Canadian Solar (NASDAQ: CSIQ) reported its financial results for the fourth quarter of 2025, with revenue falling short of expectations and a decline compared to a year earlier. The company also experienced a larger loss per share than anticipated, with a year-over-year increase in the loss.
The company reported a loss of $1.66 per share for the fourth quarter of 2025, compared to a $1.47 loss per share a year earlier. Analysts had predicted a loss of $0.61 per share for the quarter.
Revenue for the fourth quarter of 2025 was $1.22 billion, down from $1.52 billion a year earlier. This figure was below the analysts’ estimate of $1.35 billion.
Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, reflecting a 16 percent decrease quarter-over-quarter and a 47 percent decrease year-over-year.
Gross margin for the fourth quarter was 10.2 percent, compared to 17.2 percent in the previous quarter and 14.3 percent a year earlier. The decline was primarily due to impairment charges related to certain project assets.
Looking ahead to the first quarter of 2026, Canadian Solar expects revenue to range between $900.00 million and $1.10 billion, which is below the analysts’ expectations of $1.56 billion.
Dr. Shawn Qu, Chairman and CEO, said, “We demonstrated strategic resilience and operational discipline throughout a year defined by persistent market headwinds and a shifting regulatory landscape. In response to the prolonged solar downturn, we pivoted away from the industry’s traditional focus on shipment volumes and instead took the lead by prioritizing margins and diversifying our profit drivers, notably energy storage.”
Full Year 2025 Highlights include, 24.3 GW of solar module shipments delivered globally, with record 8.1 GW delivered to the U.S. market. Record 7.8 GWh of energy storage shipments delivered globally, with 3.9 GWh delivered to the U.S. market. Energy storage contracted backlog increased to record $3.6 billion, as of March 13, 2026.
During the year, the company completed a US$230 million convertible bond issuance to accelerate U.S. manufacturing initiatives. Resumed direct oversight of U.S. operations, forming CS PowerTech as the new U.S. manufacturing platform. Fully ramped up Texas module factory to an annual production run rate exceeding 5 GW, with planned expansion to nameplate capacity of 10 GWp by the second half of 2026.
 reported a fourth-quarter revenue of $1.22 billion, missing the expected $1.35 billion, and a loss of $1.66 per share, which was worse than the anticipated $0.61 loss.){kind=link}