Canadian Solar 2025 Q3 Earnings Revenue Beats Expectations, Net Loss Widens 247%

Canadian Solar (CSIQ) reported fiscal 2025 Q3 earnings on Nov 13, 2025, with revenue of $1.49 billion, narrowly beating expectations. While the company narrowed its per-share loss to $0.07 from $0.31 year-over-year, its net loss widened to $21.08 million—a 247.2% increase. Guidance for Q4 2025 included 4.6–4.8 GW solar module shipments and $1.3–$1.5 billion revenue, aligning with its strategic focus on U.S. manufacturing and energy storage expansion.

Revenue

Canadian Solar’s Q3 revenue totaled $1.49 billion, a 1.3% decline from $1.51 billion in 2024 Q3. Solar modules contributed the largest share at $839.42 million, followed by battery energy storage solutions at $486.03 million. Solar system kits and EPC services added $29.87 million and $29.79 million, respectively. Revenue from electricity and storage operations reached $42.62 million, while power services and asset sales accounted for $19.89 million and $39.77 million.

Earnings/Net Income

The company narrowed its per-share loss to $0.07 in Q3 2025 from $0.31 in Q3 2024, representing a 77.4% improvement. However, the net loss widened to $21.08 million, a 247.2% increase from $6.07 million in the prior year. Despite improved EPS, the net loss reflects ongoing operational challenges and strategic investments.

Post-Earnings Price Action Review

Following the earnings release, Canadian Solar’s stock price fell 8.68% during the latest trading day but surged 82.06% month-to-date. Despite the short-term volatility, the stock climbed 7.03% in the most recent full trading week. The mixed performance underscores investor optimism about the company’s strategic initiatives, including U.S. manufacturing progress and energy storage expansion, though profitability concerns persist.

CEO Commentary

Shawn Qu highlighted record 5.1 GW solar module shipments and 2.7 GWh energy storage deliveries, aligning with $1.5 billion in revenue. The CEO emphasized U.S. manufacturing milestones, including Indiana’s solar cell factory (Q1 2026) and Kentucky’s battery plant (2026 year-end), as well as strategic focus on solar-plus-storage for data centers and residential energy storage. Recurrent Energy’s asset sales aim to accelerate cash recycling and reduce debt, balancing operational growth amid macroeconomic challenges.

Guidance

For Q4 2025, Canadian Solar expects 4.6–4.8 GW solar module shipments, 2.1–2.3 GWh energy storage shipments, and revenue of $1.3–$1.5 billion, with a gross margin of 14–16%. Full-year 2026 guidance includes 25–30 GW solar shipments and 14–17 GWh storage, alongside increased U.S. manufacturing investments. Recurrent Energy plans higher project ownership sales in 2026 to manage debt, while residential storage expansion and data center integrations remain growth priorities.

Additional News

Canadian Solar announced a 20.7 MW battery energy storage system (BESS) deal in Germany, part of its European expansion strategy, with shipments scheduled for March 2026. The company also advanced U.S. manufacturing plans, including a solar cell factory in Indiana (Q1 2026) and a lithium battery plant in Kentucky (2026 year-end). Additionally, it emphasized strategic focus on solar-plus-storage for data centers and residential energy storage, aiming to enhance profitability in 2025.

Canadian Solar’s recent BESS deal in Germany and U.S. manufacturing progress highlight its commitment to expanding renewable energy solutions. The company’s focus on high-margin markets and operational efficiency underscores its long-term growth strategy.

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