{"id":985,"date":"2022-06-08T17:58:13","date_gmt":"2022-06-08T08:58:13","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=985"},"modified":"2022-06-08T17:58:13","modified_gmt":"2022-06-08T08:58:13","slug":"canadian-solar-reports-first-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2022\/985.html","title":{"rendered":"CANADIAN SOLAR REPORTS FIRST QUARTER 2022 RESULTS"},"content":{"rendered":"

GUELPH, ON,\u00a0May 24, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a>\u00a0(“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the first quarter ended\u00a0March 31, 2022.<\/p>\n

 <\/p>\n

Highlights<\/b><\/span><\/p>\n

\u25cf Solar module shipments of 3.63 GW, in line with guidance of 3.6 GW to 3.8 GW.<\/p>\n

\u25cf 15% increase in revenue year-over-year (“yoy”) to\u00a0$1.25 billion, in line with guidance of\u00a0$1.25 billion\u00a0to\u00a0$1.35 billion.<\/p>\n

\u25cf 14.5% gross margin, in line with guidance of 14.5% to 15.5%.<\/p>\n

\u25cf Net income attributable to\u00a0Canadian Solar\u00a0of\u00a0$9 million, or\u00a0$0.14\u00a0per diluted share.<\/p>\n

\u25cf Global Energy solar project pipeline of 24 GWp and storage pipeline of over 27 GWh, as of\u00a0March 2022.<\/p>\n

\u25cf Carve-out IPO of\u00a0CSI Solar Co., Ltd.\u00a0(“CSI Solar” or the “CSI Solar\u00a0subsidiary”) remains on track.<\/p>\n

\u25cf Accelerating upstream capacity expansion plan.<\/p>\n

 <\/p>\n

First Quarter 2022 Results<\/b><\/span><\/p>\n

Total module shipments recognized as revenues in the first quarter\u00a0of 2022 were 3.63 GW, up 42% yoy. Of the total, 156 MW\u00a0were shipped\u00a0to the Company’s own utility-scale solar power projects.<\/p>\n

 <\/p>\n

Net revenues in the first quarter of 2022 were\u00a0$1.25 billion, up 15% yoy and down 18% quarter-over-quarter (“qoq”).\u00a0The yoy increase was mainly driven by higher solar shipment volumes and ASP, and significant growth in the Company’s battery storage solutions business, partially offset by lower project sales. The sequential decrease was mainly driven by lower project sales.<\/p>\n

 <\/p>\n

Gross profit in the first quarter of 2022 was\u00a0$181 million, down 7% yoy and 40% qoq.\u00a0Gross margin in the first quarter of 2022 was 14.5%, within prior guidance, and compared to 19.7% in the fourth quarter of 2021. The sequential gross margin decline was mainly driven by higher raw material costs and the absence of\u00a0U.S.\u00a0anti-dumping and countervailing duty true up benefit in the current quarter relative to the prior quarter, which was partially offset by higher modules pricing and higher margin project sales.<\/p>\n

 <\/p>\n

Total operating expenses in the first quarter of 2022 were\u00a0$165 million\u00a0compared to\u00a0$234 million in the fourth quarter of 2021\u00a0and\u00a0$151 million\u00a0in the first quarter of 2021.\u00a0The\u00a0sequential decrease was mainly driven by lower shipping and handling expenses and an increase in other operating income.<\/p>\n

 <\/p>\n

Non-cash depreciation and amortization charges in the first quarter of 2022 were\u00a0$66 million,\u00a0compared to\u00a0$76 million\u00a0in the fourth quarter of 2021 and\u00a0$62 million\u00a0in the first quarter of 2021.<\/p>\n

 <\/p>\n

Net foreign exchange gain in the first quarter of 2022 was $3\u00a0million, compared to a net gain of\u00a0$1 million\u00a0in the\u00a0fourth quarter of 2021\u00a0and a net loss of\u00a0$7 million\u00a0in the first quarter of 2021.<\/p>\n

 <\/p>\n

Income tax benefit in the first quarter of 2022 was $5\u00a0million, compared to a $27\u00a0million income tax expense in the\u00a0fourth quarter of 2021\u00a0and a\u00a0$14 million\u00a0income tax expense in the first quarter of 2021.\u00a0The benefit was a result of a lower income before income tax and a Canadian tax refund.<\/p>\n

 <\/p>\n

Net income attributable to\u00a0Canadian Solar\u00a0in the first quarter of 2022 was\u00a0$9 million, or\u00a0$0.14\u00a0per diluted share, compared to net income of\u00a0$26 million, or\u00a0$0.39\u00a0per diluted share, in the fourth quarter of 2021, and net income of\u00a0$23 million, or\u00a0$0.36\u00a0per diluted share, in the first quarter of 2021.<\/p>\n

 <\/p>\n

For the three months ended\u00a0March 31, 2022, earnings per share \u2013 diluted (“Diluted EPS”) of\u00a0$0.14\u00a0was calculated from total earnings of\u00a0$9 million\u00a0divided by 64.7 million diluted shares. For the three months ended\u00a0December 31, 2021, Diluted EPS of\u00a0$0.39\u00a0was calculated from total earnings of\u00a0$27 million, including 2.5% coupon of\u00a0$1.3 million, divided by 70.5 million diluted shares, including 6.3 million shares issuable upon the conversion of the convertible notes. For the three months ended\u00a0March 31, 2021, Diluted EPS of\u00a0$0.36\u00a0was calculated from total earnings of\u00a0$23 million, including 2.5% coupon of\u00a0$1.3 million, divided by 67.5 million diluted shares, including 6.3 million shares issuable upon the conversion of the convertible notes.<\/p>\n

 <\/p>\n

Net cash provided by operating activities in the first quarter of 2022 was $159\u00a0million, compared to net cash used in operating activities of $235\u00a0million in the fourth quarter of 2021. The operating cash inflow was mainly driven by changes in working capital, specifically, an increase in accounts payable and short-term notes payable, partially offset by an increase in inventories.<\/p>\n

 <\/p>\n

Total debt was\u00a0$2.7 billion\u00a0as of\u00a0March 31, 2022, compared to\u00a0$2.5 billion\u00a0as of\u00a0December 31, 2021. The increase was mainly driven by an increase in project financing and working capital facilities. Non-recourse debt used to finance solar power projects increased to $550\u00a0million as of\u00a0March 31, 2022, from $515\u00a0million as of\u00a0December 31, 2021.<\/p>\n

 <\/p>\n

Corporate Structure<\/b><\/span><\/p>\n

The Company has two business segments:\u00a0CSI Solar\u00a0and Global Energy. From\u00a0November 2021, the Company completed the transfer of the China Energy assets from\u00a0CSI Solar\u00a0to the Global Energy segment to avoid any potential competition between the Company and its\u00a0CSI Solar\u00a0subsidiary, as part of the\u00a0CSI Solar\u00a0carve-out listing process.<\/p>\n

 <\/p>\n

As such, the Company’s business segments are as follows:<\/p>\n

 <\/p>\n

The\u00a0Global Energy<\/b>\u00a0segment includes all of the Company’s global project development activities for both solar and battery storage project development. The Global Energy segment develops both stand-alone solar and stand-alone battery storage projects, as well as hybrid solar plus storage projects. Its monetization strategies vary between develop-to-sell, build-to-sell, and build-to-own, depending on business strategies and market conditions, with the goal of maximizing returns, accelerating cash turn, and minimizing capital risk.<\/p>\n

 <\/p>\n

The\u00a0CSI Solar<\/b>\u00a0segment consists of solar module manufacturing and total system solutions, including inverters, solar system kits and EPC (engineering, procurement and construction) services. The\u00a0CSI Solar\u00a0segment also includes the Company’s battery storage integration business, delivering bankable, end-to-end, turnkey battery storage solutions for utility scale, commercial and industrial, and residential applications. These storage systems solutions are complemented with long-term service agreements, including future battery capacity augmentation services.<\/p>\n

 <\/p>\n

The distinction of the two battery storage businesses is that the former, Global Energy, is in the project development business, including sourcing land, interconnection, structuring PPAs and other permits and requirements for battery storage projects, whereas the latter,\u00a0CSI Solar, is in the\u00a0<\/b>system integration business, delivering turnkey battery storage technology solutions.<\/p>\n

 <\/p>\n

Global Energy Segment<\/b><\/span><\/p>\n

Canadian Solar\u00a0has one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing, and building over 6.6 GWp of solar power plants across six continents. The Company has built a leadership position in solar project development with 24 GWp total pipeline, as well as in energy storage project development with over 27 GWh of aggregate pipeline.<\/p>\n

 <\/p>\n

The continued pipeline expansion and strong project development track record will support Global Energy’s growth in three key areas:<\/p>\n

 <\/p>\n

\u25cfProject sales<\/b>: The Company plans to grow its volume of project sales by a compound annual growth rate of approximately 50% to 2026, while holding and accumulating assets through investment vehicles (see below) in order to better capture asset value.<\/p>\n

 <\/p>\n

\u25cfInvestment vehicles<\/b>: The Company is optimizing its project monetization strategy by establishing local investment vehicles that will help maximize the value of its project assets. The Company also intends to retain minority ownership in these vehicles. By 2026, the Company plans to reach 1.3 GW of combined net ownership in solar power projects through these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity. The Company plans to recycle a large portion of the capital into developing new solar projects for growth. Meanwhile,\u00a0Canadian Solar\u00a0expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, O&M, asset management and other services (see point 3). The Company currently owns a 15% stake in the\u00a0Canadian Solar Infrastructure Fund\u00a0(“CSIF”, TSE: 9284), the largest Japanese infrastructure fund\u00a0listed on the\u00a0Tokyo Stock Exchange, and has also established the CSFS Fund I, a closed-ended alternative investment fund of a similar nature in\u00a0Italy. Through launching these localized vehicles,\u00a0Canadian Solar\u00a0is building up its expertise in designing investment vehicles in local markets that will help maximize the value of its project assets.<\/p>\n

 <\/p>\n

\u25cfServices<\/b>:\u00a0Canadian Solar\u00a0currently manages over 2 GW of operational projects under long-term O&M agreements, and an additional 2 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company’s target is to reach 20 GW of projects under O&M agreements by 2026.<\/p>\n

 <\/p>\n

Management targets to achieve the following over the next few years:<\/p>\n

\n\n\n\n\n\n\n\n
Global Energy Targets<\/b><\/td>\n2021A<\/b><\/td>\n2022E<\/b><\/td>\n2023E<\/b><\/td>\n2024E<\/b><\/td>\n2025E<\/b><\/td>\n2026E<\/b><\/td>\n<\/tr>\n
Annual Project Sales, GWp<\/td>\n2.1<\/td>\n2.1-2.6<\/td>\n2.8-3.3<\/td>\n3.5-4.0<\/td>\n4.0-4.5<\/td>\n4.3-4.8<\/td>\n<\/tr>\n
Operational O&M Projects, GWp<\/td>\n2.1<\/td>\n4.5<\/td>\n7.5<\/td>\n11<\/td>\n15<\/td>\n20<\/td>\n<\/tr>\n
Net Cumulative Projects Retained, MWp*<\/td>\n292<\/td>\n370<\/td>\n630<\/td>\n1,000<\/td>\n1,100<\/td>\n1,300<\/td>\n<\/tr>\n
Gross Cumulative Projects Retained, MWp*<\/td>\n748<\/td>\n1,500<\/td>\n2,580<\/td>\n3,500<\/td>\n4,000<\/td>\n5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

*Net projects retained represents CSIQ’s net partial ownership of solar projects; the gross number represents the aggregate gross size of projects, including the share which is not owned by CSIQ.<\/i><\/p>\n

 <\/p>\n

Solar Project Pipeline<\/u><\/i><\/p>\n

As of\u00a0March 31, 2022, the Company’s total project pipeline was 23.8 GWp, including 1.1 GWp under construction, 4.2 GWp of backlog, and 18.5 GWp of earlier stage pipeline.<\/p>\n

 <\/p>\n

Backlog<\/b>\u00a0projects<\/b>\u00a0are late-stage projects that have passed their Risk Cliff Date and are expected to be built in the next 1-4 years. A project’s Risk Cliff Date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff (“FIT”) arrangements and PPAs. Over 90% of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.<\/p>\n

 <\/p>\n

Pipeline projects<\/b>\u00a0are early- to mid-stage project opportunities currently under development that are yet to be de-risked.<\/p>\n

 <\/p>\n

The following table presents the Company’s total project pipeline.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nTotal Project Pipeline (as of\u00a0March 31, 2022) \u2013 MWp*<\/b><\/td>\n<\/tr>\n
Region<\/b><\/td>\nIn Construction<\/b><\/td>\nBacklog<\/b><\/td>\nPipeline<\/b><\/td>\nTotal<\/b><\/td>\n<\/tr>\n
North America<\/td>\n115<\/td>\n472<\/td>\n7,641<\/td>\n8,228<\/b><\/td>\n<\/tr>\n
Latin America<\/td>\n841**<\/td>\n2,536<\/td>\n3,393<\/td>\n6,770<\/b><\/td>\n<\/tr>\n
Europe, the\u00a0Middle East\u00a0and\u00a0Africa\u00a0(“EMEA”)<\/td>\n15<\/td>\n277<\/td>\n4,523<\/td>\n4,815<\/b><\/td>\n<\/tr>\n
Japan<\/td>\n161<\/td>\n175<\/td>\n72<\/td>\n408<\/b><\/td>\n<\/tr>\n
Asia Pacific\u00a0excluding\u00a0Japan\u00a0and\u00a0China<\/td>\n3<\/td>\n188<\/td>\n1,795<\/td>\n1,986<\/b><\/td>\n<\/tr>\n
China<\/td>\n–<\/td>\n550<\/td>\n1,070<\/td>\n1,620<\/b><\/td>\n<\/tr>\n
Total<\/b><\/td>\n1,135<\/b><\/td>\n4,198<\/b><\/td>\n18,494<\/b><\/td>\n23,827<\/b><\/td>\n<\/tr>\n
*All numbers are gross MWp.<\/i><\/p>\n

**Including 403 MWp in construction already sold to third parties.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

 <\/p>\n

The Company has 336 MWp of FIT projects in\u00a0Japan. The table below sets forth the expected COD schedule of the Company’s project backlog in development and construction in\u00a0Japan, as of\u00a0March 31, 2022:<\/p>\n

Expected COD Schedule\u00a0<\/b>\u2013\u00a0<\/b>MWp<\/b>\u00a0<\/span><\/p>\n

\n\n\n\n\n
2022<\/b><\/td>\n2023<\/b><\/td>\n2024 and
\nthereafter<\/b><\/td>\n		Total<\/b><\/td>\n<\/tr>\n
136<\/td>\n52<\/td>\n148<\/td>\n336<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

 <\/p>\n

Battery Storage Project Pipeline<\/u><\/i><\/p>\n

The Global Energy segment has been actively developing utility-scale solar plus energy storage projects, as well as stand-alone battery storage projects. Since the first quarter of 2021, the Company has been co-hosting energy storage facilities with solar power plants on the same piece of land for nearly all projects under development. By using one interconnection point per project, the Company expects to significantly enhance the efficiency of its development and the value of its assets under development.<\/p>\n

 <\/p>\n

In addition,\u00a0Canadian Solar\u00a0has already signed several storage tolling agreements with a variety of power purchasers, including community choice aggregators, investor-owned utilities, universities, and public utility districts. The Company has also signed development services agreements to retrofit operational solar projects with battery storage, many of which were previously developed by the Company.<\/p>\n

 <\/p>\n

The table below sets forth\u00a0Global Energy’s storage project development<\/b>\u00a0backlog and pipeline.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Storage<\/b>\u00a0Project Development Backlog and Pipeline<\/b>\u00a0<\/b>(as of\u00a0March 31, 2022) \u2013 MWh<\/b><\/td>\n<\/tr>\n
Region<\/b><\/td>\nIn Construction<\/b><\/td>\nBacklog<\/b><\/td>\nPipeline<\/b><\/td>\nTotal<\/b><\/td>\n<\/tr>\n
North America<\/td>\n1,400<\/td>\n–<\/td>\n15,479<\/td>\n16,879<\/b><\/td>\n<\/tr>\n
Latin America<\/td>\n–<\/td>\n1,050<\/td>\n2,860<\/td>\n3,910<\/b><\/td>\n<\/tr>\n
EMEA<\/td>\n–<\/td>\n56<\/td>\n2,617<\/td>\n2,673<\/b><\/td>\n<\/tr>\n
Japan<\/td>\n–<\/td>\n–<\/td>\n19<\/td>\n19<\/b><\/td>\n<\/tr>\n
Asia Pacific, excluding\u00a0Japan\u00a0and\u00a0China<\/td>\n20<\/td>\n–<\/td>\n2,280<\/td>\n2,300<\/b><\/td>\n<\/tr>\n
China<\/td>\n–<\/td>\n300<\/td>\n1,400<\/td>\n1,700<\/b><\/td>\n<\/tr>\n
Total<\/b><\/td>\n1,420<\/b><\/td>\n1,406<\/b><\/td>\n24,655<\/b><\/td>\n27,481<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

 <\/p>\n

Solar Power Plants and Battery Storage Projects in Operation<\/u><\/i><\/p>\n

As of\u00a0March 31, 2022, the Company’s solar power plants in operation totaled 800 MWp, with a combined estimated net resale value of approximately $580\u00a0million to\u00a0Canadian Solar. The estimated resale value is based on selling prices that\u00a0Canadian Solar\u00a0is currently negotiating or comparable asset sales.<\/p>\n

\n\n\n\n\n\n
Solar Power Plants in Operation \u2013 MWp*<\/b><\/td>\n<\/tr>\n
Latin America<\/b><\/td>\nJapan<\/b><\/td>\nAsia Pacific\u00a0<\/b><\/p>\n

ex.\u00a0Japan\u00a0and\u00a0China<\/b><\/td>\n

China<\/b><\/td>\nTotal<\/b><\/td>\n<\/tr>\n
316<\/td>\n43<\/td>\n359<\/td>\n82<\/td>\n800<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

*All numbers are gross MWp, including 196 MWp in\u00a0Latin America\u00a0and\u00a0<\/i>2<\/i>\u00a0MWp in\u00a0Asia Pacific\u00a0ex.\u00a0Japan\u00a0and\u00a0China\u00a0already sold to third parties.<\/i><\/p>\n

 <\/p>\n

Operating Results<\/u><\/i><\/p>\n

The following table presents unaudited select results of operations data of the Global Energy segment for the periods indicated.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Global Energy Segment Financial Results<\/b><\/p>\n

(In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n

<\/td>\nThree Months Ended<\/b><\/td>\n<\/tr>\n
<\/td>\nMarch 31, 2022<\/b><\/td>\nDecember<\/b><\/p>\n

31<\/b>, 2021<\/b><\/td>\n

March 31, 2021<\/b><\/td>\n<\/tr>\n
Net revenues<\/td>\n92,966<\/td>\n232,418<\/td>\n471,062<\/td>\n<\/tr>\n
Cost of revenues<\/td>\n75,130<\/td>\n224,359<\/td>\n358,037<\/td>\n<\/tr>\n
Gross profit<\/td>\n17,836<\/td>\n8,059<\/td>\n113,025<\/td>\n<\/tr>\n
Operating expenses<\/td>\n18,847<\/td>\n22,787<\/td>\n27,944<\/td>\n<\/tr>\n
Income (loss) from operations*<\/td>\n(1,011)<\/td>\n(14,728)<\/td>\n85,081<\/td>\n<\/tr>\n
Gross margin<\/i><\/td>\n19.2%<\/i><\/td>\n3.5%<\/td>\n24.0%<\/i><\/td>\n<\/tr>\n
Operating margin<\/i><\/td>\n-1.1%<\/i><\/td>\n-6.3%<\/td>\n18.1%<\/i><\/td>\n<\/tr>\n
* Income (loss) from operations reflects management’s allocation and estimate as some services are shared by the
\nCompany’s two business segments.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

 <\/p>\n

CSI Solar Segment<\/b><\/span><\/p>\n

CSI Solar’s\u00a02022 capacity expansion targets are detailed below.<\/p>\n

 <\/p>\n

Manufacturing Capacity, GW*<\/u><\/b><\/p>\n

\n\n\n\n\n\n\n\n
<\/td>\nDec. 2021
\nActual<\/u><\/b><\/td>\n		Jun. 2022
\nPlan<\/u><\/b><\/td>\n		Dec. 2022
\nPlan<\/u><\/b><\/td>\n<\/tr>\n
Ingot<\/td>\n5.4<\/td>\n5.4<\/td>\n20.4<\/td>\n<\/tr>\n
Wafer<\/td>\n11.5<\/td>\n11.5<\/td>\n20.0<\/td>\n<\/tr>\n
Cell<\/td>\n13.9<\/td>\n13.9<\/td>\n19.8<\/td>\n<\/tr>\n
Module<\/td>\n23.9<\/td>\n27.9<\/td>\n32.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.<\/i><\/p>\n

 <\/p>\n

 <\/p>\n

Operating Results<\/u><\/i><\/p>\n

The following table presents unaudited select results of operations data of the\u00a0CSI Solar\u00a0segment for the periods indicated.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CSI Solar Segment Financial Results<\/b>*<\/b>\u00a0<\/b><\/p>\n

(In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n

<\/td>\nThree Months Ended<\/b><\/td>\n<\/tr>\n
<\/td>\nMarch 31, 2022<\/b><\/td>\nDecember<\/b><\/p>\n

31<\/b>, 2021<\/b><\/td>\n

March 31, 2021<\/b><\/td>\n<\/tr>\n
Net revenues<\/td>\n1,209,994<\/td>\n1,343,278<\/td>\n695,152<\/td>\n<\/tr>\n
Cost of revenues<\/td>\n1,034,165<\/td>\n1,056,750<\/td>\n627,694<\/td>\n<\/tr>\n
Gross profit<\/td>\n175,829<\/td>\n286,528<\/td>\n67,458<\/td>\n<\/tr>\n
Operating expenses<\/td>\n143,931<\/td>\n204,969<\/td>\n120,126<\/td>\n<\/tr>\n
Income (loss) from operations<\/td>\n31,898<\/td>\n81,559<\/td>\n(52,668)<\/td>\n<\/tr>\n
Gross margin<\/i><\/td>\n14.5%<\/i><\/td>\n21.3%<\/i><\/td>\n9.7%<\/i><\/td>\n<\/tr>\n
Operating margin<\/i><\/td>\n2.6%<\/i><\/td>\n6.1%<\/i><\/td>\n-7.6%<\/i><\/td>\n<\/tr>\n
*<\/i>I<\/i>ncludes\u00a0<\/i>effects of both sales to\u00a0<\/i>third-part<\/i>y customers\u00a0<\/i>and to\u00a0<\/i>the Company’s Global En<\/i>ergy\u00a0<\/i>segment<\/i>.<\/i>\u00a0Please refer
\nto the attached financial tables for intercompany transaction elimination information. Income (loss) from operations
\nreflects management’s allocation and estimate as some services are shared by the Company’s two business
\nsegments.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

 <\/p>\n

The table below provides the geographic distribution of the net revenues of\u00a0CSI Solar:<\/p>\n

\n\n\n\n\n\n\n\n\n
CSI Solar Net Revenues Geographic Distribution* (In Millions of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n
<\/td>\nQ1 2022<\/b><\/td>\n% of Net
\nRevenues<\/b><\/td>\n		<\/td>\nQ4 2021<\/b><\/td>\n% of Net
\nRevenues<\/b><\/td>\n		<\/td>\nQ1 2021<\/b><\/td>\n% of Net
\nRevenues<\/b><\/td>\n<\/tr>\n
Asia<\/td>\n473<\/td>\n41<\/td>\n<\/td>\n546<\/td>\n42<\/td>\n<\/td>\n240<\/td>\n39<\/td>\n<\/tr>\n
Americas<\/td>\n453<\/td>\n39<\/td>\n<\/td>\n493<\/td>\n38<\/td>\n<\/td>\n261<\/td>\n42<\/td>\n<\/tr>\n
Europe\u00a0and others<\/td>\n231<\/td>\n20<\/td>\n<\/td>\n257<\/td>\n20<\/td>\n<\/td>\n117<\/td>\n19<\/td>\n<\/tr>\n
Total<\/td>\n1,157<\/b><\/td>\n100<\/b><\/td>\n<\/td>\n1,296<\/b><\/td>\n100<\/b><\/td>\n<\/td>\n618<\/b><\/td>\n100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
\n\n\n\n
*Excludes sales from\u00a0CSI Solar\u00a0to Global Energy.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

CSI Solar\u00a0shipped 3.6 GW of modules to more than 70\u00a0countries in the first quarter of 2022.\u00a0The top five markets ranked by shipments were\u00a0China,\u00a0Brazil,\u00a0India, the\u00a0U.S.\u00a0and\u00a0Germany.<\/p>\n

 <\/p>\n

Battery Storage Solutions<\/u><\/i><\/p>\n

Within\u00a0CSI Solar, the battery storage solutions team provides customers with competitive turnkey, integrated battery storage solutions, including bankable and fully wrapped capacity and performance guarantees. These guarantees are complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.<\/p>\n

The table below sets forth\u00a0CSI Solar’s\u00a0battery storage system integration’s<\/b>\u00a0project pipeline as of\u00a0March 31, 2022.<\/p>\n

\n\n\n\n\n
<\/td>\nLTSA (Long
\nTerm Service
\nAgreement)<\/b><\/td>\n		Contracted\/<\/b><\/p>\n

In Construction<\/b><\/td>\n

Forecast<\/b><\/td>\nPipeline<\/b><\/td>\nTotal<\/b><\/td>\n<\/tr>\n
Storage (MWh)<\/td>\n861<\/td>\n1,572<\/td>\n340<\/td>\n4,399<\/td>\n7,172<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

LTSA projects are operational battery storage projects delivered by\u00a0CSI Solar\u00a0that are under multi-year long-term service agreements and generate recurring earnings. Contracted\/in construction projects are expected to be delivered within the next 12 to 18 months. Forecast projects include those that have more than 75% probability of being contracted within the next 12 months, and the remaining pipeline includes projects that have been identified but have a below 75% probability of being contracted.<\/p>\n

 <\/p>\n

\"Cision\"\u00a0View original content:https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-reports-first-quarter-2022-results-301553603.html<\/a><\/span><\/p>\n

SOURCE\u00a0Canadian Solar Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON,\u00a0May 24, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar” or the “ […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-985","post","type-post","status-publish","format-standard","hentry","category-results"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/985","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=985"}],"version-history":[{"count":16,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/985\/revisions"}],"predecessor-version":[{"id":1001,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/985\/revisions\/1001"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}