Trina Solar (688599) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 16.83 billion, up 17.4% year-over-year from RMB 14.34 billion.

• Net loss attributable to shareholders narrowed to RMB -283 million from RMB -1.32 billion year-over-year.

• Operating cash flow turned positive at RMB 4.09 billion, compared to negative RMB 836 million in Q1 2025.

• R&D investment increased 17.55% year-over-year to RMB 1.19 billion, representing 7.08% of revenue.

Financial highlights

• Gross margin improved as revenue grew faster than costs; operating costs were RMB 15.69 billion, up from RMB 13.39 billion.

• Basic and diluted EPS were both -0.12, a significant improvement from -0.61 in Q1 2025.

• Total assets at quarter-end were RMB 116.15 billion, up 0.98% from year-end 2025.

• Shareholders’ equity decreased 3.46% to RMB 20.72 billion.

Outlook and guidance

• Profit improvement attributed to growth in system products and energy storage business, as well as increased fair value gains on financial assets.