Canadian Solar Inc. Files Q4 & FY 2023 Earnings Release

TL;DR

CSIK dropped Q4 & FY23 earnings report, check it out.

AI Summary

Canadian Solar Inc. filed a 6-K report on March 14, 2024, to announce its Fourth Quarter and Full Year 2023 Earnings Release as Exhibit 99.1. The report was signed by Chairman and CEO Shawn (Xiaohua) Qu.

Why It Matters

This filing provides investors with the company's latest financial performance and operational results for the fourth quarter and the full year of 2023.

Risk Assessment

Risk Level: low — This is a routine earnings release filing and does not contain new material events or significant financial changes.

Key Players & Entities

• Canadian Solar Inc. (company) — Filer of the report
• Shawn (Xiaohua) Qu (person) — Chairman and Chief Executive Officer
• March 14, 2024 (date) — Filing date
• Fourth Quarter and Full Year 2023 (period) — Earnings period covered

FAQ

From the Filing

0001104659-24-034200.txt : 20240314 0001104659-24-034200.hdr.sgml : 20240314 20240314065329 ACCESSION NUMBER: 0001104659-24-034200 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240314 FILED AS OF DATE: 20240314 DATE AS OF CHANGE: 20240314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Canadian Solar Inc. CENTRAL INDEX KEY: 0001375877 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33107 FILM NUMBER: 24747877 BUSINESS ADDRESS: STREET 1: 545 SPEEDVALE AVENUE STREET 2: WEST GUELPH CITY: ONTARIO STATE: A6 ZIP: N1K 1E6 BUSINESS PHONE: (86-512) 6690-8088 MAIL ADDRESS: STREET 1: NO. 199 LUSHAN ROAD, SUZHOU NEW DISTRICT STREET 2: SUZHOU CITY: JIANGSU STATE: F4 ZIP: 215129 6-K 1 tm248735d1_6k.htm FORM 6-K 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 March 2024 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 þ     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. CANADIAN SOLAR INC. By: /s/ Shawn (Xiaohua) Qu Name: Shawn (Xiaohua) Qu Title: Chairman and Chief Executive Officer Date: March 14, 2024 EXHIBIT INDEX Exhibit 99.1 — Fourth Quarter and Full Year 2023 Earnings Release EX-99.1 2 tm248735d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Canadian Solar Reports Fourth Quarter and Full Year 2023 Results Guelph, Ontario, March 14, 2024 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter and Full Year 2023 Highlights · 26% increase in solar module shipments year-over-year (“yoy”) to 8.2 GW, above guidance range of 7.6 GW to 8.1 GW. · Record full year solar module shipments of 30.7 GW by CSI Solar, a 45% increase yoy. · Record full year revenues of $7.6 billion. · Record full year net income attributable to Canadian Solar of $274 million, or $3.87 per diluted share. · Record 63 GWh of e-STORAGE pipeline, of which $2.6 billion is contracted backlog, as of January 31, 2024. · Secured a $500 million investment in Recurrent Energy from BlackRock. Dr. Shawn Qu, Chairman and CEO , commented, “Over the past two decades, Canadian Solar has evolved into a leading ‘full stack’ solar and storage business, uniquely positioned for global opportunities. Not only are we addressing market demand with our swift transition to N-type TOPCon (Tunnel Oxide Passivated Contact) solar technology, but we also remain laser focused on strategic markets. Our Texas module factory which began production in late 2023 has been ramping up, and we continue to see strong demand for our U.S.-made products. In addition, we continue to make exciting progress in both our battery energy storage and project development businesses. While e-STORAGE grows and executes on a substantial backlog, Recurrent Energy gains fresh momentum in its business transformation journey through the recently announced partnership with BlackRock. Today, solar represents a hugely underpenetrated and cost-effective form of energy. With the substantial reduction in LCOE (levelized cost of energy) over the last y