Canadian Solar reports 105% revenue growth in Q2 2021

Canadian Solar supplied solar modules to Delhi International Airport in India.

August 11 (Renewables Now) - Solar modules manufacturer and project developer Canadian Solar Inc (NASDAQ:CSIQ) on Thursday reported posting net revenues of USD 1.43 billion (EUR 1.22bn) in the second quarter, up 105% year-over-year, as module shipments reached higher end of the guidance range.

The company said the revenue growth of 31% quarter-on-quarter was underpinned by an increase in module shipments and average selling prices (ASP), growth in beyond-module sales and a higher revenue contribution from battery storage shipments, partially offset by lower project sales.

The second-quarter module shipments totalled 3.66 MW, up 26% year-on-year, within the 3.5-GW to 3.7-GW guidance.

Canadian Solar recorded a gross profit of USD 185 million, up 26% year-on-year, and down 5% quarter-on-quarter. The second-quarter gross margin of 12.9% exceeded guidance, but was below the margin of 17.9% achieved in the previous trimester, mainly due to lower project sales margin.

Total operating expenses rose to USD 158 million from USD 151 million in the first quarter of 2021 on higher shipping and handling expenses and a decrease in other operating income.

The combined effect of a lower gross profit and rising operating expenses from the first quarter to the next led to a decline in the attributable net profit to USD 11 million.

The table below summarises Canadian Solar’s financial result for the second quarter and the first half of 2021:

In thousands USD Q2 2021 Q2 2020 H1 2021 H1 2020
Net revenues 1,429,661 695,846 2,519,000 1,521,481
-- CSI Solar 1,183,958 709,180 1,879,110 1,398,927
-- Global Energy 280,614 32,433 751,676 274,983
Gross profit


147,212 379,389 370,409
Income (loss) from operations 26,380 45,468 69,863 158,904
-- CSI Solar 14,972 77,884 (37,696) 162,065
-- Global Energy (3,873) (14,638) 81,208 46,192
Net attributable profit 11,261 20,604 34,040 131,235

Canadian Solar closed the second quarter with 391 MWp of solar plants in operation. Its total solar project portfolio stands at 22.2 GWp, including solar farms under construction, projects in the backlog and earlier stage pipeline.

In the storage segment, the company boasts 19,262 MWh of projects, including 1,501 MWh under construction.

(USD 1.0 = EUR 0.852)

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