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Canadian Solar Q1 Loss Narrower Than Estimates, Revenues Fall Y/Y
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Key Takeaways
Canadian Solar posted Q1 revenues of $1.08B, topping estimates despite lower solar module sales.
CSIQ battery storage shipments jumped 142% year over year, while module shipments fell 64%.
Canadian Solar began trial production at its Indiana HJT solar cell factory, targeting July 2026 launch.
Canadian Solar, Inc. (CSIQ - Free Report) reported first-quarter 2026 adjusted loss of 71 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.06. The company posted a loss of 69 cents per share in the year-ago quarter.
CSIQ’s Revenues
Revenues amounted to $1.08 billion, which surpassed the Zacks Consensus Estimate of $0.95 billion by 13.8%. The top line declined 9.9% from the year-ago quarter’s figure of $1.2 billion.
This year-over-year decrease was due to lower sales of solar modules.
Canadian Solar Inc. Price, Consensus and EPS Surprise
Solar module shipments in the quarter totaled 2.5 gigawatts (GW), down 64% year over year.
Total battery energy storage shipments totaled 2.1 GWh, up 142% year over year.
Canadian Solar’s gross margin was 25.1% compared with 11.7% in the first quarter of 2025. The increase in gross margin was primarily due to the recognition of IEEPA tariff refund benefits.
Total operating expenses were $198 million, up from $195.3 million in the first quarter of 2025.
The company commenced trial production at the flagship HJT solar cell factory in Jeffersonville, IN, marking a key milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.
Canadian Solar’s Financial Update
As of March 31, 2026, Canadian Solar’s cash and cash equivalents totaled $1.44 billion, compared with $1.37 billion as of Dec. 31, 2025.
Long-term borrowings as of March 31, 2026, were $3.54 billion, down from $3.62 billion as of Dec. 31, 2025.
CSIQ’s Guidance
For the second quarter of 2026, Canadian Solar anticipates total revenues to be in the band of $1-$1.2 billion. The Zacks Consensus Estimate for sales is pegged at $1.76 billion, higher than the company’s guided range.
Gross margin is expected to be 13-15%. Total module shipments recognized as revenues are expected to be in the range of 3.1-3.3 GW. Total battery energy storage shipments in the second quarter are expected to be in the range of 2.8-3.2 GWh, including approximately 400 MWh to internal and external projects under execution.
The company reiterated its guidance of 6.5-7 GW of solar modules and 4.5-5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2026 earnings of $3.22 per share, which beat the Zacks Consensus Estimate of $2.87 by 12.1%. The bottom line increased 65.1% from the prior-year quarter’s figure of $1.95.
First Solar’s first-quarter net sales were $1.04 billion, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 23.6% from the year-ago quarter’s $0.84 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.
SEDG’s revenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.
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Canadian Solar Q1 Loss Narrower Than Estimates, Revenues Fall Y/Y
Key Takeaways
Canadian Solar, Inc. (CSIQ - Free Report) reported first-quarter 2026 adjusted loss of 71 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.06. The company posted a loss of 69 cents per share in the year-ago quarter.
CSIQ’s Revenues
Revenues amounted to $1.08 billion, which surpassed the Zacks Consensus Estimate of $0.95 billion by 13.8%. The top line declined 9.9% from the year-ago quarter’s figure of $1.2 billion.
This year-over-year decrease was due to lower sales of solar modules.
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 2.5 gigawatts (GW), down 64% year over year.
Total battery energy storage shipments totaled 2.1 GWh, up 142% year over year.
Canadian Solar’s gross margin was 25.1% compared with 11.7% in the first quarter of 2025. The increase in gross margin was primarily due to the recognition of IEEPA tariff refund benefits.
Total operating expenses were $198 million, up from $195.3 million in the first quarter of 2025.
The company commenced trial production at the flagship HJT solar cell factory in Jeffersonville, IN, marking a key milestone in U.S. domestic manufacturing, with commercial operation targeted to begin in July 2026.
Canadian Solar’s Financial Update
As of March 31, 2026, Canadian Solar’s cash and cash equivalents totaled $1.44 billion, compared with $1.37 billion as of Dec. 31, 2025.
Long-term borrowings as of March 31, 2026, were $3.54 billion, down from $3.62 billion as of Dec. 31, 2025.
CSIQ’s Guidance
For the second quarter of 2026, Canadian Solar anticipates total revenues to be in the band of $1-$1.2 billion. The Zacks Consensus Estimate for sales is pegged at $1.76 billion, higher than the company’s guided range.
Gross margin is expected to be 13-15%. Total module shipments recognized as revenues are expected to be in the range of 3.1-3.3 GW. Total battery energy storage shipments in the second quarter are expected to be in the range of 2.8-3.2 GWh, including approximately 400 MWh to internal and external projects under execution.
The company reiterated its guidance of 6.5-7 GW of solar modules and 4.5-5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
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 first-quarter 2026 earnings of $3.22 per share, which beat the Zacks Consensus Estimate of $2.87 by 12.1%. The bottom line increased 65.1% from the prior-year quarter’s figure of $1.95.
First Solar’s first-quarter net sales were $1.04 billion, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 23.6% from the year-ago quarter’s $0.84 billion.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.
SEDG’s revenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.