{"id":1847,"date":"2026-04-06T10:00:00","date_gmt":"2026-04-06T01:00:00","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1847"},"modified":"2026-04-06T16:42:21","modified_gmt":"2026-04-06T07:42:21","slug":"canadian-solar-reports-fourth-quarter-and-full-year-2025-results","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2026\/1847.html","title":{"rendered":"Canadian Solar Reports Fourth Quarter and Full Year 2025 Results"},"content":{"rendered":"\n<p>KITCHENER, ON,\u00a0March 19, 2026\u00a0\/PRNewswire\/ &#8212;\u00a0<a href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Solar Inc.<\/a>\u00a0(&#8220;Canadian Solar&#8221; or the &#8220;Company&#8221;) (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended\u00a0December 31, 2025.<br><br><\/p>\n\n\n\n<p><strong>Full Year 2025 Highlights<\/strong><br><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>24.3 GW of solar module shipments delivered globally, with record 8.1 GW delivered to the U.S. market.<\/li>\n\n\n\n<li>Record 7.8 GWh of energy storage shipments delivered globally, with 3.9 GWh delivered to the U.S. market.<\/li>\n\n\n\n<li>Energy storage contracted backlog increased to record\u00a0$3.6 billion, as of\u00a0March 13, 2026.<\/li>\n\n\n\n<li>Completed a\u00a0US$230 million\u00a0convertible bond issuance to accelerate\u00a0U.S.\u00a0manufacturing initiatives.<\/li>\n\n\n\n<li>Resumed direct oversight of\u00a0U.S.\u00a0operations, forming CS PowerTech as the new\u00a0U.S.\u00a0manufacturing platform.<\/li>\n\n\n\n<li>Fully ramped up\u00a0Texas\u00a0module factory to an annual production run rate exceeding 5 GW, with planned expansion to nameplate capacity of 10 GWp by the second half of 2026.<br><br><\/li>\n<\/ul>\n\n\n\n<p><strong>Dr.\u00a0Shawn Qu, Chairman and CEO<\/strong>, commented, &#8220;We demonstrated strategic resilience and operational discipline throughout a year defined by persistent market headwinds and a shifting regulatory landscape. In response to the prolonged solar downturn, we pivoted away from the industry&#8217;s traditional focus on shipment volumes and instead took the lead by prioritizing margins and diversifying our profit drivers, notably energy storage. Our commitment to the U.S. market remains steadfast as we spearhead the reshoring of manufacturing to\u00a0North America. Our solar module factory in\u00a0Mesquite, Texas\u00a0has fully ramped up, and we intend to double its nameplate capacity to support a more resilient domestic supply chain. We are moving in the equipment for the first phase of our solar cell plant in\u00a0Jeffersonville, Indiana\u00a0as we speak and expect to see the first cell come off the production line by the end of March, with full ramp up expected by the end of June. Furthermore, we are advancing the second phase, which once operational, will bring our\u00a0U.S.\u00a0cell capacity to 6.3 GWp, establishing the largest crystalline silicon technology footprint in the country.&#8221;<br><br><\/p>\n\n\n\n<p><strong>Colin Parkin, President of<\/strong>\u00a0<strong>Canadian Solar<\/strong>\u00a0<strong>and President of e-STORAGE<\/strong>, said, &#8220;We shipped 4.3 GW of solar modules this quarter, as we maintained our disciplined approach to order intake amid rising input costs, concluding the year with total shipments of 24.3 GW. Although site construction delays shifted certain energy storage volumes into the first quarter of 2026, we still delivered a record 7.8 GWh in global energy storage shipments. This represents robust double-digit growth, achieved while successfully navigating a turbulent policy environment. Our momentum is further evidenced by a record contracted backlog of\u00a0$3.6 billion. As we direct our resources toward our comprehensive\u00a0U.S.\u00a0manufacturing strategy, we are proactively rebalancing our project development investments to optimize cash flow and manage leverage.&#8221;<br><br><\/p>\n\n\n\n<p><strong>Ismael Guerrero, CEO of\u00a0Canadian Solar&#8217;s\u00a0subsidiary Recurrent Energy<\/strong>, said, &#8220;Our quarterly revenue and margin profiles were impacted by delays in certain project sales, which have been pushed into 2026. We continue to shift our business mix toward the monetization of operating and under-construction assets to strengthen our balance sheet and improve cash flow. As we manage the pacing of construction activities, we are also optimizing our pipeline for quality, focusing on generating value from existing opportunities.&#8221;<br><br><\/p>\n\n\n\n<p><strong>Xinbo Zhu, Senior VP and CFO<\/strong>, added, &#8220;For the fourth quarter, we reported revenue of\u00a0$1.2 billion\u00a0and a gross margin of 10.2%. Profitability was affected by sequentially lower global storage volumes and solar module deliveries to the North American market, delayed project sales, and project asset impairments. Capital expenditures in 2025 totaled\u00a0$962 million, slightly below expectations, and we ended the year with a cash position of\u00a0$1.9 billion.&#8221;<br><br><\/p>\n\n\n\n<p><strong>Fourth Quarter 2025 Results<\/strong><br><br><\/p>\n\n\n\n<p>Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, down 16% quarter-over-quarter (&#8220;qoq&#8221;) and down 47% year-over-year (&#8220;yoy&#8221;).<br><br><\/p>\n\n\n\n<p>Net revenues were\u00a0$1.2 billion\u00a0in Q4 2025, down 18% sequentially and 20% yoy, mainly due to lower sales of solar modules and battery energy storage systems.<br><br><\/p>\n\n\n\n<p>Gross profit was\u00a0$124 million, compared to\u00a0$256 million\u00a0in Q3 2025 and\u00a0$217 million\u00a0in Q4 2024. Gross margin was 10.2%, compared to 17.2% and 14.3% in Q3 2025 and Q4 2024, respectively. The sequential decrease in gross margin was primarily due to the impairment charges related to certain project assets. The yoy decrease was driven by lower contribution from solar modules and project asset sales, partially offset by higher module ASPs.<br><br><\/p>\n\n\n\n<p>Operating expenses were\u00a0$188 million, down from\u00a0$222 million\u00a0in Q3 2025 and\u00a0$344 million\u00a0in Q4 2024 due to lower logistics costs. Operating expenses represented 15.5% of revenue, compared to 14.9% in Q3 2025 and 22.6% in Q4 2024.<br><br><\/p>\n\n\n\n<p>Net loss attributable to\u00a0Canadian Solar\u00a0in accordance with generally accepted accounting principles in\u00a0the United States of America\u00a0(&#8220;GAAP&#8221;) in Q4 2025 was\u00a0$86 million, or a net loss of\u00a0$1.66\u00a0per diluted share, compared to a net income of\u00a0$9 million, or a net loss of\u00a0$0.07\u00a0per diluted share, in the Q3 2025, and net income of\u00a0$34 million, or\u00a0$0.48\u00a0per diluted share, in Q4 2024. Net income\/(loss) per diluted share includes the dilutive effect of convertible bonds, as applicable, and the Recurrent Energy redeemable preferred shares dividends.<br><br><\/p>\n\n\n\n<p>Net cash flow used in operating activities in Q4 2025 was\u00a0$65\u00a0million, driven by changes in working capital, specifically an increase in project assets, partially offset by a decrease in inventories, compared to net cash flow used in operating activities of\u00a0$112 million\u00a0in Q3 2025 and net cash flow provided by operating activities of\u00a0$66 million\u00a0in Q4 2024.<br><br><\/p>\n\n\n\n<p>Total debt, including financing liabilities, was\u00a0$6.5 billion\u00a0as of\u00a0December 31, 2025, including\u00a0$3.8 billion,\u00a0$2.5 billion\u00a0and\u00a0$0.2 billion\u00a0related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from\u00a0$6.4 billion\u00a0as of\u00a0September 30, 2025, mainly due to new borrowings for construction of projects. Total non-recourse debt under Recurrent Energy as of\u00a0December 31, 2025, was\u00a0$2.2 billion.<br><br><\/p>\n\n\n\n<p><strong>Business Segments<\/strong><br><br><\/p>\n\n\n\n<p>On\u00a0December\u00a01, 2025,\u00a0Canadian Solar\u00a0announced a strategic initiative to resume direct oversight of its\u00a0U.S.\u00a0operations. The Company has formed a new joint venture with its majority-owned subsidiary,\u00a0CSI Solar Co., Ltd.\u00a0(&#8220;CSI Solar&#8221;), by holding a 75.1% controlling stake in\u00a0CS PowerTech Inc.\u00a0(&#8220;CS PowerTech&#8221;), which operates\u00a0U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. On\u00a0December\u00a016, 2025,\u00a0CSI Solar&#8217;s\u00a0shareholders approved the proposed initiative.<br><br><\/p>\n\n\n\n<p>Following the consummation of this strategic initiative,\u00a0Canadian Solar&#8217;s\u00a0business is organized into two segments:<br><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar modules, battery energy storage products, and other power technology products for the U.S. market, and\u00a0CSI Solar, which serves all other global markets; and<\/li>\n\n\n\n<li>Recurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio.<br><br><\/li>\n<\/ul>\n\n\n\n<p><strong>Manufacturing<\/strong><br><br><\/p>\n\n\n\n<p><em><u>Solar Modules and Solar System Kits<\/u><\/em><br><br><\/p>\n\n\n\n<p>The Company shipped 4.3 GW of solar modules and solar system kits to more than 70 countries and regions in Q4 2025.<br><br><\/p>\n\n\n\n<p>Consistent with the Company&#8217;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.<br><br><\/p>\n\n\n\n<p>In the\u00a0U.S., the Company operates a 5 GWp solar module factory in\u00a0Mesquite, Texas, which will be expanded to nameplate capacity of 10 GWp by the second half of 2026.<br><br><\/p>\n\n\n\n<p>The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology (&#8220;HJT&#8221;) solar cell factory in\u00a0Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5\u202fGWp, with additional production lines being installed and commissioned through 2026.<br><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Phase I: Trial production is scheduled to begin by\u00a0April 2026. Phase I has a nameplate capacity of 2.1 GWp and represents the only commercially operational HJT solar cell facility in the\u00a0U.S.<\/li>\n\n\n\n<li>Phase II: The Company expects to begin trial production for Phase II by the end of 2026. This expansion will add 4.2 GWp of capacity, bringing the Company&#8217;s total solar cell nameplate capacity in the\u00a0U.S.\u00a0to 6.3 GWp.<br><br><\/li>\n<\/ul>\n\n\n\n<p><em><u>e-STORAGE: Battery Energy Storage Solutions<\/u><\/em><br><br><\/p>\n\n\n\n<p>As of\u00a0March 13, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at\u00a0$3.6 billion. These signed orders carry contractual obligations to customers and provide significant earnings visibility over a multi-year period.<br><br><\/p>\n\n\n\n<p><strong>Recurrent Energy<\/strong><br><br><\/p>\n\n\n\n<p>As of\u00a0December 31, 2025, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 83 GWh.<br><br><\/p>\n\n\n\n<p>The business model consists of three key drivers:<br><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Electricity revenue from operating portfolio\u00a0<\/strong>to drive stable, diversified cash flows in growth markets with stable currencies;<\/li>\n\n\n\n<li><strong>Asset sales<\/strong>, including selective operating assets in stable currency markets and assets in the rest of the world, to manage cash flow, debt level and to fund growth in operating portfolio; and<\/li>\n\n\n\n<li><strong>Power services (O&amp;M)\u00a0<\/strong>through long-term operations and maintenance (&#8220;O&amp;M&#8221;) contracts, currently with nearly 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.<br><br><\/li>\n<\/ul>\n\n\n\n<p><em><u>Project Development Pipeline \u2013 Solar<\/u><\/em><br><br><\/p>\n\n\n\n<p>As of\u00a0December 31, 2025, the Company&#8217;s total solar project development pipeline was 24.4 GWp, including 1.6 GWp under construction, 3.2 GWp of backlog, and 19.6 GWp of projects in advanced and early-stage development, defined as follows:<br><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Backlog<\/strong>\u00a0<strong>projects<\/strong>\u00a0are 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&#8217;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 (&#8220;FIT&#8221;) arrangements and power purchase agreements (&#8220;PPAs&#8221;). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have a reasonable assurance of securing PPAs.<\/li>\n\n\n\n<li><strong>Advanced pipeline projects\u00a0<\/strong>are mid-stage projects that have secured or are more than 90% likely to secure an interconnection agreement.<\/li>\n\n\n\n<li><strong>Early-stage pipeline projects<\/strong>\u00a0are early-stage projects controlled by the Company that are in the process of securing interconnection.<br><br><\/li>\n<\/ul>\n\n\n\n<p>While the magnitude of the Company&#8217;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&#8217;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.<br><br><\/p>\n\n\n\n<p>The following table presents\u00a0<strong>the Company&#8217;s total solar project development<\/strong>\u00a0pipeline.<br><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image.png\"><img loading=\"lazy\" decoding=\"async\" width=\"633\" height=\"335\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image.png\" alt=\"\" class=\"wp-image-1853\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image.png 633w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-300x159.png 300w\" sizes=\"auto, (max-width: 633px) 100vw, 633px\" \/><\/a><\/figure>\n\n\n\n<p><br><br><em><u>Project Development Pipeline \u2013 Battery Energy Storage<\/u><\/em><br><br><\/p>\n\n\n\n<p>As of\u00a0December 31, 2025, the Company&#8217;s total battery energy storage project development pipeline was 83.5 GWh, including 6.2 GWh under construction and in backlog, and 77.3 GWh of projects in advanced and early-stage development.<br><br><\/p>\n\n\n\n<p>The table below sets forth\u00a0<strong>the Company&#8217;s total battery energy storage project development<\/strong>\u00a0pipeline.<br><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"540\" height=\"333\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-1.png\" alt=\"\" class=\"wp-image-1855\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-1.png 540w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-1-300x185.png 300w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><\/figure>\n\n\n\n<p><br><br><strong>Business Outlook<\/strong><br><br><\/p>\n\n\n\n<p>The Company&#8217;s business outlook is based on management&#8217;s current views and estimates given 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&#8217;s views and estimates are subject to change without notice.<br><br><\/p>\n\n\n\n<p>In Q1 2026, the Company expects total revenue to be in the range of\u00a0$900 million\u00a0to\u00a0$1.1 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenues are expected to be in the range of 2.2 GW to 2.4 GW. Total battery energy storage shipments in Q1 2026 are expected to be in the range of 1.7 GWh to 1.9 GWh.<br><br><\/p>\n\n\n\n<p>The Company is issuing new guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions to the\u00a0U.S.\u00a0in 2026.<br><br><\/p>\n\n\n\n<p><strong>Dr.\u00a0Shawn Qu, Chairman and CEO,<\/strong>\u00a0commented, &#8220;While the first quarter tends to be seasonally softer, we are navigating a complex macro environment, including elevated and volatile input costs across supply chains and policy uncertainty in key markets. In our project development business, we are rebalancing toward asset monetization and optimizing our cost structure. Our solar module shipments in the\u00a0U.S.\u00a0are expected to be slightly lower in 2026 than in 2025, primarily due to a limited supply of solar cells qualified as non-PFE under the OBBBA in the first half of the year. The high cost of such cells will also affect our profitability. I believe this is temporary, as our own production will ramp up in Q2 and Q3. 2026 will be a transition year, as we accelerate our\u00a0U.S.\u00a0manufacturing roadmap and diversify our long-term profitability drivers.&#8221;<br><br><\/p>\n\n\n\n<p><strong>Recent Developments<\/strong><br><br><\/p>\n\n\n\n<p><em><u>Canadian Solar<\/u><\/em><br><br><\/p>\n\n\n\n<p>On\u00a0January 15, 2026,\u00a0Canadian Solar\u00a0announced a decisive victory in litigation proceedings against\u00a0Maxeon Solar Pte. Ltd.\u00a0(&#8220;Maxeon&#8221;) before the Patent Trial and Appeal Board (&#8220;PTAB&#8221;) of the United States Patent and Trademark Office (&#8220;USPTO&#8221;). In Final Written Decisions, the PTAB ruled in\u00a0Canadian Solar&#8217;s\u00a0favor, holding that all claims asserted by Maxeon against\u00a0Canadian Solar\u00a0relating to\u00a0the\u00a0alleged\u00a0infringement of the patents at issue in the federal court litigation are invalid.<br><br><\/p>\n\n\n\n<p>On\u00a0January 13, 2026,\u00a0Canadian Solar\u00a0announced the closing of its previously announced offering of\u00a0US$230 million\u00a0aggregate principal amount of 3.25% convertible senior notes due 2031 (the &#8220;Notes&#8221;), including the full exercise of the initial purchasers&#8217; option to purchase an additional\u00a0US$30 million\u00a0aggregate principal amount of the Notes. The Notes were offered in a Rule 144A private offering. The net proceeds from the offering were approximately\u00a0US$223.1 million, after deducting the initial purchasers&#8217; discount and estimated offering expenses.<br><br><\/p>\n\n\n\n<p>On\u00a0December 24, 2025,\u00a0Canadian Solar\u00a0announced the appointment of\u00a0Colin Parkin\u00a0as a member of its board of directors (the &#8220;Board&#8221;) and his promotion to President of\u00a0Canadian Solar. Parkin succeeds\u00a0Yan Zhuang\u00a0on the Company&#8217;s Board and assumes the role of the Company&#8217;s President from Dr.\u00a0Shawn Qu.\u00a0Dr. Qu, the Founder of\u00a0Canadian Solar, continues to serve as the Company&#8217;s Chairman and Chief Executive Officer. In conjunction with Parkin&#8217;s appointment, the Board also appointed\u00a0Dylan Marx\u00a0as Chief Operating Officer.<br><br><\/p>\n\n\n\n<p>On\u00a0December 1, 2025,\u00a0Canadian Solar\u00a0announced a strategic initiative to resume direct oversight of its\u00a0U.S.\u00a0operations and continue reshoring manufacturing to\u00a0North America. On\u00a0December 16, 2025, the shareholders of its majority-owned subsidiary\u00a0CSI Solar\u00a0approved the proposed initiative.\u00a0Canadian Solar\u00a0has formed a new joint venture with\u00a0CSI Solar\u00a0by holding a 75.1% controlling stake in CS PowerTech, which operates\u00a0U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.<br><br><\/p>\n\n\n\n<p><em><u>Manufacturing: CS PowerTech and\u00a0CSI Solar<\/u><\/em><br><br><\/p>\n\n\n\n<p>On\u00a0March 17, 2026,\u00a0Canadian Solar\u00a0announced that it had entered into an agreement with a major\u00a0U.S.\u00a0utility for a 500 MW \/ 2,493 MWh DC battery energy storage system (&#8220;BESS&#8221;) project, supporting data center grid infrastructure and resiliency. Shipments are expected to start in\u00a0March 2027\u00a0and be completed by\u00a0July 2027.<br><br><\/p>\n\n\n\n<p>On\u00a0February 11, 2026,\u00a0Canadian Solar\u00a0announced the delivery of its first grid-connected battery energy storage system in\u00a0Japan, with a rated output of 2 MW and an energy capacity of 8.25 MWh DC. The project was developed by Canadian Solar Projects K.K. e-STORAGE was responsible for the design, engineering, and commissioning of the project, and will also provide long-term maintenance and inspection services throughout the operational life of the BESS.<br><br><\/p>\n\n\n\n<p>On\u00a0February 5, 2026,\u00a0Canadian Solar\u00a0announced that it had signed agreements for the supply and long-term servicing of two standalone battery energy storage projects totaling 503 MWh DC in\u00a0Franklin\u00a0County,\u00a0Texas. The projects, collectively referred to as the Lupinus projects, are being developed by Sunraycer. They comprise Lupinus 1, a 202 MWh facility expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027, and Lupinus 2, a 301 MWh facility scheduled to start construction in Q3 2026 and achieve commercial operation in Q2 2027.<br><br><\/p>\n\n\n\n<p>On\u00a0December 17, 2025,\u00a0Canadian Solar\u00a0announced that it would deliver 408 MWh AC Battery Energy Storage System to\u00a0Vena Energy\u00a0for its\u00a0Tailem Bend 3 project in\u00a0South Australia. The project is under construction and is targeted to begin operation in 2027. Under an initial 5-year Long Term Service Agreement,\u00a0Canadian Solar&#8217;s\u00a0e-STORAGE will also be responsible for maintenance of the battery energy storage system.<br><br><\/p>\n\n\n\n<p><em><u>Recurrent Energy<\/u><\/em><br><br><\/p>\n\n\n\n<p>On&nbsp;February 24, 2026,&nbsp;Canadian Solar&nbsp;announced that it had completed the sale of its 200 MWh Fort Duncan Battery Storage facility to&nbsp;Hunt Energy Network. Canadian Solar&nbsp;expects to recognize the revenue from the transaction in the first quarter of 2026. Located in&nbsp;Maverick County,&nbsp;Texas, Fort Duncan Battery Storage reached commercial operation in&nbsp;June 2025. The Company had secured&nbsp;$183 million&nbsp;in project financing and tax equity for the storage facility.<\/p>\n\n\n\n<p>On\u00a0December 2, 2025,\u00a0Canadian Solar\u00a0announced that it had been granted a Development Consent Order (&#8220;DCO&#8221;) for its Tillbridge solar and battery energy storage project, located in\u00a0Lincolnshire, England. The proposed project combines 800 MW of solar PV and 500 MW \/ 1,000 MWh of battery energy storage. The DCO was awarded by the\u00a0UK\u00a0Secretary of State for the\u00a0Department for Energy Security and Net Zero. Once operational, Tillbridge will become one of the largest hybrid solar and storage facilities in the\u00a0United Kingdom.<br><br><\/p>\n\n\n\n<p><strong>Conference Call Information<\/strong><br><br><\/p>\n\n\n\n<p>The Company will hold a conference call on\u00a0Thursday, March 19, 2026, at\u00a08:00 a.m.\u00a0U.S.\u00a0Eastern Time to discuss the Company&#8217;s fourth quarter and full year 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453\u00a0(toll-free from the\u00a0U.S.) or +1-201-389-0920\u00a0from international locations. The conference ID is 13758808. A live webcast of the conference call will also be available on the investor relations section of\u00a0Canadian Solar&#8217;s\u00a0website at\u00a0<a href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.canadiansolar.com<\/a>.<br><br><\/p>\n\n\n\n<p>A replay of the call will be available after the conclusion of the call until\u00a011:00 p.m.\u00a0U.S.\u00a0Eastern Time on\u00a0Thursday, April 2, 2026\u00a0and can be accessed by dialing +1-844-512-2921 (toll-free from the\u00a0U.S.) or +1-412-317-6671 from international locations.\u00a0 The replay pin number is 13758808. A webcast replay will also be available on the investor relations section of\u00a0Canadian Solar&#8217;s\u00a0website at\u00a0<a href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.canadiansolar.com<\/a>.<br><br><\/p>\n\n\n\n<p><strong>About<\/strong>\u00a0<strong>Canadian Solar Inc.<\/strong><br><br><\/p>\n\n\n\n<p>Canadian Solar\u00a0is one of the world&#8217;s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in\u00a0Kitchener, 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,\u00a0Canadian Solar\u00a0has successfully delivered over 174 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE,\u00a0Canadian Solar\u00a0has shipped over 18\u00a0GWh\u00a0of battery energy storage solutions to global markets as of\u00a0December 31, 2025, boasting a\u00a0$3.6 billion\u00a0contracted backlog as of\u00a0March 13, 2026. Since entering the project development business in 2010,\u00a0Canadian Solar\u00a0has developed, built, and connected approximately 12 GWp of solar power projects and 6.2 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 83 GWh of battery energy storage capacity in various stages of development. Canadian Solar\u00a0is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.\u00a0For additional information about the Company, follow\u00a0Canadian Solar\u00a0on\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/canadian-solar-inc-\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn\u00a0<\/a>or visit\u00a0<a href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.canadiansolar.com<\/a>.<br><br><\/p>\n\n\n\n<p><strong>Safe Harbor\/Forward-Looking Statements<\/strong><br><br><\/p>\n\n\n\n<p>Certain statements in this press release, including those regarding the Company&#8217;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 &#8220;Safe Harbor&#8221; provisions of the\u00a0U.S.\u00a0Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;future&#8221;, &#8220;ongoing&#8221;, &#8220;continue&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;potential&#8221;, &#8220;prospect&#8221;, &#8220;guidance&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;is\/are likely to&#8221; 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 adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; 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, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, 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 were described in the Company&#8217;s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on\u00a0April 30, 2025. 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&#8217;s date, unless otherwise stated, and\u00a0Canadian Solar\u00a0undertakes no duty to update such information, except as required under applicable law.<br><br><\/p>\n\n\n\n<p><strong>Investor Relations Contact:<\/strong><\/p>\n\n\n\n<p>Wina Huang<\/p>\n\n\n\n<p>Investor Relations<\/p>\n\n\n\n<p>Canadian Solar Inc.<\/p>\n\n\n\n<p><a href=\"investor@canadiansolar.com\">investor@canadiansolar.com<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center\"><br><br><strong>FINANCIAL TABLES FOLLOW<\/strong><br><br><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>The following tables provide unaudited select financial data for the Company&#8217;s Manufacturing and Recurrent Energy businesses.<\/strong><br><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-2.png\"><img loading=\"lazy\" decoding=\"async\" width=\"584\" height=\"880\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-2.png\" alt=\"\" class=\"wp-image-1857\" style=\"width:583px;height:auto\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-2.png 584w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-2-199x300.png 199w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-3.png\"><img loading=\"lazy\" decoding=\"async\" width=\"574\" height=\"685\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-3.png\" alt=\"\" class=\"wp-image-1858\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-3.png 574w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-3-251x300.png 251w\" sizes=\"auto, (max-width: 574px) 100vw, 574px\" \/><\/a><\/figure>\n\n\n\n<p><br><br>The following table summarizes the revenues generated from each product or service.<br><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-10.png\"><img loading=\"lazy\" decoding=\"async\" width=\"666\" height=\"548\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-10.png\" alt=\"\" class=\"wp-image-1865\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-10.png 666w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-10-300x247.png 300w\" sizes=\"auto, (max-width: 666px) 100vw, 666px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-9.png\"><img loading=\"lazy\" decoding=\"async\" width=\"670\" height=\"592\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-9.png\" alt=\"\" class=\"wp-image-1864\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-9.png 670w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-9-300x265.png 300w\" sizes=\"auto, (max-width: 670px) 100vw, 670px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-8.png\"><img loading=\"lazy\" decoding=\"async\" width=\"679\" height=\"938\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-8.png\" alt=\"\" class=\"wp-image-1863\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-8.png 679w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-8-217x300.png 217w\" sizes=\"auto, (max-width: 679px) 100vw, 679px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-11.png\"><img loading=\"lazy\" decoding=\"async\" width=\"673\" height=\"762\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-11.png\" alt=\"\" class=\"wp-image-1866\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-11.png 673w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-11-265x300.png 265w\" sizes=\"auto, (max-width: 673px) 100vw, 673px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-12.png\"><img loading=\"lazy\" decoding=\"async\" width=\"642\" height=\"912\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-12.png\" alt=\"\" class=\"wp-image-1867\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-12.png 642w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-12-211x300.png 211w\" sizes=\"auto, (max-width: 642px) 100vw, 642px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-14.png\"><img loading=\"lazy\" decoding=\"async\" width=\"476\" height=\"946\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-14.png\" alt=\"\" class=\"wp-image-1869\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-14.png 476w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-14-151x300.png 151w\" sizes=\"auto, (max-width: 476px) 100vw, 476px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-15.png\"><img loading=\"lazy\" decoding=\"async\" width=\"471\" height=\"886\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-15.png\" alt=\"\" class=\"wp-image-1870\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-15.png 471w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-15-159x300.png 159w\" sizes=\"auto, (max-width: 471px) 100vw, 471px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-16.png\"><img loading=\"lazy\" decoding=\"async\" width=\"474\" height=\"314\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-16.png\" alt=\"\" class=\"wp-image-1871\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-16.png 474w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-16-300x199.png 300w\" sizes=\"auto, (max-width: 474px) 100vw, 474px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-17.png\"><img loading=\"lazy\" decoding=\"async\" width=\"656\" height=\"800\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-17.png\" alt=\"\" class=\"wp-image-1872\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-17.png 656w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-17-246x300.png 246w\" sizes=\"auto, (max-width: 656px) 100vw, 656px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-18.png\"><img loading=\"lazy\" decoding=\"async\" width=\"646\" height=\"741\" src=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-18.png\" alt=\"\" class=\"wp-image-1873\" srcset=\"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-18.png 646w, https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-content\/uploads\/2026\/04\/image-18-262x300.png 262w\" sizes=\"auto, (max-width: 646px) 100vw, 646px\" \/><\/a><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KITCHENER, ON,\u00a0March 19, 2026\u00a0\/PRNewswire\/ &#8212;\u00a0Canadian Solar Inc.\u00a0(&#8220;Canadian Solar&#8221; or the &#038;# [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1847","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1847"}],"version-history":[{"count":10,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1847\/revisions"}],"predecessor-version":[{"id":1876,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1847\/revisions\/1876"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}