Subsidiary CSI Solar, which produces about 10 bifacial and mono solar module models, remains on track to list on the Shanghai Stock Exchange in early 2023.
Canadian Solara Guelph, Ontario-based integrated solar module manufacturer and development company, announced a total Q3 22 shipment of 6 GW of solar modules, a 55% increase from the 3.87 GW shipped in the same quarter a year ago the past.
The company generated $1.93 billion in revenue for Q3 22, a 57% increase from $1.23 billion in Q3 21, driven by an increase in module shipments and average selling prices.
Of its total 6 GW shipments, only 196 MW or 3.3% of module shipments are used by the company’s utility-scale solar development arm, Recurrent Energy.
“We achieved a 123% increase in net income on a year-over-year basis, despite headwinds from the ongoing COVID-19 shutdown and macroeconomic challenges, said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. capacity to create.”
Canadian Solar ended Q3 22 with $2 billion in cash, representing a 43% annual increase.
Annual Guide
Canadian Solar has provided guidance to ship 30 GW to 35 GW of modules by 2023, representing a 56% growth from the previous midpoint range.
The company expects to end 2022 with about 20.9 GW of total module shipments and 1.8 GWh – 1.9 GWh of battery shipments. Q4 22 revenue is expected in the range of $1.8 billion to $1.9 billion.
Recent Highlights
- The carved IPO of the module business CSI Solar Co. Ltd. is back on track, now awaiting the completion of registration with the China Securities Regulatory Commission. The company expects CSI Solar to become a separately listed public company from Canadian Solar in Q1 23.
- On November 3, CSI Solar received the Simplified Carbon Assessment (Evaluation carbone simplifiée or ECS) certification in France and the Environmental Product Declaration (EPD) certification in Italy for its high-efficiency mono-facial and bifacial modules, using the 182mm and 210mm silicon wafers.
- On September 13, Canadian Solar launched the EP Cube, a residential energy storage system that will be marketed and sold by CSI Solar. The resi storage system is stackable from 9.9 kWh to 19.9 kWh capacity, with up to six units connected in parallel to deliver 119.9 kWh of storage and 45.6 kW output, which is more powerful than comparable resi storage systems offered by US until now. .
Canadian Solar trading opened at $36.61 per share today, down 6.6% from $39.21 per share a year ago, with a current $2.35 billion market capitalization.
The company’s global project development pipeline includes 25 GW of solar projects and 40.6 GWh of battery projects whose regional breakdown can be seen in the chart below.
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