Canadian Solar Inc., a Canada-based solar technology leader, announced its Q3 2024 financials. Total solar module shipments reached 8.4 GW, a 2% quarter-over-quarter (qoq) rise, with 31 MW allocated to its utility-scale projects. Net revenues stood at $1.5 billion, reflecting an 8% qoq drop, due to lower third-party battery storage sales and reduced average selling prices (ASPs). Gross profit was $247 million, down 12% qoq, with a gross margin of 16.4% versus 17.2% in Q2. As of September 30, 2024, Canadian Solar had a 26 GWp solar development pipeline and a 66 GWh energy storage pipeline. For Q4, the company projects revenues in between $1.5 and $1.7 billion, module shipments between 8.0 and 8.5 GW, and battery storage shipments in range of 2.0 and 2.4 GWh.
Q3 results show Canadian Solar’s strong solar pipeline
Despite lower revenues, Canadian Solar reports a robust solar and storage development pipeline for Q3 2024. (Image Credit/Source: SOLARbytes/CanadianSolar)
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