On May 14, Canadian Solar issued an announcement disclosing the first quarter 2026 financial results and second quarter business outlook of its controlling shareholder, Canadian Solar Inc. (CSIQ).
Based on the disclosed data, against the backdrop of continuous price pressure in the global photovoltaic (PV) industry, Canadian Solar is further optimizing its global business structure by balancing the pace of module shipments, strengthening its energy storage business footprint, and advancing localized manufacturing in the United States.
The announcement shows that in the first quarter of 2026, CSIQ achieved a revenue of $1.1 billion, equivalent to approximately 7.65 billion RMB, with a gross margin of 25.1%. During the same period, the company's solar module shipments stood at 2.5 GW, and energy storage product shipments were 2.1 GWh.
Compared to the downward pressure on module prices generally faced by the industry, Canadian Solar clearly signaled an operating strategy of "profit stabilization" in its second-quarter business outlook. The company expects module shipments in the second quarter of 2026 to be between 3.1 GW and 3.3 GW; meanwhile, energy storage system shipments are expected to reach 2.8 GWh to 3.2 GWh, of which approximately 400 MWh will be used for the company's internal and external ongoing projects. The company projects total revenue for the second quarter to be between $1.0 billion and $1.2 billion, with an expected gross margin of 13% to 15%.
Looking at regional markets, Canadian Solar continues to strengthen its presence in the U.S. market. The company reaffirmed its 2026 U.S. market module shipment guidance of 6.5 GW to 7 GW, while energy storage system shipments are expected to range from 4.5 GWh to 5.5 GWh.
On the manufacturing side, the construction of Canadian Solar's localized production capacity in the U.S. is also accelerating. According to the announcement, the company plans to expand the capacity of its U.S. module factory to 10 GW in the second half of 2026.
At the same time, its HJT (Heterojunction) solar cell factory project located in the U.S. is steadily advancing. The first phase of the project, with a 2.1 GW capacity, began trial production in April 2026 and is expected to enter commercial operation in July. By then, it will become one of the first commercial-scale HJT photovoltaic cell factories in the United States. The second-phase expansion is expected to begin trial production in early 2027. After adding 4.2 GW of new capacity, the company's total nominal cell capacity in the U.S. will increase to 6.3 GW.
In addition to its core photovoltaic business, the energy storage sector remains a critical growth pillar for Canadian Solar. The announcement revealed that as of May 8, 2026, e-STORAGE, the energy storage subsidiary of CSIQ, has accumulated a signed order backlog—including long-term service agreements—amounting to $3.5 billion, which is equivalent to approximately 24.33 billion RMB.
Source：EnergyTrend
