On May 14, 2026, Canadian Solar Inc. (NASDAQ: CSIQ) released its financial results for the first quarter ended March 31, 2026, along with its business outlook for the second quarter of 2026.
Q1 2026 key highlights
- Module shipments: 2.5 GW
- Energy storage shipments: 2.1 GWh, up 142% year-over-year
- Revenue: $1.1 billion (approximately Yuan 7.65 billion), with gross margin of 25.1%
- As of May 8, 2026, e-STORAGE (the company's energy storage division) had a contracted backlog of $3.5 billion (approximately Yuan 24.33 billion), including long-term service agreements
- Global project development pipeline as of March 31, 2026: approximately 24 GW for solar and approximately 81 GWh for energy storage
Q2 2026 business outlook
For the second quarter of 2026:
- Energy storage shipments expected between 2.8 GWh and 3.2 GWh (including approximately 0.4 GWh for internal and external project execution)
- Total revenue expected between 1.0billionand1.0billionand1.2 billion (approximately Yuan 6.95 billion to 8.34 billion)
- Gross margin expected between 13% and 15%
The advanced heterojunction technology (HJT) cell factory in Indiana, U.S., is expected to begin commercial operations in July 2026
The company reaffirmed its full-year 2026 guidance for the U.S. market:
- Module shipments expected between 6.5 GW and 7 GW
- Energy storage shipments expected between 4.5 GWh and 5.5 GWh
Written by Cora Ji, jiruyan@mysteel.com
