, 2026, Canadian Solar Inc. (Hereinafter referred to as "Atlas Group" or "Group") announces the fourth quarter and full year results of 2025 as of December 31, 2025 and the business outlook for the first quarter of 2026. The contents of this article are excerpted from the original English version of the financial report of Atlas Group.
First, the annual performance highlights
of 2025. Global PV module shipments reached 24.3 gigawatts.
Global energy storage system shipments reached 7.8 GWh, a record high.
Its annual revenue reached 5.595 billion US dollars (about 39.98 billion RMB).
As of March 13, 2026, the orders in hand of the energy storage business (e-STORAGE), including long-term service agreements, amounted to $3.6 billion (about RMB 25.7 billion).
As of December 31, 2025, the Group's global reserve of photovoltaic projects was approximately 24.4 gigawatts, and the reserve of energy storage projects was approximately 83.5 gigawatt hours, continuing to maintain the leading scale in the industry.
2. Operating outlook
for the first quarter of 2026 Component shipments are expected to be 2.2-2.4 gigawatts (the company has made an active balance between price and shipments, giving priority to profit). Shipments of
energy storage systems are expected to be 1.7-1.9 GWh.
Total revenue is estimated to be $900 million to $1.1 billion (about RMB 6.43 billion to RMB 7.85 billion).
Gross profit margin is expected to be 13% -15%.
3. Latest Business Developments
On March 17, 2026, Atlas Group signed a cooperation agreement with a large overseas utility company to provide a battery energy storage system for an energy storage project with a scale of about 500MW/2493MWh (DC, DC). The project will be used to support the rapidly growing demand for data center electricity and enhance the resilience and reliability of the regional power grid. Equipment delivery is expected to begin in March 2027 and be completed by July of the same year. On February 24
, 2026, Atlas announced the completion of the sale of the 200 megawatt-hour (MWh) "Fort Duncan" energy storage plant. Revenue is expected to be recognized in the first quarter of 2026. On February 5
, 2026, Atlas Group announced that it would provide battery energy storage system and long-term operation and maintenance services for "Lupinus 1" and "Lupinus 2" energy storage projects, with a total scale of 503 MWh (DC, DC). The two projects are scheduled to start construction in the third quarter of 2026 and the first quarter of 2027, respectively, and will be put into operation in 2027. On December 17,
2025, Atlas Group announced that it would provide 408MWh (AC) battery energy storage system and long-term operation and maintenance services for the "Tailem Bend 3" energy storage project in South Australia. The project is currently under construction and is scheduled to be commissioned in 2027.
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