Canadian Solar 2025 Q3 Earnings Revenue Beats Estimates, Net Loss Widens 247.2%

Canadian Solar (CSIQ) reported fiscal 2025 Q3 earnings on November 13, 2025, with revenue of $1.49 billion, narrowly missing 2024 Q3 levels but exceeding analysts’ expectations. The company narrowed its per-share loss to $0.07 from $0.31 a year ago, yet its net loss expanded to $21.08 million, a 247.2% increase year-over-year. Guidance for Q4 2025 remains in line with expectations, with revenue projected between $1.3 billion and $1.5 billion.

Revenue

Canadian Solar’s total revenue declined 1.3% year-over-year to $1.49 billion in Q3 2025. Solar modules contributed the largest segment revenue at $839.42 million, followed by battery energy storage solutions at $486.03 million. Solar system kits and EPC services generated $29.87 million and $29.79 million, respectively, while solar power and battery asset sales added $39.77 million. Power services and operations revenue totaled $19.89 million and $42.62 million, completing the segment breakdown.

Earnings/Net Income

The company reduced its per-share loss to $0.07 from $0.31 in Q3 2024, a 77.4% improvement. However, its net loss widened to $21.08 million, a 247.2% increase from $6.07 million a year ago. Despite the EPS improvement, the significant rise in net losses underscores ongoing financial challenges.

Post-Earnings Price Action Review

Following the earnings release, Canadian Solar’s stock price experienced mixed short-term performance. Shares tumbled 8.68% during the latest trading day but rebounded with a 7.03% gain over the subsequent full week. The stock surged 82.06% month-to-date, reflecting investor optimism around the company’s strategic initiatives and revenue resilience. Pre-market trading saw a 10.61% surge, driven by strong revenue results and progress in U.S. manufacturing.

CEO Commentary

Shawn Qu highlighted 5.1 GW in solar module shipments and 2.7 GWh in energy storage shipments, driving the $1.5 billion revenue. He emphasized U.S. manufacturing advancements, including Indiana and Kentucky facilities, to align with the One Big Beautiful Bill Act. Strategic priorities include scaling solar-plus-storage solutions for data centers and expanding residential energy storage profitability. Qu acknowledged macroeconomic headwinds but expressed confidence in the company’s resilience through project sales and debt management.

Guidance

For Q4 2025, Canadian Solar expects 4.6–4.8 GW in module shipments, 2.1–2.3 GWh in energy storage shipments, and $1.3–$1.5 billion in revenue, with a 14–16% gross margin. In 2026, the company targets 25–30 GW in module shipments and 14–17 GWh in energy storage, alongside expanded U.S. manufacturing capacity. Recurrent Energy plans higher project ownership sales to manage debt, with capital expenditures focused on U.S. investments.

Additional News

1. BESS Expansion in Germany: Canadian Solar signed a 20.7 MW/56 MWh battery energy storage deal in Germany, part of its European growth strategy. The project, developed with Kyon Energy, includes a 20-year service agreement and shipments starting in March 2026.

2. Q3 Earnings Call Highlights: The call transcript emphasized record energy storage shipments of 2.7 GWh, exceeding guidance, and strategic U.S. manufacturing progress.

3. Strategic U.S. Factory Launches: The company confirmed Indiana solar cell production by March 2026 and Kentucky battery factory operations by December 2026, aligning with domestic energy security goals.

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