Canadian Solar to increase module shipments by 66% in 2023

The total module shipment will reach 35GW in 2023. Image: Canadian Solar via Twitter.

Solar technology and renewable energy company Canadian Solar has announced that its module shipment this year will reach up to 35GW.

In its preliminary results and outlook announcement, the company said its total module shipments would increase from 21.09GW in 2022 to up to 35GW this year, up 66% year-on-year. In Q1 2023, module shipments will be from 5.9GW-6.2GW due to “usual seasonality”, increasing by 62.5%-70.8% year-on-year compared to Q1 2022. In this quarter, the company only shipped 3.63GW of modules.

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In Q4 2022, Canadian Solar’s module shipment was about 6.4GW, increasing from 3.8GW, or by 68.4%, year-on-year compared to Q4 2021.

The company’s revenue in Q1 2023 will be in the range of US$1.6 billion to US$1.8 billion, up from US$1.25 billion in Q1 2022, or by 28%-44% year-on-year. In Q4 2022, its revenue was expected to be US1.97 billion, increasing from US$1.53 billion, or by 28.8%, in Q4 2021.

Lastly, its net income in Q4 2022 was expected to be about US$70 million, increasing from US$26 million in Q4 2021.

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