On November 13, Canadian Solar (SH:688472) issued a voluntary announcement disclosing the Q3 2025 results of its controlling shareholder, Canadian Solar Inc. (NASDAQ: CSIQ), along with operational forecasts for Q4 2025 and FY 2026. In Q3 2025, Canadian Solar Inc. achieved module shipments of 5.1 GW, generated revenue of $1.5 billion (approximately RMB 10.68 billion), and reached a gross margin of 17.2%.
For Q4 2025, Canadian Solar Inc. expects total revenue between $1.3 billion and $1.5 billion (approximately RMB 9.24 billion to 10.67 billion), with a projected gross margin between 14% and 16%. Module shipments are forecasted to be in the range of 4.6 GW to 4.8 GW, while energy storage system shipments are expected to be between 2.1 GWh and 2.3 GWh. For the full year 2026, the company anticipates module shipments of 25 GW to 30 GW and energy storage system shipments of 14 GWh to 17 GWh.
The announcement also disclosed that as of October 31, 2025, Canadian Solar Inc.’s subsidiary, e-STORAGE, had an order backlog (including signed long-term service agreements) totaling $3.1 billion (approximately RMB 22.04 billion).
