Canadian Solar: Energy Storage Shipments Jump 73% And Beat Guidance As Backlog Reaches $3.5 Billion

Canadian Solar reported Q2 2026 net revenues of $1.2B, up 12% sequentially but down 29% YoY. Gross margin fell to 13.9% from 29.8% YoY. The company guided Q3 revenues of $1.3B-$1.5B with 13.5%-15.5% gross margin. It expects to ship 6.5GW-7GW of PV modules and 4.5GWh-5.5GWh of BESS in the US for 2026. CEO Parkin emphasized manufacturing as a strategic priority, highlighting rapid scaling in energy storage.

Canadian Solar (CSIQ) reported a Q2 net loss of $77M, with revenue down 29% YoY, but also announced an $8B backlog and a new US solar cell plant. The company's gross margin fell to 13.9% from 29.8% YoY, and operating expenses rose 21%. Cash flow was negative $181M, and total debt increased to $7.1B.

Canadian Solar (CSIQ) reported Q2 2026 revenue of $1.2B, exceeding guidance but with a net loss of $77M ($1.40 per share) due to freight costs and facility ramp-up expenses. The company highlighted growth in solar and storage segments, including a new U.S. HJT facility and $4.5B in contracted backlog. Policy changes were viewed as supportive of domestic manufacturing. Recurrent Energy, its project development arm, reported $117M in revenue but a $19M operating loss.

Canadian Solar reported Q2 2026 revenue at the high end of guidance, driven by U.S. module volumes and energy storage deliveries. The company opened a new HJT facility in the U.S. but faced a net loss due to freight costs and ramp-up expenses. They secured a $4.5 billion backlog and a 2.5 GWh contract with a U.S. utility. Management expects U.S. solar and storage shipments to accelerate and sees the new Section 232 policy as a net positive.

Canadian Solar reported a 60% YoY decline in Q2 2026 PV module shipments to 3.1GW, but a 25% QoQ increase. The company expects Q3 shipments to rise to 3.5-3.8GW. It is expanding US manufacturing capacity, with Texas module plant growing to 10GWp and Indiana cell facility to 6.3GWp. Revenue rose 12% QoQ to $1.2B but fell 29% YoY. Gross profit declined to $168M, while operating expenses increased to $240M. The solar project pipeline stands at 21.7GWp, with storage shipments up 82% QoQ to 3.7GWh.

Canadian Solar Inc. reported Q2 2026 revenue of $1.2B, gross margin of 13.9%, and a net loss of $77M due to higher costs. The company cited strong U.S. demand, with a $4.5B module backlog and $3.5B storage backlog. Management expects sequential growth and margin improvement.