Canadian Solar Inc.

The grade, in three tenses

Headline 4.1 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.2 out of ten, present 3.1 out of ten, future 2.7 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.5 out of ten. +7.8% a year over 10 filed years; profitable in 8 of 10. 55th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.0 out of ten. Share count shrank 1.8% a year. 0% of cash flow returned. Insiders: 2 sales, 0 purchases. 50th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 3.0 out of ten. ROE -5%: lost 5¢ per shareholder dollar. Leverage 74%: owes 74¢ per asset dollar. 30th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.0 out of ten. top 50% of 97 in its family; net margin -3.3%. 50th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 0.4 out of ten. CrossAssetData estimate 0.4/10, confidence 35 of 100 (one part). 4th percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 1.4 out of ten. bottom 13% of 94 in its family for room to expand. 13th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.1 out of ten. bottom 41% of 93 in its family for growth drivers. 41st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 2.6 out of ten. bottom 26% of 88 in its family for expectations against reality. 26th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-10 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 4, 2026-10-07. Filings on record since 2006. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-10.

The people

Shawn (Xiaohua) Qu founded Canadian Solar in Guelph, Ontario in 2001 and, by the annual report's account, has been its chairman and chief executive officer ever since. Before that he worked at ATS Automation Tooling Systems and its French subsidiary Photowatt International, and earlier as a research scientist at Ontario Hydro; he holds a doctorate in materials science from the University of Toronto. With his wife, Hanbing Zhang, he held 20.7% of the common shares. [1, 2, 3, 4, 5]

The other officers mostly rose inside the company. Colin Parkin, a director since December 2025, is president and still runs e-STORAGE, the utility-scale battery storage division; earlier he was a vice president of the project arm now called Recurrent Energy. Xinbo Zhu has been chief financial officer since May 2024, having joined in 2014 as special assistant to the chief executive. Dylan Marx became chief operating officer in December 2025, after joining in 2013 in project management. Yu Chen has been lead general counsel since December 2023 and chief compliance officer since March 2025. [6, 7, 8, 9, 10, 11, 12]

The independent directors include Harry Ruda, a University of Toronto engineering professor, on the board since July 2011; Andrew Wong, a former banker, since August 2014; Lauren Templeton, founder of the investment firm Templeton & Phillips Capital Management, since January 2020; and Leslie Chang, the lead independent director, since September 2020. Yuan Qu joined the board in June 2025 and helps build the US operations as a vice president of a US subsidiary. The insider filings this site holds begin in March 2026, when all eleven people on that record first filed; in them, Colin Parkin's newest title is chief executive officer and Shawn Qu's is chief technology officer, which differs from the annual report's table. [13, 14, 15, 16, 17, 18, 19, 20]

At the end of 2025 the company had 12,587 full-time employees, down from 17,113 a year earlier and 22,234 at the end of 2023. About three in five, 7,314 people, work in manufacturing and operations, and 1,318 in research, product development and engineering. By place, 2,061 work in the United States, 9,187 in Asia Pacific including China and 1,339 in Europe and other regions; none is covered by a collective bargaining agreement. The filing names workforce reduction among the savings that eased the pressure on its margins. [21, 22, 23, 24, 25]

How it operates

Canadian Solar makes solar panels, which the industry calls modules, and battery storage systems, and it develops, sells and runs solar and battery power plants. By the end of 2025 it had delivered about 174 GW of modules and shipped more than 18 GWh of battery storage. It reports two segments: Manufacturing, which makes and sells through CS PowerTech in the United States and CSI Solar everywhere else, and Recurrent Energy, which develops projects, sells them, services them and sells the electricity from those it keeps. Its brands include Canadian Solar for modules, e-STORAGE for utility-scale storage, SolBank, KuBank and EP Cube. [26, 27, 28, 6]

Its module buyers are mainly distributors, system integrators, project developers, installers and EPC companies, the firms that engineer, procure and build power plants, in more than 160 countries. No customer reaches a tenth of revenue: in 2025 the five largest took 17.4% and the largest alone 4.5%. Recurrent Energy sells its projects to utilities, independent power producers and energy investors, and sells the power from the plants it keeps mostly under long-term contracts with utilities, suppliers, companies and public bodies. [29, 30, 31, 32, 33, 34]

The United States is now half the business: 2.8 billion dollars, 49.6% of 2025 revenue, level with the year before. China shrank 41.7% to 711.0 million dollars, 12.7% of revenue, while the United Kingdom nearly doubled to 355.5 million and Australia tripled to 347.9 million. From 2023 to 2025 the Americas rose from 34.4% of revenue to 56.4% and Asia fell from 41.0% to 22.3%. The company reports in US dollars, though a significant portion of its manufacturing costs are in Chinese renminbi. [35, 36, 37, 38]

It makes most of what it sells, in a model it calls flexible vertical integration: its own factories plus bought ingots, wafers and cells. At the end of 2025 its yearly capacity was 51.3 GW of modules, 32.4 GW of cells, 37.0 GW of wafers and 31.0 GW of ingots, plus 15.0 GWh of battery systems and 3.0 GWh of battery cells. The plants are in the United States and in Asia Pacific, including China and Thailand, with battery plants in all three countries. In the United States it runs a module plant in Mesquite, Texas and is developing a cell plant in Jeffersonville, Indiana. [39, 40, 41, 42, 43, 44, 45]

It buys all its silicon raw material from outside suppliers, often under long-term agreements whose prices usually adjust with the market, and it pays suppliers in advance without collateral. At the end of 2025 it had 1,226.4 million dollars of inventory purchase commitments, mainly for silicon. Silver paste, used for the cells' electrical contacts, is a critical cost, and lithium iron phosphate cells are a large part of the cost of its storage products. Its module cost in China, including bought polysilicon and wafers, fell from 0.169 dollars per watt in 2023 to 0.09 in 2025. [46, 47, 48, 49, 50, 51, 52]

The specifics

Canadian Solar is a holding company under Ontario law that relies mainly on dividends and other income from its majority-owned operating subsidiaries. CSI Solar, which runs the manufacturing outside the United States, listed on the Shanghai Stock Exchange in June 2023, raising RMB 6.01 billion (842.6 million dollars); Canadian Solar owns about 63% of it. In 2024 a fund managed by BlackRock's climate infrastructure business invested 500.0 million dollars in preferred shares of Recurrent Energy, 20% of that business on an as-converted basis, carrying a 9% yearly dividend that is added to the investment when not paid in cash. [53, 54, 55, 56, 57]

In December 2025 it moved to resume direct oversight of its American business, forming a joint venture with CSI Solar in which it holds 75.1% of CS PowerTech, the US maker and seller of modules, cells and storage systems. Trade and tax rules shape this business. It has faced antidumping and countervailing duty rulings, extra import duties on goods judged to be sold too cheaply or unfairly subsidized, in the United States, the European Union and Canada. The One Big Beautiful Bill Act of July 2025 can reduce or deny US clean-energy tax credits where a prohibited foreign entity is involved, and the company says it has made compliance with those provisions a core operational priority. [58, 59, 60, 61]

Its modules are built on TOPCon cells, a high-efficiency kind of silicon cell, and its latest improvements raised one module's output to 655 watts at 24.2% efficiency. It designs its own lithium iron phosphate storage systems: SolBank 3.0, launched in 2023, holds 5 MWh in a 20-foot container, and FlexBank 1.0, launched in 2025, up to 8.36 MWh. It spent 90.7 million dollars on research and development in 2025, 24.9% less than the year before, which the filing puts down to cost optimization. [62, 63, 64, 65, 66, 67]

It names its competitors: First Solar, LONGi Green Energy Technology, Trina Solar, JinkoSolar, JA Solar and Tongwei Solar in modules, and Tesla, Fluence Energy and Sungrow Power Supply in battery storage. Some rivals, it says, make or develop cells of newer designs such as IBC, with the metal contacts on the back, that may end up cheaper or better, and some are integrated all the way from polysilicon to finished systems. In project development it competes with local and international developers, financial investors and some utilities. [68, 69, 70, 71]

What drives growth, line by line

Solar modules. Still the largest line but shrinking: 60.4% of 2025 revenue, against 71.4% the year before. Total revenue fell 6.6% to 5,595.1 million dollars, which the filing puts mainly down to selling fewer modules as the company put margin ahead of volume; module shipments dropped to 24.3 GW from 31.1 GW. The average module price held at 0.16 dollars per watt, after falling from 0.23 in 2023. [72, 73, 74]

Battery energy storage solutions. The line that grew: 24.5% of revenue, up from 13.6%, as shipments reached 7.8 GWh, an increase of over 18.6%. The filing credits the larger share of storage, which generally earns higher margins than modules, together with a true-up of US antidumping and countervailing duties, for lifting gross margin from 16.7% to 18.3%. At the end of 2025 e-STORAGE had a contracted backlog of about 3.6 billion dollars, including long-term service agreements. [75, 73, 76, 77]

Solar system kits. Ready-to-install packages of its own modules with bought-in inverters, racking and accessories, for home and business rooftops: 4.0% of revenue, down from 6.7%. [78, 79]

EPC and others. The line holds CSI Solar's turnkey EPC work, designing and building solar and storage plants in China, and other items: 4.1% of revenue, up from 3.0%. [80, 81]

Recurrent Energy. The project arm's revenue rose 24.0% to 394.3 million dollars, mainly because it sold more projects: project sales were 3.1% of total revenue, against 2.6% in 2024. Power services brought 1.3% and electricity, storage operations and other income 2.6%, up from 1.2% and 1.5%. At the end of 2025 it held a pipeline of 24,415 MWp of solar and 83,485 MWh of storage projects, from early development to construction. [82, 83, 84]

What comes next, in the company's own words: it anticipates further module price reductions driven by industry trends; it expects the Mesquite plant's capacity to double to 10 GW and the Indiana plant, once both phases are complete, to add 6.3 GW of cells for its US module production; it plans a battery manufacturing and research hub in Shelbyville, Kentucky; and FlexBank 1.0 is expected to be ready for deployment in 2026. [74, 85, 43, 86, 66, 87]

What the desk infers (inferred, not filed)

• The December 2025 move that put CS PowerTech, the US manufacturing arm, under Canadian Solar's direct 75.1% control rather than under the Shanghai-listed CSI Solar was most likely made to keep the US business and its customers eligible for US clean-energy tax credits under the prohibited foreign entity rules. Because: The One Big Beautiful Bill Act, enacted in July 2025, can reduce or disallow US clean-energy tax credits where a prohibited foreign entity is involved, including where the taxpayer itself is one. [60] The company says it made compliance with those provisions a core operational priority and took steps to keep the credits for itself and its customers. [61] In December 2025, after the act, it announced it would resume direct oversight of its US operations, taking 75.1% of CS PowerTech in a joint venture with CSI Solar. [58] CSI Solar is listed in Shanghai and has a significant portion of its manufacturing in China. [54, 88] The United States brought in 49.6% of 2025 revenue, its largest market. [35] Confidence 60 of 100. Wrong if: A company filing that gives a different reason for the December 2025 restructuring, or official guidance showing that ownership through CSI Solar would not have affected the tax credits.
• The modules Canadian Solar assembles in Texas run on solar cells made outside the United States, most likely largely in its own plants in Thailand, because its first US cell plant is still being developed. Because: Its US factory in Mesquite, Texas makes modules, while the Jeffersonville, Indiana plant is still being developed. [45] The Indiana plant is meant to supply cells for its US-based module production. [85] It makes modules mainly from its own ingots, wafers and cells, with a portion bought from others. [89] Its Thai site holds cell and module factories, and the filing warns that the group's exports from Thailand to the US market could be treated as Chinese-origin for duties. [44, 90] Confidence 65 of 100. Wrong if: A filing showing that a US cell line supplied the Texas module plant in 2025, or that the plant bought its cells mainly from makers outside the group.
• Battery storage, about a quarter of revenue, now earns a larger share of the company's gross profit than of its revenue, and it is the business holding up margins while module prices stay low. Because: Storage rose from 13.6% to 24.5% of revenue while modules fell from 71.4% to 60.4%. [75, 72] The filing says storage systems generally provide higher margins than solar modules and credits their larger share for the rise in gross margin from 16.7% to 18.3%. [76] The average module price stayed at 0.16 dollars per watt in 2025, down from 0.23 in 2023. [74] The company's president still runs e-STORAGE, the storage division. [6] Confidence 70 of 100. Wrong if: A disclosure of gross margin by product showing storage systems earning no more per dollar of revenue than solar modules.
• Recurrent Energy is keeping more of the plants it builds instead of selling them all, funding them with loans secured only on the projects, so the project arm is becoming an owner of power plants as well as a developer. Because: It says it focuses on retaining ownership of projects in select markets for recurring income, mainly from selling electricity. [91] Non-recourse borrowings under Recurrent Energy, loans on which lenders have no claim on the parent, rose from 997.4 million dollars to 2,168.5 million dollars between the ends of 2024 and 2025. [92] Electricity, storage operations and other income grew from 1.5% to 2.6% of total revenue. [82] Confidence 60 of 100. Wrong if: A year in which Recurrent Energy sells most of its operating plants and its non-recourse borrowings fall, showing that holding them was a pause before sale rather than a way of operating.

Sources

1. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Dr. Shawn (Xiaohua) Qu founded Canadian Solar Inc. in Guelph, Ontario, Canada in 2001 and has been the chairman and chief executive officer of our company since then.”
2. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Prior to founding Canadian Solar, Dr. Qu worked at ATS Automation Tooling Systems in Canada and its subsidiary Photowatt International in France. Before that, Dr. Qu was a Research Scientist at Ontario Hydro (now Ontario Power Generation).”
3. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Dr. Qu received a BSc degree from Tsinghua University, an MSc degree in Physics from the University of Manitoba and a PhD degree in Materials Science from the University of Toronto.”
4. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Comprises 14,028,597 common shares directly held by Dr. Shawn Qu and Ms. Hanbing Zhang, the wife of Dr. Shawn Qu”
5. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Dr. Shawn (Xiaohua) Qu (3) 14,054,888 20.7”
6. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Colin Parkin has served as a director of our company since December 2025. He is the President of our company and continues to serve as President of e-STORAGE, our utility-scale energy storage division.”
7. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Previously, Mr. Parkin served as Vice President of our Energy Group, now Recurrent Energy, where he expanded the company’s international solar project development pipeline to 8 GWp and managed major project financing and asset sales with leading global investors.”
8. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Xinbo Zhu has served as our Senior Vice President and Chief Financial Officer since May 2024.”
9. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Zhu joined the company in 2014 as special assistant to the CEO, responsible for corporate strategy.”
10. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Dylan Marx has served as our Chief Operating Officer since December 2025.”
11. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Marx began his career at the company in 2013 as director of project management within our Energy Group, which later became Recurrent Energy.”
12. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Ms. Yu Chen has served as Lead General Counsel of our company since December 2023, as Chief Compliance Officer since March 2025, and as Vice President since January 2026.”
13. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Professor Harry E. Ruda has served as an independent director of our company since July 2011. He is the Director of the Centre for Advanced Nanotechnology, the Stanley Meek Chair in Nanotechnology and Professor of Applied Science and Engineering at the University of Toronto, Canada.”
14. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Andrew L.C. Wong has served as an independent director of our company since August 2014.”
15. Canadian Solar Inc., Form 20-F filed 2026-04-10: “From 1982 to 2006, Mr. Wong held senior positions at the Royal Bank of Canada, the Union Bank of Switzerland, Citicorp International Limited, a merchant banking arm of Citibank, Hang Seng Bank Limited and DBS Bank Limited, Hong Kong.”
16. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Ms. Lauren C. Templeton has served as an independent director of our company since January 2020. Ms. Templeton is the founder and President of Templeton & Phillips Capital Management, LLC, a global investing boutique located in Chattanooga, Tennessee.”
17. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Mr. Leslie Chang has served as an independent director of our company since September 2020 and has served as a director of CSI Solar since December 2020. Mr. Chang is the lead independent director of our company.”
18. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Ms. Yuan Z. Qu has served as a director of our company since June 2025. She is the Vice President of Strategy and Innovation of one of our U.S. subsidiaries and plays a leading role in the development of our U.S. operations.”
19. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Dr. Shawn (Xiaohua) Qu 62 Chairman of the Board and Chief Executive Officer”
20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
21. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2023, 2024 and 2025, we had 22,234, 17,113 and 12,587 full-time employees, respectively.”
22. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Manufacturing and operations 7,314 58”
23. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2025, we had 1,318 employees engaged in research, product development and engineering.”
24. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2025, we had 2,061 employees at our facilities and offices in the U.S., 9,187 in Asia Pacific, including China, and 1,339 in Europe and other regions. Our employees are not covered by any collective bargaining agreement.”
25. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Despite pressure from declining solar modules ASPs and trade related duties, we mitigated some margin compression through continued reductions in manufacturing costs and improved operational efficiencies, including workforce reduction.”
26. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2025, we had delivered approximately 174 GW of solar modules to customers worldwide and shipped more than 18 GWh of battery energy storage solutions.”
27. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our business is organized into two segments: (i) Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar products and battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; and (ii) Recurrent Energy, which focuses on solar power and battery energy storage project development, asset sales, power services, and electricity revenue from its operating portfolio.”
28. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We market our products primarily under our own brand names, including “Canadian Solar”, “CSI”, “CS PowerTech”, “CSI Solar”, “Recurrent Energy”, “e-STORAGE”, “SolBank”, “KuBank” and “EP Cube.””
29. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our primary customers are distributors, system integrators, project developers, installers and EPC companies.”
30. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our large and diversified customer base includes active customers in more than 160 countries.”
31. Canadian Solar Inc., Form 20-F filed 2026-04-10: “No customers accounted for 10% or more of total net revenues for the years ended December 31, 2023, 2024 and 2025.”
32. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In 2023, 2024 and 2025, our top five customers accounted for 13.4%, 17.8% and 17.4% of our total net revenues, respectively, while our largest customer in these years accounted for 3.5%, 5.4% and 4.5%, respectively.”
33. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our customers include utilities, independent power producers and energy investors, while our power services (O&M) and asset management customers include other solar and battery storage project developers and owners.”
34. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The majority of electric power generated by our solar power projects is contracted under long-term PPA, VPPA, or contracts for capacity and ancillary services, with public utilities, licensed suppliers, corporate offtakers and commercial, industrial or government end users.”
35. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
36. Canadian Solar Inc., Form 20-F filed 2026-04-10: “For example, the Americas contributed 34.4%, 51.8% and 56.4% of our revenues in 2023, 2024 and 2025, respectively; Asia contributed 41.0%, 30.0% and 22.3%, respectively; and Europe and other regions contributed 24.6%, 18.2% and 21.3%, respectively.”
37. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our reporting currency is the U.S. dollar. We use exchange rates set forth in the H.10 statistical release of the Federal Reserve Board to translate Renminbi, Euros, British pounds, Japanese yen, Canadian dollars, Australian dollars, Thai baht, Brazilian reals and South African rand to U.S. dollars”
38. Canadian Solar Inc., Form 20-F filed 2026-04-10: “A significant portion of our manufacturing costs are denominated in Renminbi, making us particularly sensitive to its appreciation against the U.S. dollars and other currencies.”
39. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We employ a flexible vertically integrated business model that combines internal manufacturing capacity with direct material purchases of ingots, wafers and cells.”
40. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our global solar module, cell, wafer and ingot annual production capacities were 51.3 GW, 32.4 GW, 37.0 GW and 31.0 GW, respectively, as of December 31, 2025. Our global annual battery energy storage system and battery cell manufacturing capacities were 15.0 GWh and 3.0 GWh, respectively, as of December 31, 2025.”
41. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We operate manufacturing facilities in the U.S. and Asia Pacific, including China.”
42. Canadian Solar Inc., Form 20-F filed 2026-04-10: “overseeing research and development as well as the establishment of global battery cell and battery system manufacturing facilities in the United States, Thailand, and China.”
43. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Upon full completion of both phases, the Jeffersonville facility will contribute 6.3 GW of annual solar cell production capacity to support our U.S.-based module production”
44. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The first lot of approximately 179.3 Rai (approximately 287,000 square meters) is located in Chonburi Province, and houses cell manufacturing facilities under Phase I and II covering approximately 37,000 square meters and module manufacturing facilities under Phase I, II and III covering approximately 113,000 square meters.”
45. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In the U.S., we operate a manufacturing facility in Mesquite, Texas and are developing an additional manufacturing facility in Jeffersonville, Indiana.”
46. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We sourced all silicon raw materials from third parties and continue to diversify our polysilicon, wafer, cell and lithium battery cell suppliers.”
47. Canadian Solar Inc., Form 20-F filed 2026-04-10: “These agreements specify price, quantity, delivery terms and technical specifications. While they usually include specific price terms, most of them also incorporate upward or downward price adjustment mechanisms based on market conditions.”
48. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In line with industry practice, we make advance payments without collateral for scheduled deliveries, which are credited against purchase prices.”
49. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2025, we had inventory purchase commitments, primarily for silicon raw materials, totaling $1,226.4 million, of which $636.0 million is expected to be paid in 2026.”
50. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As a result, silver is a critical input material in solar cell metallization and contributes to the overall cost of solar cell production.”
51. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The costs of lithium iron phosphate (“LFP”) cells, battery modules, and associated electronics are a significant portion of our total cost structure for energy storage products.”
52. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our solar module manufacturing costs in China, including purchased polysilicon and wafers, decreased from $0.169 per watt in 2023 to $0.106 per watt in 2024, and further decreased to $0.09 per watt in 2025.”
53. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We are a holding company incorporated under the laws of the Province of Ontario, Canada, and we rely primarily on dividends and other income from our majority-owned operating subsidiaries, CS PowerTech, CSI Solar and Recurrent Energy, to meet our cash, investment and financing requirements.”
54. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In June 2023, CSI Solar completed its STAR Listing on the Shanghai Stock Exchange, raising gross proceeds of RMB 6.01 billion ($842.6 million).”
55. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of the date of this annual report, we own approximately a 63% equity interest in CSI Solar.”
56. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Following initial and subsequent closings in May and September 2024, respectively, BlackRock’s total investment reached $500.0 million, representing 20% of Recurrent Energy B.V.’s fully diluted shares on an as-converted basis as determined immediately upon closing.”
57. Canadian Solar Inc., Form 20-F filed 2026-04-10: “pay in cash to the holders of Series A Preferred Shares dividends in respect of each outstanding Series A Preferred Share at a per annum rate equal to 9% of the Stated Value of such share or (b) to the extent of any portion of the dividend not paid in cash, such amount will automatically be added to the Stated Value of the Series A Preferred Shares.”
58. Canadian Solar Inc., Form 20-F filed 2026-04-10: “on December 1, 2025, we announced a strategic initiative to resume direct oversight of our U.S. operations. We have formed a new joint venture with our majority-owned subsidiary, CSI Solar, by holding a 75.1% controlling stake in CS PowerTech, which operates U.S.-based manufacturing and sales of solar modules, solar cells and advanced energy storage systems.”
59. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In particular, we have been subject to antidumping and countervailing duty rulings in the U.S., the EU, and Canada and have, as a result, been party to lengthy proceedings related thereto.”
60. Canadian Solar Inc., Form 20-F filed 2026-04-10: “On July 4, 2025, Public Law 119-21, the One Big Beautiful Bill Act (“OBBBA”), was enacted. The OBBBA shortened time periods for energy projects to qualify for ITCs and PTCS and added and amended provisions of the U.S. Internal Revenue Code that can reduce or disallow certain U.S. clean energy tax credits based on involvement of a prohibited foreign entity (“PFE”), including where a taxpayer is a prohibited foreign entity”
61. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We have made compliance with the OBBBA’s PFE provisions a core operational priority and have actively taken steps intended to support continued eligibility for applicable tax credits for us and our customers.”
62. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our products include advanced N-type TOPCon modules.”
63. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Through these improvements, the module power output of CS6.2-66TB has been increased up to 655W, with module efficiency of 24.2%, which may contribute to lower levelized cost of electricity (“LCOE”) at the system level.”
64. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In 2023, we launched SolBank 3.0, with power up to 2.35 MW and capacity of 5 MWh.”
65. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Housed in a 20-ft container, SolBank 3.0 provides up to 45% increase in product-level capacity and up to 40% decrease in commissioning time compared to its previous generation.”
66. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In 2025, we launched FlexBank 1.0, a modular utility-scale energy storage system designed for large-scale applications. FlexBank 1.0 delivers up to 8.36 MWh of energy capacity”
67. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our R&D expenses decreased by $30.1 million, or 24.9%, from $120.8 million in 2024 to $90.7 million in 2025, reflecting cost optimization initiatives.”
68. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We face intense competition from companies, such as First Solar, Inc., LONGi Green Energy Technology Co. Ltd., Trina Solar Limited, JinkoSolar Holding Co., Limited, JA Solar Co., Limited and Tongwei Solar Co., Ltd, and battery energy storage companies, such as Tesla, Inc., Fluence Energy, Inc. and Sungrow Power Supply Co., Ltd.”
69. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Some module competitors are developing or are currently producing products based on new technologies that may ultimately offer lower costs or better performance than our products. These include products based on IBC PV technology, which reduces shading by locating metal contacts at the cell to the rear side”
70. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Some competitors operate vertically integrated models, spanning upstream polysilicon manufacturing to downstream solar system integration.”
71. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our primary competitors are local and international developers, operators of solar power and battery energy storage projects, financial investors and certain utility companies.”
72. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Solar modules 4,281,178 71.4 % 3,377,706 60.4”
73. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our net revenues decreased by $398.3 million, or 6.6%, from $5,993.4 million in 2024 to $5,595.1 million in 2025. The decline was primarily attributable to lower sales volume of solar modules as we continued to prioritize margin over volume. This impact was partially offset by higher sales of battery energy storage systems, which increased their contribution to total revenue during the year. Total module shipments decreased to 24.3 GW in 2025 from 31.1 GW in 2024, while battery energy storage solutions continued to grow significantly, reaching 7.8 GWh in shipped volume in 2025, which represents an increase of over 18.6% compared to 2024.”
74. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The average selling prices of our solar modules decreased from $0.23 per watt in 2023 to $0.16 per watt in 2024 and remained at $0.16 per watt in 2025. We anticipate further price reductions driven by industry trends.”
75. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Battery energy storage solutions 814,604 13.6 % 1,370,590 24.5”
76. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Gross margin improved year-over-year from 16.7% to 18.3%, driven primarily by a higher mix of battery energy storage systems, which generally provide higher margins than solar modules, and the benefit from a U.S. anti-dumping and countervailing duty true-up adjustment based on final affirmative determinations made by the ITC.”
77. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2025, e-STORAGE had a contracted backlog, including long-term service agreements, of approximately $3.6 billion.”
78. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Solar system kits 398,173 6.7 % 224,621 4.0”
79. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our solar system kit is a ready-to-install package consisting of solar modules produced by us and third-party components, such as inverters, racking system and accessories. These kits cater to various applications, including residential and commercial rooftops.”
80. Canadian Solar Inc., Form 20-F filed 2026-04-10: “EPC and others 181,422 3.0 % 227,855 4.1”
81. Canadian Solar Inc., Form 20-F filed 2026-04-10: “CSI Solar provides turnkey EPC services in China for ground-mounted solar power and battery energy storage projects, as well as large-scale distributed systems for C&I customers.”
82. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Our net revenues related to Recurrent Energy increased by $76.3 million, or 24.0%, from $318.0 million in 2024 to $394.3 million in 2025, mainly attributable to an increase in revenue generated from project sales, reflecting a higher volume of project monetization completed during 2025. Project sales contributed 3.1% of total revenue in 2025, compared to 2.6% in 2024. In 2025, revenue contributions from power services and electricity, battery energy storage operations and others were 1.3% and 2.6%, respectively, up from 1.2% and 1.5% in 2024.”
83. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Total Solar Pipeline by Region as of December 31, 2025 (in MWp) Under Advanced Early-Stage Region Construction Backlog Development Development Total North America 276 556 427 3,923 5,182 EMEA 674 1,687 1,033 4,995 8,389 Latin America 128 374 352 6,256 7,110 Asia Pacific 492 616 546 2,080 3,735 Total 1,570 3,233 2,358 17,254 24,415”
84. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Total Storage Pipeline by Region as of December 31, 2025 (in MWh) Under Advanced Early-Stage Region Construction Backlog Development Development Total North America 600 200 600 21,540 22,940 EMEA 43 2,590 3,829 31,955 38,417 Latin America — — 1,320 4,645 5,965 Asia Pacific 162 2,640 2,981 10,380 16,163 Total 805 5,430 8,730 68,521 83,485”
85. Canadian Solar Inc., Form 20-F filed 2026-04-10: “In June 2023, we announced the construction of a solar module manufacturing facility in Mesquite, Texas, with an initial annual production capacity of 5 GW. This facility commenced production in late 2023 and is expected to double in capacity to 10 GW, serving as a key component of our U.S. supply chain.”
86. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We also plan to invest in a new manufacturing and R&D hub for our utility-scale battery energy storage business in Shelbyville, Kentucky.”
87. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The FlexBank platform also serves as a foundation for future battery technologies featuring higher amperage cell formats and improved performance characteristics. The system is expected to be ready for deployment in 2026.”
88. Canadian Solar Inc., Form 20-F filed 2026-04-10: “The business of CSI Solar Co., Ltd. is exposed to legal and operational risks associated with having a significant portion of its manufacturing operations in China.”
89. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We primarily use in-house manufactured silicon ingots, wafers, solar cells, with a portion sourced from third parties, for our solar module production.”
90. Canadian Solar Inc., Form 20-F filed 2026-04-10: “Accordingly, the Group’s exports from Thailand to the U.S. market could be treated as Chinese-origin and be subjected to significant AD/CVD deposit rates, adversely affecting our competitiveness in the U.S., and harming our financial condition and results of operations.”
91. Canadian Solar Inc., Form 20-F filed 2026-04-10: “We focus on capturing greater asset value and retaining ownership of projects in select markets to increase long-term revenues through recurring income, primarily from the sale of electricity and other related services generated by our operating portfolio.”
92. Canadian Solar Inc., Form 20-F filed 2026-04-10: “As of December 31, 2024 and 2025, $997.4 million and $2,168.5 million of borrowings under Recurrent Energy were non-recourse. These borrowings are typically long-term, asset- or portfolio-specific, and denominated in the domestic currency of the respective project subsidiary. These are secured by the assets and equity of each project, and lenders have no recourse to Canadian Solar Inc. in the event of a default.”

Where the revenue comes from

By geography: United States 50%, China 13%, United Kingdom 6%, Australia 6%, Brazil 4%, Pakistan 4%. As tagged in its annual report (Form 20-F, filed 2026-04-10).

Who runs it

Parkin, Colin (Chief Executive Officer); Zhu, Xinbo (Chief Financial Officer); Marx, Dylan (Chief Operating Officer); Qu, Shawn Xiaohua (Chief Technology Officer); Chen, Yu (kang) (Lead General Counsel); Wong, Pauline W. (Corporate Secretary); Chang, Leslie Li Hsien (director); Qu, Yuan (director); Ruda, Harry E (director); Templeton, Lauren C (director); and 1 more. 11 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-07.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.