Solar module manufacturer Canadian Solar reported a net income of $78.5 million for the third quarter (Q3) of the financial year 2022, a surge of 123% year-over-year (YoY) on the back of strong demand, lower manufacturing cost, and currency benefits from a strong U.S. dollar compared to Renminbi.

The Ontario, Canada-based company said its Q3 revenue came in at $1.93 billion, a jump of 57% YoY.

The company shipped 6 GW of solar modules in the July-September period, up 62% YoY. The top five markets ranked by shipments were China, the U.S., Brazil, Spain, and Germany.

For the fourth quarter of the current financial year, the company expects total module shipments to be 6.0 GW to 6.3 GW, including approximately 290 MW to the company’s own projects.

For 2023, the company expects total module shipments to be 30 GW to 35 GW.

Shawn Qu, Chairman, and CEO of the company, said, “The benefits of greater control over our supply chain and an improved cost structure will further strengthen our competitive moat. We are also actively evaluating options in the U.S. market given the recent passing of the Inflation Reduction Act and its potential positive impact as another growth catalyst.”

The company’s project pipeline at the end of Q3 stood at 25 GW, including 1GW under construction, 5.2 GW of backlog, and 18.8 GW of projects in advanced and early-stage pipelines.

Canadian Solar announced in October that Crimson Storage, a 350 MW/1,400 MWh standalone energy storage project, reached commercial operation and will provide flexible capacity to the California grid. A fund managed by Axium Infrastructure US Inc owns 80% of the project, and Recurrent Energy, the project developer, retains 20% ownership.

In September, the company announced the launch of the EP Cube, an all-in-one residential energy storage solution by its majority-owned subsidiary CSI Solar. The EP Cube solution can be stacked for 9.9 kWh to 19.9 kWh capacities. Up to six units can be connected in parallel to deliver up to 119.9 kWh of storage and 45.6 kW output, which is more than enough to fully power the average home with high-surge-current appliances and AC units.

9M FY2022

Canadian Solar reported a net income of $162.1 million for the nine-month period (9M) of FY 2022, a jump of 134% YoY.

The company’s revenue for this period came in at $5.5 billion, up 49% YoY.

In July, the United States agreed to lift safeguard duty on Canadian Solar product imports after Canada, the U.S., and Mexico arrived at an understanding of an existing trade agreement. The decision was taken after talks in Vancouver at the Free Trade Commission meeting.