Canadian Solar, a Canada-based solar module manufacturer, recorded net revenue of $1.53 billion in the fourth quarter (Q4) of 2021, a 47% year-over-year (YoY) increase, and a 24% quarter-over-quarter (QoQ) increase.

The firm attributed the QoQ growth to a higher solar module average selling price (ASP) and a surge in project sales. Meanwhile, the YoY increase was driven by solar shipment volumes and ASP and substantial growth in the Company’s battery storage solutions business.

The Company shipped 3.83 GW of solar modules to over 70 countries during the quarter, a 28% YoY increase and a 1% QoQ growth. Of the total shipments, 263 MW were supplied to utility-scale solar projects owned by Canadian Solar.

Gross profit in Q4 2021 was $301 million, up 32% QoQ and 114% YoY. The fourth quarter also benefitted from U.S. anti-dumping and countervailing duty adjustments.

Net income attributable to Canadian Solar in Q4 was $26 million, compared to $35 million in Q3. The net income was $7 million during Q4 2020.

Full-year 2021

For 2021, the Company’s net revenue was $5.3 billion, a 52% increase YoY, supported by steady gross margin improvement in manufacturing operations.

Net income in 2021 attributable to Canadian Solar was $95 million compared to $147 million in 2020.

The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for 2021 was $474 million.

Chairman of Canadian Solar, Dr. Shawn Qu, said, “We ended 2021 on a high note, delivering 47% year-over-year revenue growth and a nearly 20% gross margin in the fourth quarter. Over the past decade, we have consistently been a top 5 global module manufacturer and have pioneered numerous solar crystalline PV technology advancements and business model innovations.”

Solar and battery storage project development

The Company has two business segments: CSI Solar and Global Energy. From November 2021, the Company completed the transfer of the China Energy assets from CSI Solar to the Global Energy segment to avoid any potential competition. The Global Energy segment includes all of the Company’s global project development activities for solar and battery storage. The CSI Solar segment consists of solar module manufacturing and total system solutions, including inverters, solar system kits, and EPC (engineering, procurement, and construction) services.

Under the Global Energy segment, the Company sold 2.1 GW of projects in 2021, including 350 MW solar with 1,400 MWh battery storage. The solar project pipeline stood at 24 GW and the end of 2021 and 27 GWh of battery storage pipeline. The global Energy segment recorded a revenue of $1,124 million.

Under the CSI Solar segment, the Company shipped 14.5 GW of modules in 2021, a 28% YoY growth. The top five markets ranked by shipments were China, the U.S., Brazil, Germany, and Japan. Battery Storage shipments totaled 896 MWh in 2021. Revenue of $4,153 million was logged under the CSI Solar segment.

Canadian Solar registered net revenue of a whopping $1.229 billion in the third quarter of 2021, a 34% YoY increase over $914.36 million in Q3 2020. It had attributed the growth in income to ASP and increased module shipments.