Ontario hasn't given an opening date for this major transit line since 2019
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
TSX futures dip as caution builds ahead of Jackson Hole meet
(Reuters) -Futures tracking Canada's main stock index edged down on Thursday, mirroring Wall Street's moves, as investors avoided risk ahead of the U.S. Federal Reserve's three-day Jackson Hole symposium. The futures on the S&P/TSX index fell 0.09% by 05:33 a.m. ET (0933 GMT), while futures linked to Wall Street's benchmark S&P 500 also slipped 0.09%. The annual Fed conference begins later on Thursday and will host central bankers from around the world; investors will watch Fed Chair Jerome Powell's speech on Friday for clues to upcoming monetary policy moves. A deteriorating labor market and President Donald Trump's efforts to shake up Fed leadership have raised expectations for U.S. policy easing. Gold prices slipped as traders awaited Powell's remarks. Copper prices also slipped alongside other base metals. [GOL/] [MET/L] Oil prices rose due to signs of strong demand in the United States and uncertainty over efforts to end the war in Ukraine. [O/R] Meanwhile, domestic investors will parse July producer price data due at 8:30 a.m. ET. The release follows a softer inflation report earlier this week, which bolstered expectations that the Bank of Canada will resume its rate-cutting cycle. The Canadian central bank has kept the benchmark rate unchanged at 2.75% since March. Traders see at least one rate cut later this year. U.S. business activity data is also due on the day. In corporate news, Corby Spirit and Wine reported an 8% growth in fourth-quarter revenue. On Wednesday, gains in commodity-linked stocks helped the S&P/TSX composite index end slightly higher, countering losses in technology shares. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory ($1 = 1.3880 Canadian dollars)
Yahoo
28 minutes ago
- Yahoo
Opinion: Canada's broken equalization system needs a major overhaul
The Alberta Next Panel is tasked with assessing Alberta's role in Confederation. As it reconvened last week, Canada's equalization program remained near the top of its agenda. At the same time, the Alberta government is backing a legal challenge led by Newfoundland and Labrador arguing that the program does not achieve its intended purpose. People can hold differing opinions on the program's core principle — to ensure reasonably comparable public services delivered at reasonably comparable tax rates across the country — but it's clear that any fair assessment would judge the current equalization system broken. Under the system, which has been in place since the late 1950s, Ottawa collects taxes from Canadians across the country then redistributes money to 'have-not' provinces. How much a province gets is determined by its 'fiscal capacity' — that is, its ability to raise revenue on its own. Basically, the formula applies a tax rate to different possible revenue sources (personal income, business income, resource revenues, and so on) to determine how much revenue a province could generate if it applied that tax rate. In theory, if a province wouldn't be able to raise what the average province could, it receives enough equalization to make up the difference. This year, such payments are projected to total $26.2 billion. Seven provinces — Ontario, Quebec, Manitoba and all four Atlantic provinces — will receive equalization. Alberta, British Columbia and Saskatchewan will not. In theory at least, these three provinces have a greater ability to generate government revenue. But here's the problem. Due to the 'fixed-growth rule' introduced by the Harper government in 2009, how much Ottawa spends on equalization increases whether the gap between 'have' and 'have-not' provinces widens or narrows. For example, from 2007-08 to 2020-21, equalization payments rose nearly 60 per cent even though the gap in fiscal capacities between richer and poorer provinces actually shrank over that period. If equalization is meant to close the fiscal gap between provinces, then the amount spent should reflect the gap. Having equalization grow as provinces become more alike fiscally is one sign the formula and program are broken. The equalization principle — ensuring that all provinces can deliver reasonably comparable services at reasonably comparable tax rates — suggests that provinces with higher incomes (and therefore greater ability to generate tax revenue) will not receive equalization, while provinces with lower incomes will. But, to cite one example, in 2020 Newfoundland and Labrador, which received equalization, had higher per capita GDP (an indicator of incomes and living standards) than B.C., which did not. Same thing in 2018: Ontario had higher per capita GDP than B.C., but Ontario received equalization payments while B.C. did not. Clearly, there's a problem with how the formula determines which provinces are 'haves' and which are 'have-nots.' Another obvious difficulty is that some important sources of provincial government revenue aren't included in the measure of fiscal capacity. Subsidized electricity is an example. Both Quebec and Manitoba provide electricity to their citizens at below-market prices. If instead they charged the market rate, that would provide more profits to Hydro-Québec and Manitoba Hydro, which manage the generation, transmission and distribution of electricity in these two provinces, and therefore more revenue to their owners, the respective provincial governments. But the equalization formula doesn't account for this lower-than-market electricity rate in determining the two provinces' ability to raise revenues. In fact, an increase in Hydro-Quebec's profits of $100 million would result in a decrease in Quebec's equalization payments of an estimated $70 million. Simply put, the equalization formula underestimates Quebec and Manitoba's ability to raise revenue from electricity provision, effectively penalizing provinces that don't provide such subsidies. Ironically, the formula does not follow that same approach for Alberta, which has no provincial sales tax. But when determining Alberta's fiscal capacity, the equalization formula accounts for how much revenue the Alberta government would generate if, hypothetically, it charged the national average sales tax rate. So, the formula does not count Quebec's foregone hydro revenues but does count Alberta's foregone sales tax revenues. Quebec also bans fracking (as did Nova Scotia until lifting its ban earlier this year), but the equalization formula does not apply any forgone hypothetical fracking-related resource revenue to Quebec. This inconsistency in the treatment of different types of revenue in different provinces is yet another sign of a fundamentally broken system. Terence Corcoran: CUPE and the 'crime' behind the Air Canada strike Matthew Lau: Two good Ontario government decisions … in 20 years Reasonable people can debate the core principle of Canada's equalization program, but as the Alberta Next Panel continues discussions, policy-makers should recognize that the current system is badly broken and requires a major overhaul. Tegan Hill is director of Alberta policy and Nathaniel Li is a senior economist at the Fraser Institute. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
- Yahoo
Canadian Solar Reports Second Quarter 2025 Results
KITCHENER, ON, Aug. 21, 2025 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2025. Second Quarter Highlights 14% quarter-over-quarter ("qoq") increase in solar module shipments to 7.9 GW, within guidance of 7.5 GW to 8.0 GW. 29.8% gross margin, exceeding guidance of 23% to 25%. Released the 2024 Sustainability Report on May 29, 2025, with updated disclosures aligned to global reporting standards. Dr. Shawn Qu, Chairman and CEO, commented, "We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher mix of North America module shipments and robust storage volumes. Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability." Yan Zhuang, President of Canadian Solar's subsidiary CSI Solar, said, "In the second quarter, we delivered module shipments near the high end of guidance. Despite tariff headwinds, e-STORAGE achieved one of its strongest quarters. With solar supply chain pricing trending higher and storage margins normalizing, we expect margin pressure in the second half. We remain focused on strategically managing module volumes to less profitable markets and growing our storage volumes globally. Meanwhile, we continue to build emerging profitability drivers such as our residential energy storage systems and bundled sales solutions." Ismael Guerrero, CEO of Canadian Solar's subsidiary Recurrent Energy, said, "Revenue and profitability in the second quarter were sequentially lower, primarily due to lighter project sales. We monetized over 200 MW of projects in Europe and Japan, including our first and profitable sale of a battery energy storage project in Italy, while a project sale in Latin America shifted to the second half of the year. Overall, we expect our electricity sales revenue to grow steadily, as we enhance the performance of our existing IPP portfolio and advance construction in our target markets, with more meaningful contributions expected next year." Xinbo Zhu, Senior VP and CFO, added, "In the second quarter, we delivered $1.7 billion in revenue and a gross margin of 29.8%. Non-recurring operating expenses, including impairments to projects and manufacturing assets, reduced profitability, resulting in net income attributable to shareholders of $7 million, or a net loss of $0.08 per diluted share. We continue to manage cash flow prudently, prioritizing disciplined capital deployment. Operating cash inflow was $189 million, and we ended the quarter with a cash position of $2.3 billion." Second Quarter 2025 Results Total module shipments recognized as revenues in Q2 2025 were 7.9 GW, up 14% quarter-over-quarter ("qoq") and down 4% year-over-year ("yoy"). Of the total, 672 MW were shipped to the Company's own utility-scale solar power projects. Net revenues were $1.7 billion in Q2 2025, up 42% sequentially and 4% yoy, mainly due to higher sales of battery energy storage systems and solar modules. Gross profit was $505 million, compared to $140 million in Q1 2025 and $282 million in Q2 2024. Gross margin was 29.8%, compared to 11.7% and 17.2%, respectively. The gross margin sequential and yoy increases were primarily driven by a release of unrealized profit upon sales-type leasing of a U.S. project, higher margin contribution from battery energy storage systems, and the benefit from a U.S. anti-dumping ("AD") and countervailing duty ("CVD") true-up adjustment. Operating expenses were $378 million, up from $195 million in Q1 2025 and $234 million in Q2 2024. The increase was primarily caused by impairment charges related to certain solar and storage assets, as well as manufacturing assets. Operating expenses represented 22.3% of revenue, compared to 16.3% in Q1 2025 and 14.3% in Q2 2024. Net income attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America ("GAAP") in Q2 2025 was $7 million, or a net loss of $0.08 per diluted share, compared to a net loss of $34 million, or $0.69 per diluted share, in the Q1 2025, and net income of $4 million, or $0.02 per diluted share, in Q2 2024. Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was $23 million, and adjusted loss per share - diluted was $0.53 per share in Q2 2025, compared to an adjusted net loss of $60 million or adjusted $1.07 per share in Q1 2025, and a net income of $4 million or $0.02 per share in Q2 2024. Adjusted net loss attributable to Canadian Solar Inc. and adjusted loss per share - diluted in Q2 2025 and Q1 2025 exclude the recognition of income using hypothetical liquidation at book value ("HLBV") method. The Company uses the HLBV method to attribute income and loss to its tax equity investors. Please see Recurrent Energy - HLBV for definition and About Non-GAAP Financial Measures for reconciliation to nearest GAAP measures. Net cash flow provided by operating activities in Q2 2025 was $189 million, driven by changes in working capital, specifically a decrease in inventories, compared to net cash flow used in operating activities of $264 million in Q1 2025 and $429 million in Q2 2024. Total debt, including financing liabilities, was $6.3 billion as of June 30, 2025, including $2.5 billion, $3.5 billion, and $0.3 billion related to CSI Solar, Recurrent Energy, and convertible notes, respectively. Total debt rose from $5.7 billion as of March 31, 2025, mainly due to new borrowings for development of projects and operational assets. Total non-recourse debt as of June 30, 2025, was $1.8 billion. Business Segments The Company operates in two reportable segments: CSI Solar, focused on solar modules and battery energy storage manufacturing and products, and Recurrent Energy, focused on utility-scale solar power and battery energy storage project development and operation. Recurrent Energy As of June 30, 2025, the Company held a leading position with a total global solar project development pipeline of approximately 27 GWp and a battery energy storage project development pipeline of 80 GWh. The business model consists of three key drivers: Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies, with some project ownership sales to manage cash flow and debt level; Asset sales (solar power and battery energy storage) in the rest of the world to drive cash-efficient growth model, as value from project sales will help fund growth in operating assets in stable currency markets; and Power services (O&M) through long-term operations and maintenance ("O&M") contracts, currently with nearly 14 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform. Project Development Pipeline – Solar As of June 30, 2025, the Company's total solar project development pipeline was 27.3 GWp, including 2.0 GWp under construction, 4.2 GWp of backlog, and 21.1 GWp of projects in advanced and early-stage development, defined as follows: Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project's risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. Typically, this occurs after the project has received all the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remaining have a reasonable assurance of securing PPAs. Advanced pipeline projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement. Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection. While the magnitude of the Company's project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company's guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations. HLBV The Company applies the HLBV method to account for its contractual relationships with tax equity investors in U.S. solar energy and battery energy storage projects. This method which allocates income or loss attributable to redeemable noncontrolling interests reflects the changes in the amounts that tax equity investors would hypothetically receive upon liquidation at the beginning and end of each reporting period, after considering any capital transactions, such as contributions or distributions, between our subsidiaries and tax equity investors. The following table presents the Company's total solar project development Project Development Pipeline (as of June 30, 2025) – MWp* Region Under Construction Backlog Advanced Development Early-Stage Development Total North America 276 547 427 5,024 6,274 Europe, the Middle East, and Africa ("EMEA") 1,073 1,704** 872 4,767 8,416 Latin America 128** 823 352 5,666 6,969 Asia Pacific excluding China and Japan 171 275 430 1,289 2,165 China 300 780** - 2,100 3,180 Japan 52 33 80 127 292 Total 2,000 4,162 2,161 18,973 27,296 *All numbers are gross MWp. **Including 63 MWp under construction and 551 MWp in backlog that are owned by or already sold to third parties. Project Development Pipeline – Battery Energy Storage As of June 30, 2025, the Company's total battery energy storage project development pipeline was 80.2 GWh, including 6.4 GWh under construction and in backlog, and 73.8 GWh of projects in advanced and early-stage development. The table below sets forth the Company's total battery energy storage project development pipeline. Battery Energy Storage Project Development Pipeline (as of June 30, 2025) – MWh Region UnderConstruction Backlog Advanced Development Early-Stage Development Total North America 600 200 600 20,644 22,044 EMEA 43 2,708 4,493 31,790 39,034 Latin America - - 1,320 1,385 2,705 Asia Pacific excluding China and Japan 440 240 740 2,580 4,000 China - 1,200 - 6,600 7,800 Japan 8 936 2,031 1,650 4,625 Total 1,091 5,284 9,184 64,649 80,208 CSI Solar Solar Modules and Solar System Kits CSI Solar shipped 7.9 GW of solar modules and solar system kits to more than 70 countries in Q2 2025. The top five markets ranked by shipments were the U.S., China, Pakistan, Spain, and Australia. CSI Solar's revised manufacturing capacity expansion targets are set forth below. Solar Manufacturing Capacity, GW*June 2025 Actual December 2025 Plan Ingot 31.0 31.0 Wafer 37.0 37.0 Cell 36.2 32.4 Module 59.0 51.2 *Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans. e-STORAGE: Battery Energy Storage Solutions As of June 30, 2025, e-STORAGE contracted backlog, including contracted long-term service agreements, was $3 billion. These are signed orders with contractual obligations to customers, providing significant earnings visibility over a multi-year period. The table below sets forth e-STORAGE's manufacturing capacity expansion targets. e-STORAGE Manufacturing Capacity Expansion Plans*June 2025 Actual December 2025 Plan December 2026Plan SolBank Battery Energy Storage Solutions (GWh) 10 15 24 Battery Cells (GWh) 3 3 9 *Nameplate annualized capacities (single-shift basis) at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans. Business Outlook The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management's views and estimates are subject to change without notice. In Q3 2025, the Company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 5.0 GW to 5.3 GW. Total battery energy storage shipments by CSI Solar in Q3 2025 are expected to be in the range of 2.1 GWh to 2.3 GWh, including approximately 250 MWh to the Company's own projects. For the full year of 2025, the Company expects CSI Solar's total module shipments to be in the range of 25 GW to 27 GW, including approximately 1 GW to the Company's projects. CSI Solar's total battery energy storage shipments are expected to be in the range of 7 GWh to 9 GWh, including approximately 1 GWh to the Company's own projects. The Company's total revenue is expected to be in the range of $5.6 billion to $6.3 billion. Dr. Shawn Qu, Chairman and CEO, commented, "We expect third quarter margins to moderate as difficult market conditions persist, and storage profitability reflects more recent orders at normalized levels. We narrowed our full year module volume guidance and maintained our storage volume guidance, supported by increased visibility into the second half. Full year revenue expectations have been adjusted to reflect certain project sales shifting into 2026 and a more measured view on module pricing. The second half will remain challenging, with rising solar supply chain prices and ongoing trade uncertainties. We will continue to navigate these conditions with discipline, maintaining a prudent balance between growth and profitability." Recent Developments Canadian Solar On May 29, 2025, Canadian Solar announced the publication of its 2024 Sustainability Report, which highlights the Company's sustainability strategy and performance, including progress towards achieving its sustainability goals. The sustainability disclosures in the report are aligned with the global standards set by the SASB and GRI, with reference to the IFRS set by the ISSB. CSI Solar On July 16, 2025, Canadian Solar announced its residential energy storage system, EP Cube, designed by its subsidiary, Eternalplanet, won the prestigious Red Dot Award 2025. This award recognizes EP Cube as one of the most well-designed residential energy storage products globally. Earlier this year, EP Cube also received several other international design awards, including the If Design Award and MUSE Design Award Gold. On June 3, 2025, Canadian Solar announced the completion of Large-Scale Fire Testing for its SolBank 3.0 energy storage system. The successful test demonstrated that SolBank 3.0 meets key fire safety criteria by containing thermal events within a single enclosure, providing enhanced safety assurance for utility-scale deployments. Recurrent Energy On July 17, 2025, Canadian Solar announced it closed project financing and tax equity for Blue Moon Solar located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project, totaling $260 million. Constellation will purchase power and renewable energy certificates produced by the 94 MW energy facility. Blue Moon Solar is currently under construction and expected to reach commercial operation in 2026. Recurrent Energy will own and operate the project after it is energized. On July 7, 2025, Canadian Solar announced that the 1,200 MWh Papago Storage facility in Maricopa County, Arizona, has reached commercial operation. The project is now dispatching stored energy to Arizona Public Service (APS), the state's largest electric utility. Papago Storage is the first of three Recurrent Energy projects with tolling agreements in place with APS to become operational. Conference Call Information The Company will hold a conference call on Thursday, August 21, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., Thursday, August 21, 2025, in Hong Kong) to discuss the Company's second quarter 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800 965 561 (from Hong Kong), +86 400 120 2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13755040. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, September 4, 2025 (11:00 a.m. September 5, 2025, in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13755040. A webcast replay will also be available on the investor relations section of Canadian Solar's website at About Canadian Solar Inc. Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 165 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 13 GWh of battery energy storage solutions to global markets as of June 30, 2025, boasting a $3 billion contracted backlog as of June 30, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 80 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit Safe Harbor/Forward-Looking Statements Certain statements in this press release, including those regarding the Company's expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law. Investor Relations Contact: Wina Huang Investor Relations Canadian Solar Inc. investor@ FINANCIAL TABLES FOLLOWThe following tables provide unaudited select financial data for the Company's CSI Solar and Recurrent Energy businesses. Select Financial Data – CSI Solar and Recurrent Energy Three Months Ended and As of June 30, 2025 (In Thousands of U.S. Dollars) CSI SolarRecurrent EnergyElimination and unallocated itemsTotalNet revenues $ 1,731,803$ 106,135$ (144,067)$ 1,693,871Cost of revenues 1,346,24871,757(229,164)1,188,841Gross profit 385,55534,37885,097505,030Operating expenses 264,815108,8153,967377,597Income (loss) from operations 120,740(74,437)81,130127,433Other segment items (1) (46,299)Income before income taxes and equity in losses of affiliates 81,134 Supplementary Information: Interest expense $ (15,983)$ (25,521)$ (3,303)$ (44,807)Interest income 7,2642,2963609,920Depreciation and amortization, included in cost of revenues and operating expenses 131,43314,344—145,777 Cash and cash equivalents $ 1,454,276$ 346,844$ 54,914$ 1,856,034Restricted cash – current and non-current 340,25867,917—408,175Non-recourse borrowings —1,809,269—1,809,269Other short-term and long- term borrowings 2,443,2651,478,119—3,921,384Convertible notes – non- current ——274,510274,510Green bonds – non-current —163,586—163,586 Select Financial Data – CSI Solar and Recurrent EnergySix Months Ended June 30, 2025 (In Thousands of U.S. Dollars)CSI SolarRecurrent EnergyElimination and unallocated itemsTotal Net revenues $ 2,922,061$ 231,377$ (262,942)$ 2,890,496 Cost of revenues 2,376,968173,715(305,711)2,244,972 Gross profit 545,09357,66242,769645,524 Operating expenses 422,516144,0966,284572,896 Income (loss) from operations 122,577(86,434)36,48572,628 Other segment items (1) (87,225) Loss before income taxes and equity in losses of affiliates (14,597) Supplementary Information:Interest expense $ (32,865)$ (46,490)$ (5,939)$ (85,294) Interest income 15,3385,97470422,016 Depreciation and amortization, included in cost of revenues and operating expenses 261,27628,216—289,492(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net. The following table summarizes the revenues generated from each product or Months Ended June 30, 2025Three MonthsEnded March 31, 2025Three Months Ended June 30, 2024(In Thousands of U.S. Dollars) CSI Solar:Solar modules $ 1,022,266$ 797,422$ 1,207,816 Solar system kits 73,81285,526114,869 Battery energy storage solutions 432,399155,310225,805 EPC and others 61,61335,03736,418 Subtotal 1,590,0901,073,2951,584,908 Recurrent Energy:Solar power and battery energy storage asset sales 48,09172,15112,752 Power services 18,80916,49916,853 Revenue from electricity, battery energy storage operations and others 36,88134,68020,920 Subtotal 103,781123,33050,525 Total net revenues $ 1,693,871$ 1,196,625$ 1,635,433 Six Months Ended June 30, 2025Six Months Ended June 30, 2024(In Thousands of U.S. Dollars) CSI Solar:Solar modules $ 1,819,688$ 2,119,966 Solar system kits 159,338214,116 Battery energy storage solutions 587,709477,278 EPC and others 96,65063,226 Subtotal 2,663,3852,874,586 Recurrent Energy:Solar power and battery energy storage asset sales 120,24218,796 Power services 35,30831,009 Revenue from electricity, battery energy storage operations and others 71,56140,153 Subtotal 227,11189,958 Total net revenues $ 2,890,496$ 2,964,544 Canadian Solar Inc. Unaudited Condensed Consolidated Statements of Operations (In Thousands of U.S. Dollars, Except Share and Per Share Data) Three Months EndedSix Months Ended June 30,March 31,June 30,June 30,June 30, 20252025202420252024Net revenues $ 1,693,871$ 1,196,625$ 1,635,433$ 2,890,496$ 2,964,544 Cost of revenues 1,188,8411,056,1311,353,3392,244,9722,429,697Gross profit 505,030140,494282,094645,524534,847Operating expenses: Selling and distribution expenses 109,47990,767131,692200,246220,104General and administrative expenses 252,671105,651100,911358,322195,604Research and development expenses 24,71924,28425,57849,00359,857Other operating income, net (9,272)(25,403)(23,737)(34,675)(37,440) Total operating expenses 377,597195,299234,444572,896438,125Income (loss) from operations 127,433(54,805)47,65072,62896,722 Other income (expenses): Interest expense (44,807)(40,487)(33,022)(85,294)(67,889)Interest income 9,92012,09614,12222,01648,424Gain (loss) on change in fair value of derivatives, net (5,760)(9,039)81(14,799)(16,613)Foreign exchange gain (loss), net (7,318)(4,586)12,486(11,904)25,399Investment income (loss), net 1,6661,090(835)2,756(666) Total other expenses (46,299)(40,926)(7,168)(87,225)(11,345)Income (loss) before income taxes and equity in earnings (losses) of affiliates 81,134(95,731)40,482(14,597)85,377 Income tax benefit (expense) (34,311)23,122(5,283)(11,189)(14,960) Equity in losses of affiliates (2,053)(4,045)(7,775)(6,098)(6,770) Net income (loss) 44,770(76,654)27,424(31,884)63,647Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests 37,573(42,683)23,602(5,110)47,473Net income (loss) attributable to Canadian Solar Inc. $ 7,197$ (33,971)$ 3,822$ (26,774)$ 16,174Earnings (loss) per share - basic $ (0.08)$ (0.69)$ 0.02$ (0.77)$ 0.21 Shares used in computation - basic 67,167,29666,962,68666,413,75067,065,55666,289,155 Earnings (loss) per share - diluted $ (0.08)$ (0.69)$ 0.02$ (0.77)$ 0.21 Shares used in computation - diluted 67,167,29666,962,68666,984,78367,065,55666,813,754 Canadian Solar Inc. Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) (In Thousands of U.S. Dollars)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,June 30,20252025202420252024 Net income (loss) $ 44,770$ (76,654)$ 27,424$ (31,884)$ 63,647 Other comprehensive income (loss), net of tax:Foreign currency translation adjustment 95,1752,091(59,897)97,266(113,710) Gain (loss) on changes in fair value of available-for-sale debt securities 865(504)7693611,649 Gain (loss) on interest rate swap (8,148)(3,081)(481)(11,229)484 Share of gain (loss) on changes in fair value of interest rate swap of affiliate (629)(1,232)(159)(1,861)975 Comprehensive income (loss) 132,033(79,380)(32,344)52,653(46,955) Less: comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests 41,855(40,768)15,6371,08735,974 Comprehensive income (loss) attributable to Canadian Solar Inc. $ 90,178$ (38,612)$ (47,981)$ 51,566$ (82,929) Canadian Solar Inc. Unaudited Condensed Consolidated Balance Sheets (In Thousands of U.S. Dollars) June 30,December 31,20252024ASSETS Current assets:Cash and cash equivalents $ 1,856,034$ 1,701,487 Restricted cash 388,025551,387 Accounts receivable trade, net 915,3021,118,770 Accounts receivable, unbilled 176,542142,603 Amounts due from related parties 2,8745,220 Inventories 1,247,9231,206,595 Value added tax recoverable 232,744221,539 Advances to suppliers, net 211,625124,440 Derivative assets 10,93614,025 Project assets 371,434394,376 Prepaid expenses and other current assets 796,174436,635Total current assets 6,209,6135,917,077Restricted cash 20,15011,147Property, plant and equipment, net 3,307,5213,174,643Solar power and battery energy storage systems, net 1,981,0871,976,939Deferred tax assets, net 397,146473,500Advances to suppliers, net 97,985118,124Investments in affiliates 262,015232,980Intangible assets, net 32,21231,026Project assets 1,347,421889,886Right-of-use assets 430,534378,548Amounts due from related parties 78,15075,215Other non-current assets 648,097232,465TOTAL ASSETS $ 14,811,931$ 13,511,550 Canadian Solar Condensed Consolidated Balance Sheets (Continued)(In Thousands of U.S. Dollars) June 30,December 31, 20252024LIABILITIES, REDEEMABLE INTERESTS AND EQUITY Current liabilities:Short-term borrowings $ 2,275,211$ 1,873,306 Convertible notes —228,917 Accounts payable 1,016,1521,062,874 Short-term notes payable 610,288637,512 Amounts due to related parties 3,4273,927 Other payables 1,040,789984,023 Advances from customers 143,224204,826 Derivative liabilities 2,33613,738 Operating lease liabilities 24,97221,327 Other current liabilities 559,163388,460Total current liabilities 5,675,5625,418,910Long-term borrowings 3,455,4422,731,543Convertible notes 274,510—Green bonds 163,586146,542Liability for uncertain tax positions 5,7705,770Deferred tax liabilities 119,790204,832Operating lease liabilities 321,310271,849Other non-current liabilities 620,101582,301TOTAL LIABILITIES 10,636,0719,361,747Redeemable non-controlling interests 205,363247,834 Equity:Common shares 835,543835,543 Additional paid-in capital 575,449590,578 Retained earnings 1,558,9841,585,758 Accumulated other comprehensive loss (115,175)(196,379)Total Canadian Solar Inc. shareholders' equity 2,854,8012,815,500Non-controlling interests 1,115,6961,086,469TOTAL EQUITY 3,970,4973,901,969TOTAL LIABILITIES, REDEEMABLE INTERESTS AND EQUITY $ 14,811,931$ 13,511,550 Canadian Solar Condensed Statements of Cash Flows(In Thousands of U.S. Dollars) Three Months EndedSix Months Ended June 30,March 31,June 30,June 30,June 30, 20252025202420252024Operating Activities: Net income (loss) $ 44,770$ (76,654)$ 27,424$ (31,884)$ 63,647Adjustments to net income (loss) 366,084161,770174,201527,854332,551Changes in operating assets and liabilities (222,298)(349,319)(630,963)(571,617)(1,117,023)Net cash provided by (used in) operating activities 188,556(264,203)(429,338)(75,647)(720,825) Investing Activities: Purchase of property, plant and equipment and intangible assets (172,729)(256,380)(390,248)(429,109)(660,310)Purchase of solar power and battery energy storage systems (219,695)(128,707)(10,936)(348,402)(184,277)Other investing activities (55,882)(83,897)2,515(139,779)12,947Net cash used in investing activities (448,306)(468,984)(398,669)(917,290)(831,640) Financing Activities: Proceeds from subsidiary's issuance of preferred shares, net ——297,000—297,000 Capital contributions from tax equity investors in subsidiaries —14,680—14,680—Repurchase of shares by subsidiary (24,221)(21,404)(70,624)(45,625)(70,624)Other financing activities 495,276550,962(38,778)1,046,238684,634Net cash provided by financing activities 471,055544,238187,5981,015,293911,010Effect of exchange rate changes 18,985(41,153)(61,483)(22,168)(112,736)Net increase (decrease) in cash, cash equivalents and restricted cash 230,290(230,102)(701,892)188(754,191)Cash, cash equivalents and restricted cash at the beginning of the period $ 2,033,919$ 2,264,021$ 2,894,133$ 2,264,021$ 2,946,432Cash, cash equivalents and restricted cash at the end of the period $ 2,264,209$ 2,033,919$ 2,192,241$ 2,264,209$ 2,192,241 About Non-GAAP Financial Measures This press release also contains adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share - diluted that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income (loss) attributable to Canadian Solar Inc. or earnings (loss) per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share - diluted exclude from net income (loss) attributable to Canadian Solar Inc. and earnings (loss) per share certain items that the Company does not consider indicative of its ongoing financial performance such as the effects of HLBV method to account for its tax equity arrangements. Management uses these non-GAAP financial measures to facilitate the analysis and communication of the Company's financial performance as compared to its previous financial results. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of the Company's financial performance. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited. The table below provides a reconciliation of our GAAP net income (loss) to non-GAAP financial Months EndedSix Months EndedJune 30,March 31,June 30,June 30,June 30,20252025202420252024 GAAP net income (loss) attributable to Canadian Solar Inc. $ 7,197$ (33,971)$ 3,822$ (26,774)$ 16,174 Non-GAAP income adjustment items:Less: HLBV effects (30,248)(25,902)—(56,150)— Non-GAAP adjusted net income (loss) attributable to Canadian Solar Inc. $ (23,051)$ (59,873)$ 3,822$ (82,924)$ 16,174 GAAP earnings (loss) per share – diluted $ (0.08)$ (0.69)$ 0.02$ (0.77)$0.21 Non-GAAP income adjustment items:Less: HLBV effects (0.45)(0.38)—(0.83)— Add: HLBV effects attributable to redeemable non-controlling interests ————— Non-GAAP adjusted earnings (loss) per share – diluted $ (0.53)$ (1.07)$ 0.02$ (1.60)$0.21 Shares used in computation – diluted (GAAP) 67,167,29666,962,68666,984,78367,065,55666,813,754 Shares used in computation – diluted (Non-GAAP) 67,167,29666,962,68666,984,78367,065,55666,813,754 View original content: SOURCE Canadian Solar Inc. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
