Canadian Solar raises 2022 revenue guidance as module shipments jump

Facebook
Twitter
LinkedIn
Reddit
Email
Canadian Solar shipped more than 5GW of modules during Q2 2022. Image: Canadian Solar.

Canadian Solar has raised its 2022 revenue guidance as it progresses with efforts to ramp up its PV manufacturing capacity, following a hike in module shipments in the second quarter.

The company shipped 5,060MW of solar modules during Q2 2022, representing a 37% increase year-on-year, with the top five markets ranked by shipments being China, the US, Spain, Brazil and Germany.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Revenues for the quarter were above prior guidance, increasing 62% year-on-year to US$2.31 billion and driven by higher shipment volumes and average selling prices, solar project sales and growth in the company’s battery storage solutions business.

CSI Solar, the company’s manufacturing division, benefited from higher-than-expected volumes and pricing, according to Yan Zhuang, president at CSI Solar. “Demand from our end markets has been incredibly strong despite the increase in pricing,” he said during a conference call with investors.

Driven by higher module pricing, Canadian Solar has raised its 2022 revenue forecast to US$7.5 – 8 billion, up on previous guidance of US$7 – 7.5 billion.

The company’s Q2 gross margin of 16% was also above its guidance for the quarter and is expected to be 15 – 16% in Q3.

This, said CEO Shawn Qu during the conference call, reflects the positive contribution from the increased level of group integration, including the company’s new ingot, wafer and cell capacities.  

Qu said in a statement that management expects profitability to remain healthy through the second half of the year, driven by continued manufacturing processing cost reductions and lower logistics costs partially offset by higher polysilicon prices.

Canadian Solar earlier this year amended its planned manufacturing capacity targets for the end of 2022, as the company expects to close the year with 20.4GW of ingot capacity, 20GW of wafer capacity, 19.8GW of cell manufacturing output and 32GW of module capacity.

By the end of 2023, the firm aims to have 50GW of module manufacturing capacity.

June 2022December 2022December 2023
Ingot5.4GW20.4GW25GW
Wafer11.5GW20GW25GW
Cell13.9GW19.8GW35GW
Module27.9GW32GW50GW
CSI Solar’s 2022 and 2023 capacity expansion targets.

Qu said the rationale for the company’s capacity expansion plan is a result of a significant acceleration in global demand, driven by catalysts such as clean energy economics, energy security and decarbonisation. “We are particularly excited to see the passing of the Inflation Reduction Act, or IRA, in US. We believe it will drive a significant acceleration in demand for clean energy,” he added.

Canadian Solar earlier this month announced plans to build a polysilicon production facility with an annual capacity of 50,000MT in the Chinese province of Qinghai. Construction work is due to begin later this year, with production slated to commence in 2024.

The company said the facility will help it gain further control over sourcing, technology and its supply chain, as well as reducing the carbon footprint of its supply chain. According to Qu, renewables account for 90% of electricity in Qinghai province.

Conference call transcript from Seeking Alpha.

Read Next

July 15, 2025
Indian renewable energy company SAEL Industries is developing a 5GW solar cell and 5GW module manufacturing facility in Greater Noida, Uttar Pradesh.
July 10, 2025
UbiQD has signed a supply agreement with First Solar to supply its fluorescent quantum dot technology for use in the latter’s PV panels.
July 9, 2025
Caelux has finished the first sale of its perovskite glass, which will be paired with a silicon module developed by a 'reputable manufacturer'.
July 8, 2025
German solar glass manufacturer Glasmanufaktur Brandenburg (GMB) has filed for insolvency after posting monthly losses of €900,000 this year.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 26, 2025
PV solar cell manufacturer Halocell Energy has launched its first perovskite-based product called the Halocell Ambient Modules.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK