The Q1 shipment volume of Canadian Solar hit 1,423 MW, compared with the company's original forecast of 1.3-1.4 GW. The company racked up revenues of US$484.7 million in Q1, but incurred a net loss of US$17.2 million. Its gross profit in Q1 reached US$107.4 million and its gross margin came to 22.2%, which is higher than the originally expected margin of 16.0-18.0%. According to the company, its better than expected margin can be attributed to the lower-than-expected production costs for mixed components.
As of April 30, 2019, the late-phase utility-scale PV projects of Canadian Solar, including those under construction, had totaled 3.4 GWp in scale. Of these, approximately 1,525 MWp are from the U.S., 482.6 MWp are from Brazil, 368 MWp are from Mexico, 294.8 MWp are from Japan, and 100 MWp are from China. The remaining 651.5 MWp are from countries like Australia, Canada, Israel, Taiwan, the Philippines, India, Malaysia, Italy, and South Korea.
At present, it is estimated that the total shipments of Canadian Solar will reach 1.95-2.05 GW in Q2. Its revenue in Q2 is expected to come to around US$970 million-US$1.01 billion, and its gross margin will likely arrive at around 13-15% (or 16-18% after excluding its business for Mustang).