On March 19, 2026, Canadian Solar Inc. announced its financial results for the fourth quarter and the full year ended December 31, 2025, as well as its business outlook for the first quarter of 2026.
According to unaudited financial data, Canadian Solar achieved a total revenue of 5.595 billion USD for the full year of 2025, equivalent to approximately 39.98 billion RMB. Within this, the company realized a revenue of 1.2 billion USD (approximately 8.5 billion RMB) in the fourth quarter of 2025, with a gross margin of 10.2%.
In terms of its photovoltaic (PV) business, total module shipments reached 24.3 GW in 2025, of which 8.1 GW were delivered to the U.S. market. Regarding the energy storage business, total shipments of energy storage products amounted to 7.8 GWh in 2025, with shipments to the U.S. market accounting for 3.9 GWh.
Furthermore, as of December 31, 2025, Canadian Solar's energy storage subsidiary, e-STORAGE, had a contracted order backlog of signed agreements amounting to as much as 3.6 billion USD, equivalent to approximately 25.7 billion RMB.
Looking ahead to 2026, Canadian Solar expects total revenue for the first quarter to be between 900 million and 1.1 billion USD (approximately 6.43 billion to 7.85 billion RMB), with a projected gross margin between 13% and 15%.
Regarding shipment volumes, after considering current market price factors for PV products and making strategic trade-offs to balance price and volume, the company expects Q1 2026 module shipments to be in the range of 2.2 to 2.4 GW, and energy storage system shipments to be between 1.7 and 1.9 GWh. For the U.S. market specifically, the anticipated full-year 2026 module shipments are 6.5 to 7 GW, while expected energy storage system shipments are 4.5 to 5.5 GWh.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, stated that 2026 is a critical year of transition for the company. In the first half of the year, due to supply constraints of non-PFE cells that comply with the U.S. OBBBA act, module shipments to the U.S. will experience a slight decline. The high costs associated with these cells will also bring short-term pressure on profitability. However, as the production of self-manufactured cells gradually ramps up in the second and third quarters, this impact will be steadily alleviated. The company will accelerate the establishment of its U.S. manufacturing footprint to promote a more diversified source of long-term profitability.
In terms of production capacity layout, the 5 GW capacity of CSIQ's U.S. module factory has fully reached production, with plans to expand to 10 GW in the second half of 2026. Concurrently, the first phase of the advanced Heterojunction Technology (HJT) cell factory in the U.S., which has a capacity of 2.1 GW, is expected to initiate trial production around April 2026. The second-phase expansion of 4.2 GW is scheduled to commence around the end of 2026, at which point the U.S. solar cell production capacity will be elevated to 6.3 GW.
Source：EnergyTrend