Canadian Solar has presented its figures for the third quarter of 2024 (Q3 2024) and the first nine months of the 2024 financial year. Revenue and net income are down significantly, and the company is even posting losses on a quarterly basis. The share price drops.
In the third quarter of 2024, the RENIXX Group’s revenue amounted to USD 1.51 billion. Compared to the third quarter of the previous year, this is a significant decline of 18.3% (Q3 23: USD 1.85 billion). Canadian Solar thus fell well short of analysts’ estimates, who on average had expected Q3 sales of USD 1.85 billion. The net result for the third quarter slipped into the red and amounted to USD – 14.03 million. In the same period of the previous year, Canadian Solar generated a profit of USD 21.9 million. This results in a diluted loss per share of USD – 0.31 in the third quarter of 2024, compared to USD 0.32 in Q3 23.
Looking at the first nine months of 2024, the figures hardly look any better. Revenue fell by 24.4% to USD 4.47 billion (Jan-Sep 23: USD 5.9 billion). The net result for the first nine months was just in positive territory at USD 2.15 million. This represents a decrease of 99.2% compared to the same period last year (Jan-Sep 24: USD 275.6 million). This results in a diluted loss per share of USD -0.10 for the first nine months of 2024 (Jan-Sep 23: USD 3.88).
“The solar industry faces significant external and internal challenges. While we have achieved relatively strong results, the outlook remains complex. We are currently operating at an optimal scale with industry-leading technologies, and we remain committed to investing in R&D to ensure that we remain at the forefront of innovation across our portfolio of products and solutions,” commented Canadian Solar CEO and Chairman Dr. Shawn Qu on the company’s performance.
