, since legislation passed by the U.S. last year, with strong backing from the Trump administration, sharply cut subsidies for residential solar installations, and placed restrictions on subsidies that remained. One restriction prohibited subsidies for any installations using panels produced at factories that were more than 25% owned by Chinese companies.
"We believe this transaction provides the right ownership, management and strategic direction for this new venture to grow capacity and serve the growing demand for high performance U.S.-sourced renewable energy products," said JinkoSolar U.S. general manger Nigel Cockroft. The two sides added that following the deal, they plan to at least double capacity at the plant, currently at 2 GW annually, and also start producing energy storage systems.
Not surprisingly, China has criticized the restrictions, calling them discriminatory, according to the Reuters report, citing a spokesperson for the Chinese embassy in Washington.
Investors applauded the latest move by JinkoSolar, whose shares rose 5.3% on Friday after the announcement. The stock is up 30% over the last 52 weeks on hopes for a recovery for the embattled sector that has suffered for more than a year due to huge overcapacity built up over the last three years.
Signs for such a recovery look broadly positive, as the sector gains fresh momentum from the U.S. and Israeli war against Iran, which has sent oil prices to multi-year highs and underscored the need for more reliable energy sources. Even before that, solar module and panel prices were showing signs of stabilizing after more than a year of declines, as Chinese producers shut down older, more obsolete capacity under encouragement by Beijing.
Low value-added facilitiesWhile the sale of majority stakes of their U.S. plants may help Chinese companies avoid the restriction limiting their stakes to less than 25%, the reality remains that these plants are quite low tech and not really the kinds of facilities the Trump administration wants to attract. That's because the facilities are mostly involved in final module assembly, with most or all of their key components imported from China.
The U.S. tensions are also significant because other markets, most notably the EU and India, have expressed their own frustrations at China and have taken similar steps in the past.
These issues have been years in the making, and we doubt things will be solved overnight during Trump's visit to Beijing. But at least the leaders can exchange views directly to better understand the other side's concerns. China has already shown some willingness to consider the Western point of view with its recent cancellation of a yearslong policy that exempted Chinese solar manufacturers from paying some value-added tax for products they exported.
Meantime, JinkoSolar and its peers, despite the numerous headwinds they've faced over the last year, continue to show signs of a rebound.
While its massive losses and thin margins don't look too impressive on the surface, the trends look broadly positive for a recovery over the next year or two. Now, Beijing needs to work at the more macro level to create favorable conditions for its solar companies to export some of their expertise to reduce or eliminate some of the geopolitics that have plagued the industry over the last few years.
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Analysts on Wall Street project that Canadian Solar (CSIQ - Free Report) will announce quarterly loss of -$1.08 per share in its forthcoming report, representing a decline of 0.9% year over year. Revenues are projected to reach $947.63 million, declining 20.8% from the same quarter last year.
Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
In light of this perspective, let's dive into the average estimates of certain Canadian Solar metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts' assessment points toward 'Revenues- CSI Solar- Solar modules' reaching $310.69 million. The estimate indicates a change of -61% from the prior-year quarter.
It is projected by analysts that the 'Revenues- CSI Solar- Battery energy storage solutions' will reach $323.74 million. The estimate suggests a change of +108.5% year over year.
The consensus among analysts is that 'Revenues- CSI Solar- Solar system kits' will reach $112.04 million. The estimate points to a change of +31% from the year-ago quarter.
View all Key Company Metrics for Canadian Solar here>>>
Over the past month, Canadian Solar shares have recorded returns of +56.1% versus the Zacks S&P 500 composite's +8.8% change. Based on its Zacks Rank #3 (Hold), CSIQ will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
KITCHENER, ON, May 14, 2026 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2026. First Quarter Highlights Solar module shipments of 2.5 GW, above guidance of 2.2 GW to 2.4 GW.
Canadian Solar (CSIQ - Free Report) came out with a quarterly loss of $0.71 per share versus the Zacks Consensus Estimate of a loss of $1.06. This compares to a loss of $1.07 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +33.02%. A quarter ago, it was expected that this solar wafers manufacturer would post a loss of $1.1 per share when it actually produced a loss of $1.66, delivering a surprise of -50.91%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Canadian Solar, which belongs to the Zacks Solar industry, posted revenues of $1.08 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 13.75%. This compares to year-ago revenues of $1.2 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Canadian Solar shares have lost about 15.7% since the beginning of the year versus the S&P 500's gain of 8.8%.
What's Next for Canadian Solar?While Canadian Solar has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Canadian Solar was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.63 on $1.76 billion in revenues for the coming quarter and -$2.02 on $6.71 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Oils-Energy sector, Golar LNG (GLNG - Free Report) , has yet to report results for the quarter ended March 2026.
This operator of carriers for natural gas shipping is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of -18.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Golar LNG's revenues are expected to be $125.32 million, up 100.5% from the year-ago quarter.
Is SunPower Stock Ready to Lead the Solar Market?Canadian Solar NASDAQ: CSIQ reported first-quarter 2026 revenue at the high end of its forecast and a stronger-than-expected gross margin, helped by tariff refund accruals, while the company still posted a net loss amid higher operating costs, foreign exchange losses and tax expense accruals.
Executive Chairman and Chief Technology Officer Dr. Shawn Qu said the company “started the year with strong momentum,” recognizing revenue on 2.5 gigawatts of solar modules and 2.1 gigawatt-hours of energy storage solutions, both above guidance. Total revenue was $1.1 billion, while gross margin was 25.1%.
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MarketBeat Week in Review – 5/22 - 5/26Canadian Solar recorded a net loss attributable to shareholders of $32 million, or $0.71 per diluted share. Qu said the quarter’s profitability was affected by elevated non-logistics operating expenses, foreign exchange losses and tax expenses tied to the tariff refund.
Qu said the solar downturn has lasted longer than expected, and that Canadian Solar has responded by focusing its module business on “key attractive markets” and reducing volumes in less profitable markets. He described the company’s approach as a “profit-first strategy.”
Leadership Transition Announced Solar Panel Demand Makes Canadian Solar a Buy-the-Dip OpportunityCanadian Solar also announced a leadership transition, with Colin Parkin taking over as chief executive officer. Parkin previously served as president of Canadian Solar and president of e-STORAGE.
Qu said the succession followed a long-term planning process approved unanimously by the board. Qu will remain executive chairman and chief technology officer, focusing on the company’s technology roadmap and long-term research and development strategy.
“Today, we are navigating a pivotal shift from volume-driven expansion to value-driven leadership,” Qu said.
U.S. Manufacturing Expansion Remains Central Parkin said U.S. manufacturing is the first pillar of Canadian Solar’s global strategy. The company’s solar cell factory in Jeffersonville, Indiana, produced its first trial heterojunction, or HJT, solar cell at the end of March. Parkin said the first phase has 2.1 gigawatts peak of nameplate capacity and is expected to ramp over the next two quarters.
The company is also expanding beyond its original U.S. solar cell capacity plan. Parkin said Canadian Solar expects to begin trial production for a second phase early next year, adding 4.2 gigawatts peak and bringing total U.S. solar cell nameplate capacity to 6.3 gigawatts peak.
Canadian Solar is also expanding its Mesquite, Texas, solar module factory. Parkin said the facility reached full ramp last year and is expected to double nameplate capacity to 10 gigawatts peak by the second half of this year, enabling the company to fulfill future U.S. volumes from the Texas site.
In the first quarter, the manufacturing segment generated $950 million in revenue and a gross margin of 29.1%. Parkin said the sequential gross margin increase was driven by healthy energy storage volumes and the tariff refund. The segment posted operating income of $127 million.
During the question-and-answer session, Qu said the company expects commercial operations from the U.S. cell facility “somewhere in July,” with the first modules using those cells potentially delivered to customers in August or September. He cautioned that producing HJT cells in the U.S. is a first for the industry and “not an easy task.”
Energy Storage Backlog Reaches $3.5 Billion Parkin said e-STORAGE shipped 2.6 gigawatt-hours of energy storage solutions during the quarter, including 500 megawatt-hours to internal and external projects under execution. Revenue was recognized on 2.1 gigawatt-hours.
The company said its internal production of lithium iron phosphate prismatic cells has become a competitive advantage, with a cost basis below the market price of third-party cells. Parkin said the company is expanding both battery cell and SolBank capacity at its integrated battery energy storage system and battery cell factory in Southeast Asia, with new production lines expected to come online in the first half of 2027.
As of May, Canadian Solar’s contracted e-STORAGE backlog totaled $3.5 billion, including 34 gigawatt-hours of operating projects under long-term service agreements.
Parkin said the company continues to pursue both front-of-the-meter and behind-the-meter data center applications. In response to an analyst question, he said Canadian Solar is “very engaged” on data center opportunities, though he said the company could not disclose the parties involved.
Recurrent Energy Posts Loss While Monetizing Assets Ismael Guerrero, chief executive officer of Recurrent Energy, said the project development subsidiary generated $139 million in first-quarter revenue, improving sequentially because of the sale of the Fort Duncan project. Guerrero called Fort Duncan the first standalone battery energy storage system project in the company’s portfolio financed with non-recourse project finance and without a capacity contract in place.
However, Recurrent Energy posted an operating loss of $60 million. Guerrero said relatively muted project sales and ongoing platform operating costs weighed on results. He added that monetizing operating and under-construction assets may create uneven profit-and-loss impacts in the near term, but said the strategy is necessary to reduce balance sheet leverage and recycle capital.
As of March 31, Recurrent Energy had secured interconnections for 7 gigawatts of solar and 14 gigawatt-hours of storage globally, excluding projects already in operation. Its total pipeline stood at 24 gigawatts of solar and 81 gigawatt-hours of energy storage. The company’s operations and maintenance platform had a contracted portfolio of 15 gigawatts, including 11.2 gigawatts already operational.
Second-Quarter Guidance Calls for Lower Margin Chief Financial Officer Xinbo Zhu said first-quarter gross margin was boosted by the accrual of tariff refunds, which contributed 860 basis points. He said that even excluding the one-time benefit, gross margin exceeded guidance because of strong storage volumes and a healthy geographic mix of solar module volumes.
Zhu said net cash used in operating activities was $209 million, mainly due to increased inventories tied to the U.S. solar and storage businesses. Canadian Solar ended the quarter with $1.9 billion in cash and $6.8 billion in total debt. Capital expenditures were $173 million in the first quarter, primarily for U.S. manufacturing, and the company expects full-year 2026 capital expenditures of about $1.3 billion.
For the second quarter, Parkin said Canadian Solar expects to recognize revenue on 3.1 gigawatts to 3.3 gigawatts of solar modules and deliver 2.8 gigawatt-hours to 3.2 gigawatt-hours of energy storage solutions. Total revenue is expected to range from $1.0 billion to $1.2 billion, with gross margin projected between 13% and 15%.
Parkin said the broader solar market remains complex, with price increases not yet fully offsetting upstream cost pressures. In storage, he said the company expects record volumes in the second half, though margins are expected to normalize and remain partly exposed to lithium carbonate price fluctuations.
Canadian Solar reiterated its U.S. full-year 2026 volume guidance of 6.5 gigawatts to 7 gigawatts of module shipments and 4.5 gigawatt-hours to 5.5 gigawatt-hours of energy storage shipments.
About Canadian Solar NASDAQ: CSIQCanadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways Canadian Solar posted Q1 revenues of $1.08B, topping estimates despite lower solar module sales.CSIQ battery storage shipments jumped 142% year over year, while module shipments fell 64%.Canadian Solar began trial production at its Indiana HJT solar cell factory, targeting July 2026 launch. Canadian Solar, Inc. (CSIQ - Free Report) reported first-quarter 2026 adjusted loss of 71 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.06. The company posted a loss of 69 cents per share in the year-ago quarter.
CSIQ’s RevenuesRevenues amounted to $1.08 billion, which surpassed the Zacks Consensus Estimate of $0.95 billion by 13.8%. The top line declined 9.9% from the year-ago quarter’s figure of $1.2 billion.
This year-over-year decrease was due to lower sales of solar modules.
Operational Update of CSIQSolar module shipments in the quarter totaled 2.5 gigawatts (GW), down 64% year over year.
Total battery energy storage shipments totaled 2.1 GWh, up 142% year over year.
Canadian Solar’s gross margin was 25.1% compared with 11.7% in the first quarter of 2025. The increase in gross margin was primarily due to the recognition of IEEPA tariff refund benefits.
Total operating expenses were $198 million, up from $195.3 million in the first quarter of 2025.
The company commenced trial production at the flagship HJT solar cell factory in Jeffersonville, IN, marking a key milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.
Canadian Solar’s Financial UpdateAs of March 31, 2026, Canadian Solar’s cash and cash equivalents totaled $1.44 billion, compared with $1.37 billion as of Dec. 31, 2025.
Long-term borrowings as of March 31, 2026, were $3.54 billion, down from $3.62 billion as of Dec. 31, 2025.
CSIQ’s GuidanceFor the second quarter of 2026, Canadian Solar anticipates total revenues to be in the band of $1-$1.2 billion. The Zacks Consensus Estimate for sales is pegged at $1.76 billion, higher than the company’s guided range.
Gross margin is expected to be 13-15%. Total module shipments recognized as revenues are expected to be in the range of 3.1-3.3 GW. Total battery energy storage shipments in the second quarter are expected to be in the range of 2.8-3.2 GWh, including approximately 400 MWh to internal and external projects under execution.
The company reiterated its guidance of 6.5-7 GW of solar modules and 4.5-5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
CSIQ’s Zacks RankCanadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar ReleasesFirst Solar, Inc. (FSLR - Free Report) reported first-quarter 2026 earnings of $3.22 per share, which beat the Zacks Consensus Estimate of $2.87 by 12.1%. The bottom line increased 65.1% from the prior-year quarter’s figure of $1.95.
First Solar’s first-quarter net sales were $1.04 billion, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 23.6% from the year-ago quarter’s $0.84 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.
SEDG’s revenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.
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Solar stocks are splitting on Thursday. Enphase Energy (NASDAQ:ENPH | ENPH Price Prediction) is up 15% to $48.13 and SolarEdge Technologies (NASDAQ:SEDG) is up 17% to $50.04, while Canadian Solar (NASDAQ:CSIQ) is down 11% to $17.91.
It’s a sharp rotation within the solar complex. Canadian Solar was the one-month leader heading into today, up 58% through Wednesday’s close, while SolarEdge had actually slipped 1% over the same stretch.
The lopsided trade in ENPH, SEDG, and CSIQ highlights how three names lumped into the same sector can react in opposite directions when business models diverge. Residential-focused names are catching a bid while utility-scale module makers face renewed margin scrutiny.
Residential Solar Catches a Bid ENPH and SEDG are both residential solar plays, and that end market is showing signs of life. Enphase’s most recent quarter flagged U.S. sell-through demand up 21% sequentially, the strongest read in two years, while SolarEdge CEO Shuki Nir said the company has “shifted decisively to offense” after six straight quarters of non-GAAP gross margin expansion.
A cooperative rate backdrop is helping Enphase and SolarEdge. The 10-year Treasury yield sits at 4.46%, modestly below the year-ago level of 4.53%, which keeps solar financing math more workable for homeowners.
Year-to-date, SEDG stock is up 68%, leading the trio. ENPH stock has gained 49% over the same window.
Canadian Solar Earnings Disappoint Under the Hood Canadian Solar reported Q1 2026 results this morning. The headline numbers looked fine: revenue of $1.08 billion exceeded expectations, and the loss per share of $0.71 was narrower than the $1.03 loss analysts expected.
The problem is what’s underneath Canadian Solar’s results. Gross margin of 25% was inflated by a $93 million IEEPA tariff refund tied to the U.S. Supreme Court ruling on reciprocal tariffs. Strip that out and margins land closer to 12%.
Canadian Solar’s Q2 guidance reinforced the concern. Management guided revenue to $1 billion to $1.2 billion with gross margin of 13% to 15%, a sharp step-down as the tariff windfall rolls off. Solar module shipments fell 64% year over year, and operating cash flow swung to negative $208.7 million.
A Tale of Two Solar Business Models Canadian Solar’s utility-scale module business is exposed to commoditization pressure from Chinese manufacturers, while Enphase and SolarEdge sell higher-margin power electronics into the U.S. and European rooftop market. That structural difference helps explain why CSIQ trades on tariff and commodity dynamics while ENPH and SEDG track residential demand.
The one-year picture shows the gap. SEDG stock is up 170% over the past year, CSIQ stock is up 76%, and ENPH stock is down 1%, reflecting just how differently these names trade despite the shared “solar” label.
What to Watch Investors will watch for whether the residential solar bid sticks into the close, or whether ENPH and SEDG fade if the day’s enthusiasm cools. Solar stocks are notoriously volatile, and one session doesn’t confirm a sustained inflection.
For Canadian Solar, the next cue is whether analysts trim numbers after the Q2 2026 margin guide. Prudent investors may want to size positions modestly given how quickly sentiment in this complex can flip.
Shares of SolarEdge Technologies (NASDAQ:SEDG | SEDG Price Prediction) are ripping higher in Friday’s midday session, with SEDG stock up 22% to $61.44. That extends Thursday’s surge into a powerful two-day run, with the one-week move now sitting at 49%.
Enphase Energy (NASDAQ:ENPH) is along for the ride, with ENPH stock up 11% to $53.25 and the one-week tally near 46%. The rooftop solar bid that ignited Thursday’s session isn’t fading. It’s compounding.
The kicker: this is happening with the 10-year Treasury yield at 4.46%, still elevated but not the kind of move that breaks residential financing math. The bid looks structural.
SolarEdge’s Margin Story Keeps Working SolarEdge’s Q1 2026 report on May 6 delivered revenue of $310.5 million, up 42% year over year (YoY) and ahead of consensus. Non-GAAP gross margin came in at 24%, marking the sixth consecutive quarter of margin expansion.
The bigger driver here is the forward guide. SolarEdge’s management called for $325 million to $355 million in Q2 2026 revenue with non-GAAP gross margin between 23% and 27%, and CEO Shuki Nir told investors SolarEdge expects to be “close to breakeven operating profitability” at the midpoint.
Nir asserted the company has “shifted decisively to offense” around the Nexis platform rollout and an AI data-center power roadmap. With short interest still heavy and SEDG stock down 72% over five years, a clean beat plus a profitability inflection is exactly the cocktail that forces covering.
Enphase Catches the Sympathy Bid Enphase isn’t reporting today, but the setup is supportive. The most recent Q4 2025 print on February 3 delivered non-GAAP EPS of $0.71 against a $0.58 estimate, with U.S. sell-through demand and IQ Batteries flagged as standouts.
ENPH stock now sports a forward P/E ratio of 17x against a market cap of $6.33 billion, with the one-month gain stretching to 65%. That’s the kind of move that could draw momentum traders into Enphase.
Utility-Scale Names Aren’t Joining the Party The divergence is the real tell. Canadian Solar (NASDAQ:CSIQ) is down 1% today to $17.58, extending its post-earnings slide after the Q1 report leaned on a $93 million one-time IEEPA tariff refund to flatter the gross margin line.
First Solar (NASDAQ:FSLR) is participating only modestly, up 2% to $235.75, with FSLR stock still down 10% year to date (YTD). Capital is rotating into residential power electronics rather than utility-scale modules.
What Could Break This Move Solar is notoriously volatile, and a two-day rip can reverse just as fast. SEDG stock now trades well above the consensus analyst target of $39.57, with the analyst board still skewed 21 Holds against just one Buy. That’s a setup where one cautious downgrade into the weekend could take the air out quickly.
Policy is the other watch item. The IRA as amended by the One Big Beautiful Bill Act of 2025, plus the looming Section 25D expiration, is pulling residential demand forward. Any headline that questions the runway, or a back-up in the 10-year past the 4.58% high from May 21, 2025, would test the thesis fast.
Keep an eye on whether SEDG stock holds above $60 into the close and whether sell-side desks push out fresh notes on Monday. Momentum traders own this tape right now, and the next analyst action will decide if the bid keeps compounding or finally takes a breather.
The company is increasingly shifting its manufacturing focus to the U.S., including the upcoming launch of a major plant in Indiana making high-tech solar cells
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Key Takeaways: Canadian Solar will launch commercial production at a major new solar-cell factory in the U.S. in the next two months, as part of its growing shift to North American production The company boasts significantly higher gross margins than most of its peers, thanks to its focus on profitable markets and strong margins for its newer energy storage business Chinese, Canadian or American?
Canadian Solar said the Jeffersonville plant entered trial production earlier this year, with commercial operation set to start in about two months. The project's first phase will have 2.1 GWp of capacity, with another 4.2 GWp coming in phase two set for addition in 2027, bringing total capacity to 6.3 GWp.
No mention of export restrictions by China was made in published remarks by either side following the meeting, which Western media have cast as large on symbolism but lacking much in actual substance. The U.S. has taken repeated steps to block the export of high-tech chips and chip-making equipment to China, while China has countered by restricting the export of rare earths needed to make special magnets used in many cutting-edge electronics.
Subsidy eligibilityCanadian Solar's increasingly U.S.-centric approach is part of the company's broader recent strategy of focusing on its most profitable markets, and scaling back or leaving less profitable ones. We've already noted that the company gets nearly half of its sales from the U.S., which has helped it post industry-beating margins as the broader global solar sector suffers from massive overcapacity.
Canadian Solar's gross margin was 18.3% last year, and the company said it expects the level to be in the 13% to 15% range for the rest of this year. By comparison, JinkoSolar's gross margin last year was a far lower 2.2%, while Longi's was just 0.8%. Part of the difference also owes to Canadian Solar's other businesses building solar farms and in the emerging energy storage sector, in addition to its solar panel business.
Canadian Solar's first-quarter financials weren't exactly too impressive, including a 10% year-on-year revenue decline to $1.1 billion, as Parkin described the market as continuing to face myriad ongoing "challenges." The company's module shipments fell by a much steeper 64% year-on-year during the quarter. That was partly offset by strong growth for its energy storage business, whose shipments rose 142% year-on-year to 2.1 GWh.
On the bottom line, Canadian Solar reported a net loss of $32 million for the quarter, similar to the $34 million loss it reported a year earlier.
The company's stock has been quite volatile over the last year, more than tripling at one point over a three-month period from last September to November on hopes of a sector recovery that later turned out to be premature. The stock fell 11% ahead of the latest results, and then was mostly flat the day after the actual announcement, indicating investors were probably hoping for more beyond the relatively upbeat news in the report.
Going forward, much will depend on how well Canadian Solar can convince both solar panel buyers and investors that it's gradually shedding its China connections and becoming a North American company. Success in that regard could provide some upside for its U.S.-listed stock, which still trades at a relatively low price-to-sales (P/S) ratio compared with most of its peers.
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The U.S. solar market continues to benefit from strong demand driven by rising electricity consumption, AI-powered data center growth and corporate clean-energy goals, with the Solar Energy Industries Association projecting solar capacity to nearly triple by 2036. However, growth is being tempered by policy uncertainty following the OBBBA, tighter tax-credit timelines, supply-chain pressures and weaker residential solar economics resulting from changes such as California’s Net Billing Tariff, all of which are increasing project risks and slowing parts of the market. A few prominent companies that solar investors may want to monitor are First Solar (FSLR - Free Report) , Enphase Energy (ENPH - Free Report) and Canadian Solar (CSIQ - Free Report) .
About the Industry The Zacks Solar industry can be fundamentally categorized into two groups of companies. One is involved in designing and producing high-efficiency solar modules, panels and cells, while the other is engaged in installing grids and, in some cases, entire solar power systems. The industry also includes a handful of companies that manufacture inverters for solar power systems, which convert solar power from modules into electricity required by electric grids. Per a report from the U.S. Energy Information Administration (“EIA”), solar’s share of U.S. electricity generation will be 8% in 2026 and 9% in 2027. It remains the nation's dominant form of new generating capacity.
3 Trends Shaping the Future of the Solar Industry Strong Demand Supports Solar Market Growth: Utilities and businesses across the United States are accelerating their adoption of solar energy — particularly solar systems combined with battery storage — as they seek cleaner, more resilient and cost-effective power solutions. Rising electricity prices and growing decarbonization commitments are making solar increasingly attractive, while battery storage helps users maintain power reliability during grid disruptions and periods of peak demand. The U.S. solar market is experiencing rapid expansion due to an unprecedented increase in electricity demand from data centers. The rapid expansion of artificial intelligence and cloud computing has significantly increased electricity consumption, prompting major technology companies and hyperscalers to invest aggressively in utility-scale solar and energy-storage projects. These investments are intended not only to secure reliable grid capacity for future operations, but also to support ambitious corporate sustainability and net-zero commitments.
A report published in March 2026 by the Solar Energy Industries Association (“SEIA”) projects cumulative U.S. solar capacity to nearly triple from 279 GWdc installed at year-end 2025 to 769 GWdc by 2036, with average annual capacity additions exceeding 44 GWdc. The updated forecast represents an increase from the prior quarter’s outlook, reflecting a stronger near-term utility-scale project pipeline and continued growth in energy demand expectations.
Policy Uncertainty Slows the Momentum: Policy uncertainty at the federal level has emerged as a significant challenge for the U.S. solar sector after the enactment of the One Big Beautiful Bill Act (“OBBBA”). The law significantly reduced the eligibility window for key clean-energy tax incentives, requiring most solar and wind projects to either begin construction by July 2026 or enter service before the end of 2027 to qualify for federal tax credits. In addition, the legislation imposed more rigorous construction qualification rules along with stricter regulations tied to foreign sourcing and supply-chain compliance. These changes have heightened development, financing and execution risks across the industry. Many market participants believe the tighter deadlines could force delays, restructuring or even cancellation of projects that are still navigating permitting approvals or grid interconnection processes.
The SEIA report highlighted that the residential segment installed 4,647 MWdc of solar capacity in 2025, representing a 2% decline from 2024 levels. Although module shortages and delivery delays raised concerns late in the year, most installers secured sufficient equipment to complete projects. Demand also failed to meaningfully accelerate ahead of the Section 25D tax credit expiration, as the OBBBA provided too little time for companies to ramp up sales, customer acquisition and installations before the deadline.
Tariff Pressures Strain Solar Economics: The heightened U.S. tariffs on imported goods have been negatively impacting nearly all industries, and solar is no exception. As expected, these tariffs have increased manufacturing costs for solar companies, which were already grappling with raw material shortages due to global supply-chain challenges. State-level policy changes have added pressure to the residential solar market. For example, California’s transition to the Net Billing Tariff (“NBT”) significantly reduced the compensation homeowners receive for excess electricity exported to the grid, lowering the economic benefits of rooftop solar systems.
According to the SEIA report, the U.S. commercial solar segment grew 6% in 2025, reaching 2,345 MWdc of new installations, largely driven by the continued rollout of California projects approved under the more favorable NEM 2.0 policy. Despite the transition to the less attractive NBT system, over 70% of fourth-quarter installations were still NEM 2.0 projects. However, as the backlog gradually declines, the market is expected to slow in 2026 because projects developed under NBT generally offer lower customer savings and weaker economic returns.
Zacks Industry Rank Reflects Gloomy Outlook The Zacks Solar industry is housed within the broader Zacks Oils-Energy sector. It currently carries a Zacks Industry Rank #203, which places it in the bottom 17% of more than 245 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s position in the bottom 50% of the Zacks-ranked industries is due to a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have lost confidence in this group’s earnings growth potential over the past few months. The industry’s bottom-line estimate for the current fiscal year has moved down 9.1% to $1.50 since Feb. 28.
Before we present a few solar stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Beats Sector & S&P 500 The solar industry has outperformed both its sector and the Zacks S&P 500 composite over the past year. The stocks in this industry have collectively grown 71.4% over the past year, while the Oils-Energy sector rose 43.3%. The Zacks S&P 500 composite has surged 31% in the same time frame.
One-Year Price Performance
Industry's Current Valuation On the basis of the trailing 12-month EV/EBITDA, which is commonly used for valuing solar stocks, the industry is currently trading at 12.76X compared with the S&P 500’s 18.65X and the sector’s 7.03X.
Over the past five years, the industry has traded as high as 34.03X, as low as 4.44X and at the median of 13.12X.
EV-EBITDA Ratio (TTM)
3 Solar Stocks to Watch Canadian Solar: Based in Kitchener, Ontario, Canada, the company is one of the leading manufacturers of solar PV modules and a provider of solar energy and battery energy storage solutions. On May 14, 2026, CSIQ reported first-quarter results. Solar module shipments in the quarter totaled 2.5 GW, down 64% year over year. Total battery energy storage shipments amounted to 2.1 GWh, up 142% year over year. The company commenced trial production at the flagship HJT solar cell factory in Jeffersonville, IN, marking a milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.
The Zacks Consensus Estimate for Canadian Solar’s 2026 earnings per share (EPS) indicates an increase of 53.6% year over year. The consensus estimate for 2026 sales indicates an increase of 2.8% year over year. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: CSIQ
Enphase Energy: Based in Fremont, CA, this company is a global energy technology company that delivers energy management technology for the solar industry. It designs, develops, manufactures and sells home energy solutions, which connect energy generation, energy storage and control and communications management on a single intelligent platform. On May 18, 2026, Enphase Energy, announced the launch of PowerMatch technology for IQ Battery 10C systems in the United States, including Puerto Rico, and for IQ Battery 5P systems across North America and select countries in Central America and the Caribbean. During the first quarter of 2026, ENPH shipped 1.39 million microinverters from Texas and South Carolina facilities.
The Zacks Consensus Estimate for Enphase Energy’s 2026 earnings has improved 2.91% over the past 60 days. The consensus estimate for 2027 EPS indicates an increase of 19.9% year over year. The stock currently carries a Zacks Rank of 3.
Price & Consensus: ENPH
First Solar: Based in Tempe, AZ, the company is a leading global provider of comprehensive PV solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. On April 30, 2026, FSLR reported first-quarter results. Net sales were $1.04 billion for the first quarter, a 24% increase year over year, driven primarily by an increase in the volume of modules sold to third parties. It reported contracted sales backlog of 47.9 GW as of March 31, 2026.
The Zacks Consensus Estimate for First Solar’s 2026 EPS indicates an improvement of 24.1% from the prior-year reported figure. The consensus estimate for 2027 EPS indicates an improvement of 36.2% year over year. The company currently carries a Zacks Rank of 3.
On May 28, 2026, Canadian Solar Inc (CSIQ) shares rose 6.3%, bringing the current price to $20.26. The stock has experienced significant volatility, with a 52-w
Canadian Solar is rated Buy, driven by a booming e-STORAGE business with a record $3.5B contracted backlog. CSIQ's e-STORAGE revenue is set to accelerate, with shipment guidance raised to 4.5–5.5 GWh in FY2026 and strong growth projected through 2027. Consensus expects CSIQ to return to profitability in FY2027, with EPS reaching $0.98 and revenue growth of 25.76% YoY.
, /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced the publication of its 2025 Sustainability Report. The report outlines the Company's ongoing efforts in environmental stewardship, social responsibility, and corporate governance while supporting the global transition to clean energy.
The sustainability disclosures in this report are aligned with global standards established by the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI), with reference to the International Financial Reporting Standards (IFRS) set by the International Sustainability Standards Board (ISSB). The full report is available here.
The report provides a comprehensive overview of Canadian Solar's sustainability initiatives, including:
Science-validated climate commitments: In December 2025, the Science Based Targets initiative validated the Company's near-term and long-term emissions reduction targets, including its commitment to net-zero greenhouse gas emissions across its value chain by 2050. With independent validation in place, Canadian Solar's climate commitments are anchored in science and subject to external accountability. Advancements in resource efficiency and circular economy: The Company implemented 59 energy conservation projects and 17 water-saving initiatives in 2025, delivering 101 GWh in energy savings and 1.46 million tons in water savings. Regarding its product carbon footprint, Canadian Solar's PV modules obtained Environmental Product Declaration (EPD) and ECS certification, while its SolBank 3.0 battery energy storage system successfully completed a life cycle assessment. Furthermore, two of the Company's manufacturing facilities earned Zero-Carbon Factory certification. These efforts, complemented by the global recycling of 6,909 end-of-life solar modules, underscore Canadian Solar's steadfast commitment to resource efficiency and circular economy principles throughout the product lifecycle. Deepening assurance across our operations and supply chain: In 2025, the Company assembled the most comprehensive body of independent evidence to date, reinforcing its commitment to upholding ethical labor practices across its operations and upstream supply chain. The Company's Suqian solar cell factory in China earned Silver-level recognition under the RBA Validated Assessment Program (VAP), joining its Thailand solar module factory which achieved the same rating in 2023. Additionally, its Suqian and Baotou factories in China completed Solar Stewardship Initiative assessments, receiving Silver and Bronze certifications, respectively. Beyond the Company's own factories, two of its key polysilicon suppliers in Qinghai Province, China completed RBA VAP audits at its request, each earning Silver-level recognition. All these audit results independently confirmed full compliance with Freely Chosen Employment standards. Hanbing Zhang, Chief Sustainability Officer of Canadian Solar, commented, "We are pleased to present Canadian Solar's 2025 Sustainability Report, which reflects our global team's dedication to integrating sustainability into every facet of our operations. At Canadian Solar, we are committed to minimizing the environmental footprint of our operations, safeguarding the well-being of our employees, and maintaining a responsible supply chain. We believe transparency and accountability in our practices and reporting are essential to demonstrating our commitment to responsible business conduct and driving continuous improvement. We are proud of the progress made this year and remain focused on advancing our sustainability journey."
Colin Parkin, Chief Executive Officer of Canadian Solar, added, "The year 2025 was defined by significant progress in how we measure, manage, and improve the environmental and social performance of our business. We reached these milestones while navigating a challenging solar industry landscape, a backdrop that reinforced our decision to prioritize value-driven growth over volume. Underpinned by ethical business conduct, our commitment remains steadfast. We are not just delivering renewable energy solutions; we are ensuring that our manufacturing processes and supply chain operations are conducted with the highest standards of environmental stewardship and social responsibility to create lasting value for our stakeholders."
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 nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 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 10, 2026. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]
If you bought Invesco Solar ETF (NYSEARCA:TAN) on the last trading day of 2025 at about $49 and checked your account at Monday’s close, your shares were worth about $71, a gain of about 45% in roughly five months. A $10,000 position became about $14,480. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) over the same window returned about 11%. So TAN is beating the broad market by something like four-to-one year to date, and the gap widened again last week when the fund tacked on another roughly 8% in five sessions.
That is the kind of number that gets screenshotted. It is also the kind of number that needs a closer look, because the same fund five years ago traded at about $77. Over a half-decade, TAN is still down about 8%, while the S&P 500 returned roughly 80%. The 2026 run is a recovery off a bombed-out base, not a fresh leg up from all-time highs. That distinction matters for what comes next.
The Funeral That Never Quite Happened The framing that solar was "left for dead" in 2025 deserves a small correction. TAN actually finished 2025 up about 41%, climbing from about $35 in early January to about $49 by year-end. The deeper damage was 2022 through 2024, when rising rates ate into project financing economics and the threat of a Republican sweep had traders pricing in a partial unwind of the Inflation Reduction Act. A Yahoo Finance piece from October 2024 captured the mood: a potential Republican sweep could lead to the scaling back of Inflation Reduction Act funds, specifically residential and commercial green investment tax credits. By the time 2025 opened, solar was a sector that hedge funds had largely walked away from.
That setup, a hated sector with crushed multiples and a few real businesses inside the wrapper, is what produced the move. Over the past twelve months TAN has returned about 120% against SPY’s roughly 29%. The fund just put in a 20% month in May alone. Sentiment turned before the fundamentals fully did, which is usually how these things work.
What Actually Did the Work TAN tracks the MAC Global Solar Energy Index and holds roughly 40 solar energy companies, with the top 25 holdings comprising about 93% of the fund. The names doing the heavy lifting in 2026 are familiar to anyone who watched the sector get punished. First Solar, Enphase Energy, Nextpower, and Enlight Renewable Energy sit near the top of the book, and the bullish-to-somewhat-bullish coverage on First Solar in particular has been steady through the spring. A May 21 Barron’s piece by Doug Busch flagged the setup directly, with TAN carrying a 0.403 bullish ticker sentiment score in Alpha Vantage’s aggregation.
Underneath the price action there is a real demand story. The EIA’s May 2026 Short-Term Energy Outlook revised its utility-scale solar generation forecast for 2026 1.4% higher than the prior month, citing more solar generating capacity online at the beginning of the year than previously estimated. Residential electricity prices are running about 18.2 cents per kilowatthour in 2026, a roughly 5% increase from 2025, which improves the payback math on rooftop systems. Estimated net summer solar PV capacity from utility and small-scale facilities reached 216,249 megawatts as of March 2026, up from 209,304 megawatts in December 2025. Installations are accelerating into a tightening grid.
The policy backdrop also failed to deliver the disaster that was priced in. The IRA tax credits remained intact through the first half of 2026, and the residential and commercial tax credits that solar developers depend on are still flowing. That is the simplest way to explain the move. The sector was priced for the worst case, and the worst case did not arrive.
What You Are Buying At $71 Here is the honest part. A reader who saw the headline and is thinking about chasing the move is buying a fund that has already done a roughly 8% week and a 20% month, with shares down about 4% on Monday alone. The setup that produced 2026’s gains, namely deep pessimism, depressed valuations, and a policy bogeyman that never showed up, is no longer the setup in front of you. Solar in June 2026 is consensus-bullish. A Motley Fool piece from May 23 framed it neatly, arguing TAN provides higher growth potential in the renewable solar energy sector versus traditional fossil fuel ETFs. That is the kind of take that shows up after the easy money has been made, not before.
The indicators worth watching from here are concrete. First, the EIA’s monthly capacity additions, which tell you whether the installation pace is holding or rolling over. Second, the trajectory of residential electricity prices, because every penny of rate increase tightens the payback period for rooftop solar and helps Enphase’s microinverter unit economics. Third, the legislative calendar around the IRA, since any serious attempt to claw back tax credits would re-introduce the discount that 2025 priced in. Fourth, the Fed’s path on rates, because solar project finance is one of the most rate-sensitive parts of the energy capital stack, and the rate cuts feeding the 2026 rally are already partly in the price.
A fund that is up 50% in five months after five flat years is doing something real. It is also a fund where the easy disagreement has been resolved in the bulls’ favor, which means new buyers are paying for a recovery that has largely already happened. The thing to remember is that the 2026 move was about a hated sector getting re-rated, not about solar suddenly becoming a different business. The next 50% will have to come from earnings, not from sentiment, and that is a much harder ask.
