Canadian Solar Posts Q3 Revenue Beat on Record Battery Shipments

Canadian Solar Inc. (NASDAQ: CSIQ) reported third-quarter revenue that surpassed Wall Street expectations, supported by record battery energy storage shipments and a continued strategic focus on higher-margin markets.

The company posted quarterly revenue of $1.5 billion, beating analysts’ forecasts of $1.37 billion and reaching the upper end of its guidance range. However, adjusted earnings per share came in at a loss of $0.58, missing the consensus estimate of a $0.42 loss. Canadian Solar’s gross margin improved to 17.2%, exceeding its guidance of 14%–16%.

The company’s e-STORAGE division achieved record quarterly battery energy storage shipments of 2.7 GWh, well above its prior guidance of 2.1 GWh to 2.3 GWh. The unit’s contracted backlog expanded to $3.1 billion as of October 31, 2025.

Total module shipments recognized as revenue were 5.1 GW, down 35% sequentially and 39% year over year, though profitability was supported by strong performance in premium markets.

For the fourth quarter, Canadian Solar projected revenue between $1.3 billion and $1.5 billion, with gross margins in the 14%–16% range. Looking ahead to 2026, the company forecast total module shipments of 25 GW to 30 GW and battery energy storage shipments between 14 GWh and 17 GWh.