Canadian Solar Posts Q1 Loss, Names New CEO as U.S. Buildout Accelerates

Overview

• Canadian Solar reported $1.1 billion in Q1 revenue with a 25.1% gross margin boosted by tariff refund accruals and a net loss of $32 million.
• Colin Parkin took over as chief executive, while founder Shawn Qu moved to executive chairman and chief technology officer to focus on technology leadership.
• The U.S. ramp advanced as the Jeffersonville, Indiana plant produced its first trial high‑efficiency heterojunction solar cell and targeted 6.3 GW‑peak of domestic cell capacity with a planned Phase II.
• The Mesquite, Texas module factory is set to double nameplate capacity to 10 GW‑peak in the second half, with first commercial HJT cell deliveries from the U.S. line expected in the third quarter.
• Energy storage revenue was recognized on 2.1 GWh of shipments, and the company reported a $3.5 billion contracted backlog that includes long‑term service deals for operating battery projects.