Canadian Solar said Q4 module shipments totaled 8.2 GW, down 2 percent qoq and up 1 percent yoy, including 401 MW for the company’s utility-scale projects.
Canadian Solar’s revenues for Q4 stood at $1.5 billion, up 1 percent qoq but down 11 percent yoy due to lower solar module ASPs despite higher battery storage and project sales.
Gross profit was $217 million, down 12 percent qoq but up 2 percent yoy, with a gross margin of 14.3 percent, compared to 16.4 percent in Q3 and 12.5 percent in Q4 2023. The decline was due to lower module ASPs, while the yoy increase was driven by higher-margin battery storage and project sales.
Total operating expenses of Canadian Solar rose to $344 million from $247 million in Q3 and $213 million in Q4 2023, primarily due to impairment charges and higher shipping and handling costs.
Recurrent Energy
Recurrent Energy brought 1.3 GWp of solar projects to commercial operation.
Recurrent Energy made significant strides in its business model transformation in 2024, starting construction on 1.4 GWp of solar PV and 1.4 GWh of energy storage projects. Of these, 420 MWp of PV reached commercial operation in Texas, Oklahoma, and Louisiana. However, project sales delays impacted full-year performance.
Recurrent Energy held a strong market position with a total global solar development pipeline of 25 GWp and a battery energy storage pipeline of 75 GWh. The solar project development pipeline included 1.9 GWp under construction, 4.2 GWp in backlog, and 18.8 GWp in advanced and early stages. The battery energy storage pipeline consisted of 9.9 GWh under construction and in backlog, with 65.2 GWh in advanced and early stages.
CSI Solar
CSI Solar shipped 31.1 GW of solar modules and 6.6 GWh of energy storage, marking a 500 percent yoy increase.
CSI Solar shipped 8.2 GW of solar modules and system kits to over 70 countries in Q4 2024, with China, the U.S., Spain, Germany, and Pakistan as the top five markets. President Yan Zhuang highlighted the company’s disciplined order-taking strategy, enabling competitive pricing, cost efficiencies, and controlled operating expenses amid a turbulent year. Energy storage was a key profitability driver, with record quarterly and full-year shipments. While margins in this segment are expected to normalize, the focus remains on scaling volume and expanding global reach. With its largest-ever pipeline and a strong contracted backlog, CSI Solar has solid growth visibility.
e-STORAGE
e-STORAGE shipments reached a record 2.2 GWh in Q4, with a pipeline expanding to 79 GWh, including a $3.2 billion contracted backlog.
As of December 31, 2024, e-STORAGE had a total project turnkey pipeline exceeding 79 GWh, including contracted, under-construction, and negotiation-stage projects. Additionally, it had over 4.9 GWh of operating battery energy storage projects under long-term service agreements, all previously executed by e-STORAGE. The contracted backlog, including long-term service agreements, stood at approximately $3.2 billion, offering strong earnings visibility over multiple years.
OUTLOOK
For Q1 2025, Canadian Solar expects total revenue between $1.0 billion and $1.2 billion, with a gross margin of 9 percent-11 percent. CSI Solar anticipates module shipments of 6.4 GW to 6.7 GW, including 400 MW for the company’s projects, and battery energy storage shipments of approximately 800 MWh, with 150 MWh allocated to its own projects.
For full-year 2025, CSI Solar forecasts module shipments of 30 GW to 35 GW, including 1 GW for its projects, and battery storage shipments of 11 GWh to 13 GWh, with 1 GWh for its own projects. Total revenue is expected to range between $7.3 billion and $8.3 billion.
Canadian Solar CEO Shawn Qu noted that Q1 margins will be impacted by seasonal declines in storage shipments, trade-related duties, and softer margins from Recurrent project sales. However, he emphasized the company’s focus on profitability over volume and expects storage shipments to improve margins throughout the year.