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.

Kysy yhtiöstä
Liikevaihto5 595milj. USD
−6,6 %v/v
Liikevoitto (EBIT)43,2milj. USD
+243,5 %v/v
EBIT-marginaali0,8%
+1,3 %-yks.v/v
Nettotulos−104milj. USD
−388,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

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

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

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.

Strategia

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 solutionsKeskipitkä aikaväli

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

Expand utility-scale project pipelineKeskipitkä aikaväli

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

Strengthen North American manufacturingLyhyt aikaväli

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

Maantiede

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.

USA37 %
Asia17 %
Europe16 %
Kina9,4 %
UK4,7 %
Australia4,6 %
Brazil3,0 %
Pakistan2,7 %
Japan2,6 %
Espanja1,9 %
Saksa1,2 %
South Africa0,7 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Trade policy and tariff exposure1Balance-sheet and financing risk2Project development and construction execution3Working-capital volatility4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Trade policy and tariff exposureVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: North America

  2. Balance-sheet and financing riskVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: Corporate and project-level debt

  3. Project development and construction executionVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Global project pipeline

  4. Working-capital volatilityVaikutus: KeskitasoTodennäköisyys: Korkea

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

    Kohdistuu: Manufacturing and project segments

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across mixed business lines

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

Vaikutus: Quarterly revenue comparability and margin analysis

Inventory valuation

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

Vaikutus: Cost of goods sold and working capital

Project capitalization and impairment

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

Vaikutus: Balance-sheet asset values and earnings

Debt and financing liabilities

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

Vaikutus: Capital structure and reported earnings

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Päivitetty: 28.9.2026