UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-33107
CANADIAN
SOLAR INC.
545 Speedvale Avenue West, Guelph,
Ontario, Canada N1K 1E6
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F ¨
CANADIAN SOLAR INC.
Form 6-K
TABLE OF CONTENTS
Signature
Exhibit Index
Exhibit 99.1
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CANADIAN SOLAR INC. |
|
|
|
By: |
/s/
Shawn (Xiaohua) Qu |
|
Name: |
Shawn (Xiaohua) Qu |
|
Title: |
Chairman and Chief Executive Officer |
Date: November 14, 2023
EXHIBIT INDEX
Exhibit 99.1 — Third Quarter 2023 Earnings Release
Exhibit 99.1
Canadian Solar Reports Third Quarter 2023 Results
Guelph, Ontario,
November 14, 2023 – Canadian Solar Inc. (“Canadian Solar” or the “Company”)
(NASDAQ: CSIQ) today announced financial results for the third quarter ended September 30, 2023.
Third Quarter Highlights
| · | 39% increase in solar module shipments year-over-year
(“yoy”) to 8.3 GW. |
| · | Net revenues of $1.85 billion, with a 16.7% gross
margin, and net income attributable to Canadian Solar of $0.32 per diluted share. |
| · | $2.6 billion e-STORAGE contracted backlog, as
of November 14, 2023, of which approximately half are expected deliveries for 2024 that are likely to be meaningfully gross and net
margin accretive helped by the favorable cost environment. |
| · | Recurrent Energy expanded its total development
pipeline to 26 GWp of solar and 55 GWh of battery energy storage, as of September 30, 2023. |
Dr. Shawn Qu, Chairman and CEO, commented,
“We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite
lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We
significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity
and is expected to reach 60% by the end of 2023. We continued to make strategic, long-term investments in key premium markets, including
the recent announcement of our 5 GW solar cell facility in Jeffersonville, Indiana, and our 5 GW solar wafer facility in Thailand, both
of which will serve U.S. customers. These will complement our 5 GW solar module facility in Mesquite, Texas, which is set to start production
in a few weeks. As we navigate through short-term cyclical market fluctuations, our goal remains consistent which is to build on our long-term
competitive position in a rapidly growing global market and deliver sustainable value for our shareholders.”
Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary,
said, “CSI Solar achieved shipment growth and healthy margin improvement in the third quarter of 2023 despite the challenging market
conditions. CSI Solar’s gross and operating margins improved sequentially driven by lower manufacturing costs as we were able to
achieve a higher level of vertical integration. This was notwithstanding TOPCon capacity ramp up costs incurred during the quarter, and
further rapid declines in solar module prices, which led to an inventory write-down of modules in warehouses intended for certain distributed
generation markets. On the utility scale storage side of the business, e-STORAGE has continued to grow, with our total contracted backlog
increasing to $2.6 billion, including an impressive $520 million in additional new contracts signed since June 30, 2023. We expect to
deliver at least half of these contracts in 2024, making it a record year for e-STORAGE. We strive to provide our customers with the most
competitive solution in the market with our relentless focus on quality, safety, value-creation, and end-to-end execution.”
Ismael Guerrero, CEO of Canadian Solar’s Recurrent Energy
subsidiary, said, “As expected, revenue in the third quarter of 2023 was sequentially lower for our Recurrent Energy business.
We monetized the 18 MWp Hiroshima Suzuhari project in Japan and several smaller but collectively meaningful projects in Taiwan. Separately,
it was a big quarter for our execution teams. Nearly 300 MWp of projects in the U.S. closed $312 million in financing during the quarter,
both tax equity and project financing, and are currently under construction. As we continue to execute on our strategy to create and retain
the value of the projects that we develop, we are shifting and adding resources to deliver an increased number of the highest quality
projects in the market. We expect that this will drive growth of our base of stable, predictable, and profitable cash flows, while generating
greater long-term value for shareholders.”
Dr. Huifeng
Chang, Senior VP and CFO, added, “In the third quarter of 2023, we generated $1.8 billion in net revenues, a 16.7% gross
margin, and net income of $0.32 per diluted share. We generated $158 million in operating cash, as we continue to prioritize cash flow
generation and manage inventory levels accordingly. We ended the quarter with a cash position of nearly $3 billion, which we expect to
deploy prudently in our long-term strategic growth plans.”
Third Quarter 2023 Results
Total module shipments
recognized as revenues in the third quarter of 2023 were 8.3 GW, up 39% yoy and 1% qoq. Of the total, 82 MW were shipped to the
Company’s own utility-scale solar power projects.
Net revenues in
the third quarter of 2023 decreased 22% qoq and 4% yoy to $1.8 billion. The sequential decrease reflects lower project sales during
the quarter and a decline in module average selling price (“ASP”), partially offset by higher solar module shipment volumes.
Gross profit in
the third quarter of 2023 was $308 million, down 30% qoq and 15% yoy. Gross margin in the third quarter of 2023 was 16.7%, compared
to 18.6% in the second quarter of 2023. The gross margin decline was primarily driven by lower margin contribution from project sales
and lower module ASPs, partially offset by lower manufacturing costs.
Total operating expenses in the third
quarter of 2023 were $225 million, compared to $216 million in the second quarter of 2023 and $274 million in the third quarter
of 2022. The sequential increase was driven by higher transportation, TOPCon
production ramp up and R&D costs, which were partially offset by a sequential reduction in share-based compensation following the
successful CSI Solar IPO in the second quarter of 2023.
Depreciation and
amortization charges in the third quarter of 2023 were $76 million, compared to $73 million in the second quarter of 2023 and $56
million in the third quarter of 2022. The sequential increase was primarily driven by the Company’s continued capacity expansion.
Net interest expense in the third quarter of 2023
was $11 million, compared to net interest expense of $21 million in the second quarter of 2023 and net interest income of $4 million in
the third quarter of 2022. The sequential decrease in net interest expense was due to higher interest income on the Company’s cash
balance.
Net foreign exchange
and derivative loss in the third quarter of 2023 was $17 million, compared to a net gain of $34 million in the second quarter of
2023 and a net gain of $39 million in the third quarter of 2022. The net foreign exchange and derivative loss was mainly due to weaker
Euro relative to the U.S. Dollar and hedging losses on Renminbi.
Net income attributable
to Canadian Solar in the third quarter of 2023 was $22 million, or $0.32 per diluted share, compared to net income of $170 million,
or $2.39 per diluted share, in the second quarter of 2023, and net income of $78 million, or $1.12 per diluted share, in the third quarter
of 2022.
Net cash flow provided by operating
activities in the third quarter of 2023 was $158 million, compared to $290 million
in the second quarter of 2023. The sequential decrease in operating cash flow primarily resulted from lower net profit.
Total debt was $3.3 billion
as of September 30, 2023, including $1,720 million, $1,381 million, and $227 million related to CSI Solar, Recurrent Energy and convertible
bonds respectively. Total debt remained unchanged compared to $3.3 billion as of June 30, 2023.
Corporate Structure
The Company has two business segments: Recurrent
Energy, formerly Global Energy, and CSI Solar. The two businesses operate as follows:
| · | Recurrent Energy (formerly Global Energy)
is one of the world’s largest clean energy project development platforms with 14 years of experience, having delivered around 9.3
GWp of solar power projects and over 3 GWh of battery storage projects. It is vertically integrated and has strong expertise in greenfield
origination, development, financing, execution, operations and maintenance, and asset management. |
| · | CSI Solar consists of solar module and battery storage manufacturing,
and delivery of total system solutions, including inverters, solar system kits and EPC (engineering, procurement, and construction) services.
CSI Solar’s e-STORAGE branded battery storage business includes its utility-scale turnkey battery system solutions, as well as a
small but growing residential battery storage business. These storage systems solutions are complemented with long-term service agreements,
including future battery capacity augmentation services. |
Recurrent Energy Segment (formerly Global Energy)
As of September 30, 2023, the Company held a leading position with
a total global solar development pipeline of 26 GWp and an energy storage development pipeline of 55 GWh.
While Recurrent Energy’s business model
was historically predominantly develop-to-sell, the Company has been adjusting its strategy to create greater asset value and retain greater
ownership of projects in select markets to increase revenues generated through recurring income, such as power sales, operations and maintenance,
and asset management income.
The business model will consist of three key drivers:
| · | Operating portfolio to drive stable, diversified
cash flows in growth markets with stable currencies; |
| · | Project sales (or asset rotations) 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; |
| · | Power services through long-term operations and maintenance
(“O&M”) contracts, currently with 8 GW of contracted projects, to drive stable and long-term recurring earnings and synergies
with the project development platform. |
Recurrent Energy is continuing to evaluate adjustments
in its growth strategy to hold valuable solar and storage assets for the longer term.
Project Development Pipeline – Solar
As of September 30, 2023, Recurrent Energy’s
total solar project development pipeline was 26.5 GWp, including 1.8 GWp under construction, 6.0 GWp of backlog, and 18.7 GWp of projects
in advanced and early-stage pipelines, 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. This is usually after the
projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, 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 Recurrent Energy 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 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 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.
The following table presents Recurrent Energy’s
total solar project development pipeline.
Solar Project Development Pipeline (as of September 30, 2023)
– MWp* | |
Region | |
In
Construction | | |
Backlog | | |
Advanced
Pipeline | | |
Early-Stage
Pipeline | | |
Total | |
North America | |
| 297 | | |
| 127 | | |
| 1,841 | | |
| 4,710 | | |
| 6,975 | |
Latin America | |
| 1,051** | | |
| 1,437** | | |
| 452 | | |
| 2,418 | | |
| 5,358 | |
Europe, the Middle East, and Africa (“EMEA”) | |
| 89** | | |
| 2,233 | | |
| 2,427 | | |
| 3,756 | | |
| 8,505 | |
Japan | |
| 3 | | |
| 167 | | |
| 14 | | |
| 2 | | |
| 186 | |
China | |
| 400 | | |
| 1,845** | | |
| - | | |
| 1,000 | | |
| 3,245 | |
Asia Pacific excluding Japan and China | |
| - | | |
| 187 | | |
| 830 | | |
| 1,209 | | |
| 2,226 | |
Total | |
| 1,840 | | |
| 5,996 | | |
| 5,564 | | |
| 13,095 | | |
| 26,495 | |
*All numbers are gross MWp.
**Including 671 MWp in construction and 711 MWp in backlog that are owned by or already sold to third parties.
Project Development Pipeline – Battery
Energy Storage
As of September 30, 2023, Recurrent Energy’s
total battery energy storage project development pipeline was 54.5 GWh, including 4.6 GWh under construction and in backlog, and 50.0
GWh of projects in advanced and early-stage pipelines.
The table below sets forth Recurrent Energy’s
total battery energy storage project development pipeline.
Battery Energy Storage Project Development Pipeline (as of September 30, 2023) – MWh |
Region | |
In
Construction | | |
Backlog | | |
Advanced
Pipeline | | |
Early-Stage
Pipeline | | |
Total | |
North America | |
| - | | |
| 1,600 | | |
| 2,298 | | |
| 15,442 | | |
| 19,340 | |
Latin America | |
| - | | |
| 2,205 | | |
| 1,000 | | |
| - | | |
| 3,205 | |
EMEA | |
| - | | |
| 110 | | |
| 4,418 | | |
| 16,069 | | |
| 20,597 | |
Japan | |
| - | | |
| - | | |
| 129 | | |
| 1,067 | | |
| 1,196 | |
China | |
| - | | |
| - | | |
| - | | |
| 7,900 | | |
| 7,900 | |
Asia Pacific excluding Japan and China | |
| 10 | | |
| 654 | | |
| - | | |
| 1,640 | | |
| 2,304 | |
Total | |
| 10 | | |
| 4,569 | | |
| 7,845 | | |
| 42,118 | | |
| 54,542 | |
Projects in Operation – Solar and
Battery Energy Storage Power Plants (Including Unconsolidated Projects)
As of September 30,
2023, the solar power plants in operation totaled 847 MWp, with a combined estimated net resale value of approximately $740 million.
The estimated net resale value is based on selling prices that Recurrent Energy is currently negotiating or comparable asset sales. Battery
energy storage plants in operation totaled 594 MWh as of September 30, 2023.
Power Plants in Operation* |
| |
North
America | | |
Latin
America | | |
Japan | | |
China | | |
Asia Pacific ex. Japan
and China | | |
Total | |
Solar (MWp) | |
| - | | |
| 684 | | |
| 63 | | |
| 91 | | |
| 9 | | |
| 847 | |
Battery Energy Storage (MWh) | |
| 280 | | |
| - | | |
| - | | |
| 300 | | |
| 14 | | |
| 594 | |
*All numbers are net MWp or MWh owned by Recurrent
Energy; total gross MWp of solar projects is 1,294 MWp and total gross battery storage projects is 1,714 MWh, including volume that is
already sold to third parties.
Operating Results
The following table presents select unaudited
results of operations data of the Recurrent Energy segment for the periods indicated.
Recurrent Energy Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages) |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, 2023 | | |
June 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
Net revenues | |
| 63,806 | | |
| 360,045 | | |
| 100,925 | | |
| 443,903 | | |
| 747,875 | |
Cost of revenues | |
| 46,107 | | |
| 201,981 | | |
| 53,366 | | |
| 260,931 | | |
| 602,475 | |
Gross profit | |
| 17,699 | | |
| 158,064 | | |
| 47,559 | | |
| 182,972 | | |
| 145,400 | |
Operating expenses | |
| 26,880 | | |
| 35,874 | | |
| 20,512 | | |
| 85,168 | | |
| 63,685 | |
Income (loss) from operations* | |
| (9,181 | ) | |
| 122,190 | | |
| 27,047 | | |
| 97,804 | | |
| 81,715 | |
Gross margin | |
| 27.7 | % | |
| 43.9 | % | |
| 47.1 | % | |
| 41.2 | % | |
| 19.4 | % |
Operating margin | |
| -14.4 | % | |
| 33.9 | % | |
| 26.8 | % | |
| 22.0 | % | |
| 10.9 | % |
* Income (loss) from operations reflects management’s allocation and estimate as some services are shared
by the Company’s two business segments.
CSI Solar Segment
Solar Modules
CSI Solar shipped
8.3 GW of solar modules to more than 70 countries in the third quarter of 2023. For the third quarter of 2023, the top five markets
ranked by shipments were China, the U.S., Brazil, Spain, and Germany.
CSI Solar’s revised manufacturing capacity
expansion targets are set forth below.
| |
Solar Manufacturing Capacity, GW* | |
| |
September 2023 Actual | | |
December 2023 Plan | | |
March 2024 Plan | | |
December 2024 Plan | |
Ingot | |
| 20.4 | | |
| 20.4 | | |
| 20.4 | | |
| 50.4 | |
Wafer | |
| 21.0 | | |
| 21.0 | | |
| 31.0 | | |
| 55.0 | |
Cell | |
| 39.0 | | |
| 50.0 | | |
| 54.0 | | |
| 60.0 | |
Module | |
| 51.0 | | |
| 57.0 | | |
| 58.0 | | |
| 61.0 | |
*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 Storage Solutions
e-STORAGE, formerly known as CSI Energy Storage,
is CSI Solar’s utility-scale battery energy storage platform. e-STORAGE provides customers with competitive turnkey, integrated,
utility-scale battery storage solutions, including bankable, end-to-end, utility-scale, turnkey battery storage system solutions across
various applications. System performance is complemented with long-term service agreements, which include future battery capacity augmentation
services and bring in long-term, stable income.
As of September 30,
2023, e-STORAGE had a total project turnkey pipeline of approximately 43 GWh, which includes both contracted and in-construction projects,
as well as projects at different stages of the negotiation process. In addition, e-STORAGE had approximately 2.9 GWh of operating battery
storage projects contracted under long-term service agreements, all of which were battery energy storage projects previously executed
by e-STORAGE.
Between June 30, 2023 and November 14, 2023, the date of this press
release, e-STORAGE signed approximately $520 million in new bookings, including contracted long-term service agreements. As of November
14, 2023, the contracted backlog, including contracted long-term service agreements, was $2.6 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.
Battery Storage Manufacturing Capacity, GWh* | |
September 2023 Actual | | |
December 2023 Plan | | |
December 2024 Plan | |
SolBank | |
| 8.0 | | |
| 10.0 | | |
| 20.0 | |
*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.
Operating Results
The following table presents select unaudited
results of operations data of the CSI Solar segment for the periods indicated.
CSI Solar Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages) |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30,
2023 | | |
June 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30, 2022 | |
Net revenues | |
| 1,805,507 | | |
| 2,013,993 | | |
| 1,973,163 | | |
| 5,529,230 | | |
| 4,999,567 | |
Cost of revenues | |
| 1,506,334 | | |
| 1,726,154 | | |
| 1,632,518 | | |
| 4,626,609 | | |
| 4,193,438 | |
Gross profit | |
| 299,173 | | |
| 287,839 | | |
| 340,645 | | |
| 902,621 | | |
| 806,129 | |
Operating expenses | |
| 172,409 | | |
| 168,455 | | |
| 243,667 | | |
| 487,015 | | |
| 614,860 | |
Income from operations | |
| 126,764 | | |
| 119,384 | | |
| 96,978 | | |
| 415,606 | | |
| 191,269 | |
Gross margin | |
| 16.6 | % | |
| 14.3 | % | |
| 17.3 | % | |
| 16.3 | % | |
| 16.1 | % |
Operating margin | |
| 7.0 | % | |
| 5.9 | % | |
| 4.9 | % | |
| 7.5 | % | |
| 3.8 | % |
*Include effects of both sales to third-party customers and to the Company’s Recurrent Energy segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.
The table below provides the geographic distribution
of the net revenues of CSI Solar:
CSI Solar Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) |
| |
Q3 2023 | | |
% of Net
Revenues | | |
Q2 2023 | | |
% of Net
Revenues | | |
Q3 2022 | | |
% of Net
Revenues | |
Asia | |
| 715 | | |
| 40 | | |
| 722 | | |
| 36 | | |
| 669 | | |
| 37 | |
Americas | |
| 630 | | |
| 35 | | |
| 716 | | |
| 36 | | |
| 650 | | |
| 35 | |
Europe and others | |
| 437 | | |
| 25 | | |
| 566 | | |
| 28 | | |
| 512 | | |
| 28 | |
Total | |
| 1,782 | | |
| 100 | | |
| 2,004 | | |
| 100 | | |
| 1,831 | | |
| 100 | |
*Excludes sales from CSI Solar to Recurrent
Energy.
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.
For the fourth quarter of 2023,
the Company expects total revenue to be in the range of $1.6 billion to $1.8 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 7.6 GW to 8.1 GW, including approximately
95 MW to the Company’s own projects. Total battery energy storage shipments by CSI Solar in the fourth quarter are expected to be
in the range of 1.4 GWh to 1.5 GWh, of which approximately 720 MWh are expected to generate revenues in early 2024.
For the full year of 2024, the Company expects total module shipments
to be in the range of 42 GW to 47 GW and total battery energy storage shipments in the range of 6.0 GWh to 6.5 GWh, including approximately
2 GW and 2.5 GWh respectively to the Company’s own projects.
Dr. Shawn Qu, Chairman and CEO, commented, “We are very
excited about our long-term growth prospects and competitive position, which we are further strengthening with our strategic expansion
in the U.S. While margins are expected to rebalance over the next couple of quarters driven by further destocking in the distributed generation
channels, we see significant pent-up demand due to lower equipment costs and higher and more volatile energy prices, especially once markets
successfully adapt to a higher cost of capital environment. We expect e-STORAGE to remain one of our fastest growing businesses with improved
profitability, as we anticipate to more than triple the shipments of our utility-scale energy storage solution next year and gain market
share in the global energy storage segment.”
Recent Developments
On October 11, 2023, Canadian Solar announced
it had been awarded the “Sustainability Reporting of the Year – Global” as part of Environmental Finance’s 2023
Sustainable Company Awards. This award recognized Canadian Solar’s efforts in providing transparent, comparable, and comprehensive
sustainability reporting which enables its stakeholders to better understand the Company’s strategy, commitments, and progress towards
achieving its sustainability goals.
Recurrent Energy (formerly Global Energy)
On October 17, 2023, Canadian Solar announced the successful placement
of JPY18.5 billion green bonds. Goldman Sachs Japan Co., Ltd., was the lead arranger and sole book runner with the domestic bond
investors. The private placement has a 3-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.)
coupons. The Japan Credit Rating Agency, Ltd. ("JCR") has assigned this structured bond with an investment grade rating
of "A-". JCR certified the issuer with the highest Green 1 rating under the Japanese Green Bond guidelines. Orix Bank Corporation had
been appointed as the trustee.
On September 28, 2023, Canadian Solar announced
it completed the sale of its 17.5 MWp Hiroshima Suzuhari operational solar project located in Hiroshima prefecture in Japan to a private
Japanese fund. The project had been owned by the Japan Green Infrastructure Fund (“JGIF”) since 2021 and was financed through
the issuance of a Green Project Bond with an investment grade rating. Importantly, it was certified with the highest Green 1 rating under
the Japanese Green Bond guidelines.
On September 19, 2023, Canadian Solar announced
its wholly owned subsidiary Recurrent Energy closed project financing for its 134 MW (100 MWac) Liberty Solar project. Rabobank, Nord
LB, and U.S. Bank will provide construction debt, a letter of credit facility and a term facility, totaling $120 million. U.S. Bancorp
Impact Finance, a subsidiary of U.S. Bank, will provide the tax equity totaling $80 million. The project is currently under
construction in Liberty County, Texas and is expected to commence operation in 2024. Recurrent Energy had secured a power purchase agreement
for 100% of the project’s production capacity via an aggregated virtual power purchase agreement.
On August 31, 2023, Canadian Solar announced
its wholly owned subsidiary Recurrent Energy secured $112 million in project financing for its 160 MW (120 MWac) North Fork Solar project
in Oklahoma. The project is expected to be operational in 2024 and Recurrent Energy will own and operate the project through its power
services business. North Fork Solar represents Recurrent Energy’s first project in Oklahoma and first project in the Southwest Power
Pool (SPP).
CSI Solar
On November 9, 2023, Canadian Solar announced
the establishment of a 5 GW solar PV wafer production facility in Chonburi, Thailand. Production of the facility is planned to begin in
March 2024. The solar wafers produced at this facility will initially be used at the existing Thailand TOPCon cell manufacturing
plant in the same location. From 2025 onwards and once the previously announced 5 GW U.S. cell factory in Jeffersonville, Indiana,
becomes fully operational, these wafers will be used as inputs to Indiana cell factory.
On October 30, 2023, Canadian Solar announced
the establishment of a 5 GW solar PV cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The
Jeffersonville facility represents a projected investment of more than $800 million and is expected to create approximately 1,200 skilled
high-tech jobs once production is fully ramped up. The solar cells produced at this facility will be used at the previously announced
5 GW module assembly plant in Mesquite, Texas. Production at the Jeffersonville facility is expected to begin by the end of 2025.
On October 26, 2023, Canadian Solar announced
e-STORAGE, which is part of its majority-owned subsidiary CSI Solar, was awarded a supply and integration contract for 1 GWh DC of
energy storage solutions for DEPCOM Power, Inc. and DEPCOM’s customer, Tucson Electric Power, in Arizona.
On September 20, 2023, Canadian Solar announced
it successfully finalized approximately 4 GW of solar module contracts during the 2023 RE+ show in Las Vegas. The contracts are expected
to be serviced by both its upcoming Texas factory and its expanded Thailand module factory.
On September 11, 2023, Canadian Solar announced
it received the “Canadian Solar TOPCon Technology Review Report” from DNV, an esteemed independent third-party expert in product
certification, risk management, and assurance. Canadian Solar’s TOPCon 210 mm and 182 mm cell-based bifacial modules have been considered
by DNV as having high reliability and low LCOE, reinforcing the economic viability of Canadian Solar’s advanced technology.
Conference Call
Information
The Company will hold a conference call on Tuesday,
November 14, 2023, at 8:00 a.m. U.S. Eastern Time (9:00 p.m., Tuesday, November 14, 2023, in Hong Kong) to discuss its
third quarter 2023 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 13742223. A live webcast of the conference call will also be available on the investor relations section
of Canadian Solar's website at www.canadiansolar.com.
A replay of the
call will be available approximately 3 hours after the conclusion of the call until 11:00 p.m. U.S. Eastern Time
on Tuesday, November 28, 2023 (12:00 p.m. November 29, 2023, 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 13742223.
A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was
founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer
of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and
battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian
Solar has successfully delivered over 110 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise,
since entering the project development business in 2010, Canadian Solar has developed, built, and connected around 9.3 GWp of solar power
projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar power projects
in operation, 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in advanced and
early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including
approximately 5 GWh under construction or in backlog, and an additional 50 GWh at advanced and early-stage 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 www.canadiansolar.com.
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 “believes,” “expects,” “anticipates,” “intends,” “estimates,”
the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business,
regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply
chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer
order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”)
requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling
prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction;
delays in the completion of project sales; the pipeline of projects and timelines related to them; the ability of the parties to optimize
value of that pipeline; continued success in technological innovations and delivery of products with the features that customers demand;
shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; litigation
and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023. 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.
FINANCIAL TABLES FOLLOW
The 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 September 30, 2023 (In Thousands of U.S. Dollars, Except Percentages) | |
| |
CSI Solar | | |
Recurrent
Energy | | |
Elimination
and
unallocated
items (1) | | |
Total | |
Net revenues | |
$ | 1,805,507 | | |
$ | 63,806 | | |
$ | (23,028 | ) | |
$ | 1,846,285 | |
Cost of revenues | |
| 1,506,334 | | |
| 46,107 | | |
| (14,160 | ) | |
| 1,538,281 | |
Gross profit | |
| 299,173 | | |
| 17,699 | | |
| (8,868 | ) | |
| 308,004 | |
Gross margin | |
| 16.6 | % | |
| 27.7 | % | |
| — | | |
| 16.7 | % |
Income from operations (2) | |
$ | 126,764 | | |
$ | (9,181 | ) | |
$ | (34,567 | ) | |
$ | 83,016 | |
| |
| | | |
| | | |
| | | |
| | |
Supplementary Information: | |
| | | |
| | | |
| | | |
| | |
Interest expense (3) | |
$ | (15,139 | ) | |
$ | (13,009 | ) | |
$ | (1,801 | ) | |
$ | (29,949 | ) |
Interest income (3) | |
| 15,601 | | |
| 2,972 | | |
| 4 | | |
| 18,577 | |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,557,193 | | |
$ | 358,926 | | |
$ | 4,948 | | |
$ | 1,921,067 | |
Restricted cash – current and noncurrent | |
| 1,061,655 | | |
| 10,310 | | |
| — | | |
| 1,071,965 | |
Non-recourse borrowings | |
| — | | |
| 315,472 | | |
| — | | |
| 315,472 | |
Other short-term and long-term borrowings | |
| 1,551,866 | | |
| 910,530 | | |
| — | | |
| 2,462,396 | |
Green bonds | |
| — | | |
| 154,602 | | |
| — | | |
| 154,602 | |
| |
Select Financial Data – CSI Solar and Recurrent Energy | |
| |
Nine Months Ended September 30, 2023 (In Thousands of U.S. Dollars, Except Percentages) | |
| |
CSI Solar | | |
Recurrent Energy | | |
Elimination
and
unallocated
items (1) | | |
Total | |
Net revenues | |
$ | 5,529,230 | | |
$ | 443,903 | | |
$ | (61,544 | ) | |
$ | 5,911,589 | |
Cost of revenues | |
| 4,626,609 | | |
| 260,931 | | |
| (42,530 | ) | |
| 4,845,010 | |
Gross profit | |
| 902,621 | | |
| 182,972 | | |
| (19,014 | ) | |
| 1,066,579 | |
Gross margin | |
| 16.3 | % | |
| 41.2 | % | |
| — | | |
| 18.0 | % |
Income from operations (2) | |
$ | 415,606 | | |
$ | 97,804 | | |
$ | (60,667 | ) | |
$ | 452,743 | |
| |
| | | |
| | | |
| | | |
| | |
Supplementary Information: | |
| | | |
| | | |
| | | |
| | |
Interest expense (3) | |
$ | (44,560 | ) | |
$ | (30,899 | ) | |
$ | (5,393 | ) | |
$ | (80,852 | ) |
Interest income (3) | |
| 29,628 | | |
| 6,329 | | |
| 32 | | |
| 35,989 | |
| |
Select Financial Data – CSI Solar and Recurrent Energy | |
| |
Three Months Ended and As of September 30, 2022 (In Thousands of U.S. Dollars, Except Percentages) | |
| |
CSI Solar | | |
Recurrent Energy | | |
Elimination
and
unallocated
items (1) | | |
Total | |
Net revenues | |
$ | 1,973,163 | | |
$ | 100,925 | | |
$ | (141,609 | ) | |
$ | 1,932,479 | |
Cost of revenues | |
| 1,632,518 | | |
| 53,366 | | |
| (115,971 | ) | |
| 1,569,913 | |
Gross profit | |
| 340,645 | | |
| 47,559 | | |
| (25,638 | ) | |
| 362,566 | |
Gross margin | |
| 17.3 | % | |
| 47.1 | % | |
| — | | |
| 18.8 | % |
Income from operations (2) | |
$ | 96,978 | | |
$ | 27,047 | | |
$ | (35,358 | ) | |
$ | 88,667 | |
| |
| | | |
| | | |
| | | |
| | |
Supplementary Information: | |
| | | |
| | | |
| | | |
| | |
Interest expense (3) | |
$ | (14,736 | ) | |
$ | (2,535 | ) | |
$ | (1,789 | ) | |
$ | (19,060 | ) |
Interest income (3) | |
| 20,798 | | |
| 2,083 | | |
| 19 | | |
| 22,900 | |
| |
Select Financial Data – CSI Solar and Recurrent Energy | |
| |
Nine Months Ended September 30, 2022 (In Thousands of U.S. Dollars, Except Percentages) | |
| |
CSI Solar | | |
Recurrent Energy | | |
Elimination
and
unallocated
items (1) | | |
Total | |
Net revenues | |
$ | 4,999,567 | | |
$ | 747,875 | | |
$ | (250,428 | ) | |
$ | 5,497,014 | |
Cost of revenues | |
| 4,193,438 | | |
| 602,475 | | |
| (213,406 | ) | |
| 4,582,507 | |
Gross profit | |
| 806,129 | | |
| 145,400 | | |
| (37,022 | ) | |
| 914,507 | |
Gross margin | |
| 16.1 | % | |
| 19.4 | % | |
| — | | |
| 16.6 | % |
Income from operations (2) | |
$ | 191,269 | | |
$ | 81,715 | | |
$ | (52,685 | ) | |
$ | 220,299 | |
| |
| | | |
| | | |
| | | |
| | |
Supplementary Information: | |
| | | |
| | | |
| | | |
| | |
Interest expense (3) | |
$ | (39,141 | ) | |
$ | (9,570 | ) | |
$ | (5,360 | ) | |
$ | (54,071 | ) |
Interest income (3) | |
| 27,655 | | |
| 3,654 | | |
| 19 | | |
| 31,328 | |
(1) Includes inter-segment elimination,
and unallocated corporate items not considered part of management’s evaluation of business segment operating performance.
(2) Income from operations reflects management’s allocation
and estimate as some services are shared by the Company’s two business segments.
(3) Represents interest expenses payable to and interest income
earned from third parties.
| |
Select Financial Data - CSI Solar and Recurrent Energy | |
| |
Three Months Ended September 30, 2023 | | |
Three Months Ended June 30, 2023 | | |
Three Months Ended September 30, 2022 | |
| |
| | |
| | |
| |
| |
(In Thousands of U.S. Dollars) | |
CSI Solar Revenues: | |
| | | |
| | | |
| | |
Solar modules | |
$ | 1,520,716 | | |
$ | 1,722,687 | | |
$ | 1,578,695 | |
Solar system kits | |
| 184,404 | | |
| 216,867 | | |
| 139,091 | |
Battery storage solutions | |
| 19,575 | | |
| 14,889 | | |
| 85,158 | |
EPC and others | |
| 57,784 | | |
| 49,535 | | |
| 28,610 | |
Subtotal | |
| 1,782,479 | | |
| 2,003,978 | | |
| 1,831,554 | |
Recurrent Energy Revenues: | |
| | | |
| | | |
| | |
Solar and battery storage projects | |
| 34,541 | | |
| 338,487 | | |
| 84,725 | |
O&M and asset management services | |
| 14,374 | | |
| 13,408 | | |
| 9,996 | |
Electricity sales and others | |
| 14,891 | | |
| 8,150 | | |
| 6,204 | |
Subtotal | |
| 63,806 | | |
| 360,045 | | |
| 100,925 | |
Total net revenues | |
$ | 1,846,285 | | |
$ | 2,364,023 | | |
$ | 1,932,479 | |
| |
Select Financial Data - CSI Solar and Recurrent Energy | |
| |
Nine Months
Ended September 30,
2023 | | |
Nine Months
Ended September 30,
2022 | |
| |
| | |
| |
| |
(In Thousands of U.S. Dollars) | |
CSI Solar Revenues: | |
| | | |
| | |
Solar modules | |
$ | 4,698,279 | | |
$ | 3,892,235 | |
Solar system kits | |
| 534,858 | | |
| 380,312 | |
Battery storage solutions | |
| 49,274 | | |
| 405,816 | |
EPC and others | |
| 185,275 | | |
| 70,776 | |
Subtotal | |
| 5,467,686 | | |
| 4,749,139 | |
Recurrent Energy Revenues: | |
| | | |
| | |
Solar and battery storage projects | |
| 377,649 | | |
| 703,173 | |
O&M and asset management services | |
| 36,469 | | |
| 25,689 | |
Electricity sales and others | |
| 29,785 | | |
| 19,013 | |
Subtotal | |
| 443,903 | | |
| 747,875 | |
Total net revenues | |
$ | 5,911,589 | | |
$ | 5,497,014 | |
Canadian Solar Inc. |
Unaudited Condensed Consolidated Statements of Operations |
(In Thousands of U.S. Dollars, Except Share and Per Share Data) |
|
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net revenues | |
$ | 1,846,285 | | |
$ | 2,364,023 | | |
$ | 1,932,479 | | |
$ | 5,911,589 | | |
$ | 5,497,014 | |
Cost of revenues | |
| 1,538,281 | | |
| 1,923,449 | | |
| 1,569,913 | | |
| 4,845,010 | | |
| 4,582,507 | |
Gross profit | |
| 308,004 | | |
| 440,574 | | |
| 362,566 | | |
| 1,066,579 | | |
| 914,507 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Selling and distribution expenses | |
| 99,766 | | |
| 87,686 | | |
| 165,751 | | |
| 275,823 | | |
| 432,613 | |
General and administrative expenses | |
| 114,033 | | |
| 139,571 | | |
| 102,192 | | |
| 332,252 | | |
| 252,922 | |
Research and development expenses | |
| 28,897 | | |
| 23,137 | | |
| 17,885 | | |
| 69,341 | | |
| 49,215 | |
Other operating income, net | |
| (17,708 | ) | |
| (33,943 | ) | |
| (11,929 | ) | |
| (63,580 | ) | |
| (40,542 | ) |
Total operating expenses | |
| 224,988 | | |
| 216,451 | | |
| 273,899 | | |
| 613,836 | | |
| 694,208 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 83,016 | | |
| 224,123 | | |
| 88,667 | | |
| 452,743 | | |
| 220,299 | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (29,949 | ) | |
| (30,455 | ) | |
| (19,060 | ) | |
| (80,852 | ) | |
| (54,071 | ) |
Interest income | |
| 18,577 | | |
| 9,456 | | |
| 22,900 | | |
| 35,989 | | |
| 31,328 | |
Gain (loss) on change in fair value of derivatives, net | |
| (4,291 | ) | |
| (23,775 | ) | |
| 12,189 | | |
| (20,465 | ) | |
| (17,418 | ) |
Foreign exchange gain (loss), net | |
| (13,175 | ) | |
| 57,532 | | |
| 26,884 | | |
| 23,497 | | |
| 66,079 | |
Investment income (loss), net | |
| 2,332 | | |
| 1,955 | | |
| (3,230 | ) | |
| 12,667 | | |
| (1,770 | ) |
Total other income (expenses) | |
| (26,506 | ) | |
| 14,713 | | |
| 39,683 | | |
| (29,164 | ) | |
| 24,148 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income before income taxes and equity in earnings of affiliates | |
| 56,510 | | |
| 238,836 | | |
| 128,350 | | |
| 423,579 | | |
| 244,447 | |
Income tax benefit (expense) | |
| 10,583 | | |
| (46,019 | ) | |
| (28,955 | ) | |
| (64,151 | ) | |
| (51,503 | ) |
Equity in earnings (losses) of affiliates | |
| (4,624 | ) | |
| 4,719 | | |
| 2,847 | | |
| 7,406 | | |
| 6,787 | |
Net income | |
| 62,469 | | |
| 197,536 | | |
| 102,242 | | |
| 366,834 | | |
| 199,731 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Less: Net income attributable to non-controlling interests | |
| 40,578 | | |
| 27,566 | | |
| 23,777 | | |
| 91,261 | | |
| 37,597 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income attributable to Canadian Solar Inc. | |
$ | 21,891 | | |
$ | 169,970 | | |
$ | 78,465 | | |
$ | 275,573 | | |
$ | 162,134 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Earnings per share - basic | |
$ | 0.33 | | |
$ | 2.62 | | |
$ | 1.22 | | |
$ | 4.23 | | |
$ | 2.52 | |
Shares used in computation - basic | |
| 66,010,484 | | |
| 64,912,928 | | |
| 64,494,260 | | |
| 65,152,583 | | |
| 64,263,616 | |
Earnings per share - diluted | |
$ | 0.32 | | |
$ | 2.39 | | |
$ | 1.12 | | |
$ | 3.88 | | |
$ | 2.33 | |
Shares used in computation - diluted | |
| 72,934,082 | | |
| 71,689,925 | | |
| 71,402,769 | | |
| 72,073,501 | | |
| 71,137,128 | |
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(Loss)
(In Thousands of U.S. Dollars)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net Income | |
$ | 62,469 | | |
$ | 197,536 | | |
$ | 102,242 | | |
$ | 366,834 | | |
$ | 199,731 | |
Other comprehensive income (loss): | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| (29,294 | ) | |
| (68,507 | ) | |
| (104,581 | ) | |
| (74,551 | ) | |
| (223,437 | ) |
Gain (loss) on changes in fair value of available-for-sale debt securities, net of tax | |
| 121 | | |
| (1,050 | ) | |
| 369 | | |
| (590 | ) | |
| 598 | |
Gain (loss) on interest rate swap, net of tax | |
| 1,869 | | |
| (67 | ) | |
| 332 | | |
| 1,697 | | |
| 682 | |
Share of gain on changes in fair value of derivatives of affiliate, net of tax | |
| 8,297 | | |
| 503 | | |
| 2,255 | | |
| 8,190 | | |
| 2,255 | |
Comprehensive income (loss) | |
| 43,462 | | |
| 128,415 | | |
| 617 | | |
| 301,580 | | |
| (20,171 | ) |
Less: comprehensive income attributable to non-controlling interests | |
| 44,653 | | |
| 3,690 | | |
| 6,547 | | |
| 73,505 | | |
| 3,714 | |
Comprehensive income (loss) attributable to Canadian Solar Inc. | |
$ | (1,191 | ) | |
$ | 124,725 | | |
$ | (5,930 | ) | |
$ | 228,075 | | |
$ | (23,885 | ) |
Canadian Solar Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(In Thousands of U.S. Dollars) |
|
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,921,067 | | |
$ | 981,434 | |
Restricted cash | |
| 1,064,748 | | |
| 978,116 | |
Accounts receivable trade, net | |
| 1,014,823 | | |
| 970,950 | |
Accounts receivable, unbilled | |
| 67,470 | | |
| 57,770 | |
Amounts due from related parties | |
| 65,949 | | |
| 48,614 | |
Inventories | |
| 1,432,372 | | |
| 1,524,095 | |
Value added tax recoverable | |
| 151,727 | | |
| 158,773 | |
Advances to suppliers, net | |
| 297,925 | | |
| 253,484 | |
Derivative assets | |
| 10,576 | | |
| 17,516 | |
Project assets | |
| 325,904 | | |
| 385,964 | |
Prepaid expenses and other current assets | |
| 278,216 | | |
| 267,941 | |
Total current assets | |
| 6,630,777 | | |
| 5,644,657 | |
Restricted cash | |
| 7,217 | | |
| 9,953 | |
Property, plant and equipment, net | |
| 2,569,471 | | |
| 1,826,643 | |
Solar power systems, net | |
| 686,983 | | |
| 364,816 | |
Deferred tax assets, net | |
| 265,766 | | |
| 229,226 | |
Advances to suppliers, net | |
| 123,783 | | |
| 65,352 | |
Investments in affiliates | |
| 177,947 | | |
| 115,784 | |
Intangible assets, net | |
| 13,828 | | |
| 17,530 | |
Project assets | |
| 419,537 | | |
| 438,529 | |
Right-of-use assets | |
| 203,710 | | |
| 103,600 | |
Amounts due from related parties | |
| 35,422 | | |
| 33,489 | |
Other non-current assets | |
| 265,789 | | |
| 187,549 | |
TOTAL ASSETS | |
$ | 11,400,230 | | |
$ | 9,037,128 | |
Canadian Solar Inc. |
Unaudited Condensed Consolidated Balance Sheets (Continued) |
(In Thousands of U.S. Dollars) |
|
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Current liabilities: | |
| | | |
| | |
Short-term borrowings | |
$ | 1,706,076 | | |
$ | 1,443,816 | |
Accounts payable | |
| 918,818 | | |
| 805,300 | |
Short-term notes payable | |
| 1,269,058 | | |
| 1,493,399 | |
Amounts due to related parties | |
| 4,913 | | |
| 89 | |
Other payables | |
| 916,141 | | |
| 853,040 | |
Advances from customers | |
| 347,384 | | |
| 334,943 | |
Derivative liabilities | |
| 7,362 | | |
| 25,359 | |
Operating lease liabilities | |
| 14,775 | | |
| 9,810 | |
Other current liabilities | |
| 528,091 | | |
| 293,012 | |
Total current liabilities | |
| 5,712,618 | | |
| 5,258,768 | |
Long-term borrowings | |
| 1,071,792 | | |
| 813,406 | |
Convertible bonds and green bonds | |
| 381,660 | | |
| 257,615 | |
Liability for uncertain tax positions | |
| 5,730 | | |
| 5,730 | |
Deferred tax liabilities | |
| 67,625 | | |
| 66,630 | |
Operating lease liabilities | |
| 91,582 | | |
| 25,714 | |
Other non-current liabilities | |
| 447,807 | | |
| 302,571 | |
TOTAL LIABILITIES | |
| 7,778,814 | | |
| 6,730,434 | |
Equity: | |
| | | |
| | |
Common shares | |
| 835,543 | | |
| 835,543 | |
Additional paid-in capital | |
| 287,020 | | |
| 1,127 | |
Retained earnings | |
| 1,551,093 | | |
| 1,275,520 | |
Accumulated other comprehensive loss | |
| (179,654 | ) | |
| (170,551 | ) |
Total Canadian Solar Inc. shareholders’ equity | |
| 2,494,002 | | |
| 1,941,639 | |
Non-controlling interests | |
| 1,127,414 | | |
| 365,055 | |
TOTAL EQUITY | |
| 3,621,416 | | |
| 2,306,694 | |
TOTAL LIABILITIES AND EQUITY | |
$ | 11,400,230 | | |
$ | 9,037,128 | |
Canadian Solar Inc. |
Unaudited Condensed Statements of Cash Flows |
(In Thousands of U.S. Dollars) |
|
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating Activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 62,469 | | |
$ | 197,536 | | |
$ | 102,242 | | |
$ | 366,834 | | |
$ | 199,731 | |
Adjustments to reconcile net income to net cash provided by operating activities | |
| 81,295 | | |
| 190,634 | | |
| 86,883 | | |
| 339,667 | | |
| 260,827 | |
Changes in operating assets and liabilities | |
| 14,123 | | |
| (98,611 | ) | |
| (120,473 | ) | |
| (211,883 | ) | |
| 60,657 | |
Net cash provided by operating activities | |
| 157,887 | | |
| 289,559 | | |
| 68,652 | | |
| 494,618 | | |
| 521,215 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Investing Activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Purchase of property, plant and equipment | |
| (305,278 | ) | |
| (283,065 | ) | |
| (127,385 | ) | |
| (821,375 | ) | |
| (363,014 | ) |
Purchase of solar power systems | |
| (79,527 | ) | |
| (36,329 | ) | |
| (108 | ) | |
| (225,722 | ) | |
| (209 | ) |
Other investing activities | |
| (99,935 | ) | |
| (17,927 | ) | |
| (8 | ) | |
| (128,945 | ) | |
| (10,833 | ) |
Net cash used in investing activities | |
| (484,740 | ) | |
| (337,321 | ) | |
| (127,501 | ) | |
| (1,176,042 | ) | |
| (374,056 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Financing Activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net proceeds from subsidiary’s public offering of ordinary shares | |
| 124,252 | | |
| 803,645 | | |
| - | | |
| 927,897 | | |
| - | |
Other financing activities | |
| (24,526 | ) | |
| 547,492 | | |
| 176,211 | | |
| 902,715 | | |
| 616,565 | |
Net cash provided by financing activities | |
| 99,726 | | |
| 1,351,137 | | |
| 176,211 | | |
| 1,830,612 | | |
| 616,565 | |
Effect of exchange rate changes | |
| (29,980 | ) | |
| (128,769 | ) | |
| (111,151 | ) | |
| (125,659 | ) | |
| (243,441 | ) |
Net increase (decrease) in cash, cash equivalents and restricted cash | |
| (257,107 | ) | |
| 1,174,606 | | |
| 6,211 | | |
| 1,023,529 | | |
| 520,283 | |
Cash, cash equivalents and restricted cash at the beginning of the period | |
$ | 3,250,139 | | |
$ | 2,075,533 | | |
$ | 1,948,354 | | |
$ | 1,969,503 | | |
$ | 1,434,282 | |
Cash, cash equivalents and restricted cash at the end of the period | |
$ | 2,993,032 | | |
$ | 3,250,139 | | |
$ | 1,954,565 | | |
$ | 2,993,032 | | |
$ | 1,954,565 | |
Grafico Azioni Canadian Solar (NASDAQ:CSIQ)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Canadian Solar (NASDAQ:CSIQ)
Storico
Da Mag 2023 a Mag 2024