GUELPH,
ON, March 14, 2024 /PRNewswire/ -- Canadian
Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ)
today announced financial results for the fourth quarter and full
year ended December 31, 2023.
Fourth Quarter and Full Year 2023 Highlights
- 26% increase in solar module shipments year-over-year ("yoy")
to 8.2 GW, above guidance range of 7.6 GW to 8.1 GW.
- Record full year solar module shipments of 30.7 GW by CSI
Solar, a 45% increase yoy.
- Record full year revenues of $7.6
billion.
- Record full year net income attributable to Canadian Solar of
$274 million, or $3.87 per diluted share.
- Record 63 GWh of e-STORAGE pipeline, of which $2.6 billion is contracted backlog, as of
January 31, 2024.
- Secured a $500 million investment
in Recurrent Energy from BlackRock.
Dr. Shawn Qu, Chairman and
CEO, commented, "Over the past two decades, Canadian Solar has
evolved into a leading 'full stack' solar and storage business,
uniquely positioned for global opportunities. Not only are we
addressing market demand with our swift transition to N-type TOPCon
(Tunnel Oxide Passivated Contact) solar technology, but we also
remain laser focused on strategic markets. Our Texas module factory which began production in
late 2023 has been ramping up, and we continue to see strong demand
for our U.S.-made products. In addition, we continue to make
exciting progress in both our battery energy storage and project
development businesses. While e-STORAGE grows and executes on a
substantial backlog, Recurrent Energy gains fresh momentum in its
business transformation journey through the recently announced
partnership with BlackRock. Today, solar represents a hugely
underpenetrated and cost-effective form of energy. With the
substantial reduction in LCOE (levelized cost of energy) over the
last year, solar is more attractive than ever from an investment
perspective. Furthermore, with solar and storage at grid parity, we
are poised to make solar an even more stable energy source,
solidifying its critical role at the forefront of the energy
transition."
Yan Zhuang, President of
Canadian Solar's CSI Solar subsidiary, said, "This year has
underscored the resilience and agility of CSI Solar in navigating a
complex and evolving market landscape. Despite the challenging
conditions, we not only achieved exceptional shipment growth, but
also swiftly and effectively managed manufacturing costs to
mitigate impacts on our gross margins. As the market undergoes
further normalization and consolidation, we see vertical
integration, advanced technology, and a robust go-to-market
strategy as key to competitive edge. We maintain our strategic
long-term investments across vertical integration, TOPCon and other
N-type technologies, and our U.S. manufacturing capabilities.
Finally, e-STORAGE, with its outstanding track record in execution
and safety, remains one of our fastest-growing and most promising
business segments, projected to surpass $1
billion in revenue with healthy margins in 2024."
Ismael Guerrero, CEO of
Canadian Solar's Recurrent Energy subsidiary, said, "The past
year has been pivotal for Recurrent Energy, marked by significant
milestones that underscore our commitment to driving renewable
energy adoption. Notably, in January
2024, we proudly announced a $500
million capital commitment from BlackRock. This investment
is instrumental to our transition from a pure developer to a
developer plus long-term owner and operator in select markets,
enabling a more diversified portfolio and stable, long-term
revenue."
Dr. Huifeng Chang, Senior VP
and CFO, added, "In the fourth quarter, we achieved
$1.7 billion in revenue and a gross
margin of 12.5%. Our disciplined approach to capital expenditure
enabled lower-than-expected full year spending of $1.1 billion. Full year net income came in at a
record $274 million, and our cash
position, standing at $3 billion,
provides us with a solid foundation to pursue growth opportunities
and strategic investments in the coming year."
Fourth Quarter 2023 Results
Total module shipments recognized as revenues in the fourth
quarter of 2023 were 8.2 GW, up 26% yoy and down 2% qoq. Of
the total, 47 MW were shipped to the Company's own
utility-scale solar power projects.
Net revenues in the fourth quarter of 2023 decreased 8% qoq
and 14% yoy to $1.7 billion. The
sequential decrease primarily reflects a decline in module average
selling price ("ASP"), a decline in solar module shipment volume,
and lower projects sales, partially offset by higher battery energy
storage solutions sales.
Gross profit in the fourth quarter of 2023 was
$213 million, down 31% qoq and 39% yoy. Gross margin in
the fourth quarter of 2023 was 12.5%, compared to 16.7% in the
third quarter of 2023. The gross margin decline was primarily
caused by lower module ASPs and an inventory write-down, partially
offset by lower manufacturing costs and a higher margin
contribution from battery energy storage solutions sales.
Total operating expenses in the fourth quarter of 2023 were
$213 million, compared to $225
million in the third quarter of 2023 and $213 million in the fourth quarter of 2022.
Depreciation and amortization charges in the fourth quarter of
2023 were $89 million, compared
to $76 million in the third quarter of 2023 and $50 million in the fourth quarter of 2022. The
sequential increase was primarily driven by the Company's continued
investment in vertical integration and incremental capacity
expansion.
Net interest expense in the fourth quarter of 2023 was
$18 million, compared to $11 million in the third quarter of 2023 and
$11 million in the fourth quarter of
2022. The sequential increase in net interest expense was
attributable to increased financing and comparatively lower
interest income.
Net foreign exchange and derivative gain in the fourth quarter
of 2023 was less than $1 million,
compared to a net loss of $17 million
in the third quarter of 2023 and a net loss of $15 million in the fourth quarter of 2022.
Net loss attributable to Canadian Solar in the fourth quarter of
2023 was $1 million, or $0.02
per diluted share, compared to net income of $22 million, or $0.32 per diluted share, in the third quarter of
2023, and net income of $78 million,
or $1.11 per diluted share, in the
fourth quarter of 2022.
Net cash flow provided by operating activities in the fourth
quarter of 2023 was $190 million,
compared to $158 million in the third
quarter of 2023. The sequential increase in operating cash flow
primarily resulted from reduced inventories and increased other
payables.
Total debt was $3.6 billion as of
December 31, 2023, including
$1.9 billion, $1.5 billion, and $0.2
billion related to CSI Solar, Recurrent Energy, and
convertible notes respectively. Total debt increased as compared to
$3.3 billion as of September 30, 2023 due to incremental borrowings
for working capital and additional vertical integration for CSI
Solar, and new project development for Recurrent Energy.
Corporate Structure
The Company has two business segments: Recurrent Energy and CSI
Solar. The two businesses operate as follows:
- Recurrent Energy is one of the world's largest clean
energy project development platforms with 15 years of experience,
having delivered approximately 10 GWp of solar power projects and
3.3 GWh of battery energy storage projects. It is vertically
integrated and has strong expertise in greenfield origination,
development, financing, execution, operations and maintenance, and
asset management.
- CSI Solar consists of solar module and battery energy
storage manufacturing, and delivery of total system solutions,
including inverters, solar system kits and EPC (engineering,
procurement, and construction) services. CSI Solar's e-STORAGE
branded battery energy storage business includes its utility-scale
turnkey battery energy system solutions, as well as a small but
growing residential battery energy storage business. These battery
energy storage systems solutions are complemented with long-term
service agreements, including future battery capacity augmentation
services.
Recurrent Energy Segment
As of January 31, 2024, the
Company held a leading position with a total global solar
development pipeline of 27 GWp and a battery energy storage
development pipeline of 55 GWh.
While Recurrent Energy's business model was historically
predominantly develop-to-sell, the Company has been adjusting its
strategy to create greater asset value and retain greater ownership
of projects in select markets to increase revenues generated
through recurring income, such as power sales, operations and
maintenance, and asset management income.
The business model will consist of three key drivers:
- Electricity revenue from operating portfolio to drive
stable, diversified cash flows in growth markets with stable
currencies;
- Asset sales (solar PV and battery energy
storage) in the rest of the world to drive cash-efficient
growth model, as value from project sales will help fund growth in
operating assets in stable currency markets; and
- Power services (O&M) and asset
management through long-term operations and maintenance
("O&M") contracts, currently with 8.2 GW of contracted
projects, to drive stable and long-term recurring earnings and
synergies with the project development platform.
In January 2024, the Company
announced a $500 million investment
from BlackRock. The investment will provide Recurrent Energy with
additional capital to grow its high value project development
pipeline while executing its strategy to transition from a pure
developer to a developer plus long-term owner and operator in
select markets including the U.S. and Europe. This
transition is expected to create a more diversified portfolio and
provide more stable long-term revenue in low-risk currencies and
enable Recurrent Energy to create and retain greater value in its
own project development pipeline.
The perimeter of the transaction includes
the U.S., Canada, Spain, Italy,
the U.K., France, the
Netherlands, Germany, South
Africa, Brazil, Chile, Colombia, Australia, South
Korea and Taiwan; and excludes Canadian
Solar's project development business
in Japan and China, and certain assets in Latin
America and Taiwan. Closing of the transaction is subject
to regulatory approvals and certain terms and conditions in
accordance with the transaction agreements.
The $500 million investment will
represent 20% of the outstanding fully diluted shares of Recurrent
Energy on an as-converted basis. Canadian Solar will continue to
own the remaining majority shares of Recurrent Energy after the
closing of the investment.
Project Development Pipeline – Solar
As of January 31, 2024, Recurrent
Energy's total solar project development pipeline was 27.3 GWp,
including 1.9 GWp under construction, 5.5 GWp of backlog, and 19.9
GWp of projects in advanced and early-stage pipelines, defined as
follows:
- Backlog projects are late-stage projects
that have passed their risk cliff date and are expected to start
construction in the next 1-4 years. A project's risk cliff date is
the date on which the project passes the last high-risk development
stage and varies depending on the country where it is located. This
is usually after the projects have received all the required
environmental and regulatory approvals, and entered into
interconnection agreements, feed-in tariff ("FIT") arrangements,
and power purchase agreements ("PPAs"). A significant majority of
backlog projects are contracted (i.e., have secured a PPA or FIT),
and the remaining have a reasonable assurance of securing
PPAs.
- Advanced pipeline projects are mid-stage projects that
have secured or have more than 90% certainty of securing an
interconnection agreement.
- Early-stage pipeline projects are early-stage
projects controlled by Recurrent Energy that are in the process of
securing interconnection.
While the magnitude of the Company's project development
pipeline is an important indicator of potential expanded power
generation and battery energy storage capacity as well as potential
future revenue growth, the development of projects in its pipeline
is inherently uncertain. If the Company does not successfully
complete the pipeline projects in a timely manner, it may not
realize the anticipated benefits of the projects to the extent
anticipated, which could adversely affect its business, financial
condition, or results of operations. In addition, the Company's
guidance and estimates for its future operating and financial
results assume the completion of certain solar projects and battery
energy storage projects that are in its pipeline. If the Company is
unable to execute on its actionable pipeline, it may miss its
guidance, which could adversely affect the market price of its
common shares and its business, financial condition, or results of
operations.
The following table presents Recurrent Energy's total solar
project development pipeline.
|
Solar Project
Development Pipeline (as of January 31, 2024) – MWp*
|
Region
|
In
Construction
|
Backlog
|
Advanced
Pipeline
|
Early-Stage
Pipeline
|
Total
|
North
America
|
424
|
212
|
1,467
|
4,343
|
6,446
|
Latin
America
|
1,188**
|
867
|
83
|
2,954
|
5,092
|
Europe, the Middle
East, and Africa
("EMEA")
|
51**
|
2,300
|
2,361
|
5,203
|
9,915
|
Japan
|
32
|
135
|
14
|
32
|
213
|
China
|
200
|
1,845**
|
-
|
1,260
|
3,305
|
Asia Pacific excluding
Japan and China
|
-
|
173
|
708
|
1,430
|
2,311
|
Total
|
1,895
|
5,532
|
4,633
|
15,222
|
27,282
|
*All numbers are
gross MWp.
**Including 594 MWp
in construction and 741 MWp in backlog that are owned by or already
sold to third parties.
|
|
|
|
|
|
|
|
Project Development Pipeline – Battery Energy Storage
As of January 31, 2024, Recurrent
Energy's total battery energy storage project development pipeline
was 54.8 GWh, including 3.5 GWh under construction and in backlog,
and 51.3 GWh of projects in advanced and early-stage pipelines.
The table below sets forth Recurrent Energy's total battery
energy storage project development pipeline.
Battery Energy
Storage Project Development Pipeline (as of
January 31, 2024) – MWh
|
Region
|
In
Construction
|
Backlog
|
Advanced
Pipeline
|
Early-Stage
Pipeline
|
Total
|
North
America
|
-
|
1,600
|
2,180
|
15,284
|
19,064
|
Latin
America
|
-
|
965
|
1,000
|
-
|
1,965
|
EMEA
|
-
|
110
|
5,943
|
17,334
|
23,387
|
Japan
|
-
|
-
|
776
|
600
|
1,376
|
China
|
400
|
-
|
-
|
6,500
|
6,900
|
Asia Pacific excluding
Japan and China
|
8
|
440
|
400
|
1,240
|
2,088
|
Total
|
408
|
3,115
|
10,299
|
40,958
|
54,780
|
Projects in Operation – Solar
and Battery Energy Storage Power Plants (Including Unconsolidated
Projects)
As of January 31, 2024, the solar
power plants in operation totaled around 1 GWp, with a combined
estimated net resale value of approximately $800 million.
The estimated net resale value is based on selling prices that
Recurrent Energy is currently negotiating or comparable asset
sales. Battery energy storage plants in operation totaled 600 MWh
as of January 31, 2024.
Power Plants in
Operation*
|
|
North
America
|
Latin
America
|
Japan
|
China
|
Asia
Pacific
ex. Japan and
China
|
Total
|
Solar (MWp)
|
-
|
748
|
59
|
191
|
7
|
1,005
|
Battery Energy
Storage (MWh)
|
280
|
-
|
-
|
300
|
20
|
600
|
*All numbers are net MWp or MWh owned by Recurrent
Energy; total gross MWp of solar projects is 1,798 MWp and total
gross battery energy storage projects is 1,720 MWh, including
volume that is already sold to third parties.
Operating Results
The following table presents select unaudited results of
operations data of the Recurrent Energy segment for the periods
indicated.
Recurrent Energy
Segment Financial Results
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
2023
|
September
30,
2023
|
December
31,
2022
|
|
December 31,
2023
|
December
31,
2022
|
Net revenues
|
53,750
|
63,806
|
73,650
|
|
497,653
|
821,525
|
Cost of
revenues
|
31,995
|
46,107
|
57,686
|
|
292,926
|
660,161
|
Gross profit
|
21,755
|
17,699
|
15,964
|
|
204,727
|
161,364
|
Operating
expenses
|
22,938
|
26,880
|
17,315
|
|
108,106
|
81,000
|
Income (loss) from
operations*
|
(1,183)
|
(9,181)
|
(1,351)
|
|
96,621
|
80,364
|
Gross
margin
|
40.5 %
|
27.7 %
|
21.7 %
|
|
41.1 %
|
19.6 %
|
Operating
margin
|
-2.2 %
|
-14.4 %
|
-1.8 %
|
|
19.4 %
|
9.8 %
|
|
* Income (loss) from
operations reflects management's allocation and estimate as some
services are shared by the
Company's two business segments.
|
CSI Solar
Segment
Solar Modules and Solar System Kits
CSI Solar shipped 8.2 GW of solar modules and solar system
kits to more than 70 countries in the fourth quarter of 2023. For
the fourth quarter of 2023, the top five markets ranked by
shipments were China, the U.S.,
Brazil, Spain, and Pakistan.
CSI Solar's revised manufacturing capacity expansion targets are
set forth below.
Solar Manufacturing
Capacity, GW*
|
|
December
2023
Actual
|
June
2024
Plan
|
December
2024
Plan
|
Ingot
|
20.4
|
20.4
|
50.4
|
Wafer
|
21.0
|
28.0
|
50.0
|
Cell
|
50.0
|
48.4
|
55.7
|
Module
|
57.0
|
60.0
|
61.0
|
*Nameplate annualized capacities at said point in time.
Capacity expansion plans are subject to change without notice based
on market conditions and capital allocation plans.
e-STORAGE: Battery Energy Storage Solutions
e-STORAGE is CSI Solar's utility-scale battery energy storage
platform. e-STORAGE provides customers with competitive turnkey,
integrated, utility-scale battery energy storage solutions,
including bankable, end-to-end, utility-scale, turnkey battery
energy storage system solutions across various applications. System
performance is complemented with long-term service agreements,
which include future battery capacity augmentation services and
bring in long-term, stable income.
As of January 31, 2024, e-STORAGE
had a total project turnkey pipeline of around 63 GWh, which
includes both contracted and in-construction projects, as well as
projects at different stages of the negotiation process. In
addition, e-STORAGE had approximately 3.1 GWh of operating battery
energy storage projects contracted under long-term service
agreements, all of which were battery energy storage projects
previously executed by e-STORAGE.
As of January 31, 2024, the
contracted backlog, including contracted long-term service
agreements, was $2.6 billion. These
are signed orders with contractual obligations to customers,
providing significant earnings visibility over a multi-year
period.
The table below sets forth e-STORAGE's manufacturing capacity
expansion targets.
Battery Energy
Storage Manufacturing
Capacity, GWh*
|
December
2023
Actual
|
December
2024
Plan
|
SolBank
|
10.0
|
20.0
|
*Nameplate annualized capacities at said point in time.
Capacity expansion plans are subject to change without notice based
on market conditions and capital allocation plans.
Operating Results
The following table presents select unaudited results of
operations data of the CSI Solar segment for the periods
indicated.
CSI Solar Segment
Financial Results*
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
|
December 31,
2023
|
December
31,
2022
|
Net revenues
|
1,701,320
|
1,805,507
|
1,976,045
|
|
7,230,550
|
6,975,612
|
Cost of
revenues
|
1,494,723
|
1,506,334
|
1,631,417
|
|
6,121,332
|
5,824,855
|
Gross profit
|
206,597
|
299,173
|
344,628
|
|
1,109,218
|
1,150,757
|
Operating
expenses
|
166,120
|
172,409
|
192,099
|
|
653,135
|
806,959
|
Income from
operations
|
40,477
|
126,764
|
152,529
|
|
456,083
|
343,798
|
Gross
margin
|
12.1 %
|
16.6 %
|
17.4 %
|
|
15.3 %
|
16.5 %
|
Operating
margin
|
2.4 %
|
7.0 %
|
7.7 %
|
|
6.3 %
|
4.9 %
|
|
*Include effects of both
sales to third-party customers and to
the Company's Recurrent Energy
segment. Please refer to the
attached financial tables for intercompany transaction elimination
information. Income from operations reflects
management's allocation and estimate as some services are shared by
the Company's two business segments.
|
The table below provides the
geographic distribution of the net revenues of CSI Solar:
CSI Solar Net
Revenues Geographic Distribution* (In Millions of U.S. Dollars,
Except Percentages)
|
|
Q4
2023
|
% of Net
Revenues
|
|
Q3
2023
|
% of Net
Revenues
|
|
Q4
2022
|
% of Net
Revenues
|
Asia
|
738
|
45
|
|
715
|
40
|
|
846
|
45
|
Americas
|
579
|
35
|
|
630
|
35
|
|
635
|
33
|
Europe and
others
|
331
|
20
|
|
437
|
25
|
|
417
|
22
|
Total
|
1,648
|
100
|
|
1,782
|
100
|
|
1,898
|
100
|
*Excludes sales from CSI Solar to Recurrent Energy.
Business Outlook
The Company's business outlook is based on management's current
views and estimates given factors such as existing market
conditions, order book, production capacity, input material prices,
foreign exchange fluctuations, the anticipated timing of project
sales, and the global economic environment. This outlook is subject
to uncertainty with respect to, among other things, customer
demand, project construction and sale schedules, product sales
prices and costs, supply chain constraints, and geopolitical
conflicts. Management's views and estimates are subject to change
without notice.
For the first quarter of 2024, the Company expects total
revenue to be in the range of $1.2
billion to $1.4 billion. Gross
margin is expected to be between 17% and 19%. Total module
shipments recognized as revenues by CSI Solar are expected to be in
the range of 6.1 GW to 6.4 GW, including approximately 235 MW to
the Company's own projects. Total battery energy storage shipments
by CSI Solar in the first quarter are expected to be approximately
1 GWh.
For the full year of 2024, the Company reiterates its prior
outlook for CSI Solar's total module shipments to be in the range
of 42 GW to 47 GW and CSI Solar's total battery energy storage
shipments in the range of 6.0 GWh to 6.5 GWh, including
approximately 2 GW and 2.5 GWh respectively to the Company's own
projects. The Company's total revenue is expected to be in the
range of $8.5 billion to $9.5 billion.
Dr. Shawn Qu, Chairman and
CEO, commented, "Entering 2024, we anticipate a seasonally
softer first quarter. As we remain committed to profitable growth,
our strategic management of volume is expected to bolster gross
margins, while e-STORAGE concurrently drives more meaningful profit
contribution. Our optimism toward global market prospects endures,
as we project accelerated growth momentum in the latter part of the
year. This positive outlook is driven by the clearance of channel
inventory in distributed generation markets and burgeoning demand
unleashed by emerging markets. Our commitment to long-term growth
remains steadfast, as we continue to strengthen our foothold in
strategic markets and generate value for our shareholders."
Recent Developments
Recurrent Energy
On February 27, 2024, Canadian
Solar announced the 119 MW Horus Solar Project in Mexico, of which 49 percent of equity
interests are owned by its subsidiary Recurrent Energy, closed
non-recourse project financing. The non-recourse financing has been
provided by Korea Eximbank (KEXIM), the official export credit
agency of South Korea, and KEB
Hana Bank, one of South Korea's
largest banks. The project reached Commercial Operation Date in
March 2023 and has been operating
since then.
On February 6, 2024, Canadian
Solar announced that Recurrent Energy secured $160 million in project financing for its 127
MWdc Bayou Galion Solar project, located in Morehouse Parish in Northeast Louisiana. The project is currently
under construction and is expected to be operational by fall 2024.
Microsoft Corporation will purchase 100 percent of the energy and
renewable energy credits produced by Bayou Galion Solar to support
its goal to be carbon negative by 2030.
On January 23, 2024, Canadian
Solar announced that Recurrent Energy B.V. secured a $500
million preferred equity investment commitment, convertible
into common equity, from BlackRock through a fund managed by its
Climate Infrastructure business. The $500
million investment will represent 20% of the outstanding fully
diluted shares of Recurrent Energy on an as-converted
basis. Canadian Solar will continue to own the remaining
majority shares of Recurrent Energy after the closing of the
investment.
On January 8, 2024, Canadian Solar
announced that Recurrent Energy completed the sale of its 100 MW /
200 MWh Mannum battery energy storage project in South Australia to Epic Energy. Recurrent
Energy is the developer of the Mannum project, and Canadian Solar's
e-STORAGE will provide its SolBank battery energy storage solution
for the project. The project is expected to start construction in
the first half of 2024 and reach commercial operation in 2025.
On November 14, 2023, Canadian
Solar announced that Recurrent Energy received in full 490 million
Brazilian reais (approximately $100
million) of non-recourse project financing for its 300 MW
Ciranda Solar Power Cluster in Brazil. Completed in August 23, 2023, the Ciranda Cluster was
developed by Recurrent Energy, who is the long-term owner and
operator of Ciranda Cluster.
CSI Solar
On March 4, 2024, Canadian Solar
announced its partnership with Sol Systems, a leading renewable
energy company based in Washington,
D.C., to scale new solar module production and procurement
in the United States. Canadian
Solar secured a framework agreement to provide Sol Systems with a
significant supply of N-type TOPCon solar modules from Canadian
Solar's newly ramped Texas module
factory to support Sol System's project pipeline in the U.S.
between 2024 and 2025.
On February 29, 2024, Canadian
Solar announced its pivotal role in powering the Super Bowl LVIII
at Allegiant Stadium in Las Vegas,
Nevada by supplying 275 MW or 600 thousand solar modules to
EDF Renewables' Arrow Canyon project. The first-ever Super Bowl
powered entirely by renewable energy, this historic event sourced
electricity from the Arrow Canyon solar and battery energy storage
project developed, owned, and operated by EDF Renewables.
On February 15, 2024, Canadian
Solar announced it was awarded the "Top Brand PV Award USA 2024" by EUPD Research, a globally
renowned authority in market research. This accolade stands as the
epitome of recognition and prestige in the global PV industry,
symbolizing reliability and trust within target customer groups and
among business partners.
On December 12, 2023, Canadian
Solar announced that e-STORAGE, which is part of its majority-owned
subsidiary CSI Solar, is expected to deliver 220 MWh DC of battery
energy storage solutions to a standalone battery energy storage
project owned by Epic Energy in Mannum, South Australia. The Mannum project is being
developed by Canadian Solar through its wholly-owned
subsidiary Recurrent Energy. E-STORAGE plans to begin construction
on the Mannum project in the second quarter of 2024.
On December 7, 2023, Canadian
Solar announced that e-STORAGE was awarded by Copenhagen
Infrastructure Partners Flagship Funds, a supply and integration
contract for a 500 MW / 1,170 MWh DC of battery energy storage
solutions for the funds' Coalburn
1 Project, in Scotland, U.K. The Coalburn 1 project is set to become the
largest battery energy storage project in the U.K. and is
scheduled for installation by the first quarter of 2025.
On December 6, 2023, Canadian
Solar announced that e-STORAGE is expected to deliver 226 MWh DC of
turnkey battery energy storage solutions to ENGIE in the U.K.
(Scotland). Both sites are
scheduled to reach grid connection in early 2025.
On November 27, 2023, Canadian
Solar announced that e-STORAGE was selected as the preferred
supplier for EPC and O&M by Copenhagen Infrastructure
Partners (CIP) to deliver CIP's Summerfield battery energy storage project
in South Australia. The Summerfield battery energy storage project is
a 2-hour 240 MW (480 MWh) DC battery energy storage solution. The
project is scheduled for installation in 2025 and will incorporate
e-STORAGE's SolBank battery technology.
Conference Call Information The Company will hold a
conference call on Thursday, March 14,
2024, at 8:00 a.m. U.S.
Eastern Daylight Time (8:00 p.m.,
Thursday, March 14, 2024, in
Hong Kong) to discuss its
fourth quarter and full year 2023 results and business
outlook. The dial-in phone number for the live audio call is
+1-877-704-4453 (toll-free from the U.S.), 800 965 561
(from Hong Kong), +86 400 120 2840 (local dial-in from
Mainland China) or +1-201-389-0920 from international locations.
The conference ID is 13744234. A live webcast of the conference
call will also be available on the investor relations section
of Canadian Solar's website.
A replay of the call will be available after the conclusion of
the call until 11:00 p.m. U.S. Eastern Daylight Time
on Thursday, March 28, 2024 (11:00 a.m. March 29,
2024, in Hong Kong) and can be accessed by dialing
+1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671
from international locations. The replay pin number is
13744234. A webcast replay will also be available on the investor
relations section of Canadian
Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery energy storage solutions, and developer of
utility-scale solar power and battery energy storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 118 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected around 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has approximately 1 GWp of solar
power projects in operation, 7.4 GWp of projects under construction
or in backlog (late-stage), and an additional 19.9 GWp of
projects in advanced and early-stage pipeline. In addition, the
Company has 600 MWh of battery energy storage projects in operation
and a total battery energy storage project development pipeline of
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 GWh at advanced
and early-stage development. Canadian Solar is one of the most
bankable companies in the solar and renewable energy industry,
having been publicly listed on the NASDAQ since 2006. For
additional information about the Company, follow Canadian Solar
on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including those
regarding the Company's expected future shipment volumes, revenues,
gross margins, and project sales are forward-looking statements
that involve a number of risks and uncertainties that could cause
actual results to differ materially. These statements are made
under the "Safe Harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by such terms as "believes," "expects,"
"anticipates," "intends," "estimates," the negative of these terms,
or other comparable terminology. Factors that could cause actual
results to differ include general business, regulatory and economic
conditions and the state of the solar and battery energy storage
market and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; the pipeline of projects and timelines
related to them; the ability of the parties to optimize value of
that pipeline; continued success in technological innovations and
delivery of products with the features that customers demand;
shortage in supply of materials or capacity requirements;
availability of financing; exchange and inflation rate
fluctuations; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Investor Relations Contact:
Wina Huang
Investor
Relations
Canadian Solar
Inc.
investor@canadiansolar.com
|
|
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data
for the Company's CSI Solar and Recurrent Energy
businesses.
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Three Months Ended
and As of December 31, 2023
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 1,701,320
|
|
$ 53,750
|
|
$ (53,033)
|
|
$ 1,702,037
|
Cost of
revenues
|
|
|
1,494,723
|
|
31,995
|
|
(38,085)
|
|
1,488,633
|
Gross profit
|
|
|
206,597
|
|
21,755
|
|
(14,948)
|
|
213,404
|
Gross margin
|
|
|
12.1 %
|
|
40.5 %
|
|
—
|
|
12.5 %
|
Income (loss) from
operations (2)
|
|
|
$ 40,477
|
|
$ (1,183)
|
|
$ (38,717)
|
|
$ 577
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (15,853)
|
|
$ (15,590)
|
|
$ (1,804)
|
|
$ (33,247)
|
Interest income
(3)
|
|
|
14,160
|
|
1,468
|
|
4
|
|
15,632
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$ 1,673,330
|
|
$ 264,028
|
|
$ 1,331
|
|
$ 1,938,689
|
Restricted cash –
current and
noncurrent
|
|
|
1,004,521
|
|
3,222
|
|
—
|
|
1,007,743
|
Non-recourse
borrowings
|
|
|
—
|
|
374,840
|
|
—
|
|
374,840
|
Other short-term and
long-
term borrowings
|
|
|
1,702,785
|
|
993,539
|
|
—
|
|
2,696,324
|
Green bonds
|
|
|
—
|
|
161,609
|
|
—
|
|
161,609
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Twelve Months Ended
December 31, 2023
(In Thousands of
U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 7,230,550
|
|
$ 497,653
|
|
$ (114,577)
|
|
$ 7,613,626
|
Cost of
revenues
|
|
|
6,121,332
|
|
292,926
|
|
(80,615)
|
|
6,333,643
|
Gross profit
|
|
|
1,109,218
|
|
204,727
|
|
(33,962)
|
|
1,279,983
|
Gross margin
|
|
|
15.3 %
|
|
41.1 %
|
|
—
|
|
16.8 %
|
Income from
operations (2)
|
|
|
$ 456,083
|
|
$ 96,621
|
|
$ (99,384)
|
|
$ 453,320
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (60,413)
|
|
$ (46,489)
|
|
$ (7,197)
|
|
$ (114,099)
|
Interest income
(3)
|
|
|
43,788
|
|
7,797
|
|
36
|
|
51,621
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Three Months Ended
December 31, 2022
(In Thousands of U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 1,976,045
|
|
$ 73,650
|
|
$ (78,099)
|
|
$ 1,971,596
|
Cost of
revenues
|
|
|
1,631,417
|
|
57,686
|
|
(66,136)
|
|
1,622,967
|
Gross profit
|
|
|
344,628
|
|
15,964
|
|
(11,963)
|
|
348,629
|
Gross margin
|
|
|
17.4 %
|
|
21.7 %
|
|
—
|
|
17.7 %
|
Income (loss) from
operations (2)
|
|
|
$ 152,529
|
|
$ (1,351)
|
|
$ (15,416)
|
|
$ 135,762
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (11,615)
|
|
$ (6,788)
|
|
$ (1,792)
|
|
$ (20,195)
|
Interest income
(3)
|
|
|
8,431
|
|
727
|
|
129
|
|
9,287
|
|
|
|
Select Financial
Data – CSI Solar and Recurrent Energy
|
|
|
|
Twelve Months Ended
December 31, 2022
(In Thousands of U.S. Dollars, Except Percentages)
|
|
|
|
CSI
Solar
|
|
Recurrent
Energy
|
|
Elimination
and
unallocated
items (1)
|
|
Total
|
Net
revenues
|
|
|
$ 6,975,612
|
|
$ 821,525
|
|
$ (328,527)
|
|
$ 7,468,610
|
Cost of
revenues
|
|
|
5,824,855
|
|
660,161
|
|
(279,542)
|
|
6,205,474
|
Gross profit
|
|
|
1,150,757
|
|
161,364
|
|
(48,985)
|
|
1,263,136
|
Gross margin
|
|
|
16.5 %
|
|
19.6 %
|
|
—
|
|
16.9 %
|
Income from
operations (2)
|
|
|
$ 343,798
|
|
$ 80,364
|
|
$ (68,101)
|
|
$ 356,061
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information:
|
|
|
|
|
|
|
|
|
|
Interest expense
(3)
|
|
|
$ (50,756)
|
|
$ (16,358)
|
|
$ (7,152)
|
|
$ (74,266)
|
Interest income
(3)
|
|
|
36,085
|
|
4,382
|
|
148
|
|
40,615
|
(1) Includes inter-segment elimination, and unallocated
corporate items not considered part of management's evaluation of
business segment operating performance.
(2) Income
from operations reflects management's allocation and estimate as
some services are shared by the Company's two business
segments.
(3) Represents interest expenses payable to
and interest income earned from third parties.
|
Select Financial
Data - CSI Solar and Recurrent Energy
|
|
Three Months
Ended
December 31,
2023
|
|
Three Months
Ended
September
30,
2023
|
|
Three Months
Ended
December
31,
2022
|
|
(In Thousands of
U.S. Dollars)
|
CSI Solar
Revenues:
|
|
|
|
|
|
Solar
modules
|
$ 1,243,066
|
|
$ 1,520,716
|
|
$ 1,642,144
|
Solar system
kits
|
144,492
|
|
184,404
|
|
157,845
|
Battery energy storage
solutions
|
195,899
|
|
19,575
|
|
49,678
|
EPC and
others
|
64,830
|
|
57,784
|
|
48,279
|
Subtotal
|
1,648,287
|
|
1,782,479
|
|
1,897,946
|
Recurrent
Energy Revenues:
|
|
|
|
|
|
Solar PV and battery
energy storage asset sales
|
21,449
|
|
34,541
|
|
58,504
|
Power services
(O&M) and asset management
|
15,910
|
|
14,374
|
|
8,087
|
Electricity revenue
from operating portfolio and others
|
16,391
|
|
14,891
|
|
7,059
|
Subtotal
|
53,750
|
|
63,806
|
|
73,650
|
Total net
revenues
|
$ 1,702,037
|
|
$ 1,846,285
|
|
$ 1,971,596
|
|
Select Financial
Data - CSI Solar and Recurrent Energy
|
|
Twelve Months
Ended
December 31,
2023
|
|
Twelve Months
Ended
December 31,
2022
|
|
(In Thousands of
U.S. Dollars)
|
CSI Solar
Revenues:
|
|
|
|
Solar
modules
|
$ 5,941,345
|
|
$ 5,534,379
|
Solar system
kits
|
679,350
|
|
538,157
|
Battery energy storage
solutions
|
245,173
|
|
440,716
|
EPC and
others
|
250,105
|
|
133,833
|
Subtotal
|
7,115,973
|
|
6,647,085
|
Recurrent
Energy Revenues:
|
|
|
|
Solar PV and battery
energy storage asset sales
|
399,098
|
|
761,677
|
Power services
(O&M) and asset management
|
52,379
|
|
33,776
|
Electricity revenue
from operating portfolio and others
|
46,176
|
|
26,072
|
Subtotal
|
497,653
|
|
821,525
|
Total net
revenues
|
$ 7,613,626
|
|
$ 7,468,610
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Statements of Operations
|
|
(In Thousands of
U.S. Dollars, Except Share and Per Share Data)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December 31,
|
|
December 31,
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$1,702,037
|
|
$ 1,846,285
|
|
$ 1,971,596
|
|
$ 7,613,626
|
|
$ 7,468,610
|
Cost of
revenues
|
1,488,633
|
|
1,538,281
|
|
1,622,967
|
|
6,333,643
|
|
6,205,474
|
|
Gross
profit
|
213,404
|
|
308,004
|
|
348,629
|
|
1,279,983
|
|
1,263,136
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution
expenses
|
93,847
|
|
99,766
|
|
126,313
|
|
369,670
|
|
558,926
|
|
General and
administrative expenses
|
108,236
|
|
114,033
|
|
89,207
|
|
440,488
|
|
342,129
|
|
Research and
development expenses
|
31,503
|
|
28,897
|
|
20,607
|
|
100,844
|
|
69,822
|
|
Other operating
income,
net
|
(20,759)
|
|
(17,708)
|
|
(23,260)
|
|
(84,339)
|
|
(63,802)
|
Total operating
expenses
|
212,827
|
|
224,988
|
|
212,867
|
|
826,663
|
|
907,075
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
577
|
|
83,016
|
|
135,762
|
|
453,320
|
|
356,061
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(33,247)
|
|
(29,949)
|
|
(20,195)
|
|
(114,099)
|
|
(74,266)
|
|
Interest
income
|
15,632
|
|
18,577
|
|
9,287
|
|
51,621
|
|
40,615
|
|
Loss on change in
fair
value of derivatives, net
|
(7,039)
|
|
(4,291)
|
|
(27,071)
|
|
(27,504)
|
|
(44,489)
|
|
Foreign exchange
gain
(loss), net
|
7,058
|
|
(13,175)
|
|
11,610
|
|
30,555
|
|
77,689
|
|
Investment income,
net
|
1,965
|
|
2,332
|
|
2,628
|
|
14,632
|
|
858
|
Total other
income
(expenses)
|
(15,631)
|
|
(26,506)
|
|
(23,741)
|
|
(44,795)
|
|
407
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before
income taxes and equity in
earnings of affiliates
|
(15,054)
|
|
56,510
|
|
112,021
|
|
408,525
|
|
356,468
|
Income tax
benefit (expense)
|
4,650
|
|
10,583
|
|
(21,850)
|
|
(59,501)
|
|
(73,353)
|
Equity in earnings
(losses) of
affiliates
|
7,204
|
|
(4,624)
|
|
8,653
|
|
14,610
|
|
15,440
|
Net income
(loss)
|
(3,200)
|
|
62,469
|
|
98,824
|
|
363,634
|
|
298,555
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
(loss)
attributable to non-
controlling interests
|
(1,814)
|
|
40,578
|
|
20,990
|
|
89,447
|
|
58,587
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
attributable to Canadian
Solar Inc.
|
$
(1,386)
|
|
$
21,891
|
|
$
77,834
|
|
$
274,187
|
|
$
239,968
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share -
basic
|
$
(0.02)
|
|
$
0.33
|
|
$
1.21
|
|
$
4.19
|
|
$
3.73
|
Shares used in
computation -
basic
|
66,035,331
|
|
66,010,484
|
|
64,505,398
|
|
65,375,084
|
|
64,324,558
|
Earnings (loss) per
share -
diluted
|
$
(0.02)
|
|
$
0.32
|
|
$
1.11
|
|
$
3.87
|
|
$
3.44
|
Shares used in
computation -
diluted
|
66,035,331
|
|
72,934,082
|
|
71,307,345
|
|
72,194,006
|
|
71,183,135
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Statement of Comprehensive Income
(Loss)
|
|
(In Thousands of
U.S. Dollars)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December 31,
|
|
December 31,
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net Income
(loss)
|
$
(3,200)
|
|
$
62,469
|
|
$
98,824
|
|
$
363,634
|
|
$
298,555
|
Other comprehensive
income
(loss):
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustment
|
82,692
|
|
(29,294)
|
|
73,310
|
|
8,141
|
|
(150,127)
|
Gain (loss) on changes
in fair
value of available-for-sale debt
securities, net of tax
|
(2,897)
|
|
121
|
|
306
|
|
(3,487)
|
|
904
|
Gain (loss) on interest
rate
swap, net of tax
|
(2,821)
|
|
1,869
|
|
34
|
|
(1,124)
|
|
716
|
Share of gain on
changes in fair
value of derivatives of affiliate,
net of tax
|
3,074
|
|
8,297
|
|
1,499
|
|
11,264
|
|
3,754
|
Comprehensive
income
|
76,848
|
|
43,462
|
|
173,973
|
|
378,428
|
|
153,802
|
Less: comprehensive
income
attributable to non-controlling
interests
|
17,324
|
|
44,653
|
|
30,631
|
|
90,829
|
|
34,345
|
Comprehensive income
(loss)
attributable to Canadian Solar
Inc.
|
$
59,524
|
|
$
(1,191)
|
|
$
143,342
|
|
$
287,599
|
|
$ 119,457
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In Thousands of
U.S. Dollars)
|
|
|
December
31,
|
|
December 31,
|
|
|
|
2023
|
|
2022
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 1,938,689
|
|
$ 981,434
|
|
|
Restricted
cash
|
999,933
|
|
978,116
|
|
|
Accounts receivable
trade, net
|
904,943
|
|
970,950
|
|
|
Accounts receivable,
unbilled
|
101,435
|
|
57,770
|
|
|
Amounts due from
related parties
|
40,582
|
|
48,614
|
|
|
Inventories
|
1,179,641
|
|
1,524,095
|
|
|
Value added tax
recoverable
|
162,737
|
|
158,773
|
|
|
Advances to suppliers,
net
|
193,818
|
|
253,484
|
|
|
Derivative
assets
|
9,282
|
|
17,516
|
|
|
Project
assets
|
280,793
|
|
385,964
|
|
|
Prepaid expenses and
other current assets
|
283,600
|
|
267,941
|
|
Total current
assets
|
6,095,453
|
|
5,644,657
|
|
Restricted
cash
|
7,810
|
|
9,953
|
|
Property, plant and
equipment, net
|
3,088,442
|
|
1,826,643
|
|
Solar power systems,
net
|
951,513
|
|
364,816
|
|
Deferred tax assets,
net
|
263,458
|
|
229,226
|
|
Advances to suppliers,
net
|
132,218
|
|
65,352
|
|
Investments in
affiliates
|
236,928
|
|
115,784
|
|
Intangible assets,
net
|
19,727
|
|
17,530
|
|
Project
assets
|
576,793
|
|
438,529
|
|
Right-of-use
assets
|
237,007
|
|
103,600
|
|
Amounts due from
related parties
|
32,313
|
|
33,489
|
|
Other non-current
assets
|
254,098
|
|
187,549
|
|
TOTAL
ASSETS
|
$
11,895,760
|
|
$
9,037,128
|
|
|
|
|
|
|
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Consolidated Balance Sheets (Continued)
|
|
(In Thousands of
U.S. Dollars)
|
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
$ 1,805,198
|
|
$ 1,443,816
|
|
|
Accounts
payable
|
813,677
|
|
805,300
|
|
|
Short-term notes
payable
|
878,285
|
|
1,493,399
|
|
|
Amounts due to related
parties
|
511
|
|
89
|
|
|
Other
payables
|
1,359,679
|
|
853,040
|
|
|
Advances from
customers
|
392,308
|
|
334,943
|
|
|
Derivative
liabilities
|
6,702
|
|
25,359
|
|
|
Operating lease
liabilities
|
20,204
|
|
9,810
|
|
|
Other current
liabilities
|
587,827
|
|
293,012
|
|
Total current
liabilities
|
5,864,391
|
|
5,258,768
|
|
Long-term
borrowings
|
1,265,965
|
|
813,406
|
|
Green bonds and
convertible notes
|
389,033
|
|
257,615
|
|
Liability for uncertain
tax positions
|
5,701
|
|
5,730
|
|
Deferred tax
liabilities
|
82,828
|
|
66,630
|
|
Operating lease
liabilities
|
116,846
|
|
25,714
|
|
Other non-current
liabilities
|
465,752
|
|
302,571
|
|
TOTAL
LIABILITIES
|
8,190,516
|
|
6,730,434
|
|
Equity:
|
|
|
|
|
|
Common
shares
|
835,543
|
|
835,543
|
|
|
Additional paid-in
capital
|
292,737
|
|
1,127
|
|
|
Retained
earnings
|
1,549,707
|
|
1,275,520
|
|
|
Accumulated other
comprehensive loss
|
(118,744)
|
|
(170,551)
|
|
Total Canadian Solar
Inc. shareholders'
equity
|
2,559,243
|
|
1,941,639
|
|
Non-controlling
interests
|
1,146,001
|
|
365,055
|
|
TOTAL
EQUITY
|
3,705,244
|
|
2,306,694
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
11,895,760
|
|
$
9,037,128
|
|
|
Canadian Solar
Inc.
|
|
Unaudited Condensed
Statements of Cash Flows
|
|
(In Thousands of
U.S. Dollars)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September 30,
|
|
December
31,
|
|
December 31,
|
|
December 31,
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ (3,200)
|
|
$ 62,469
|
|
$ 98,824
|
|
$ 363,634
|
|
$ 298,555
|
Adjustments to
reconcile net
income to net cash provided by
operating activities
|
171,051
|
|
81,295
|
|
120,890
|
|
510,718
|
|
381,717
|
Changes in operating
assets
and liabilities
|
22,146
|
|
14,123
|
|
175,702
|
|
(189,737)
|
|
236,359
|
Net cash provided by
operating
activities
|
189,997
|
|
157,887
|
|
395,416
|
|
684,615
|
|
916,631
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and
equipment
|
(295,086)
|
|
(305,278)
|
|
(264,101)
|
|
(1,116,461)
|
|
(627,115)
|
Purchase of solar
power
systems
|
(183,277)
|
|
(79,527)
|
|
(673)
|
|
(408,999)
|
|
(882)
|
Other investing
activities
|
(17,011)
|
|
(99,935)
|
|
8,342
|
|
(145,956)
|
|
(2,491)
|
Net cash used in
investing
activities
|
(495,374)
|
|
(484,740)
|
|
(256,432)
|
|
(1,671,416)
|
|
(630,488)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
|
Net proceeds from
subsidiary's
public offering of ordinary
shares
|
—
|
|
124,252
|
|
—
|
|
927,897
|
|
—
|
Other financing
activities
|
222,216
|
|
(24,526)
|
|
(187,926)
|
|
1,124,931
|
|
428,639
|
Net cash provided by
(used in)
financing activities
|
222,216
|
|
99,726
|
|
(187,926)
|
|
2,052,828
|
|
428,639
|
Effect of exchange rate
changes
|
36,561
|
|
(29,980)
|
|
63,880
|
|
(89,098)
|
|
(179,561)
|
Net increase (decrease)
in cash,
cash equivalents and restricted
cash
|
(46,600)
|
|
(257,107)
|
|
14,938
|
|
976,929
|
|
535,221
|
Cash, cash
equivalents and
restricted cash at the beginning
of the period
|
$
2,993,032
|
|
$
3,250,139
|
|
$
1,954,565
|
|
$
1,969,503
|
|
$
1,434,282
|
Cash, cash
equivalents and
restricted cash at the end of the
period
|
$2,946,432
|
|
$
2,993,032
|
|
$
1,969,503
|
|
$2,946,432
|
|
$
1,969,503
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2023-results-302089197.html
SOURCE Canadian Solar Inc.