Canadian Solar Reports Third Quarter 2024 Results
Canadian Solar (NASDAQ: CSIQ) reported Q3 2024 financial results with $1.5 billion in net revenues and a 16.4% gross margin, above guidance of 14-16%. The company recorded a net loss of $14 million ($0.31 per diluted share). Key highlights include growing e-STORAGE contracted backlog to $3.2 billion and achieving final closing of BlackRock's $500 million investment in Recurrent Energy.
Total module shipments were 8.4 GW, up 2% quarter-over-quarter. The company maintained a strong cash position of $2.8 billion. Total debt increased to $5.4 billion as of September 30, 2024. The solar project development pipeline stands at 26.4 GWp, with 1.7 GWp under construction.
Canadian Solar (NASDAQ: CSIQ) ha riportato i risultati finanziari del terzo trimestre 2024 con 1,5 miliardi di dollari di ricavi netti e un margine lordo del 16,4%, sopra le previsioni del 14-16%. L'azienda ha registrato una perdita netta di 14 milioni di dollari (0,31 dollari per azione diluita). Tra i punti salienti, cresce il backlog contratto di e-STORAGE a 3,2 miliardi di dollari e si è concluso definitivamente l'investimento di 500 milioni di dollari di BlackRock in Recurrent Energy.
Le spedizioni totali di moduli sono state di 8,4 GW, in aumento del 2% rispetto al trimestre precedente. L'azienda ha mantenuto una solida posizione di liquidità di 2,8 miliardi di dollari. Il debito totale è aumentato a 5,4 miliardi di dollari al 30 settembre 2024. Il pipeline di sviluppo dei progetti solari si attesta a 26,4 GWp, con 1,7 GWp in fase di costruzione.
Canadian Solar (NASDAQ: CSIQ) reportó los resultados financieros del tercer trimestre de 2024 con 1.5 mil millones de dólares en ingresos netos y un margen bruto del 16.4%, por encima de la guía del 14-16%. La empresa registró una pérdida neta de 14 millones de dólares (0.31 dólares por acción diluida). Los aspectos destacados incluyen un aumento del backlog contratado de e-STORAGE a 3.2 mil millones de dólares y la finalización de la inversión de 500 millones de dólares de BlackRock en Recurrent Energy.
Los envíos totales de módulos fueron de 8.4 GW, un incremento del 2% respecto al trimestre anterior. La empresa mantuvo una sólida posición de efectivo de 2.8 mil millones de dólares. La deuda total aumentó a 5.4 mil millones de dólares a partir del 30 de septiembre de 2024. La cartera de desarrollo de proyectos solares es de 26.4 GWp, con 1.7 GWp en construcción.
캐나다 솔라 (NASDAQ: CSIQ)는 2024년 3분기 재무 결과를 보고하며 15억 달러의 순매출과 16.4%의 총 마진을 기록했으며, 이는 예상 범위인 14-16%를 초과합니다. 회사는 1400만 달러의 순손실(희석주당 0.31달러)을 기록했습니다. 주요 하이라이트로는 e-STORAGE 계약 백로그가 32억 달러로 증가하고, Recurrent Energy에 대한 블랙록의 5억 달러 투자의 최종 마감이 이뤄졌습니다.
총 모듈 출하는 8.4 GW로, 전분기 대비 2% 증가했습니다. 회사는 28억 달러의 강력한 현금 위치를 유지했습니다. 총 부채는 2024년 9월 30일 기준으로 54억 달러로 증가했습니다. 태양광 프로젝트 개발 파이프라인은 26.4 GWp에 이르며, 1.7 GWp는 건설 중입니다.
Canadian Solar (NASDAQ: CSIQ) a publié ses résultats financiers du troisième trimestre 2024 avec 1,5 milliard de dollars de revenus nets et une marge brute de 16,4%, supérieure aux prévisions de 14-16%. L'entreprise a enregistré une perte nette de 14 millions de dollars (0,31 dollar par action diluée). Les points forts comprennent la croissance du carnet de commandes d'e-STORAGE à 3,2 milliards de dollars et la finalisation de l'investissement de 500 millions de dollars de BlackRock dans Recurrent Energy.
Les expéditions totales de modules s'élevaient à 8,4 GW, en hausse de 2 % par rapport au trimestre précédent. L'entreprise maintenait une solide position de trésorerie de 2,8 milliards de dollars. La dette totale a augmenté à 5,4 milliards de dollars au 30 septembre 2024. Le pipeline de développement de projets solaires s'élève à 26,4 GWp, avec 1,7 GWp en construction.
Canadian Solar (NASDAQ: CSIQ) hat die Finanzergebnisse für das dritte Quartal 2024 bekannt gegeben und wies 1,5 Milliarden Dollar Nettoumsatz und eine Bruttomarge von 16,4% aus, was über den Leitlinien von 14-16% liegt. Das Unternehmen verzeichnete einen Nettoverlust von 14 Millionen Dollar (0,31 Dollar pro verwässerter Aktie). Zu den wichtigsten Punkten gehört das wachsende Auftragsvolumen von e-STORAGE von 3,2 Milliarden Dollar und die endgültige Schließung der Investition von 500 Millionen Dollar von BlackRock in Recurrent Energy.
Die Gesamtmodulelieferungen betrugen 8,4 GW, ein Anstieg um 2% im Vergleich zum Vorquartal. Das Unternehmen hielt eine starke Barposition von 2,8 Milliarden Dollar. Die Gesamtschulden stiegen zum 30. September 2024 auf 5,4 Milliarden Dollar. Die Pipeline zur Entwicklung von Solarprojekten steht bei 26,4 GWp, mit 1,7 GWp in Bau.
- Gross margin of 16.4% exceeded guidance of 14-16%
- Record e-STORAGE contracted backlog of $3.2 billion
- Secured $500 million investment from BlackRock
- Module shipments increased 2% QoQ to 8.4 GW
- Strong cash position of $2.8 billion
- Net loss of $14 million ($0.31 per diluted share)
- Net revenues decreased 8% QoQ and 18% YoY to $1.5 billion
- Operating cash outflow of $231 million
- Total debt increased to $5.4 billion from $4.2 billion in previous quarter
- Gross margin declined from 17.2% in Q2 2024 to 16.4%
Insights
The Q3 2024 results reveal significant challenges for Canadian Solar. Key metrics show concerning trends: net revenues decreased 8% QoQ and 18% YoY to
Notable positives include record e-STORAGE contracted backlog of
The shift towards IPP business model and battery storage expansion shows strategic adaptation, but near-term profitability remains challenged by lower ASPs and project delays. Operating expenses increased while module prices declined, squeezing margins.
The battery storage business shows remarkable growth with e-STORAGE achieving an impressive 4.4 GWh in shipments for the first three quarters. The development pipeline of 66.1 GWh and contracted backlog of
Manufacturing capacity expansion remains disciplined, with SolBank capacity planned to increase from 20 GWh to 30 GWh by end-2025. The integration of storage solutions with solar projects, particularly evident in new PPA signings (600 MWh storage with 540 MWp solar), demonstrates successful execution of the company's integrated energy strategy.
Highlights
16.4% gross margin, above guidance of14% to16% .- Grew e-STORAGE contracted backlog to record
$3.2 billion - Achieved final closing of BlackRock's
$500 million
Dr. Shawn Qu, Chairman and CEO, commented, "The solar industry faces significant external and internal challenges. While we have achieved relatively strong results, the outlook remains complex. We are currently operating at an optimal scale with industry-leading technologies, and we remain committed to investing in R&D to ensure that we remain at the forefront of innovation across our portfolio of products and solutions. Our early-mover advantage, advanced manufacturing capabilities, and robust international sales network position us for continued growth in the rapidly expanding energy storage sector. In today's market, where trust is often in short supply, we are proud to be named the world's most trustworthy company in the energy and utilities sector on Newsweek's 'World's Most Trustworthy Companies 2024' list—a testament to our commitment to transparency, sustainability, and high-quality service across our global operations."
Yan Zhuang, President of Canadian Solar's subsidiary CSI Solar, said, "This quarter, CSI Solar posted stable performance, sustaining profitability while growing shipment volumes. We maintained a disciplined approach to order management, delivering over
Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "We closed the
Xinbo Zhu, Senior VP and CFO, added, "In the third quarter, Canadian Solar generated
Third Quarter 2024 Results
Total module shipments recognized as revenues in the third quarter of 2024 were 8.4 GW, up
Net revenues in the third quarter of 2024 decreased
Gross profit in the third quarter of 2024 was
Total operating expenses in the third quarter of 2024 were
Depreciation and amortization charges in the third quarter of 2024 were
Net interest expense in the third quarter of 2024 was
Net foreign exchange and derivative loss in the third quarter of 2024 was
Net loss attributable to Canadian Solar in the third quarter of 2024 was
Net cash flow used in operating activities in the third quarter of 2024 was
Total debt was
Business Segments
The Company has two business segments: Recurrent Energy and CSI Solar. The two businesses operate as follows:
- Recurrent Energy is one of the world's largest clean energy project development platforms with 15 years of experience, having delivered approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects. It is vertically integrated and has strong expertise in greenfield origination, development, financing, execution, operations and maintenance, and asset management.
- CSI Solar consists of solar module and battery energy storage manufacturing, and delivery of total system solutions, including inverters, solar system kits, and EPC (engineering, procurement, and construction) services. CSI Solar's e-STORAGE branded battery energy storage business includes its utility-scale turnkey battery energy system solutions, as well as a small but growing residential battery energy storage business. These battery energy storage system solutions are complemented with long-term service agreements, including future battery capacity augmentation services.
Recurrent Energy Segment
As of September 30, 2024, the Company held a leading position with a total global solar development pipeline of 26 GWp and a battery energy storage development pipeline of 66 GWh.
While Recurrent Energy's business model was historically predominantly develop-to-sell, the Company has been adjusting its strategy to create greater asset value and retain greater ownership of projects in select markets to increase revenues generated through recurring income, such as power sales, operations and maintenance, and asset management income.
The business model consists of three key drivers:
- Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies;
- Asset sales (solar power and battery energy storage) in the rest of the world to drive cash-efficient growth model, as value from project sales will help fund growth in operating assets in stable currency markets; and
- Power services (O&M) and asset management through long-term operations and maintenance ("O&M") contracts, currently with approximately 12 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.
In October 2024, the Company announced it had achieved the final closing of a
This milestone enables Recurrent Energy to advance investment in its high value project development portfolio, supporting its strategic transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition will allow Recurrent Energy to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.
Project Development Pipeline – Solar
As of September 30, 2024, Recurrent Energy's total solar project development pipeline was 26.4 GWp, including 1.7 GWp under construction, 4.8 GWp of backlog, and 19.9 GWp of projects in advanced and early-stage pipelines, defined as follows:
- Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project's risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff ("FIT") arrangements, and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remaining have a reasonable assurance of securing PPAs.
- Advanced pipeline projects are mid-stage projects that have secured or have more than
90% certainty of securing an interconnection agreement. - Early-stage pipeline projects are early-stage projects controlled by Recurrent Energy that are in the process of securing interconnection.
While the magnitude of the Company's project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company's guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations.
The following table presents Recurrent Energy's total solar project development pipeline.
Solar Project Development Pipeline (as of September 30, 2024) – MWp* | ||||||
Region | In | Backlog | Advanced | Early-Stage | Total | |
127 | 329 | 1,139 | 3,811 | 5,406 | ||
| 977** | 2,248 | 1,486 | 5,045 | 9,756 | |
451** | 860 | - | 4,979 | 6,290 | ||
- | 173 | 708 | 1,257 | 2,138 | ||
100 | 1,100** | - | 1,360 | 2,560 | ||
32 | 81 | 80 | 46 | 239 | ||
Total | 1,687 | 4,791 | 3,413 | 16,498 | 26,389 | |
*All numbers are gross MWp. **Including 73 MWp in construction and 551 MWp in backlog that are owned by or already sold to third parties. | ||||||
Project Development Pipeline – Battery Energy Storage
As of September 30, 2024, Recurrent Energy's total battery energy storage project development pipeline was 66.1 GWh, including 9.8 GWh under construction and in backlog, and 56.3 GWh of projects in advanced and early-stage pipelines.
The table below sets forth Recurrent Energy's total battery energy storage project development pipeline.
Battery Energy Storage Project Development Pipeline (as of September 30, 2024) – MWh | |||||
Region | In | Backlog | Advanced | Early-Stage | Total |
1,400 | 200 | 1,580 | 16,644 | 19,824 | |
EMEA | - | 3,234 | 2,975 | 26,510 | 32,719 |
- | 1,765 | - | - | 1,765 | |
440 | - | 780 | 1,580 | 2,800 | |
2,000 | - | - | 4,600 | 6,600 | |
- | 727 | 1,071 | 600 | 2,398 | |
Total | 3,840 | 5,926 | 6,406 | 49,934 | 66,106 |
Projects in Operation – Solar Power and Battery Energy Storage Power Plants (Including Unconsolidated Projects)
As of September 30, 2024, the solar power and battery energy storage plants in operation totaled over 1.7 GWp and 1.0 GWh respectively, with a combined estimated net resale value of over
Power Plants in Operation* | |||||||
North | EMEA | Latin | ex. | Total | |||
Solar (MWp) | 297 | 62 | 970 | 6 | 335 | 62 | 1,732 |
Battery Energy | 280 | - | - | 28 | 700 | - | 1,008 |
*All numbers are net MWp or MWh owned by Recurrent Energy; total gross MWp of solar projects is 2,785 MWp and total gross battery | |||||||
Operating Results
The following table presents select unaudited results of operations data of the Recurrent Energy segment for the periods indicated.
Recurrent Energy Segment Financial Results (In Thousands of | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||
Net revenues | 45,056 | 50,525 | 63,806 | 135,014 | 443,903 | |
Cost of revenues | 30,638 | 26,564 | 46,107 | 83,583 | 260,931 | |
Gross profit | 14,418 | 23,961 | 17,699 | 51,431 | 182,972 | |
Operating expenses | 35,522 | 32,877 | 26,880 | 101,972 | 85,168 | |
Income (loss) from | (21,104) | (8,916) | (9,181) | (50,541) | 97,804 | |
Gross margin | 32.0 % | 47.4 % | 27.7 % | 38.1 % | 41.2 % | |
Operating margin | -46.8 % | -17.6 % | -14.4 % | -37.4 % | 22.0 % | |
* Income (loss) from operations reflects management's allocation and estimate as some services are shared by the | ||||||
CSI Solar Segment
Solar Modules and Solar System Kits
CSI Solar shipped 8.4 GW of solar modules and solar system kits to more than 70 countries in the third quarter of 2024. For the third quarter of 2024, the top five markets ranked by shipments were the
CSI Solar's revised manufacturing capacity expansion targets are set forth below.
Solar Manufacturing Capacity, GW* | ||
September 2024 Actual | December 2024 Plan | |
Ingot | 25.0 | 25.0 |
Wafer | 31.0 | 31.0 |
Cell | 48.4 | 48.4 |
Module | 61.0 | 61.0 |
*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice |
e-STORAGE: Battery Energy Storage Solutions
e-STORAGE is CSI Solar's utility-scale battery energy storage platform. e-STORAGE provides customers with competitive turnkey, integrated, utility-scale battery energy storage solutions, including bankable, end-to-end, utility-scale, turnkey battery energy storage system solutions across various applications. System performance is complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.
As of September 30, 2024, e-STORAGE had a total project turnkey pipeline of over 60 GWh, which includes both contracted and in-construction projects, as well as projects at different stages of the negotiation process. In addition, e-STORAGE had over 4.2 GWh of operating battery energy storage projects contracted under long-term service agreements, all of which were battery energy storage projects previously executed by e-STORAGE.
As of November 30, 2024, the contracted backlog, including contracted long-term service agreements, was
The table below sets forth e-STORAGE's manufacturing capacity expansion targets.
Battery Energy Storage | September 2024 Actual | December 2024 Plan | December 2025 Plan |
SolBank | 20.0 | 20.0 | 30.0 |
*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice | |||
Operating Results
The following table presents select unaudited results of operations data of the CSI Solar segment for the periods indicated.
CSI Solar Segment Financial Results* (In Thousands of | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||
Net revenues | 1,716,330 | 1,731,470 | 1,805,507 | 4,789,953 | 5,529,230 | |
Cost of revenues | 1,396,246 | 1,441,897 | 1,506,334 | 3,932,711 | 4,626,609 | |
Gross profit | 320,084 | 289,573 | 299,173 | 857,242 | 902,621 | |
Operating expenses | 209,257 | 196,255 | 172,409 | 570,625 | 487,015 | |
Income from operations | 110,827 | 93,318 | 126,764 | 286,617 | 415,606 | |
Gross margin | 18.6 % | 16.7 % | 16.6 % | 17.9 % | 16.3 % | |
Operating margin | 6.5 % | 5.4 % | 7.0 % | 6.0 % | 7.5 % | |
*Include effects of both sales to third-party customers and to the Company's Recurrent Energy segment. Please refer to the | ||||||
The table below provides the geographic distribution of the net revenues of CSI Solar:
CSI Solar Net Revenues Geographic Distribution* (In Millions of | ||||||||
Q3 2024 | % of Net | Q2 2024 | % of Net | Q3 2023 | % of Net | |||
820 | 56 | 892 | 56 | 715 | 40 | |||
432 | 30 | 455 | 29 | 630 | 35 | |||
211 | 14 | 238 | 15 | 437 | 25 | |||
Total | 1,463 | 100 | 1,585 | 100 | 1,782 | 100 | ||
*Excludes sales from CSI Solar to Recurrent Energy. | ||||||||
Business Outlook
The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2024, the Company expects total revenue to be in the range of
For the full year of 2025, the Company expects total module shipments to be in the range of 30 GW to 35 GW and CSI Solar's total battery energy storage shipments in the range of 11 GWh to 13 GWh, including approximately 1 GW and 1 GWh respectively to the Company's own projects.
Dr. Shawn Qu, Chairman and CEO, commented, "We continue to adhere to our profitable growth strategy, investing strategically in high-return technologies, solutions, and markets. In the face of ongoing deglobalization trends, we continue to execute a resilient global strategy that emphasizes supply chain stability, customer-focused demand, and strong ESG commitments, all aimed at delivering sustained value across our global markets."
Recent Developments
Canadian Solar
On November 15, 2024, the Office of Governor Andy Beshear announced the largest job-creation project in
On October 10, 2024, Canadian Solar announced it had been recognized as the most trustworthy company on Newsweek's World's Most Trustworthy Companies 2024 list in the Energy and Utilities sector. This ranking underscores Canadian Solar's commitment to transparency, reliability, and sustainability, and reflects its commitment to quality and customer service across the globe.
CSI Solar
On November 28, 2024, CSI Solar convened a board meeting and approved, among other matters, a share repurchase program through centralized bidding. The program aims to enhance investor confidence, optimize capital structure, and align interests of all stakeholders. This decision follows a comprehensive assessment of CSI Solar's financial position, including cash reserves, future capital requirements, business outlook, and projected profitability. Under the program, CSI Solar will repurchase between 23.3427 million and 46.6853 million shares at a price not exceeding
On October 1, 2024, Canadian Solar announced it had secured a turnkey EPC contract to supply a 98 MW / 312 MWh DC Battery Energy Storage System to the Huatacondo project in Chile. The project, developed by Sojitz Corporation and Shikoku Electric Power Co., Inc. through their subsidiary AustrianSolar Chile Cuatro SpA ("ASC4"), is set to commence construction in the first quarter of 2025. e-STORAGE will provide and integrate its advanced SolBank 3.0 energy storage solution for the project. Under the EPC contract, e-STORAGE will manage all civil, mechanical, and electrical infrastructure for the project.
On September 3, 2024, Canadian Solar announced it had entered into a cradle-to-cradle
Recurrent Energy
On October 31, 2024, Canadian Solar announced its 134 MW (100 MWac) Liberty Solar project near
On October 31, 2024, Canadian Solar announced it had signed two new tolling agreements with Arizona Public Service Company. The 20-year tolling agreements encompass the 600 MWh standalone Desert Bloom Storage and 150 MWac Papago Solar projects. Both projects, located in Maricopa County,
On October 3, 2024, Canadian Solar announced it had achieved the final closing of a
Conference Call Information
The Company will hold a conference call on Thursday, December 5, 2024, at 8:00 a.m.
A replay of the call will be available after the conclusion of the call until 11:00 p.m.
About Canadian Solar Inc.
Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the
Investor Relations Contact:
Wina Huang Investor Relations Canadian Solar Inc. |
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's CSI Solar and Recurrent Energy businesses.
Select Financial Data – CSI Solar and Recurrent Energy | |||||||||
Three Months Ended and As of September 30, 2024 (In Thousands of | |||||||||
CSI Solar | Recurrent | Elimination | Total | ||||||
Net revenues | |||||||||
Cost of revenues | 1,396,246 | 30,638 | (166,696) | 1,260,188 | |||||
Gross profit | 320,084 | 14,418 | (87,066) | 247,436 | |||||
Gross margin | 18.6 % | 32.0 % | — | 16.4 % | |||||
Income (loss) from | |||||||||
Supplementary | |||||||||
Interest expense (3) | |||||||||
Interest income (3) | 11,100 | 2,644 | 1 | 13,745 | |||||
Cash and cash equivalents | |||||||||
Restricted cash – current and | 657,707 | 1,310 | — | 659,017 | |||||
Non-recourse borrowings | — | 1,105,132 | — | 1,105,132 | |||||
Other short-term and long- | 2,359,838 | 1,281,289 | — | 3,641,127 | |||||
Green bonds and convertible | — | 160,846 | 228,540 | 389,386 | |||||
Select Financial Data – CSI Solar and Recurrent Energy | |||||||||
Nine Months Ended September 30, 2024 | |||||||||
CSI Solar | Recurrent | Elimination | Total | ||||||
Net revenues | |||||||||
Cost of revenues | 3,932,711 | 83,583 | (326,409) | 3,689,885 | |||||
Gross profit | 857,242 | 51,431 | (126,390) | 782,283 | |||||
Gross margin | 17.9 % | 38.1 % | — | 17.5 % | |||||
Income (loss) from | $ 286,617 | ||||||||
Supplementary | |||||||||
Interest expense (3) | |||||||||
Interest income (3) | 54,006 | 8,123 | 40 | 62,169 | |||||
Select Financial Data – CSI Solar and Recurrent Energy | |||||||||
Three Months Ended September 30, 2023 | |||||||||
CSI Solar | Recurrent | Elimination | Total | ||||||
Net revenues | |||||||||
Cost of revenues | 1,506,334 | 46,107 | (14,160) | 1,538,281 | |||||
Gross profit | 299,173 | 17,699 | (8,868) | 308,004 | |||||
Gross margin | 16.6 % | 27.7 % | — | 16.7 % | |||||
Income from operations (2) | |||||||||
Supplementary | |||||||||
Interest expense (3) | |||||||||
Interest income (3) | 15,601 | 2,972 | 4 | 18,577 | |||||
Select Financial Data – CSI Solar and Recurrent Energy | |||||||||
Nine Months Ended September 30, 2023 | |||||||||
CSI Solar | Recurrent | Elimination | Total | ||||||
Net revenues | |||||||||
Cost of revenues | 4,626,609 | 260,931 | (42,530) | 4,845,010 | |||||
Gross profit | 902,621 | 182,972 | (19,014) | 1,066,579 | |||||
Gross margin | 16.3 % | 41.2 % | — | 18.0 % | |||||
Income from operations (2) | 415,606 | 97,804 | (60,667) | 452,743 | |||||
Supplementary | |||||||||
Interest expense (3) | |||||||||
Interest income (3) | 29,628 | 6,329 | 32 | 35,989 | |||||
(1) Includes inter-segment elimination, and unallocated corporate items not considered part of management's evaluation of business segment operating performance. | |||||||||
(2) Income (loss) from operations reflects management's allocation and estimate as some services are shared by the Company's two business segments. | |||||||||
(3) Represents interest expenses payable to and interest income earned from third parties. | |||||||||
Select Financial Data - CSI Solar and Recurrent Energy | |||||
Three Months Ended September 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended September 30, 2023 | |||
(In Thousands of | |||||
CSI Solar Revenues: | |||||
Solar modules | |||||
Solar system kits | 106,438 | 114,869 | 184,404 | ||
Battery energy storage solutions | 95,384 | 225,805 | 19,575 | ||
EPC and others | 43,589 | 36,418 | 57,784 | ||
Subtotal | 1,462,568 | 1,584,908 | 1,782,479 | ||
Recurrent Energy Revenues: | |||||
Solar power and battery energy storage asset | - | 12,752 | 34,541 | ||
Power services (O&M) and asset | 20,698 | 18,644 | 14,374 | ||
Electricity revenue from operating portfolio | 24,358 | 19,129 | 14,891 | ||
Subtotal | 45,056 | 50,525 | 63,806 | ||
Total net revenues | |||||
Select Financial Data - CSI Solar and Recurrent Energy | |||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | ||
(In Thousands of | |||
CSI Solar Revenues: | |||
Solar modules | |||
Solar system kits | 320,554 | 534,858 | |
Battery energy storage solutions | 572,662 | 49,274 | |
EPC and others | 106,815 | 185,275 | |
Subtotal | 4,337,154 | 5,467,686 | |
Recurrent Energy Revenues: | |||
Solar PV and battery energy storage asset | 18,796 | 377,649 | |
Power services (O&M) and asset | 55,210 | 36,469 | |
Electricity revenue from operating portfolio | 61,008 | 29,785 | |
Subtotal | 135,014 | 443,903 | |
Total net revenues | |||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||
(In Thousands of | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Net revenues | ||||||||||
Cost of revenues | 1,260,188 | 1,353,339 | 1,538,281 | 3,689,885 | 4,845,010 | |||||
Gross profit | 247,436 | 282,094 | 308,004 | 782,283 | 1,066,579 | |||||
Operating expenses: | ||||||||||
Selling and distribution | 136,172 | 131,692 | 99,766 | 356,276 | 275,823 | |||||
General and | 99,989 | 100,911 | 114,033 | 295,593 | 332,252 | |||||
Research and | 30,459 | 25,578 | 28,897 | 90,316 | 69,341 | |||||
Other operating income, | (19,478) | (23,737) | (17,708) | (56,918) | (63,580) | |||||
Total operating expenses | 247,142 | 234,444 | 224,988 | 685,267 | 613,836 | |||||
Income from operations | 294 | 47,650 | 83,016 | 97,016 | 452,743 | |||||
Other income (expenses): | ||||||||||
Interest expense | (34,184) | (33,022) | (29,949) | (102,073) | (80,852) | |||||
Interest income | 13,745 | 14,122 | 18,577 | 62,169 | 35,989 | |||||
Gain (loss) on change in | 14,932 | 81 | (4,291) | (1,681) | (20,465) | |||||
Foreign exchange gain, | (18,662) | 12,486 | (13,175) | 6,737 | 23,497 | |||||
Investment income (loss), | 3,427 | (835) | 2,332 | 2,761 | 12,667 | |||||
Total other expenses | (20,742) | (7,168) | (26,506) | (32,087) | (29,164) | |||||
Income (loss) before | (20,448) | 40,482 | 56,510 | 64,929 | 423,579 | |||||
Income tax (expense) benefit | 19,829 | (5,283) | 10,583 | 4,869 | (64,151) | |||||
Equity in earnings (losses) of | (5,451) | (7,775) | (4,624) | (12,221) | 7,406 | |||||
Net income (loss) | (6,070) | 27,424 | 62,469 | 57,577 | 366,834 | |||||
Less: Net income | 7,956 | 23,602 | 40,578 | 55,429 | 91,261 | |||||
Net income (loss) | ||||||||||
Earnings (loss) per share - | $ 0.33 | $ 4.23 | ||||||||
Shares used in computation - | 66,933,121 | 66,413,750 | 66,010,484 | 66,505,377 | 65,152,583 | |||||
Earnings (loss) per share - | $ 0.32 | $ 3.88 | ||||||||
Shares used in computation - | 66,933,121 | 66,984,783 | 72,934,082 | 66,505,377 | 72,073,501 | |||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||
(In Thousands of | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Net income (loss) | ||||||||||
Other comprehensive income | ||||||||||
Foreign currency translation | 130,342 | (59,897) | (29,294) | 16,632 | (74,551) | |||||
Gain (loss) on changes in fair | (105) | 769 | 121 | 1,544 | (590) | |||||
Gain (loss) on interest rate | (8,874) | (481) | 1,869 | (8,390) | 1,697 | |||||
Share of gain (loss) on changes | (1,908) | (159) | 8,297 | (933) | 8,190 | |||||
Comprehensive income (loss) | 113,385 | (32,344) | 43,462 | 66,430 | 301,580 | |||||
Less: comprehensive income | 12,969 | 15,637 | 44,653 | 48,943 | 73,505 | |||||
Comprehensive income (loss) | ||||||||||
Canadian Solar Inc. | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
(In Thousands of | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 648,362 | 999,933 | ||||
Accounts receivable trade, net | 988,610 | 904,943 | ||||
Accounts receivable, unbilled | 127,454 | 101,435 | ||||
Amounts due from related parties | 21,884 | 40,582 | ||||
Inventories | 1,263,919 | 1,179,641 | ||||
Value added tax recoverable | 209,236 | 162,737 | ||||
Advances to suppliers, net | 152,003 | 193,818 | ||||
Derivative assets | 15,145 | 9,282 | ||||
Project assets | 437,568 | 280,793 | ||||
Prepaid expenses and other current assets | 354,254 | 283,600 | ||||
Total current assets | 6,387,212 | 6,095,453 | ||||
Restricted cash | 10,655 | 7,810 | ||||
Property, plant and equipment, net | 3,333,543 | 3,088,442 | ||||
Solar power systems, net | 1,722,149 | 951,513 | ||||
Deferred tax assets, net | 425,890 | 263,458 | ||||
Advances to suppliers, net | 97,910 | 132,218 | ||||
Investments in affiliates | 242,372 | 236,928 | ||||
Intangible assets, net | 33,286 | 19,727 | ||||
Project assets | 917,554 | 576,793 | ||||
Right-of-use assets | 325,129 | 237,007 | ||||
Amounts due from related parties | 54,135 | 32,313 | ||||
Other non-current assets | 230,153 | 254,098 | ||||
TOTAL ASSETS | ||||||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | |||||
(In Thousands of | |||||
September 30, | December 31, | ||||
2024 | 2023 | ||||
LIABILITIES, REDEEMABLE NON- | |||||
Current liabilities: | |||||
Short-term borrowings | |||||
Accounts payable | 957,636 | 813,677 | |||
Short-term notes payable | 607,923 | 878,285 | |||
Amounts due to related parties | 12,044 | 511 | |||
Other payables | 1,084,022 | 1,359,679 | |||
Advances from customers | 251,932 | 392,308 | |||
Derivative liabilities | 4,248 | 6,702 | |||
Operating lease liabilities | 23,376 | 20,204 | |||
Other current liabilities | 574,383 | 587,827 | |||
Total current liabilities | 6,018,150 | 5,864,391 | |||
Long-term borrowings | 2,243,673 | 1,265,965 | |||
Green bonds and convertible notes | 389,386 | 389,033 | |||
Liability for uncertain tax positions | 5,847 | 5,701 | |||
Deferred tax liabilities | 90,373 | 82,828 | |||
Operating lease liabilities | 205,685 | 116,846 | |||
Other non-current liabilities | 609,882 | 465,752 | |||
TOTAL LIABILITIES | 9,562,996 | 8,190,516 | |||
Redeemable non-controlling interest | $ — | ||||
Equity: | |||||
Common shares | 835,543 | 835,543 | |||
Additional paid-in capital | 587,052 | 292,737 | |||
Retained earnings | 1,551,855 | 1,549,707 | |||
Accumulated other comprehensive loss | (101,489) | (118,744) | |||
Total Canadian Solar Inc. shareholders' | 2,872,961 | 2,559,243 | |||
Non-controlling interests | 1,159,501 | 1,146,001 | |||
TOTAL EQUITY | 4,032,462 | 3,705,244 | |||
TOTAL LIABILITIES, REDEEMABLE NON- | |||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Statements of Cash Flows | ||||||||||
(In Thousands of | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2024 | 2024 | 2023 | 2024 | 2023 | ||||||
Operating Activities: | ||||||||||
Net income (loss) | ||||||||||
Adjustments to reconcile net | 57,395 | 174,201 | 81,295 | 389,946 | 339,667 | |||||
Changes in operating assets | (282,290) | (630,963) | 14,123 | (1,399,313) | (211,883) | |||||
Net cash provided by (used in) | (230,965) | (429,338) | 157,887 | (951,790) | 494,618 | |||||
Investing Activities: | ||||||||||
Purchase of property, plant and | (237,365) | (390,248) | (305,278) | (894,075) | (821,375) | |||||
Purchase of solar power | (247,219) | (10,936) | (79,527) | (431,496) | (225,722) | |||||
Other investing activities | (12,124) | 2,515 | (99,935) | (2,777) | (128,945) | |||||
Net cash used in investing | (496,708) | (398,669) | (484,740) | (1,328,348) | (1,176,042) | |||||
Financing Activities: | ||||||||||
Net proceeds from sale of | 200,000 | 297,000 | — | 497,000 | — | |||||
Payments for repurchase of | (7,064) | (70,624) | — | (77,688) | — | |||||
Net proceeds from subsidiary's | — | — | 124,252 | — | 927,897 | |||||
Other financing activities | 1,078,357 | (38,778) | (24,526) | 1,762,991 | 902,715 | |||||
Net cash provided by financing | 1,271,293 | 187,598 | 99,726 | 2,182,303 | 1,830,612 | |||||
Effect of exchange rate changes | 91,933 | (61,483) | (29,980) | (20,803) | (125,659) | |||||
Net increase (decrease) in cash, | 635,553 | (701,892) | (257,107) | (118,638) | 1,023,529 | |||||
Cash, cash equivalents and | ||||||||||
Cash, cash equivalents | ||||||||||
View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2024-results-302323688.html
SOURCE Canadian Solar Inc.
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