Canadian Solar Inc. Files Q1 2024 Earnings Report

TL;DR

CSIK dropped its Q1 2024 earnings report today, check it out.

AI Summary

Canadian Solar Inc. reported its first quarter 2024 results on May 9, 2024. The company filed a Form 6-K to submit its earnings release as part of its reporting obligations. Shawn (Xiaohua) Qu, Chairman and CEO, signed the report.

Why It Matters

This filing provides investors with the latest financial performance data for Canadian Solar Inc. for the first quarter of 2024, allowing them to assess the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine earnings report filing and does not contain new material risks.

Key Players & Entities

• Canadian Solar Inc. (company) — Registrant
• Shawn (Xiaohua) Qu (person) — Chairman and Chief Executive Officer
• May 9, 2024 (date) — Filing date
• First Quarter 2024 (date) — Reporting period

FAQ

From the Filing

0001104659-24-059118.txt : 20240509 0001104659-24-059118.hdr.sgml : 20240509 20240509072932 ACCESSION NUMBER: 0001104659-24-059118 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240509 FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 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: 24928577 BUSINESS ADDRESS: STREET 1: 545 SPEEDVALE AVENUE WEST CITY: GUELPH STATE: A6 ZIP: N1K 1E6 BUSINESS PHONE: 416-365-1110 MAIL ADDRESS: STREET 1: 66 WELLINGTON STREET WEST STREET 2: SUITE 4100 CITY: TORONTO STATE: A6 ZIP: M5K 1B7 6-K 1 tm2413987d1_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 May 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 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. CANADIAN SOLAR INC. By: /s/ Shawn (Xiaohua) Qu Name: Shawn (Xiaohua) Qu Title: Chairman and Chief Executive Officer Date: May 9, 2024 EXHIBIT INDEX Exhibit 99.1 — First Quarter 2024 Earnings Release EX-99.1 2 tm2413987d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Canadian Solar Reports First Quarter 2024 Results and Announces Appointment of Chief Financial Officer Guelph, Ontario, May 9, 2024 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2024. Highlights · Solar module shipments of 6.3 GW, in line with guidance of 6.1 GW to 6.4 GW. · Net revenues of $1.3 billion, in line with guidance of $1.2 billion to $1.4 billion. · 19.0% gross margin, at the high end of 17% to 19% guidance range. · Net income attributable to Canadian Solar of $12 million or $0.19 per diluted share. · Record quarterly delivery by e-STORAGE, with revenue topping the total of 2023. · Appointment of Mr. Xinbo Zhu as Senior Vice President and Chief Financial Officer, effective May 15, 2024. Most recently, Mr. Zhu served as Chief Supply and Risk Officer of Recurrent Energy. Dr. Huifeng Chang, who has served as Chief Financial Officer since May 2016, will transition into his new role within the Company as Chief Strategy Officer. Dr. Shawn Qu, Chairman and CEO , commented, “Shipments, revenue, and gross margin met our expectations. We continue to apply tailored strategies across our diverse businesses. In our module business, we are concentrating on profitable growth and expanding our market share in key strategic markets. Demand remains robust, and we are witnessing signs of improvement in distributed generation markets and select geographies. At Recurrent Energy, we are working to close the BlackRock investment and executing on our expansive solar and battery energy storage project development pipeline. At the same time, our e-STORAGE platform continues to grow rapidly, as we secure contracts in new markets and advance our proprietary technologies for both utility-scale and residential applications.” Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary , said, “Despite the seasonally softer first quarter