Canadian Solar Forecasts Strong Growth in 2025 With Up to 13 GWh of Energy Storage Shipments

Canadian Solar Inc. announced its financial outlook for the first quarter of 2025 and provided guidance for the full fiscal year. The company remains focused on executing its growth strategy across solar module and battery energy storage markets, while navigating near-term industry challenges.

First Quarter 2025 Outlook

For the first quarter of 2025, Canadian Solar expects:

• Revenue between $1.0 billion and $1.2 billion
• Gross margin in the range of 9% to 11%, reflecting seasonal factors and trade-related impacts
• Total module shipments of 6.4 GW to 6.7 GW, including approximately 400 MW for the Company’s own utility-scale solar projects
• Battery energy storage shipments of approximately 800 MWh, of which around 150 MWh is allocated to the Company’s own projects

Full-Year 2025 Guidance

Looking ahead, Canadian Solar projects the following for the full year ending December 31, 2025:

• Total revenue between $7.3 billion and $8.3 billion
• Total module shipments of 30 GW to 35 GW, including approximately 1 GW for internal project development
• Battery energy storage shipments in the range of 11 GWh to 13 GWh, with around 1 GWh going toward the Company’s own projects

These projections are based on the Company’s current market outlook, order backlog, production capacity, and the anticipated timing of project sales. Canadian Solar continues to monitor global macroeconomic and geopolitical conditions, as well as fluctuations in customer demand, supply chain dynamics, and input costs.

The Company’s forward-looking statements are subject to change based on a range of factors, and actual results may differ materially from current expectations. Dr. Shawn Qu, Chairman and CEO, commented, “We started 2025 facing many of the same challenges that defined 2024, with module prices reaching historic lows and geopolitical complexities persisting. Despite these headwinds, Canadian Solardelivered results at or above guidance across shipments, revenue, and gross margin—a testament to our disciplined execution. With a long history of navigating policy developments and market cycles, we are strategically balancing near-term challenges with long-term opportunities. While we strictly control operating expenses and capital expenditures, we maintain tailored strategies across our business. We will continue to manage module volumes with a focus on profitability, accelerate growth in our margin-accretive energy storage business, and advance Recurrent Energy’s transition toward a partial IPP model.”

Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said, “In the first quarter of 2025, CSI Solar maintained profitability despite ongoing challenges in the solar market and softer storage shipments. We achieved further manufacturing cost reductions through efficiency improvements in Asia and the progressed ramping of our U.S. module facility. While e-STORAGE faces near-term uncertainty, our record 91 GWh pipeline and contracted backlog underscore the segment’s structural growth potential. As policy clarity emerges, we continue to be well-positioned to capitalize on growing robust demand for storage solutions globally.”