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Canadian Solar shipments and revenues increase in Q2 2024 amid low module prices

Solar manufacturing major Canadian Solar has posted increased revenues and profits in its Q2 2024 financial results, driven by an increase in PV module shipments that outweighed the continued decline of module average selling prices (ASPs).

Net revenues for the quarter—for both CSI Solar, its module and storage business, and Recurrent Energy, the manufacturing and project development businesses—were US$1.6 billion, a 23% increase from US$1.3 billion in Q1. Profits rose by 12% quarter-on-quarter (QoQ) to US$282 million. These increases were attributed to increased module shipments.

However, both of these figures were lower than the same period in 2023, by 31% and 36%, respectively. Canadian Solar gave the same explanation for its yearly decreases as in its Q1 results: “a decline in module ASPs and lower project sales, partially offset by higher battery energy storage solutions sales.”

Gross margin for Q2 2024 was 17.2%, compared with 19% in Q1 and 18.6% in Q2 2023. This drop was also attributed to lower module ASPs, though the marginally better comparison with the 2023 results was offset by lower manufacturing costs in this quarter.

Net income was US$4 million, a dramatic 66% decrease from US$12 million in Q1 and a decrease of over 97% from US$170 million year-on-year (YoY).

The company—which is listed in New York but manufactures predominantly in China and is commonly regarded alongside other major Chinese producers—shipped 8.2GW of modules in Q2 2024. This is a return to the sort of numbers set in its “record” shipment figures of 2023 and a sharp increase from 6.3GW in Q1.

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