Summary by Moomoo AI
Canadian Solar reported Q3 2024 net revenues of $1.5B, down 8% QoQ and 18% YoY, with a gross margin of 16.4%. The company posted a net loss of $14M compared to net income of $4M in Q2 2024. Total module shipments reached 8.4 GW, with 31 MW allocated to utility-scale projects. The e-STORAGE division achieved record battery storage shipments of 4.4 GWh in the first three quarters.The company strengthened its position in the energy storage sector, growing its contracted backlog to $3.2B as of November 2024. A significant milestone was reached with the final closing of BlackRock's $500M investment in Recurrent Energy, representing a 20% stake. The company also secured new projects, including a 98 MW/312 MWh battery storage system in Chile.Looking ahead, Canadian Solar expects Q4 2024 revenue between $1.5B-$1.7B with gross margin of 16-18%. For 2025, the company projects total module shipments of 30-35 GW and battery storage shipments of 11-13 GWh. Management maintains focus on profitable growth despite ongoing industry challenges, emphasizing supply chain stability and ESG commitments.
