Renewable energy solutions provider Canadian Solar’s (Q4) revenue fell 20% year-over-year to $1.22 billion in the fourth quarter of 2025, compared with $1.52 billion in the same period last year.
Revenue did not meet the guidance because some project sales were delayed to 2026 and sales of solar and energy storage products fell short of expectations. Revenue from solar module manufacturing was $0.719 billion in the quarter, down 23.9 percent from $0.944 billion in the same period last year. The net loss for the period was $86 million, compared with a profit of $34 million in the same period last year. Gross margin was 10.2 per cent in the quarter, compared with 14.3 per cent in the fourth quarter of last year. The decrease in gross margin was primarily attributable to impairment charges related to certain project assets. In addition, the reduction in the contribution of solar modules and project asset sales was also a driving factor, partially offset by the increase in the average selling price of modules. The company disclosed a diluted net loss of $1.66 per share in the fourth quarter of 2025, compared with a diluted net profit of $0.48 per share in the same period last year.
In the fourth quarter of 2025, the company delivered 43 gigawatts (GW) of solar modules and systems to more than 70 countries and regions around the world.
When talking about the performance, Canadian Solar Chairman and CEO Guo Renjie said: “In view of the downward adjustment in solar module and energy storage sales, as well as the Recurrent Energy project sales are relatively weak, our total revenue for 2025 is $5.6 billion. We strictly controlled operating expenses and achieved an operating profit of $43 million for the year. However, the volatile macro environment exacerbated losses and interest costs rose as companies increased debt to support independent power producer (IPP) projects.
For the full year of 2025, Canadian Solar’s revenue was $5.6 billion, down 6.6 percent from $5.99 billion a year earlier. Full-year solar module manufacturing revenue was $3.37 billion, down 21.3 percent from $4.28 billion in 2024. It recorded a loss of $0.104 billion for the full year, compared to a profit of $36 million in 2024. The company lost $2.50 per diluted share for the full year, compared to earnings of $0.54 per share in 2024.
