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CanadianSolar Exhibit 99.1 Canadian Solar Reports Third Quarter 2021 Results Guelph , Ontario , November 18 , 2021 - Canadian Solar Inc. ( " Canadian Solar " or the " Company " ) ( NASDAQ : CSIQ ) today announced financial results for the quarter ended September 30 , 2021 . Highlights Solar module shipments of 3.9 GW in the third quarter of 2021 , in line with guidance of 3.8 GW to 4.0 GW . Revenue increased 34 % year - over - year ( " yoy ” ) to $ 1.23 billion , in line with guidance of $ 1.2 billion to $ 1.4 billion . Gross margin of 18.6 % , above guidance range of 14 % to 16 % . Net income attributable to Canadian Solar of $ 35 million , or $ 0.52 per diluted share . 2.9 GWh of battery storage projects under construction and 21 GWh of total storage development pipeline . Continuing to make progress on the carve - out IPO of the CSI Solar subsidiary . Dr. Shawn Qu , Chairman and CEO , commented , " We delivered our strongest quarterly performance since the start of COVID , with 34 % year - over - year topline growth and better - than - expected profitability . While operational challenges have intensified recently , emerging energy crises across the world underscore the urgency to accelerate the deployment of clean , renewable energy paired with reliable battery storage technology . We are also encouraged by the positive action from Glasgow's COP26 and supportive policies by an increasing number of governments . At Canadian Solar , we continue to invest in the research and development of competitive solar and battery storage system solutions , and in expanding our global sales channels . We will also grow and monetize our pipeline of sought - after solar and battery storage projects of 24 GWp and 21 GWh , respectively , while carefully managing short - term market fluctuations and building sustainable value for our shareholders . " " Regarding the previously announced carve - out IPO of CSI Solar , we are addressing the third round of comments from the Shanghai Stock Exchange , in line with usual review procedures . " Ismael Guerrero , Corporate VP and President of Canadian Solar's Global Energy subsidiary , said , “ One of the key highlights for this quarter is the monetization of our first stand - alone battery storage project , the Crimson Project of 350 MW or 1,400 MWh in California . Construction on this landmark project has already started , underscoring the multi - year , value creation potential of battery storage projects across the world . From a market standpoint , certain project construction schedules are starting to be delayed due to rising costs , although we continue to sign higher - priced PPAs and expand our global solar and storage pipeline , positioning ourselves for long - term growth . " Yan Zhuang , President of Canadian Solar's CSI Solar subsidiary , said , " The operational environment remains challenging driven by three key factors : a global logistics bottleneck , rising material costs across the board , and power curtailment in China adversely affecting production . We continue to take proactive measures to improve the situation , such as declining low priced orders and raising prices more aggressively to prioritize margins . We are also selectively slowing capacity expansion plans to optimize utilization rates . Meanwhile , we continue to make significant progress on our battery storage solutions , having delivered approximately 550 MWh on battery storage shipments during the first three quarters of this year . We are also investing in the R & D of next - generation solar and storage products , further deepening our sales channel partnerships , and expanding our brand through high quality , differentiated , clean energy solutions and services . " Dr. Huifeng Chang , Senior VP and CFO , added , “ In the third quarter , we achieved $ 1.2 billion in revenue , in line with guidance , and a gross margin of 18.6 % , which was well ahead of guidance . We used $ 29 million in operating cash during the quarter as inventory turnover slowed due to logistics challenges . We have scaled up manufacturing with approximately $ 420 million of capital expenditure year - to - date , and plan to reduce our full - year capital expenditure plan to approximately $ 500 million reflecting a prudent capital allocation strategy . We ended the quarter with $ 1.4 billion in cash and will remain disciplined in capital deployment . " Page 1