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CSIQ

Canadian Solar Inc.

CSIQ

Canadian Solar Inc. • NASDAQ
$27.15 ▲ 0.22% (+0.06)
Market Cap $1.82 B
52w High $34.59
52w Low $6.57
Dividend Yield 0%
P/E -142.89
Volume 1.77M
Outstanding Shares 66.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.487B ▼ $221.712M ▼ $8.986M ▲ 0.604% ▲ $0.13 ▲ $30.474M ▼
Q2-2025 $1.694B ▲ $377.597M ▲ $7.197M ▲ 0.425% ▲ $0.11 ▲ $271.718M ▲
Q1-2025 $1.197B ▼ $195.299M ▼ $-33.971M ▼ -2.839% ▼ $-0.69 ▼ $-55.244M ▲
Q4-2024 $1.521B ▲ $344.133M ▲ $33.903M ▲ 2.229% ▲ $0.51 ▲ $-111.836M ▼
Q3-2024 $1.508B $247.142M $-14.026M -0.93% $-0.21 $13.736M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.763B ▼ $15.157B ▲ $10.798B ▲ $2.868B ▲
Q2-2025 $1.856B ▲ $14.812B ▲ $10.636B ▲ $2.855B ▲
Q1-2025 $1.577B ▼ $13.896B ▲ $9.825B ▲ $2.769B ▼
Q4-2024 $2.253B ▲ $13.512B ▼ $9.362B ▼ $2.816B ▼
Q3-2024 $2.169B $13.78B $9.748B $2.873B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-21.078M ▼ $-112.06M ▼ $-287.664M ▲ $310.411M ▼ $-84.278M ▼ $-406.513M ▼
Q2-2025 $44.77M ▲ $188.556M ▲ $-448.306M ▲ $471.055M ▼ $230.29M ▲ $-203.868M ▲
Q1-2025 $-76.654M ▼ $-264.203M ▼ $-468.984M ▲ $544.238M ▲ $-230.102M ▲ $-649.29M ▼
Q4-2024 $33.903M ▲ $290.472M ▲ $-631.119M ▼ $-89.53M ▼ $-564.265M ▼ $-251.49M ▲
Q3-2024 $-6.07M $-230.965M $-496.708M $1.271B $635.553M $-715.549M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past five years, showing that Canadian Solar has been able to scale its business, but the path has been bumpy. After strong top-line growth through 2023, sales slipped in the most recent year, and profitability weakened. Gross profit has generally trended upward over the period, but margins remain thin and vulnerable to shifts in pricing, input costs, and project timing. Operating income even turned slightly negative most recently, and net income fell to only a small profit. Overall, the income statement shows a company that can grow, but whose earnings are highly sensitive to market conditions and execution, with volatility rather than steady, predictable profit growth.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting growth in projects, manufacturing footprint, and inventory. Cash has increased over time, which offers some cushion, but debt has grown even faster, leading to a more leveraged profile than a few years ago. Equity has also risen, showing accumulated retained earnings and reinvestment back into the business, yet the capital structure leans heavily on borrowing to fund expansion. In simple terms, Canadian Solar now carries a larger, more complex balance sheet: more assets and more opportunities, but also higher obligations and less room for prolonged weak profitability without strain.

Cash Flow

Cash Flow Cash generation has been uneven. The company produced solid operating cash flow in some years, but saw outflows in others, including a notable shortfall in the most recent period. Free cash flow has been negative in most years because of heavy investment in new capacity, projects, and technology. Capital spending has stepped up as the company expands manufacturing and storage capabilities. This pattern is typical of a capital‑intensive growth strategy: money is continually being plowed back into the business, which can pay off over time but leaves less near‑term cash flexibility and raises reliance on external funding if operating conditions worsen.

Competitive Edge

Competitive Edge Canadian Solar holds a strong position as a global, well‑known brand in solar with a long operating history. Its vertical integration—from wafers and cells to modules, storage, and full project solutions—creates cost advantages, better quality control, and stickier customer relationships. The company is not just selling panels; it is increasingly a full energy solutions provider with a large global project pipeline and presence across many regions. This breadth and bankability are important strengths. The flip side is that the firm operates in a very competitive, price‑sensitive industry with frequent technology shifts and policy changes, so maintaining that edge demands constant execution and cost discipline.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of the strategy. Canadian Solar is pushing advanced cell technologies such as high‑efficiency N‑type and heterojunction designs, along with low‑carbon modules that target both performance and sustainability. Its move into high‑density modules and aesthetically focused products shows attention to both utility‑scale and residential needs. Beyond hardware, the company is building a strong energy storage franchise and moving toward owning and operating some projects itself, which can create more stable, recurring revenue but also adds complexity and capital needs. Overall, the R&D and product roadmap suggest a company leaning into the next generation of solar and storage rather than defending old technology.

Summary

Canadian Solar looks like a scaled, globally relevant solar and storage player that has grown rapidly but with considerable financial volatility. The business has broadened from module manufacturing into integrated solutions and energy storage, supported by meaningful innovation and a sizeable project pipeline. At the same time, profitability is thin, earnings are cyclical, cash flows are lumpy, and debt levels have risen as the company funds aggressive expansion. The long‑term story rests on whether its technological edge, vertical integration, and move into storage and partial power production can translate into more stable, higher‑quality earnings, while managing leverage and the inherent ups and downs of the solar industry.

NEWS

November 13, 2025 · 6:00 AM UTC

Canadian Solar Reports Third Quarter 2025 Results

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November 12, 2025 · 7:00 AM UTC

e-STORAGE to Deliver 1.86 GWh DC of Energy Storage Solutions for the Skyview 2 Project in Ontario, Canada

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October 29, 2025 · 7:00 AM UTC

e-STORAGE Achieves Commercial Operation of 220 MWh Mannum Battery Energy Storage Project in South Australia

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October 21, 2025 · 7:00 AM UTC

Recurrent Energy Closes $825 Million in Project Financing for Arizona Energy Projects

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October 16, 2025 · 7:00 AM UTC

Canadian Solar Schedules Third Quarter 2025 Earnings Conference Call for November 13

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