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Canadian Solar Reports First Quarter 2021 Results investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-reports-first-quarter-2021-results GUELPH , ON , May 20 , 2021 / PRNewswire / -- Canadian Solar Inc. ( " Canadian Solar " or the " Company " ) ( NASDAQ : CSIQ ) today announced financial results for the quarter ended March 31 , 2021 . Highlights • Solar module shipments of 3.1 GW in the first quarter of 2021 , compared to guidance of 3.0 GW to 3.2 GW . Revenue increased 32 % year - over - year ( " yoy " ) to $ 1.1 billion , co to guidan of $ 1.0 billion to $ 1.1 billion . Gross margin of 17.9 % , compared to guidance range of 16 % to 18 % . • Net income attributable to Canadian Solar of $ 23 million , or $ 0.36 per diluted share . 1.2 GWh of battery storage projects under construction . • Total battery storage project development pipeline nearly doubled to 17 GWh . ● ● ● Strategic partnership and investment in Habitat Energy to strengthen battery storage capabilities . • Carve - out IPO of CSI Solar subsidiary remains on track . ● Dr. Shawn Qu , Chairman and CEO , commented , " First quarter 2021 revenue and gross margin came in at the high - end of our guidance , as our team remained focused on achieving financial and business improvements despite the challenging market conditions . We nearly doubled our total storage project development pipeline and expect this positive momentum to continue , which should greatly enhance the value of our development pipeline . We further strengthened our competitive position with our recent strategic partnership with Habitat Energy , which will leverage our global scale and platform , while helping us improve the software capabilities of our battery storage projects . As always , Canadian Solar is at the forefront of developing an commercializing the energy innovations that matter to our customers . The latest example is the Q1 production of our first N - type heterojunction ( HJT ) solar cell from our newest state - of - the - art 250 MW pilot line . Our teams are rapidly improving the cell conversion efficiency of these new cells , and we expect to start delivering our first cutting - edge HJT solar modules in the third quarter this year . " Separately , the carve - out IPO of CSI Solar remains on track . We officially submitted the listing application materials to the securities regulatory authorities in China , which are now under review per usual procedures . " Ismael Guerrero , Corporate VP and President of Canadian Solar's Global Energy subsidiary , said , " In the first quarter of 2021 , we delivered approximately 500 MWp of project sales , including 61 MWp in Japan , which were acquired by Canadian Solar Infrastructure Fund , the largest listed infrastructure fund on the Tokyo Stock Exchange . We also continued to grow our solar and storage project pipelines totaling 21 GW and 17 GWh at the end of March , respectively , building one of the largest solar and storage project pipelines in the world . We are excited to report that we have established a new Brazilian Participation Fund for Infrastructure Projects ( FIP - IE ) and are currently executing on approximately 2 GWp of contracted solar projects in Brazil . Last month , we set up the structure of a Real Estate Investment Fund ( REIF ) in Italy , which will be a private investment vehicle for our Italian projects currently under development . We will continue to work on investment vehicles in our Global Energy business as we work to build and monetize value for the Company and shareholders . " Yan Zhuang , President of Canadian Solar's CSI Solar subsidiary , said , " The first quarter was challenging , as expected , with cost inflation driven by continued higher raw material and transportation costs , and unfavorable foreign exchange fluctuations . For instance , the price of polysilicon has tripled over the past twelve months . We were able to partially mitigate the impact by raising our module prices , which saw a near double digit percentage increase relative to the previous quarter , and prioritizing margins ahead of shipment volumes . Underlying demand for solar energy remains strong driven by ambitious public and private sector targets , yet we are seeing increasing price elasticity of demand and the prospect that certain utility scale projects may be delayed . Meanwhile , we continue to focus on developing our technology differentiation , enhancing our product offering through high value - add system solutions , and working closely with our customers and partners . " Dr. Huifeng Chang , Senior VP and CFO , added , " In the first quarter of 2021 , we achieved $ 1.1 billion in revenue , 17.9 % gross margin and $ 23 million net income , executing to the high end of guidance . Net income increased to $ 0.36 per diluted share from $ 0.11 per diluted share in the fourth quarter of 2020 , even with higher taxes and unfavorable foreign exchange conditions . We ended the first quarter with $ 1.5 billion in cash , allowing us to selectively build strategic stock of key materials in support of higher customer demand and lessen the impact of increasing raw material costs . We remain disciplined and will continue to invest in long - term growth opportunities , including our expanding battery storage pipeline . " First Quarter 2021 Results Total module shipments in the first quarter of 2021 were 3,139 MW , a 42 % yoy increase and 5 % quarter - over - quarter ( " qoq " ) increase . Of the total , 267 MW was shipped to the Company's own utility - scale solar power projects . Net revenue in the first quarter of 2021 grew by 32 % yoy and 5 % qoq to $ 1,089 million . The sequential increase was driven by higher project sales in Japan and the United States , a higher module average selling price ( " ASP " ) , which was partially offset by lower module shipments recognized as revenues . 1/14