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KITCHENER, Ontario - Canadian Solar Inc. (NASDAQ:CSIQ) reported first quarter revenue in line with expectations and issued upbeat guidance on Thursday.
The company’s shares were up 3.07% in pre-market trading following the release.
The solar panel maker and project developer posted revenue of $1.2 billion for the quarter, matching analyst estimates. However, adjusted earnings per share came in at a loss of $1.07, wider than the $0.88 loss analysts were expecting.
Despite the earnings miss, investors focused on Canadian Solar’s optimistic outlook. The company forecast second quarter revenue between $1.9 billion to $2.1 billion, well above the $1.76 billion consensus estimate. For the full year 2025, Canadian Solar expects revenue of $6.1 billion to $7.1 billion.
"We expect second quarter performance to be bolstered by strong energy storage shipments," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
The company shipped 6.9 gigawatts of solar modules in Q1, up 9.4% year-over-year. Its battery energy storage project pipeline grew to a record 91 gigawatt hours.
Canadian Solar’s gross margin of 11.7% exceeded its guidance range of 9% to 11%. However, profitability was impacted by lower storage sales and ongoing market challenges.
"We continue to operate in an environment of global pricing volatility and evolving policy uncertainty that limits margin visibility," Dr. Qu noted.
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