Canadian Solar said it is targeting revenue of $2.4 billion – $2.6 billion with gross margin of 19 percent – 21 percent for the second quarter of 2023.
Canadian Solar subsidiary CSI Solar is targeting module shipments of 8.1 GW – 8.4 GW, including approximately 60 MW to the company’s own projects.
Canadian Solar reiterates its outlook for CSI Solar’s total module shipments of 30 GW to 35 GW in 2023. CSI Solar’s battery storage shipments are expected to reach 1.8 GWh to 2.0 GWh.
Canadian Solar said its revenue is expected to reach $9 billion – $9.5 billion for 2023 from the prior range of $8.5 billion – $9.5 billion.
Canadian Solar said module shipments in the first quarter of 2023 were 6.1 GW, up 66 percent y-o-y. Of the total, 90 MW were shipped to the company’s own solar power projects.
Canadian Solar said revenues rose 36 percent y-o-y and fell 14 percent quarter-over-quarter to $1.7 billion in the first quarter of 2023. The sequential decrease reflects the decline in module average selling price, lower solar module shipment volume due to seasonality, and lower project sales.
The y-o-y increase was mainly driven by a significant increase in solar module shipments, partially offset by lower module ASPs and lower revenues from utility-scale battery storage solutions and project sales due to the timing of projects.
Canadian Solar said operating expenses in the first quarter of 2023 were $172 million compared to $213 million in the fourth quarter of 2022 and $165 million in the first quarter of 2022. The sequential decrease was mainly driven by declines in logistics costs, while the y-o-y increase was mainly driven by higher total logistics costs due to the significant increase in solar module shipments, partially offset by lower average logistics costs per unit.
Canadian Solar reported net income of $84 million in the first quarter of 2023, compared to net income of $78 million in the fourth quarter of 2022, and net income of $9 million in the first quarter of 2022.
Recurrent Energy has delivered nearly 9 GWp of solar power projects and 3 GWh of battery storage projects.
Recurrent Energy has a total global solar development pipeline of approximately 25 GWp and an energy storage development pipeline of over 47 GWh.
Recurrent Energy’s solar project development pipeline was 24.6 GWp, including 1.7 GWp under construction, 5.2 GWp of backlog, and 17.7 GWp of projects in advanced and early-stage pipelines
Recurrent Energy’s total battery storage project development pipeline was 47.4 GWh, including 0.3 GWh under construction, 1.7 GWh of backlog, and 45.4 GWh of projects in advanced and early-stage pipelines.
CSI Solar shipped 6.1 GW of solar modules to more than 70 countries in the first quarter of 2023. For the first quarter of 2023, the top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany.
CSI Energy Storage had a project turnkey pipeline of 22.8 GWh, which includes both contracted and in construction projects, as well as projects at different stages of the negotiation process.
CSI Energy Storage was also managing 2.3 GWh of projects under long-term service agreements, which are operational battery storage projects delivered by CSI Energy Storage that are under multi-year long-term service agreements and generate recurring earnings.