CSIQNasdaqSemiconductors & Related DevicesUS GAAP · USD

Canadian Solar Inc.

Canadian Solar Inc. designs and manufactures solar photovoltaic modules and battery energy storage systems, and also develops, owns, and operates utility-scale solar and storage projects. The company serves customers across global markets through its module business, its e-STORAGE battery storage platform, and its project development and power generation activities.

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Revenue5,595m USD
−6.6 %y/y
Operating profit (EBIT)43.2m USD
+243.5 %y/y
EBIT margin0.8%
+1.3 ppy/y
Net income-104m USD
−388.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,00002,0004,0006,0008,000m USD2020: 3,476 m USD2020: EBIT 220 m USD20202021: 5,277 m USD2021: EBIT 190 m USD20212022: 7,469 m USD2022: EBIT 356 m USD20222023: 7,614 m USD2023: EBIT 453 m USD20232024: 5,993 m USD2024: EBIT -30 m USD20242025: 5,595 m USD2025: EBIT 43 m USD20255,59543
RevenueOperating profit (EBIT)

Business

Share of revenue
Solar photovoltaic modules45 %

Crystalline silicon solar modules sold to developers, installers, and power project customers worldwide.

Battery energy storage systems20 %

Grid-scale battery storage solutions and related integration services under the e-STORAGE platform.

Utility-scale project development20 %

Development of solar and hybrid solar-plus-storage projects from origination through ready-to-build status.

Project ownership and power generation10 %

Ownership and operation of selected solar and storage assets that generate long-term electricity revenue.

Engineering, procurement and services5 %

System integration, construction support, and operations and maintenance services for project assets.

Customers

Customers include solar project developers, EPC contractors, utilities, independent power producers, and commercial/industrial buyers that need modules or storage systems. The project business also sells or holds assets for long-term counterparties and offtakers that contract for clean power or storage capacity. North American customers are especially important because local manufacturing and compliance requirements affect sourcing and delivery. Utility-scale buyers often value bankability, schedule certainty, and integrated solar-plus-storage capability.

Solar project developers

Buy photovoltaic modules and sometimes storage equipment for utility-scale and distributed solar builds.

Utilities and independent power producers

Buy grid-scale storage systems and participate in project development, ownership, or offtake arrangements.

EPC contractors

Purchase modules and storage hardware for turnkey solar and hybrid project execution.

Commercial and industrial customers

Buy solar or storage solutions for on-site energy supply, resilience, or cost management.

Project co-investors and offtakers

Contract for equity participation, asset ownership, or long-term power and storage output.

Strategy

Canadian Solar’s strategy centers on combining module manufacturing, battery storage, and project development under one platform. The company is building a more integrated North American supply and delivery chain while continuing to expand its global solar-plus-storage pipeline. It also seeks to monetize its development portfolio through project sales, ownership, and long-term operations in selected markets.

Scale battery storage solutionsMedium term

Storage broadens the company beyond modules and supports hybrid project demand.

Expand utility-scale project pipelineMedium term

A larger pipeline supports future project sales, ownership, and long-term recurring power revenue.

Strengthen North American manufacturingShort term

Local production helps address tariffs, trade rules, and delivery certainty for U.S. customers.

Geography

2025

Canadian Solar sells into global markets and has a geographically diversified project development pipeline across multiple regions. The company also operates local manufacturing in North America to support tariff, compliance, and delivery requirements. Its project footprint spans developed power markets such as the United States, the United Kingdom, Europe, and other international markets. Geography matters because module demand, trade policy, and grid interconnection rules differ widely by market.

United States37 %
Asia17 %
Europe16 %
China9.4 %
United Kingdom4.7 %
Australia4.6 %
Brazil3.0 %
Pakistan2.7 %
Japan2.6 %
Spain1.9 %
Germany1.2 %
South Africa0.7 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to solar equipment pricing pressure, trade policy changes, and execution risk across manufacturing and project development. Because it operates both a hardware business and a capital-intensive project business, the company also faces working-capital, leverage, and construction/delivery risks. Battery storage and utility-scale projects add permitting, interconnection, counterparty, and technology risks that can affect timing and returns.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Trade policy and tariff exposure1Balance-sheet and financing risk2Project development and construction execution3Working-capital volatility4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Trade policy and tariff exposureImpact: HighLikelihood: High

    The company sells solar equipment into markets where import duties and compliance rules can change quickly.

    Exposure: North America

  2. Balance-sheet and financing riskImpact: HighLikelihood: High

    The business uses substantial debt and project financing, which increases sensitivity to rates and covenant constraints.

    Exposure: Corporate and project-level debt

  3. Project development and construction executionImpact: HighLikelihood: Medium

    Utility-scale solar and storage projects require permitting, interconnection, and construction coordination.

    Exposure: Global project pipeline

  4. Working-capital volatilityImpact: MediumLikelihood: High

    Inventory builds and project timing can cause large swings in operating cash flow.

    Exposure: Manufacturing and project segments

Accounting

Judgemental items
Revenue recognition across mixed business lines

Module sales, storage deliveries, and project transactions may be recognized at different points in time.

Impact: Quarterly revenue comparability and margin analysis

Inventory valuation

Manufacturing inventory levels can build when demand or shipment timing changes.

Impact: Cost of goods sold and working capital

Project capitalization and impairment

Development costs and owned project assets depend on future recoverability assumptions.

Impact: Balance-sheet asset values and earnings

Debt and financing liabilities

Project financing and convertible notes affect leverage, interest expense, and cash flow.

Impact: Capital structure and reported earnings

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Last updated: 28/09/2026