Canadian Solar annual net income surges by 152%, expects higher module shipments

Facebook
Twitter
LinkedIn
Reddit
Email
Canadian Solar’s net income in Q4 2022 increased by about 200% year-on-year. Image: Canadian Solar.

Solar technology and renewable energy company Canadian Solar posted a nearly 152% increase in net income last year, while its solar project development pipeline increased.

In the latest financial announcement, Canadian Solar said its total solar project development pipeline was 24.7GWp as of 31 January 2023, up from 24.4GWp in a year earlier. The pipeline included 1.8GWp under construction, with 1.4GWp in Latin America, 89MWp in EMEA, 36MWp in Japan, and the remaining 250MWp in China.

A total of 4.9GWp were backlog projects, and 18.6GWp were in advanced early stages.

“We achieved significant growth and profitability improvements throughout 2022. We continued to focus on strengthening our competitive advantage in technology and product leadership, positioning our brand in high-priced premium markets,” said Yan Zhuang, president of CSI Solar, Canadian Solar’s subsidiary.

As for the financial results of Canadian Solar itself last year, the net income increased by 151.9% from US$95.2 million to US$240 million. Revenue in 2022 was US$7.47 billion, up from US$5.3 billion or 41% year-on-year. The annual module shipment increased by 45% from 14.5GW to 21.1GW.

In Q4 2022, Canadian Solar’s net income was US$77.8 million, up from US$26 million year-on-year. Solar module shipments increased by 68% year-on-year to 6.4GW.

Looking forward, Canadian Solar expects that the total module shipments will be in the range of 5.9GW to 6.2GW, including about 133MW to its own projects, increasing by 62.5%-70.8% year-on-year compared to Q1 2022. In this quarter, the company only shipped 3.63GW of modules.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Read Next

September 10, 2025
At RE+ 2025, companies launched AI-driven platforms, terrain-following trackers, low-carbon modules, and advanced energy management solutions for solar and storage.
September 10, 2025
Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the first quarter of FY26.
September 10, 2025
Japanese solar cell manufacturer Toyo Solar has sold 1.6GW of solar PV cells in the first half of 2025, driving revenue of around US$139 million.
September 9, 2025
The average price of solar modules sold in Europe fell marginally between July and August, while buyers’ confidence remained steady.
September 3, 2025
LONGi, Jinko Solar, Trina Solar and JA Solar posted combined net losses of nearly RMB11 billion (US$1.54 billion) in H1 2025.
August 31, 2025
Renewables developer and independent power producer (IPP) TagEnergy has acquired Australian developer ACE Power, adding 6GW of renewable energy and storage projects to its portfolio.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines