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Canadian Solar Q4 Loss Wider Than Estimates, Revenues Fall Y/Y
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Key Takeaways
Canadian Solar reported a Q4 loss of $1.66 per share, wider than estimates and prior-year profit.
CSIQ revenues fell 20% Y/Y to $1.22B, hurt by lower solar module sales and weaker shipments.
Canadian Solar's shipments dropped 16% and gross margin shrank due to a lower module and asset sales mix.
Canadian Solar, Inc. (CSIQ - Free Report) reported fourth-quarter 2025 adjusted loss of $1.66 per share, wider than the Zacks Consensus Estimate of a loss of $1.10. The loss widened compared with the year-ago quarter’s profit of 48 cents.
CSIQ reported a 2025 loss of $2.50 per share against the year-ago earnings of 54 cents per share.
CSIQ’s Revenues
Canadian Solar reported revenues of $1.22 billion, which missed the Zacks Consensus Estimate of $1.39 billion by 12.4%. The top line also declined 20% from the year-ago quarter’s figure of $1.52 billion.
This year-over-year decrease was due to lower sales of solar modules.
The company reported revenues of $5.60 billion in 2025, which were lower than $5.99 billion in 2024.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 4.3 gigawatts (GW), down 16% year over year.
Canadian Solar’s gross margin was 10.2%. The gross margin declined 410 basis points year over year due to lower contribution from solar modules and project asset sales.
Total operating expenses were $188 million, down from $344 million in the fourth quarter of 2024.
Canadian Solar’s Financial Update
As of Dec. 31, 2025, Canadian Solar’s cash and cash equivalents totaled $1.37 billion, down from $1.70 billion as of Dec. 31, 2024.
Long-term borrowings as of Dec. 31, 2025, were $3.62 billion, up from $2.73 billion as of Dec. 31, 2024.
CSIQ’s Guidance
For the first quarter of 2026, Canadian Solar anticipates total revenues to be in the band of $0.90-$1.10 billion. The Zacks Consensus Estimate for first-quarter sales is pegged at $1.59 billion, higher than the company’s guided range.
The company expects the gross margin to be between 13% and 15%.
First Solar, Inc. (FSLR - Free Report) reported fourth-quarter 2025 earnings of $4.84 per share, which missed the Zacks Consensus Estimate of $5.22 by 7.2%. The bottom line increased 32.6% from the prior-year quarter’s figure of $3.65.
First Solar’s fourth-quarter net sales were $1.68 billion, which beat the Zacks Consensus Estimate by 7%. The top line rose 11.1% from the year-ago quarter’s $1.51 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2025 adjusted earnings of 71 cents per share, which decreased 24.5% from 94 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 54 cents by 31.5%.
Enphase Energy’s fourth-quarter revenues of $343.3 million beat the Zacks Consensus Estimate of $335 million by 2.6%. However, the top line decreased 10.3% from the prior-year quarter’s reported figure of $382.7 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a fourth-quarter 2025 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 63 cents. The bottom line also improved from the prior-year quarter’s loss of $3.52 per share.
The company’s revenues of $335.4 million surpassed the Zacks Consensus Estimate of $325 million by 3.2%. The top line also increased 70.9% from the year-ago quarter’s $196.2 million.
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Canadian Solar Q4 Loss Wider Than Estimates, Revenues Fall Y/Y
Key Takeaways
Canadian Solar, Inc. (CSIQ - Free Report) reported fourth-quarter 2025 adjusted loss of $1.66 per share, wider than the Zacks Consensus Estimate of a loss of $1.10. The loss widened compared with the year-ago quarter’s profit of 48 cents.
CSIQ reported a 2025 loss of $2.50 per share against the year-ago earnings of 54 cents per share.
CSIQ’s Revenues
Canadian Solar reported revenues of $1.22 billion, which missed the Zacks Consensus Estimate of $1.39 billion by 12.4%. The top line also declined 20% from the year-ago quarter’s figure of $1.52 billion.
This year-over-year decrease was due to lower sales of solar modules.
The company reported revenues of $5.60 billion in 2025, which were lower than $5.99 billion in 2024.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Canadian Solar Inc. price-consensus-eps-surprise-chart | Canadian Solar Inc. Quote
Operational Update of CSIQ
Solar module shipments in the quarter totaled 4.3 gigawatts (GW), down 16% year over year.
Canadian Solar’s gross margin was 10.2%. The gross margin declined 410 basis points year over year due to lower contribution from solar modules and project asset sales.
Total operating expenses were $188 million, down from $344 million in the fourth quarter of 2024.
Canadian Solar’s Financial Update
As of Dec. 31, 2025, Canadian Solar’s cash and cash equivalents totaled $1.37 billion, down from $1.70 billion as of Dec. 31, 2024.
Long-term borrowings as of Dec. 31, 2025, were $3.62 billion, up from $2.73 billion as of Dec. 31, 2024.
CSIQ’s Guidance
For the first quarter of 2026, Canadian Solar anticipates total revenues to be in the band of $0.90-$1.10 billion. The Zacks Consensus Estimate for first-quarter sales is pegged at $1.59 billion, higher than the company’s guided range.
The company expects the gross margin to be between 13% and 15%.
CSIQ’s Zacks Rank
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar, Inc. (FSLR - Free Report) reported fourth-quarter 2025 earnings of $4.84 per share, which missed the Zacks Consensus Estimate of $5.22 by 7.2%. The bottom line increased 32.6% from the prior-year quarter’s figure of $3.65.
First Solar’s fourth-quarter net sales were $1.68 billion, which beat the Zacks Consensus Estimate by 7%. The top line rose 11.1% from the year-ago quarter’s $1.51 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2025 adjusted earnings of 71 cents per share, which decreased 24.5% from 94 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 54 cents by 31.5%.
Enphase Energy’s fourth-quarter revenues of $343.3 million beat the Zacks Consensus Estimate of $335 million by 2.6%. However, the top line decreased 10.3% from the prior-year quarter’s reported figure of $382.7 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a fourth-quarter 2025 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 63 cents. The bottom line also improved from the prior-year quarter’s loss of $3.52 per share.
The company’s revenues of $335.4 million surpassed the Zacks Consensus Estimate of $325 million by 3.2%. The top line also increased 70.9% from the year-ago quarter’s $196.2 million.