Canadian Solar said it expects revenue of $6.5 billion – $7.5 billion for 2024.
In 2024, Canadian Solar expects module shipments of 32 GW – 36 GW, including 1 GW for its own projects. CSI Solar’s battery energy storage shipments are expected at 6.5 GWh to 7 GWh, including 2.5 GWh to the company’s own projects.
Canadian Solar said it expects revenue of $1.6 billion – $1.8 billion with gross margin of 14 percent – 16 percent for the third quarter of 2024.
Canadian Solar expects module shipments of 9.0 GW – 9.5 GW, including 100 MW to its own projects. Expected battery energy storage shipments will be 1.4 GWh – 1.7 GWh, including 1.2 GWh to its own projects.
Second-quarter
Canadian Solar reported that its revenues for the second quarter of 2024 rose 23 percent q-o-q and fell 31 percent y-o-y to $1.6 billion.
The sequential increase primarily reflects a higher solar module shipment volume, partially offset by a decline in module average selling price (ASP). The y-o-y decrease reflects a decline in module ASPs and lower project sales, offset by higher battery energy storage solutions sales.
Canadian Solar said module shipments reached 8.2 GW (up 30 percent q-o-q) and remained consistent y-o-y). Canadian Solar shipped 135 MW modules to its own solar power projects.
Canadian Solar has reported operating expenses of $234 million, compared to $204 million in the first quarter of 2024 and $216 million in the second quarter of 2023. The increase in operating expenses was driven by higher shipping and handling expenses.
Canadian Solar posted net income of $4 million in the second quarter of 2024, compared to net income of $12 million in the first quarter of 2024, and net income of $170 million in the second quarter of 2023.
Recurrent Energy has solar development pipeline of 27.4 GWp and battery energy storage development pipeline of 63 GWh.
CSI Solar shipped 8.2 GW of solar modules and solar system kits to more than 70 countries in the second quarter of 2024. For the second quarter of 2024, the top five markets ranked by shipments were China, the U.S., Pakistan, Germany, and Brazil.
e-STORAGE had turnkey pipeline of around 66 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 approximately 3.1 GWh of operating battery energy storage projects contracted under long-term service agreements.
Baburajan Kizhakedath