Canadian Solar Inc. Reports Q3 2024 Results

TL;DR

CSIQ Q3 results are in, check the 6-K for the latest numbers.

AI Summary

Canadian Solar Inc. filed a 6-K report on December 5, 2024, to announce its third quarter 2024 results. The report includes financial performance details for the period ending in late 2024. 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., crucial for assessing the company's current operational health and future prospects in the solar energy sector.

Risk Assessment

Risk Level: low — This is a routine financial results filing (6-K) and does not introduce new risks.

Key Players & Entities

• Canadian Solar Inc. (company) — Filer of the report
• Shawn (Xiaohua) Qu (person) — Chairman and Chief Executive Officer
• December 5, 2024 (date) — Filing date
• Third Quarter 2024 (date) — Reporting period

FAQ

From the Filing

0001104659-24-125762.txt : 20241205 0001104659-24-125762.hdr.sgml : 20241205 20241205072026 ACCESSION NUMBER: 0001104659-24-125762 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20241205 FILED AS OF DATE: 20241205 DATE AS OF CHANGE: 20241205 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: 241527824 BUSINESS ADDRESS: STREET 1: 4273 KING STREET EAST, SUITE 102 CITY: KITCHENER STATE: A6 ZIP: N2P 2E9 BUSINESS PHONE: 519-837-1881 MAIL ADDRESS: STREET 1: 66 WELLINGTON STREET WEST STREET 2: SUITE 4100 CITY: TORONTO STATE: A6 ZIP: M5K 1B7 6-K 1 tm2430244d1_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 December 2024 Commission File Number: 001-33107 CANADIAN SOLAR INC. 4273 King Street East, Suite 102 Kitchener, Ontario, N2P 2E9 Canada (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: December 5, 2024 EXHIBIT INDEX Exhibit 99.1 — Canadian Solar Reports Third Quarter 2024 Results EX-99.1 2 tm2430244d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Canadian Solar Reports Third Quarter 2024 Results Kitchener, Ontario, December 5, 2024 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the third quarter ended September 30, 2024. Highlights · 16.4% gross margin, above guidance of 14% to 16%. · Grew e-STORAGE contracted backlog to record $3.2 billion, as of November 30, 2024. · Achieved final closing of BlackRock’s $500 million investment in Recurrent Energy. Dr. Shawn Qu, Chairman and CEO , commented, “The solar industry faces significant external and internal challenges. While we have achieved relatively strong results, the outlook remains complex. We are currently operating at an optimal scale with industry-leading technologies, and we remain committed to investing in R&D to ensure that we remain at the forefront of innovation across our portfolio of products and solutions. Our early-mover advantage, advanced manufacturing capabilities, and robust international sales network position us for continued growth in the rapidly expanding energy storage sector. In today’s market, where trust is often in short supply, we are proud to be named the world’s most trustworthy company in the energy and utilities sector on Newsweek’s ‘World’s Most Trustworthy Companies 2024’ list—a testament to our commitment to transparency, sustainability, and high-quality service across our global operations.” Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar , said, “This quarter, CSI Solar posted stable performance, sustaining profitability while growing shipment volumes. We maintained a disciplined approach to order management, delivering over 30% of module volumes to the North American market. In energy storage, e-STORAGE recorded robust growth, reaching a record 4.4 GWh in shipments over the first three quarters of th