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Canadian Solar reported gross profits of $ 141 million in the fourth quarter of 2020, down 21% quarter over quarter.
The gross margin in the fourth quarter of 2020 was 13.6%, compared to targets of 8% to 10% and 19.5% in the third quarter of 2020.
Total module shipments in the fourth quarter of 2020 were 2,998 MW, an increase of 22% year-over-year and a decrease of 5% quarter-over-quarter.
Of the total, 359MW were shipped to the company’s own large-scale solar power projects.
The company reported shipments of 3 GW solar modules in the high-end guide range of 2.9 GW to 3 GW.
Canadian Solar President and CEO Shawn Qu said: “While 2020 has been a difficult year due to the pandemic, we have remained focused on our long-term growth strategy and have achieved a strong package. results.
“Fourth quarter sales and margins both exceeded our expectations thanks to Canadian Solar’s strong foundation in product and technology innovation and strong customer relationships.
“This has allowed us to diversify our revenue sources, alleviate some of the impact of short-term cost pressures and accelerate the monetization of our solar projects.
“As a result, we are seeing a surge in demand for clean energy assets around the world, both for solar and battery storage projects, where Canadian Solar has a competitive advantage.
“We have over 20 GW of solar project pipeline and nearly 9 GWh of battery storage pipeline.
“We are positioned to benefit from robust growth in both areas. Over the past few years, we have developed our technology in system integration and go-to-market capabilities for battery storage solutions.
“In 2021, we will start delivering on a large scale and we plan to capture approximately 10% of the battery storage market in the US alone, based on Wood Mackenzie’s market estimates. “
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