March 19, Atlas disclosed the performance of controlling shareholder Atlas Group (CSIQ) in the fourth quarter and the whole year of 2025, and made an outlook for the first quarter and the whole year of 2026. In the
fourth quarter of 2025, CSIQ revenue was $ 1.2 billion (about 8.5 billion yuan), down 18% from the previous quarter and 20% from the previous year; Gross profit was $124 million, with a gross margin of 10.2% ; module shipments were 4.3GW , down 16% sequentially and 47% year over year.
For the decline in the fourth quarter of last year, CSIQ said it was mainly due to the decrease in sales of solar modules and battery energy storage systems . "Profitability was affected by multiple factors, including a quarter-on-quarter decline in global energy storage shipments, lower solar module deliveries in North America, delays in project sales and impairments of project assets," said CFO Xinbo Zhu, senior vice-president
of CSIQ. For the full year
2025, CSIQ revenue was $5.6 billion. Module shipments were 24.3GW , and 8.1GW was delivered to the US market ; Shipments of energy storage products were 7.8 GWh and 3.9 GWh to the US market . As of December 31, 2025, CSIQ's Atlas Energy Storage Technology (e ‑ STORAGE) has signed contracts with orders in hand amounting to US $ 3.6 billion (about RMB 25.7 billion).
"Faced with the long-term downward cycle of the solar industry, we are no longer confined to the traditional shipment orientation of the industry, but take the lead in turning to profit margin as the core and expanding diversified profit drivers, especially the energy storage business." Qu Xiaohua, founder, chairman and CEO of CSIQ, said. Colin Parkin, president
of CSIQ and president of the e ‑ STORAGE business, said, "Although some energy storage projects delayed delivery to the first quarter of 2026 due to construction delays, we still achieved a record high of 7.8G Wh of global energy storage system delivery in 2025." In the first quarter
of 2026, CSIQ module shipments are expected to be 2.2-2.4G W and energy storage system shipments are expected to be 1.7-1.9 GWh . As a result, CSIQ expects total revenue in the first quarter to be $ 900-1.1 billion (about 6.43-7.85 billion yuan) and gross profit margin to be 13% -15% . In the
U.S. market, CSIQ expects to ship 6.5-7 GW of modules and 4.5-5.5G Wh of energy storage products to the market in 2026 .
"It is expected that the company's solar module shipments in the U.S. market will decline slightly in 2026 compared with 2025, mainly due to the limited supply of solar cells that meet the requirements of non-PFE (note: non-concerned foreign entities) under OBBBA in the first half of this year, and the high cost of related cells." As a result, it will have a certain impact on profitability, "Qu Xiaohua said." I think this impact has stage characteristics, and as the company's own battery production capacity gradually climbs in the second and third quarters, the problem will be alleviated. "
At the same time, he said: "Our commitment to the US market remains strong and is leading the return of manufacturing capacity to North America."
CSIQ revealed that the production capacity of the 5GW module plant in Mesquite, Texas, has reached full capacity and plans to expand to 10GW in the second half of 2026 .
Meanwhile, the first phase of the heterojunction battery plant in Jeffersonville, Indiana, USA, is expected to start trial production around April 2026, with a nominal capacity of 2.1GW . "The facility will be the only commercially operating HJT battery manufacturing facility in the United States," CSIQ said. The second phase of trial production of the
plant will start around the end of 2026, and the expansion will add 4.2G W of capacity, increasing the nominal capacity of solar cells in the United States to 6.3G W .
For 2026, Qu Xiaohua called it "a transitional year" and revealed that CSIQ will accelerate the strategic layout of American manufacturing and continue to expand and diversify long-term profit drivers.
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