Canadian Solar's 2025 first-quarter revenues of $1.2 billion represented a drop of 16% from the previous quarter and 10% from the first quarter of 2024, which the company attributes to lower sales of storage and solar modules.
Canadian Solar tallied a net loss of $34 million in the first three months of the year, compared to a net income of $34 million in 4Q24 and $12 million in 1Q24. But net revenue fell within the range ($1-$1.2 billion) Canadian predicted for the quarter in March, which Chairman and CEO Shawn Qu framed as a win amid a struggling market.
"We started 2025 facing many of the same challenges that defined 2024, with module prices reaching historic lows and geopolitical complexities persisting," said Chairman and CEO Shawn Qu. "Despite these headwinds, Canadian Solar delivered results at or above guidance across shipments, revenue, and gross margin-a testament to our disciplined execution."
The company sold 6.9 GW of modules in the first quarter, down 16% from the previous quarter but up 9.4% year over year, and expects to move 7.5 to 8 GW in the second quarter of 2025.
In a presentation to investors on May 15, Canadian pointed to fierce competition and low pricing, as well as tariffs and "cost-increasing trade policy," as near-term challenges.
In the company's 2024 fourth quarter earnings release, Canadian reported total annual module sales of 31.1 GW and predicted sales of between 30 and 35 GW for 2025. In today's earnings release, the company lowered that target to between 25 and 30 GW.
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--Reporting by Colt Shaw, cshaw@opisnet.com; Editing by Jordan Godwin, jgodwin@opisnet.com
(END) Dow Jones Newswires
May 15, 2025 11:19 ET (15:19 GMT)
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