Canada-based module manufacturer Canadian Solar released its financial results for the second quarter (Q2) of 2021 and reported a 105% year-over-year (YoY) increase in its net revenue to $1.43 billion from $695.84 million in the same period last year.

The company said the growth was driven by an increase in module shipments and average selling price, a higher revenue contribution from battery storage shipments, and growth in beyond-module sales.

In Q2 2021, the company’s total module shipments were 3.66 GW, a rise of 26% YoY and 17% quarter-over-quarter (QoQ).

The company’s gross profit stood at $185 million in Q2 2021, a 25.52% YoY increase from $147.21 million in Q2 2020. However, gross profit was down 5.52% QoQ compared to $195.6 million in Q1 2021.

In Q2 2021, The net income attributed to Canadian Solar stood at $11.26 million, a 45.34% YoY decline compared to $20.6 million in the same period last year. The decline in net income was due to lower gross profit and higher operating expenses, partially offset by the income tax benefit.

According to the financial statement, the company’s total operating expenses in Q2 2021 stood at $158 million, a 4.63% QoQ increase compared to $151 million in the previous quarter. The operating expense increase was driven by higher shipping and handling expenses and a decrease in other operating income.

The company’s net foreign exchange loss was $3 million in Q2 2021, compared to $7 million in Q1 2021 and $5 million in Q2 2020.

In Q2 2021, the company’s total debt stood at $2.23 billion, a marginal decline compared to $2.28 billion in Q1 2021. The decline in total debt was due to a reduction of project financing because of project sales, partially offset by new borrowings and current facility drawdowns.

The company expects total module shipments to be between 3.8-4 GW in Q3 2021, including around 275 MW of module shipments for its projects. While total revenues are expected could be between $1.2 – $1.4 billion.

Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, “We continue to focus on initiatives to strengthen our long-term positioning, such as growing our pipeline of valuable solar and battery storage projects and differentiating our technology and product offering through value-add systems.”

According to Canadian Solar, it has a solar project pipeline with 22.2 GW capacity, including 1.7 GW under construction, 4.1 GW of backlog, and 14.6 GW of earlier stage pipeline as of June 30, 2021. In addition, the company has 1.5 GWh of battery storage projects under construction, and 19 GWh of battery storage projects are in the pipeline.

Commenting on the financial result, Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, said, “We posted our highest quarterly revenue of $1.43 billion in the second quarter and made significant progress to capitalize on growth in the battery storage market. We ended the second quarter with $1.3 billion in cash and have raised approximately $110 million to date from our at-the-market equity offering program, which is well on track.”

The company’s net revenue in Q1 2021 grew by 32% YoY and 5% QoQ to $1.1 billion.

In February 2021, Canadian Solar announced the close of the Japan Green Infrastructure Fund, which secured capital investment worth 22 billion Japanese Yen (~$208 million).