JinkoSolar (JKS) Q1 2026 earnings summary

Executive summary

• Q1 2026 module shipments totaled 13.7 GW, with over 80% shipped overseas, maintaining industry leadership and surpassing 400 GW in cumulative deliveries.

• Energy storage system (ESS) shipments surged over 350% year-over-year to 1.42 GWh, mainly to overseas markets.

• High-efficiency Tiger Neo series contributed significantly, with average power output reaching 655-660W and capacity for >650W modules expected to exceed 40 GW by year-end.

• Gross margin rebounded to 8.3% due to higher average selling prices and optimized product mix, narrowing net loss.

• Continued leadership in PV technology, setting 32 world records for efficiency and power output.

Financial highlights

• Q1 2026 revenues were $1.78 billion, down 30.0% sequentially and 11.5% year-over-year, mainly due to lower shipment volumes.

• Gross profit increased 17x sequentially and four-fold year-over-year; gross margin improved to 8.3% from 0.3% in Q4 2025 and -2.5% in Q1 2025.

• Adjusted net loss was $79.6 million, narrowing from $119.8 million in Q4 2025 and $147.4 million in Q1 2025.

• Net loss attributable to shareholders was $67.2 million, compared to $214.5 million in Q4 2025 and $181.7 million in Q1 2025.

• EBITDA reached $69.1 million, up significantly both sequentially and year-over-year.

Outlook and guidance

• Full-year 2026 module shipments projected at 75–85 GW, with high-efficiency products to exceed 60% of total shipments.

• Q2 2026 module shipments expected between 14 GW and 16 GW.

• ESS shipments expected to more than double year-over-year in 2026.

• Annual integrated production capacity targeted at 100 GW by year-end 2026, including 14 GW from overseas facilities.

• Gross margin expected to remain stable in Q2, with a jump anticipated in the second half as new capacity and cost optimizations take effect.