According to EnergyTrend, on February 27, Canadian Solar released its 2025 annual results announcement, with full-year revenue reaching RMB 40.256 billion and net profit attributable to parent company shareholders of RMB 1.021 billion, delivering a solid operating performance.Subsequently, on March 1, Canadian Solar issued its Investor Relations Activity Record for February, disclosing further updates on its energy storage and photovoltaic businesses.
Energy Storage Business: Profitable in 2025, High Growth Expected in 2026–2027
In 2025, Canadian Solar’s energy storage business entered a profit realization phase, with full-year shipments of 7.9–8.1 GWh and an order backlog of USD 3.1 billion (approximately RMB 21.4 billion), becoming a core pillar of performance.
Regarding the potential impact on gross margins from recent rises in lithium carbonate prices combined with long-cycle overseas orders, Canadian Solar has outlined clear mitigation strategies: First, it uses hedging instruments to reasonably lock in raw material costs. Second, it includes protective clauses in customer contracts, with price adjustment mechanisms to allow customers to reasonably share risks from raw material price fluctuations, ensuring stable profitability.
Supported by a strong order backlog, Canadian Solar targets energy storage shipments of 14–17 GWh in 2026, reflecting a healthy growth trajectory.
In terms of regional expansion: The U.S. market is expected to see further improvements in product pricing and profit margins, driven by rising power demand from AI data center expansion and power shortages. Outside the U.S., its large-scale energy storage business is accelerating from existing markets including the UK, Canada, Chile, and Australia to Europe, Japan, and other countries, with continuous expansion of geographic coverage.
PV Business: HJT Pilot Production Imminent, Silver-Free Cost Reduction Underway
In 2025, the PV industry entered a phase of deep consolidation. Canadian Solar adhered to a profit-first strategy, optimizing its shipment mix while advancing cost reduction and technology upgrading.
For technology upgrading: The 2 GW first phase of the U.S.-based HJT cell factory in which Canadian Solar is an investor is scheduled to start pilot production in March–April 2026.Since 2020, Canadian Solar has conducted HJT industrialization R&D and talent development in Jiaxing and other locations, and has already achieved small-batch product shipments.
For cost reduction: Canadian Solar has established a silver-reduction task force and aims to reduce silver consumption to 2–5 mg/W within one year, further lowering production costs.
Source：EnergyTrend