Canadian Solar Reports Q1 Loss, Names New CEO as U.S. Manufacturing Ramp Advances

Overview

• Canadian Solar reported Q1 revenue of $1.1 billion Thursday with a 25.1% gross margin boosted by a $93 million tariff refund and a net loss of $32 million.
• The company recognized 2.5 GW of solar modules and 2.1 GWh of storage in Q1 and guided Q2 revenue to $1.0–$1.2 billion with a 13%–15% margin.
• Colin Parkin became CEO effective May 14, and founder Dr. Shawn Qu moved to Executive Chairman and Chief Technology Officer.
• Trial production of HJT solar cells began in Jeffersonville, Indiana, with commercial output targeted for July 2026, and the Mesquite, Texas module plant is set to double to 10 GW in the second half of 2026.
• e-STORAGE carried a $3.5 billion contracted backlog as of May 8, and the company reiterated 2026 U.S. shipment targets while flagging input-cost pressure and shipping delays.