JinkoSolar (JKS) Q2 2026 earnings summary

Executive summary

• Q2 2026 module shipments reached 15,961 MW (16 GW), up 16.7% sequentially but down 34.4% year-over-year, with over 70% shipped overseas in H1 2026.

• Gross margin declined to 4.2% from 8.3% in Q1 2026, impacted by ramp-up costs and low-value orders.

• Net loss widened in Q2 2026, with adjusted net loss at $134.2 million and GAAP net loss at $102.8 million; profitability is expected to recover as product mix shifts to higher-value modules.

• Significant technological milestones included the launch of Tiger Neo 5.0 module with over 700 W output and 25.91% efficiency, and record-setting PV efficiency.

• The company marked its 20th anniversary, transitioned to a new CEO, and continued global expansion and strategic investments.

Financial highlights

• Q2 2026 revenue was $1.82 billion, up 0.9% sequentially but down 31.3% year-over-year, with gross profit at $75.6 million.

• Gross margin was 4.2% (vs. 8.3% in Q1 2026, 2.9% in Q2 2025); operating loss margin was 11.6%.

• Operating expenses rose to $287 million (15.8% of revenue), mainly due to higher expected credit losses.

• Cash and equivalents at quarter-end were $2.5 billion, down from $3.3 billion in Q1; net debt increased to $4.12 billion.

• EBITDA was $51.4 million, down 26.8% sequentially.

Outlook and guidance

• Full-year 2026 module shipment guidance is 60–70 GW, with high-efficiency products to exceed 60% of shipments.

• Q3 2026 module shipments expected between 15–17 GW.

• Annual integrated production capacity projected to reach 100 GW by year-end, including 14 GW overseas.

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

• Minimal CapEx planned for the next two years, with an asset-light approach for storage.