Canadian Solar Reports Net Income of $240 Million, Module Sale of 21.1 GW in 2022

Global solar manufacturer Canadian Solar Inc. has announced its financial results for the fourth quarter and full year ended December 31, 2022.

With regards to the fourth quarter of 2022, Canadian Solar said that it witnessed a 68% increase in solar module shipments year-over-year to 6.4 GW which was above guidance range of 6 GW to 6.3 GW. The net income attributable to Canadian Solar is reported to be $78 million.

The total revenue of Canadian Solar increased by 29% YoY to $1.97 billion. This is also above guidance range of $1.8 to 1.9 billion. This quarter, the solar module making firm also reported 17.7% gross margin.

Full Year 2022 Highlights

Canadian Solar achieved record revenues of $7.47 billion last year which is a jump of 42% YoY. The net income attributable to Canadian Solar came to $240 million.

The total solar module shipment was 21.1 GW by CSI Solar, marking a 45% increase YoY. The utility-scale battery storage shipment was 1.79 GWh by CSI Solar.

Canadian Solar also declared 25 GWp of solar development pipeline and 47 GWh of battery storage development pipeline, as of January 31, 2023.

Dr. Shawn Qu, Chairman and CEO, commented, "We achieved record financial results in 2022, with revenue increasing 42% and net income attributable to shareholders increasing 152%. Our company and industry are at a critical turning point as we transition towards a grid parity market where clean energy investments are attractive both economically and from a sustainability standpoint, unlocking significant global demand.”

The CEO also added, “In addition, as solar equipment costs reach closer to the bottom of the cost curve, volume growth is translating into both revenue and earnings growth, driven by a combination of a stabler cost structure, increasing pricing power and operating leverage. This is evident in our 2022 results and adds to our confidence in our future growth opportunities. Lastly, CSI Solar's carve-out IPO just got approved by China Securities Regulatory Commission as we speak today."