Canadian Solar Inc. (NASDAQ: CSIQ) reported first quarter 2026 financial results and announced the appointment of Colin Parkin as chief executive officer, effective immediately. Parkin previously served as the company's president and succeeds founder Dr. Shawn Qu, who transitions to executive chairman and chief technology officer roles.

The solar technology company reported net revenues of $1.1 billion for the quarter ended March 31, 2026, representing an 11% sequential decline and 10% year-over-year decrease. Solar module shipments totaled 2.5 GW, exceeding guidance of 2.2 GW to 2.4 GW but down 42% quarter-over-quarter and 64% year-over-year.

Energy storage shipments reached 2.1 GWh, surpassing guidance of 1.7 GWh to 1.9 GWh and representing a 5% sequential increase and 142% year-over-year growth. The company achieved a gross margin of 25.1%, compared to 10.2% in the fourth quarter of 2025, primarily due to recognition of tariff refund benefits totaling $93 million.

Canadian Solar reported a net loss attributable to shareholders of $32 million, or $0.71 per share, compared to a net loss of $86 million in the previous quarter. The company maintained a cash position of $1.9 billion as of March 31, 2026.

The company commenced trial production at its heterojunction technology solar cell factory in Jeffersonville, Indiana, with commercial operations targeted to begin in July 2026. The facility represents a key milestone in U.S. domestic manufacturing expansion, with Phase I having a nameplate capacity of 2.1 GWp.

For the second quarter of 2026, Canadian Solar expects total revenue between $1.0 billion and $1.2 billion, with gross margins of 13% to 15%. The company anticipates module shipments of 3.1 GW to 3.3 GW and energy storage shipments of 2.8 GWh to 3.2 GWh.

As of March 31, 2026, the company maintained a global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 81 GWh across various stages of development.