Canadian Solar Reports Q2 2024 Results

TL;DR

CSIQ Q2 results are in, check Exhibit 99.1 for details.

AI Summary

Canadian Solar Inc. reported its second quarter 2024 results on August 22, 2024. The filing includes their financial performance for the quarter, with specific details available in Exhibit 99.1. Shawn (Xiaohua) Qu, Chairman and CEO, signed the report.

Why It Matters

This report provides investors with an update on Canadian Solar's financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine earnings report filing (6-K) and does not contain new material risks.

Key Players & Entities

• Canadian Solar Inc. (company) — Filer of the report
• Shawn (Xiaohua) Qu (person) — Chairman and Chief Executive Officer
• August 22, 2024 (date) — Filing date and report date
• Exhibit 99.1 (document) — Contains Q2 2024 results

FAQ

From the Filing

0001104659-24-091842.txt : 20240822 0001104659-24-091842.hdr.sgml : 20240822 20240822082518 ACCESSION NUMBER: 0001104659-24-091842 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240822 FILED AS OF DATE: 20240822 DATE AS OF CHANGE: 20240822 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: 241230177 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 tm2422427d1_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 August 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: August 22, 2024 EXHIBIT INDEX Exhibit 99.1 — Canadian Solar Reports Second Quarter 2024 Results EX-99.1 2 tm2422427d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Canadian Solar Reports Second Quarter 2024 Results Guelph, Ontario, August 22, 2024 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2024. Highlights · Solar module shipments of 8.2 GW, above guidance of 7.5 GW to 8.0 GW. · Net revenues of $1.6 billion, in line with guidance of $1.5 billion to $1.7 billion. · 17.2% gross margin, in line with guidance of 16% to 18%. · e-STORAGE backlog grew to $2.6 billion, backed by a record 66 GWh of pipeline, as of June 30, 2024. · Recurrent Energy expanded its total development pipeline to 27 GWp of solar and 63 GWh of battery energy storage, as of June 30, 2024. · Achieved initial closing of BlackRock’s investment in Recurrent Energy, representing the majority of the planned $500 million capital infusion. · Announced a $200 million private placement of secured convertible notes with PAG. · Published the 2023 Corporate Sustainability Report, featuring sustainability disclosures aligned with global standards, on May 31, 2024. Dr. Shawn Qu, Chairman and CEO , commented, “We achieved solid results in the second quarter of 2024, with shipments, revenue, and gross margin meeting or surpassing our previous guidance. Today, we have reached an optimal scale—large enough to maintain a highly competitive cost structure yet lean enough to adapt swiftly to changes in industry dynamics. In our module business, we continue to apply a disciplined approach to operations, from strategic capacity investments to stringent order management. At the same time, we are positioning ourselves for sustainable medium- and long-term growth through our energy storage business, e-STORAGE, and global project development platform, Recurrent Energy. Sustainable and ethical growth is key to our strategy, and we are proud to have published our latest Corporate Sus