$CSIQ

Canadian Solar Inc.

CIK:0001375877|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Operations
Net revenues	$ 5,595,107	$ 5,993,409	$ 7,613,626
Cost of revenues	4,568,881	4,994,090	6,333,643
Gross profit	1,026,226	999,319	1,279,983
Operating expenses:
Selling and distribution expenses	382,591	487,947	369,670
General and administrative expenses	581,807	515,204	440,488
Research and development expenses	90,685	120,792	100,844
Other operating income, net	(72,013)	(94,543)	(84,339)
Total operating expenses	983,070	1,029,400	826,663
Income (loss) from operations	43,156	(30,081)	453,320
Other income (expenses):
Interest expense	(178,166)	(137,468)	(114,099)
Interest income	46,054	88,470	51,621
Loss on change in fair value of derivatives, net	(42,422)	(51,400)	(27,504)
Foreign exchange gain (loss), net	(16,751)	46,750	30,555
Investment income, net	7,390	1,427	14,632
Total other expenses	(183,895)	(52,221)	(44,795)
Income (loss) before income taxes and equity in earnings (losses) of affiliates	(140,739)	(82,302)	408,525
Income tax benefit (expense)	(14,149)	16,576	(59,501)
Equity in earnings (losses) of affiliates	(28,875)	(12,136)	14,610
Net income (loss)	(183,763)	(77,862)	363,634
Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	(79,637)	(113,913)	89,447
Net income (loss) attributable to Canadian Solar Inc.	$ (104,126)	$ 36,051	$ 274,187
Earnings (loss) per share - basic	$ (2.5)	$ 0.54	$ 4.19
Shares used in computation - basic	67,368,537	66,616,400	65,375,084
Earnings (loss) per share - diluted	$ (2.5)	$ 0.54	$ 3.87
Shares used in computation - diluted	67,368,537	66,939,428	72,194,006

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ (183,763)	$ (77,862)	$ 363,634
Adjustments to net income (loss):
Depreciation and amortization	555,053	501,443	307,040
Write-down of inventories	74,013	151,957	113,079
Allowance for credit losses	(1,449)	39,060	12,014
Impairment loss of property, plant and equipment	54,015	65,285	5,938
Impairment loss of project assets	60,245	33,052	16,239
Impairment loss of solar power systems	11,063	21,400	0
Impairment loss of investments in affiliates		600
Share-based compensation	24,412	21,404	55,335
Deferred taxes	(71,903)	(98,205)	(17,908)
Loss on change in fair value of derivatives, net	42,422	51,400	27,504
Loss (gain) on change in fair value of other financial assets	(6,926)	590	(12,696)
Equity in losses (earnings) of affiliates	28,875	12,136	(14,610)
Non-cash operating lease expenses	51,995	35,893	18,844
Accretion of green bonds and convertible notes	4,381	3,413	2,145
Others	73,894	5,109	(2,206)
Changes in operating assets and liabilities:
Accounts receivable trade	327,540	(221,479)	58,985
Accounts receivable, unbilled	(79,584)	(42,487)	(43,571)
Inventories	(110,403)	(312,522)	182,767
Project assets	(806,191)	(697,813)	(349,830)
Advances to suppliers	(86,214)	62,461	54,915
Accounts payable	(216,979)	268,207	13,115
Short-term notes payable	275,889	(221,218)	(590,418)
Advances from customers	(44,638)	(184,262)	59,383
Prepaid expenses and other current assets	(248,521)	(99,716)	(22,277)
Value added tax recoverable	(19,634)	(65,211)	(5,985)
Net settlement of derivatives	(50,860)	(49,134)	(39,133)
Other payables	4,670	90,841	169,944
Other liabilities	102,307	(104,328)	337,055
Others	(16,450)	(75,338)	(14,687)
Net cash provided by (used in) operating activities	(252,741)	(885,324)	684,615
Investing activities:
Purchase of property, plant and equipment and intangible assets	(962,254)	(1,112,834)	(1,116,461)
Purchase of solar power and battery energy storage systems	(429,192)	(757,577)	(408,999)
Investment in affiliates	(62,188)	(28,815)	(113,404)
Acquisition of subsidiaries, net of cash	(14,758)	(10,913)	(9,448)
Investment in bank time deposits and structured deposits	(119,494)	(64,650)
Proceeds from disposal of property, plant and equipment and right-of-use assets	46,582
Proceeds from disposal of solar power systems	45,506
Others	(7,692)	12,532	(23,104)
Net cash used in investing activities	(1,503,490)	(1,962,257)	(1,671,416)
Financing activities:
Proceeds from short-term borrowings	1,137,040	1,774,846	1,566,240
Repayments of short-term borrowings	(2,465,557)	(1,550,809)	(1,603,571)
Proceeds from long-term borrowings	2,618,354	1,449,754	1,016,931
Net proceeds from issuance of convertible notes and green bonds	193,256		121,023
Repayment of convertible notes	(230,000)
Repayments of finance lease obligations	(48,036)	(72,211)	(39,801)
Proceeds from subsidiary's issuance of preferred shares		482,244
Capital contributions from tax equity investors in subsidiaries	207,669	226,935
Proceeds from subsidiary's offering of equity interests			927,897
Repurchase of shares by subsidiary	(70,135)	(79,582)
Distributions to non-controlling interests	(27,016)	(27,609)	(3,990)
Proceeds from sales-leaseback arrangements		56,057	91,648
Others	31,930	60,146	(23,549)
Net cash provided by financing activities	1,347,505	2,319,771	2,052,828
Effect of exchange rate changes	85,140	(154,601)	(89,098)
Net increase (decrease) in cash, cash equivalents and restricted cash	(323,586)	(682,411)	976,929
Cash, cash equivalents and restricted cash, beginning of year	2,264,021	2,946,432	1,969,503
Cash, cash equivalents and restricted cash, end of year	1,940,435	2,264,021	2,946,432
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	170,497	130,964	121,665
Income taxes paid, net of tax refunds	149,713	113,911	83,077
Supplemental schedule of non-cash activities:
Reclassification of project assets to solar power and battery energy storage systems		312,773	119,067
Reclassification of inventories to solar power and battery energy storage systems	115,572	111,525	46,197
Borrowings assumed by third parties in connection with project asset sales	53,509		161,709
Property, plant and equipment costs included in other payables	$ 226,680	$ 478,573	$ 933,029

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,370,418	$ 1,701,487
Restricted cash	541,705	551,387
Accounts receivable trade, net	829,957	1,118,770
Accounts receivable, unbilled	228,393	142,603
Inventories	1,133,539	1,206,595
Value added tax recoverable	252,251	221,539
Advances to suppliers, net	217,871	124,440
Derivative assets	15,002	14,025
Project assets	549,269	394,376
Prepaid expenses and other current assets	822,502	436,635
Total current assets	5,978,866	5,917,077
Restricted cash	28,312	11,147
Property, plant and equipment, net	3,376,035	3,174,643
Solar power and battery energy storage systems, net	2,065,498	1,976,939
Deferred tax assets, net	634,160	473,500
Advances to suppliers, net	104,518	118,124
Investments in affiliates	289,601	232,980
Intangible assets, net	31,981	31,026
Project assets	1,481,486	889,886
Right-of-use assets	441,291	378,548
Amounts due from related parties	76,848	75,215
Other non-current assets	663,133	232,465
Total Assets	15,171,729	13,511,550
Current liabilities:
Short-term borrowings	2,389,037	1,873,306
Convertible notes		228,917
Green bonds	153,152
Accounts payable	878,827	1,062,874
Short-term notes payable	939,549	637,512
Other payables	779,198	984,023
Advances from customers	162,586	204,826
Derivative liabilities	6,179	13,738
Operating lease liabilities	26,783	21,327
Total current liabilities	5,850,389	5,418,910
Long-term borrowings	3,621,232	2,731,543
Convertible notes	195,313
Green bonds		146,542
Liability for uncertain tax positions	5,788	5,770
Deferred tax liabilities	296,719	204,832
Operating lease liabilities	354,508	271,849
Other non-current liabilities	578,152	582,301
Total Liabilities	10,902,101	9,361,747
Redeemable non-controlling interests	326,559	247,834
Commitments and contingencies (Note 20)
Equity:
Common shares: no par value, unlimited authorized, 66,954,634 and 67,810,136 outstanding, respectively	835,543	835,543
Additional paid-in capital	568,921	590,578
Retained earnings	1,481,632	1,585,758
Accumulated other comprehensive loss	(78,125)	(196,379)
Total Canadian Solar Inc. shareholders' equity	2,807,971	2,815,500
Non-controlling interests	1,135,098	1,086,469
Total Equity	3,943,069	3,901,969
Total Liabilities, Redeemable Interests and Equity	15,171,729	13,511,550
Related party
Current assets:
Amounts due from related parties	17,959	5,220
Current liabilities:
Other current liabilities	7,484	3,927
Non-related party
Current liabilities:
Other current liabilities	$ 507,594	$ 388,460