Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is a global solar technology and renewable energy company that manufactures solar photovoltaic modules, produces battery energy storage solutions, and develops utility-scale solar and battery storage projects. The company was incorporated in Ontario, Canada, and has grown to become one of the largest solar module producers worldwide. As of December 31, 2025, it had delivered approximately 174 gigawatts of solar modules to customers and shipped more than 18 gigawatt‑hours of battery energy storage solutions. Its operations span North America, Asia Pacific, Europe, Australia, South America, the Middle East and Africa. Canadian Solar Inc. leverages a flexible vertically integrated model that combines internal manufacturing capacity with direct material purchases.

The company generates revenue primarily from the sale of solar modules and battery storage products to distributors, system integrators, project developers and EPC companies. It also earns income from engineering, procurement and construction services for solar and storage projects. Revenue is further derived from electricity sales and related services generated by the solar and battery storage projects it owns and operates. Operations and maintenance fees, asset management fees, and proceeds from the sale of completed projects contribute additional streams. In 2025, the Americas accounted for 56.4% of total revenue, Asia for 22.3% and Europe and other regions for 21.3%.

The company operates through the following segments: Manufacturing and Recurrent Energy.

• The Manufacturing segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and battery energy storage products. It operates production facilities in the United States and Asia Pacific, including China, with reported annual capacities of 51.3 gigawatts for modules, 32.4 gigawatts for cells, 37.0 gigawatts for wafers, and 31.0 gigawatts for ingots as of December 31, 2025. Its battery energy storage system and cell capacities stood at 15.0 gigawatt‑hours and 3.0 gigawatt‑hours, respectively, on the same date. The segment also supplies the e‑STORAGE business, which held a contracted backlog of approximately $3.6 billion including long‑term service agreements at year‑end 2025.

• The Recurrent Energy segment focuses on developing, building, selling, and operating solar power and battery energy storage projects globally. It provides power services (operations and maintenance) and asset management for projects in its portfolio. As of December 31, 2025, Recurrent Energy managed approximately 15.0 gigawatts of solar and battery storage projects under operations and maintenance contracts. The segment pursues a strategy of retaining ownership of selected assets to generate recurring revenue from electricity sales and related services.

Canadian Solar Inc. is positioned among the top tier of global solar technology companies, competing with module manufacturers such as First Solar, LONGi Green Energy, Trina Solar, JinkoSolar, JA Solar, and Tongwei Solar. In the battery storage arena, its peers include Tesla, Fluence Energy, and Sungrow Power Supply. The company’s competitive advantages stem from its vertically integrated production model, which allows it to control key inputs and respond swiftly to demand shifts. Its investment in N‑type TOPCon and heterojunction technologies yields high‑efficiency modules that help lower the levelized cost of electricity for customers. Additionally, a diversified geographic footprint and strong brand recognition support its ability to win contracts across varied markets.

Canadian Solar Inc. serves a broad customer base that includes distributors, system integrators, project developers, and engineering, procurement and construction firms worldwide. Utilities and independent power producers are major off‑takers for its solar modules and battery storage systems. Corporate and commercial customers purchase its products for rooftop and on‑site solar installations. Although specific customer names are not disclosed, the company notes that its top five customers collectively represented 17.4% of net revenues in 2025, with the largest single customer accounting for 4.5%.