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Canadian Solar (CSIQ) investor relations material
Canadian Solar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue reached $1.5 billion, with 5.1 GW solar module and a record 2.7 GWh energy storage shipments, and gross margin of 17.2% exceeding expectations.
Net income attributable to shareholders was $9 million, with a net loss of $0.07 per diluted share due to preferred shareholder impact.
U.S. manufacturing ramped up, with new factories in Texas, Indiana, and Kentucky scheduled to begin production in 2026, strengthening the U.S. supply chain.
Residential energy storage turned profitable, with strong growth in Japan, Italy, and the U.S., and expansion into Germany and Australia.
Solar industry stabilizing with rational competition, while utility-scale energy storage and AI-driven demand are driving growth.
Financial highlights
Gross margin for Q3 2025 was 17.2%, up year-over-year, with net income to shareholders of $9 million.
Operating expenses decreased to $222 million, and net interest expense declined to $29 million.
Net cash used in operating activities was $112 million, compared to an inflow of $189 million in Q2, mainly due to working capital changes.
Total assets grew to $15.2 billion, with total debt at $6.4 billion and cash position at $2.2 billion.
Capital expenditures were $265 million, primarily for U.S. manufacturing and capacity expansion.
Outlook and guidance
Q4 2025 module shipments expected at 4.6–4.8 GW and energy storage shipments at 2.1–2.3 GWh; revenue projected at $1.3–$1.5 billion with gross margin of 14–16%.
2026 guidance: total module shipments of 25–30 GW and energy storage shipments of 14–17 GWh.
Focus remains on profitable solar markets, storage growth, and increased project asset sales to recycle capital and manage debt.
Recurrent Energy's 2026 project sales strategy impact
US manufacturing impact on profitability and resilience
Why Q4 e-STORAGE shipments are lower than Q3?
Detail OBBBA compliance adjustments
Recurrent 2026 project sales strategy
Data center ESS application and duration
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Next Canadian Solar earnings date
Q4 202520 Mar, 2026
Next Canadian Solar earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Canadian Solar Inc. engages in the design, development, manufacture, and sale of solar ingots, wafers, cells, modules and other solar power products primarily under the Canadian Solar brand name. It operates through the Module and Energy business segments. The Module segment focuses on the design, development, manufacture and sale of a range of solar power products at various stages of production from pre-fabricated raw materials to solar modules. The Energy segment focuses on the development, construction and sale of solar power projects. The company was founded in 2001 and is headquartered in Guelph, Canada.
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