Arctech Group Reports 32 Billion Yuan in Energy Storage Orders and Q1 2025 Financial Highlights

Storage Orders Reach 23 Billion Yuan! Canadian Solar Group Releases Q1 2025 Financial Report

On May 15, 2025, Canadian Solar Inc. (NASDAQ: CSIQ, hereinafter referred to as “Canadian Solar Group” or “the Group”) announced its financial performance for the first quarter of 2025, ending March 31, 2025. Key operational indicators met or exceeded the Group’s expectations.

1. Q1 2025 Performance Highlights

• Photovoltaic module shipments reached 6.9 GW, a year-on-year increase of 9.4%.
• Revenue totaled $1.2 billion (approximately 86.2 billion yuan at the average exchange rate of 7.18 for the first quarter), with a gross margin of 11.7%.
• As of March 31, 2025, Canadian Solar’s energy storage (e-STORAGE) system order backlog hit a record high of 91 GWh, with an order value of approximately $3.2 billion (around 229.8 billion yuan at the average exchange rate).
• As of March 31, 2025, Canadian Solar’s energy subsidiary, Recurrent Energy, reported a global solar power project backlog of 27 GW and an energy storage project backlog of 76 GWh.

2. Q2 2025 and Full-Year Outlook

Canadian Solar Group anticipates:

• For Q2 2025: Revenue is expected to range between $1.9 billion and $2.1 billion (approximately 136.4 billion to 150.8 billion yuan), with a gross margin between 23% and 25%. Module shipments are projected to be between 7.5 GW and 8.0 GW, with about 500 MW earmarked for the Group’s own power station projects. Energy storage system shipments are expected to be between 2.4 GWh and 2.6 GWh.
• For the full year 2025: Total module shipments are projected between 25 GW and 30 GW, with approximately 1 GW for the Group’s own projects. Energy storage system shipments are expected to range from 7 GWh to 9 GWh. Total revenue for the year is anticipated to be between $6.1 billion and $7.1 billion (approximately 438 billion to 509.8 billion yuan).

3. Overview of Canadian Solar Group (CSIQ)

Canadian Solar Group operates through two main business segments:

• CSI Solar: Focused on research, production, and sales of solar photovoltaic modules, inverters, and energy storage system products, along with providing complete photovoltaic system solutions. The company also offers energy storage system integration services for utilities, commercial and industrial sectors, and residential users, delivering financed, end-to-end, turn-key solutions, including battery capacity upgrades.
• Recurrent Energy: Engaged in global energy business including the development, ownership, and operation of photovoltaic and energy storage power stations. As one of the largest clean energy project developers globally, Recurrent Energy has a brand history of 15 years and extensive experience in global project development. As of March 31, 2025, it has developed, financed, constructed, and connected approximately 11.5 GW of solar power stations and 4.5 GWh of energy storage power stations.

4. Business Details of Canadian Solar (688472.SH)

1. Solar Photovoltaic Module and Complete System Solutions

In Q1 2025, Canadian Solar sold 6.9 GW of photovoltaic modules to over 70 countries. The top five markets by shipment volume were China, the United States, Pakistan, Spain, and Brazil. The production capacities for solar cells, wafers, and modules are projected to reach 33 GW, 37 GW, 36.2 GW, and 61 GW, respectively, by the end of 2025 (these figures are projections and may change based on market conditions and capital allocation plans).

2. Energy Storage System Solutions

Canadian Solar’s energy storage (e-STORAGE) offers financed, end-to-end turn-key energy storage system solutions to utilities, commercial and industrial sectors, and residential users. As of March 31, 2025, e-STORAGE has an order backlog exceeding 91 GWh, including contracted and ongoing projects, as well as projects at various negotiation stages. Additionally, e-STORAGE manages over 5.0 GWh of operational energy storage system projects under long-term service agreements. The total order value, including long-term service agreements, is approximately $3.2 billion (around 229.8 billion yuan).

5. Global Energy Business Segment (Recurrent Energy)

Recurrent Energy, as one of the world’s largest developers and operators of utility-scale solar and energy storage projects, boasts a well-documented track record across six continents and over 20 countries. As of March 31, 2025, Recurrent Energy holds a global solar power project backlog of over 27 GW and approximately 76 GWh of energy storage project backlog, leading the industry.

1. Solar Power Project Planning

As of March 31, 2025, Recurrent Energy’s global solar photovoltaic project backlog totals approximately 27 GW. This includes:

• Approximately 1.9 GW of solar power projects under construction.
• Approximately 4.4 GW in late-stage project development.
• Approximately 20.5 GW in early/mid-stage project development.

2. Energy Storage Project Planning

As of March 31, 2025, Recurrent Energy’s global energy storage project backlog totals approximately 76 GWh, including:

• Approximately 9.8 GWh of projects under construction and in late-stage development.
• Approximately 65.9 GWh in early/mid-stage project development.

6. Recent Developments

• On May 6, 2025, Canadian Solar announced the launch of the next generation N-type high-power TOPBiHiKu CS6.2 series modules for large-scale ground-mounted and commercial rooftop photovoltaic systems, with a maximum power output of 660 watts and an efficiency of 24.4%.
• On May 6, 2025, Canadian Solar introduced its SolBank 3.0 Plus energy storage product at Intersolar Europe, enhancing the existing SolBank product line.
• On April 29, 2025, Canadian Solar’s residential storage product, EP Cube, received both the 2025 iF Design Award and the 2025 MUSE Design Award.
• On April 23, 2025, Canadian Solar signed an agreement with Chilean power company Colbún to provide a 228 MW/912 MWh battery energy storage system for the Diego de Almagro Sur project in the Atacama region, slated to begin construction in June 2025.
• On April 1, 2025, Canadian Solar partnered with Australian energy retailer Flow Power to jointly construct a “Photovoltaic + Storage” project in Coonawarra, South Australia.