KITCHENER, ON, May 14, 2026 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2026.
First Quarter Highlights
- Solar module shipments of 2.5 GW, above guidance of 2.2 GW to 2.4 GW.
- Energy storage shipments of 2.1 GWh, exceeding guidance of 1.7 GWh to 1.9 GWh.
- Net revenues of $1.1 billion, at the high end of $900 million to $1.1 billion guidance.
- Gross margin of 25.1%.
- Commenced trial production at the flagship HJT solar cell factory in Jeffersonville, Indiana, marking a key milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.
- Appointment of Mr. Colin Parkin as Chief Executive Officer, effective May 14, 2026. Mr. Parkin previously served as President of Canadian Solar. Dr. Shawn Qu, the Company's founder, will transition from Chairman and Chief Executive Officer to the roles of Executive Chairman and Chief Technology Officer.
Dr. Shawn Qu, Executive Chairman and CTO, commented, "Canadian Solar's journey from its founding in Ontario to its current position as a global leader in integrated clean energy is a testament to our enduring resilience. We have consistently evolved, and today we are navigating a pivotal shift from volume-driven expansion to value-driven leadership. This evolution calls for thoughtful leadership succession, and I am incredibly proud to transition the Chief Executive role to Colin Parkin, whose execution and operational leadership have already established our first-mover advantage in the energy storage sector. As I dedicate my focus to advancing our technological roadmap, we are deepening our commitment to our U.S. manufacturing footprint. Our Jeffersonville solar cell facility has entered trial production, and commercial operation is expected to commence in about two months. Coupled with the capacity expansion at our Mesquite module plant, we are helping strengthen the American solar supply chain to ensure long-term, sustainable growth."
Dr. Shawn Qu founded Canadian Solar Inc. in Mississauga, Ontario 25 years ago. He holds a Ph.D. in Materials Science from the University of Toronto, an M.Sc. in Physics and an honorary doctorate from the University of Manitoba, and a B.Sc. in Physics from Tsinghua University. Dr. Qu has been a Fellow of the Canadian Academy of Engineering since 2019.
Colin Parkin, CEO of Canadian Solar, said, "We began the year with strong execution, exceeding guidance across all metrics. We delivered 2.5 GW of solar modules globally with an optimized mix of U.S. volumes. We maintained a disciplined approach to solar module shipments throughout the quarter, strategically managing volumes in response to elevated feedstock costs--including silver--to protect profitability. Our domestic manufacturing in the U.S. contributed robust margins, as we continue to reshore our supply chain. In our energy storage segment, we recognized revenue on 2.1 GWh of volume, supported by smooth construction progress across multiple customer sites. We will build on this momentum, with storage volumes expected to reach record levels in the second half. The broader solar market remains complex, as incremental price increases have not yet fully absorbed upstream cost pressures. Furthermore, competition in the storage sector is intensifying. In the face of these challenges, we remain committed to a balanced strategy focused on rigorous execution and continuous innovation."
Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "The sequential improvement in revenue was primarily driven by the sale of the Fort Duncan project, while the improvement in margin reflected the absence of pipeline impairment charges this quarter. As we continue to monetize other operating and under-construction assets, the impact on our results of operations may be less favorable in the near term. However, this strategy remains necessary to deleverage our balance sheet and recycle capital."
Xinbo Zhu, Senior VP and CFO, added, "In the first quarter of 2026, we achieved $1.1 billion in revenue and a gross margin of 25.1%, with gross margin increasing both sequentially and year-over-year primarily due to the recognition of tariff refund benefits. Aided by this one-time benefit and continued controls on operating expenses, net loss attributable to shareholders narrowed to $32 million, or $0.71 per share. We closed the period with a cash position of $1.9 billion."
First Quarter 2026 Results
Total solar module shipments recognized as revenue in Q1 2026 were 2.5 GW, down 42% quarter-over-quarter ("qoq") and down 64% year-over-year ("yoy").
Total battery energy storage shipments recognized as revenue in Q1 2026 were 2.1 GWh, up 5% qoq and up 142% yoy.
Net revenues were $1.1 billion in Q1 2026, down 11% sequentially and 10% yoy, mainly due to lower sales of solar modules partially offset by higher sales of battery energy storage systems.
Gross profit was $271 million, inclusive of a $93 million tariff refund benefit, compared to $124 million in Q4 2025 and $140 million in Q1 2025. Gross margin was 25.1%, compared to 10.2% and 11.7% in Q4 2025 and Q1 2025, respectively. The sequential and yoy increase in gross margin was primarily due to the recognition of IEEPA tariff refund benefits.
Operating expenses were $198 million, compared to $188 million in Q4 2025 and up from $195 million in Q1 2025 due to lower logistics costs offset by the absence of one-time gains recorded in the previous quarter. Operating expenses represented 18.4% of revenue, compared to 15.5% in Q4 2025 and 16.3% in Q1 2025.
Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q1 2026 was $32 million, or a net loss of $0.71 per share, compared to a net loss of $86 million, or a net loss of $1.66 per share, in Q4 2025, and a net loss of $34 million, or a net loss of $0.69 per share, in Q1 2025. Net income or loss per diluted share includes the dilutive effect of convertible bonds, as applicable, and dividends on the Recurrent Energy redeemable preferred shares.
Net cash flow used in operating activities in Q1 2026 was $209 million, driven by changes in working capital, specifically an increase in inventories, compared to net cash flow used in operating activities of $65 million in Q4 2025 and net cash flow used in operating activities of $264 million in Q1 2025.
Total debt, including financing liabilities, was $6.8 billion as of March 31, 2026, including $3.8 billion, $2.6 billion and $0.4 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.5 billion as of December 31, 2025, mainly due to the issuance of convertible notes. Total non-recourse debt under Recurrent Energy as of March 31, 2026, was $2.3 billion.
Business Segments
On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations. The Company has formed a new joint venture with its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar"), by holding a 75.1% controlling stake in CS PowerTech Inc. ("CS PowerTech"), which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.
Following the consummation of this strategic initiative, Canadian Solar's business is organized into two segments:
- Manufacturing, comprising CS PowerTech, which focuses on the manufacturing and sales of solar products, battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; and
- Recurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio.
Manufacturing
Solar Modules and Solar System Kits
The Company shipped 2.5 GW of solar modules and solar system kits to more than 60 countries and regions in Q1 2026.
Consistent with the Company's transition from volume-driven growth to high-value creation, the Company will focus its disclosure on strategic markets rather than aggregate global manufacturing capacity.
In the U.S., the Company operates a 5 GWp solar module factory in Mesquite, Texas, which it expects to expand to nameplate capacity of 10 GWp by the second half of 2026.
The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology ("HJT") solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5?GWp, with additional production lines being installed and commissioned through 2026.
- Phase I: Trial production began in April 2026. Phase I has a nameplate capacity of 2.1 GWp and is expected to become one of the first commercial-scale HJT solar cell facilities in the U.S. upon commencement of commercial operations.
- Phase II: The Company expects to begin trial production for Phase II at the beginning of 2027. This expansion will add 4.2 GWp of capacity, bringing the Company's total solar cell nameplate capacity in the U.S. to 6.3 GWp.
e-STORAGE: Battery Energy Storage Solutions
As of May 8, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.5 billion. These signed orders represent binding customer commitments and provide significant earnings visibility over a multi-year period.
Recurrent Energy
As of March 31, 2026, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 81 GWh.
The business model consists of three key drivers:
- Electricity revenue from the operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies;
- Asset sales, including selective operating assets in stable currency markets and assets in the rest of the world, to manage cash flow, debt levels and to fund growth in the operating portfolio; and
- Power services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.
Project Development Pipeline - Solar
As of March 31, 2026, the Company's total solar project development pipeline was 23.7 GWp, including 1.8 GWp under construction, 2.6 GWp of backlog, and 19.3 GWp of projects in advanced and early-stage development, defined as follows:
- Backlogprojects are late-stage projects that have passed their risk cliff date and are expected to start construction within the next one to four years. A project's risk cliff date is the date on which it passes the last high-risk development stage and varies by country. Typically, this occurs after the project has received all required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have reasonable assurance of securing PPAs.
- Advanced pipeline projects are mid-stage projects that have secured or are assessed by the Company as having a greater than 90% likelihood of securing an interconnection agreement.
- Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.
While the magnitude of the Company's project development pipeline is an important indicator of potential increases in power generation and battery energy storage capacity, as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of those projects to the extent expected, which could adversely affect its business, results of operations, and financial condition. In addition, the Company's guidance and estimates of its future operating and financial results assume the completion of certain solar projects and battery energy storage projects in its pipeline. If the Company is unable to execute on its actionable pipeline, it may fail to meet its guidance, which could adversely affect the market price of its common shares and its business, results of operations, and financial condition.
The following table presents the Company's total solar project development pipeline.
Solar Project Development Pipeline (as of
March 31
, 202
6
) - MWp*
Region Under Construction Backlog Advanced Development Early-Stage
Development Total
North America 606 226 427 4,573 5,832
Europe, the Middle East, and Africa ("EMEA") 674 1,418** 1,134 4,111 7,337
Latin America - 374 352 6,256 6,982
Asia Pacific 492 616** 572 1,887 3,567
Total 1,772 2,634 2,485 16,827 23,718
*All numbers are gross MWp.
**Including
443
MWp in backlog that are owned by or already sold to third parties.
Project Development Pipeline - Battery Energy Storage
As of March 31, 2026, the Company's total battery energy storage project development pipeline was 80.6 GWh, including 5.0 GWh under construction and in backlog, and 75.6 GWh of projects in advanced and early-stage development.
The table below sets forth the Company's total battery energy storage project development pipeline.
Battery Energy Storage
Project Development Pipeline (as of March 31, 2026) - MWh*
Region Under Construction Backlog Advanced Development Early-Stage
Development Total
North America 600 200 600 21,640 23,040
EMEA - 1,350** 3,925 30,322 35,597
Latin America - 1,320 5,005 6,325
Asia Pacific 1,200 1,620 3,281 9,580 15,681
Total 1,800 3,170 9,126 66,547 80,643
*All numbers are gross MWh.
**Including 600 MWh in backlog that are owned by third parties.
Business Outlook
The Company's business outlook is based on management's current views and estimates, taking into account factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.
In Q2 2026, the Company expects total revenue to be in the range of $1.0 billion to $1.2 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenue are expected to be in the range of 3.1 GW to 3.3 GW. Total battery energy storage shipments in Q2 2026 are expected to be in the range of 2.8 GWh to 3.2 GWh, including approximately 400 MWh to internal and external projects under execution.
The Company is reiterating its guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
Colin Parkin, CEO of Canadian Solar, commented, "The first half of the year reflects prevailing market challenges, with solar margins remaining under pressure. In our energy storage business, margins are normalizing, and we remain partially exposed to fluctuations in lithium carbonate pricing. These factors, combined with a broader backdrop of policy uncertainty and geopolitical volatility, continue to impact both customers' long-term planning and our own operational execution. We anticipate stronger storage volumes and the benefits from the ramp-up of our U.S. domestic solar cell manufacturing to be weighted toward the second half, while our project development business continues to execute on its rebalancing strategy."
Recent Developments
Canadian Solar
On May 14, 2026, Canadian Solar announced the appointment of Mr. Colin Parkin as Chief Executive Officer, effective immediately. Mr. Parkin, who previously served as the Company's President, succeeds founder Dr. Shawn Qu, who has transitioned from Chairman and CEO to the roles of Executive Chairman and Chief Technology Officer. In this new capacity, Dr. Qu will focus on spearheading the Company's technological innovation and long-term R&D strategy.
On April 17, 2026, Canadian Solar announced that the Patent Trial and Appeal Board ("PTAB") of the U.S. Patent and Trademark Office ("USPTO") issued Final Written Decisions invalidating all claims of two TOPCon (Tunnel Oxide Passivated Contact) solar cell patents. These patents were previously asserted by Trina Solar Co., Ltd. ("Trina") against certain subsidiaries of Canadian Solar. These decisions reflect Canadian Solar's continued ability to manage international intellectual property disputes.
Manufacturing: CS PowerTech and CSI Solar
On March 31, 2026, Canadian Solar announced that it would deliver a total of 420 MWh AC of battery energy storage systems for Drax Group, a leading UK renewable energy company, across two projects in the United Kingdom. Both projects are being developed by Apatura and have been acquired by Drax. Battery installations are scheduled to commence in the third quarter of 2026 at the Marfleet site, with the Neilston project expected to start installations in early 2027.
Conference Call Information
The Company will hold a conference call on Thursday, May 14, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company's first quarter 2026 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.) or +1-201-389-0920 from international locations. The conference ID is 13760199. A live webcast of the conference call will also be available via the webcast link on the investor relations section of Canadian Solar's website.
A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, May 28, 2026, and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13760199. A webcast replay will also be available via the webcast link on the investor relations section of Canadian Solar's website.
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the markets for solar power and battery energy storage; our growth strategies, future business performance, and financial condition; our ability to sustain our project development and balance long-term asset ownership with selective project sales; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, and policy support schemes, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, offtake and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks are described in the Company's filings with the Securities and Exchange Commission, including its latest annual report on Form 20-F filed on April 10, 2026. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
Investor Relations Contact:
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Manufacturing and Recurrent Energy businesses.
Select Financial Data - Manufacturing and Recurrent Energy
Three Months Ended and As of
March 31
, 2026
(In Thousands of U.S. Dollars)
Manufacturing Recurrent Elimination and unallocated
Energy items Total
Net revenues $949,662 $139,232 $(11,016) $1,077,878
Cost of revenues 673,316 153,749 (20,007) 807,058
Gross profit 276,346 (14,517) 8,991 270,820
Operating expenses 149,529 45,736 2,689 197,954
Income (loss) from operations 126,817 (60,253) 6,302 72,866
Other segment items (1) (64,181)
Income before income taxes and equity in losses of affiliates 8,685
Supplementary Information:
Interest expense $(14,828) $(31,664) $(5,878) $(52,370)
Interest income 6,252 10,202 204 16,658
Depreciation and amortization, included in cost of revenues and operating expenses 114,089 16,632 130,721
Cash and cash equivalents $1,353,014 $71,283 $16,813 $1,441,110
Restricted cash - current and non-current 323,034 119,147 442,181
Non-recourse borrowings 2,284,531 2,284,531
Other short-term and long-term borrowings 2,505,510 1,349,878 3,855,388
Convertible notes - non-current 419,150 419,150
Green bonds - current 151,137 151,137
(1) Includes interest expense, net, gain on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net.
The following table summarizes the revenues generated from each product or service.
Three Months Ended Three Months Ended Three Months Ended
March December 3 March 31
31, 202 1
, , 202
6 2025 5
(In Thousands of U.S. Dollars)
Manufacturing:
Solar modules $455,117 $718,597 $797,422
Battery energy storage solutions 382,758 296,848 155,310
Solar system kits 25,437 35,409 85,526
EPC and others 77,152 101,412 35,037
Subtotal 940,464 1,152,266 1,073,295
Recurrent Energy:
Solar power and battery energy storage asset sales 88,541 15,975 72,151
Power services 22,416 20,286 16,499
Revenue from electricity, battery energy storage operations and others 26,457 28,682 34,680
Subtotal 137,414 64,943 123,330
Total net revenues $1,077,878 $1,217,209 $1,196,625
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data)
Three
Months Ended
March 31, December 31, March 31,
2026 2025 2025
Net revenues $1,077,878 $1,217,209 $1,196,625
Cost of revenues 807,058 1,092,808 1,056,131
Gross profit 270,820 124,401 140,494
Operating expenses:
Selling and distribution expenses 54,281 81,047 90,767
General and administrative expenses 135,472 106,946 105,651
Research and development expenses 20,718 21,683 24,284
Other operating income, net (12,517) (21,214) (25,403)
Total operating expenses 197,954 188,462 195,299
Income (loss) from operations 72,866 (64,061) (54,805)
Other income (expenses):
Interest expense (52,370) (48,458) (40,487)
Interest income 16,658 8,960 12,096
Gain (loss) on change in fair value of derivatives, net 4,985 (7,052) (9,039)
Foreign exchange loss, net (33,920) (8,035) (4,586)
Investment income, net 466 120 1,090
Total other expenses (64,181) (54,465) (40,926)
Income (loss) before income taxes and equity in losses of affiliates 8,685 (118,526) (95,731)
Income tax benefit (expense) (16,938) 4,178 23,122
Equity in losses of affiliates (5,255) (16,453) (4,045)
Net loss (13,508) (130,801) (76,654)
Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests 18,585 (44,463) (42,683)
Net loss attributable to Canadian Solar Inc. $(32,093) $(86,338) $(33,971)
Earnings (loss) per share - basic $(0.71) $(1.66) $(0.69)
Shares used in computation - basic 67,817,714 67,712,693 66,962,686
Earnings (loss) per share - diluted $(0.71) $(1.66) $(0.69)
Shares used in computation - diluted 67,817,714 67,712,693 66,962,686
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)
Three
Months Ended
March December March
3 3
1 1 3
, , 1
,
2026 2025 2025
Net loss $(13,508) $(130,801) $(76,654)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment 63,355 39,752 2,091
Gain (loss) on changes in fair value of available-for-sale debt securities - 1,941 (504)
Gain (loss) on interest rate swap 6,604 7,955 (3,081)
Share of gain (loss) on changes in fair value of interest rate swap of affiliate 22 (443) (1,232)
Comprehensive income (loss) 56,473 (81,596) (79,380)
Less: comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests 35,562 (31,664) (40,768)
Comprehensive income (loss) attributable to Canadian Solar Inc. $20,911 $(49,932) $(38,612)
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
March 31
, December 31,
2026 2025
ASSETS
Current assets:
Cash and cash equivalents $1,441,110 $1,370,418
Restricted cash 420,784 541,705
Accounts receivable trade, net 698,978 829,957
Accounts receivable, unbilled 247,858 228,393
Amounts due from related
parties 13,903 17,959
Inventories 1,519,211 1,133,539
Value added tax recoverable 263,970 252,251
Advances to suppliers, net 220,530 217,871
Derivative assets 6,852 15,002
Project assets 747,798 549,269
Prepaid expenses and other
current assets 881,774 822,502
Total current assets 6,462,768 5,978,866
Restricted cash 21,397 28,312
Property, plant and equipment, net 3,469,541 3,376,035
Solar power and battery energy storage systems, net 2,099,078 2,065,498
Deferred tax assets, net 657,297 634,160
Advances to suppliers, net 101,001 104,518
Investments in affiliates 307,255 289,601
Intangible assets, net 31,282 31,981
Project assets 1,231,954 1,481,486
Right-of-use assets 430,948 441,291
Amounts due from related parties 84,008 76,848
Other non-current assets 638,019 663,133
TOTAL ASSETS $15,534,548 $15,171,729
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
March 31
, December 31,
2026 2025
LIABILITIES, REDEEMABLE INTERESTS AND EQUITY
Current liabilities:
Short-term borrowings $2,602,193 $2,389,037
Green bonds 151,137 153,152
Accounts payable 1,030,796 878,827
Short-term notes payable 724,908 939,549
Amounts due to related parties 6,286 7,484
Other payables 821,534 779,198
Advances from customers 216,077 162,586
Derivative liabilities 5,789 6,179
Operating lease liabilities 32,601 26,783
Other current liabilities 479,288 507,594
Total current liabilities 6,070,609 5,850,389
Long-term borrowings 3,537,726 3,621,232
Convertible notes 419,150 195,313
Liability for uncertain tax positions 5,642 5,788
Deferred tax liabilities 300,722 296,719
Operating lease liabilities 338,663 354,508
Other non-current liabilities 565,341 578,152
TOTAL LIABILITIES 11,237,853 10,902,101
Redeemable non-controlling interests 295,933 326,559
Equity:
Common shares 835,543 835,543
Additional paid-in capital 569,859 568,921
Retained earnings 1,449,539 1,481,632
Accumulated other comprehensive loss (25,121) (78,125)
Total Canadian Solar Inc. shareholders' equity 2,829,820 2,807,971
Non-controlling interests 1,170,942 1,135,098
TOTAL EQUITY 4,000,762 3,943,069
TOTAL LIABILITIES, REDEEMABLE INTERESTS AND EQUITY $15,534,548 $15,171,729
Canadian Solar Inc.
Unaudited Condensed Statements of Cash Flows
(In Thousands of U.S. Dollars)
Three Months Ended
March December March
3 3 3
1
1 , 1
, ,
2026 2025 2025
Operating Activities:
Net loss $(13,508) $(130,801) $(76,654)
Adjustments to net loss 152,825 158,944 161,770
Changes in operating assets and liabilities (347,975) (93,177) (349,319)
Net cash used in operating activities (208,658) (65,034) (264,203)
Investing Activities:
Purchase of property, plant and equipment and intangible assets (173,210) (266,377) (256,380)
Purchase of solar power and battery energy storage systems (20,053) (53,105) (128,707)
Other investing activities 60,176 20,946 (83,897)
Net cash used in investing activities (133,087) (298,536) (468,984)
Financing Activities:
Capital contributions from tax equity investors in subsidiaries 750 14,680
Repurchase of shares by subsidiary (24,510) (21,404)
Net proceeds from issuance of convertible notes 222,983 43,896
Other financing activities 114,936 45,561 507,066
Net cash provided by financing activities 337,919 21,801 544,238
Effect of exchange rate changes (53,318) 102,273 (41,153)
Net decrease in cash, cash equivalents and restricted cash (57,144) (239,496) (230,102)
Cash, cash equivalents and restricted cash at the beginning of
the period $1,940,435 $2,179,931 $2,264,021
Cash, cash equivalents and restricted cash at the end of the
period $1,883,291 $1,940,435 $2,033,919
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SOURCE Canadian Solar Inc.
