Solar photovoltaic module manufacturer Canadian Solar posted revenue of $2.31 billion for the second quarter (Q2) of the calendar year 2022, up by 61.54% year-over-year (YoY) from $1.43 billion in Q2 2021.

The company attributed the YoY growth in revenue to higher project sales, increased module shipment volumes and average selling price (ASP), and notable growth in the company’s battery storage solutions business.

The solar module shipments for the period surged quarter-over-quarter (QoQ) by 39% to 5.06 GW from 3.63 GW in the previous quarter. The top five markets ranked by shipments were China, the U.S., Spain, Brazil, and Germany.

The battery storage shipments were recorded at 800 MWh during the quarter compared to 290 MWh in Q1.

The manufacturer posted an adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $195 million, up YoY by 110% from $93 million in the same quarter last year.

Canadian Solar’s net income stood at $74 million in Q2, up YoY by 573% from $11 million in the same period last year. Increased business from the battery storage solutions segment led to significant growth in net income for the period.

The company posted a gross profit of $290 million, up YoY by 87% from $155 million last year, with a gross margin of 16% in Q2 2022 compared to 14.5% in the quarter ago. The company attributed higher module pricing, lower production costs from the Renminbi’s depreciation relative to the U.S. Dollar, and scale benefits from higher volume to the surge in gross profit and margin.

Canadian Solar’s CEO, Dr. Shawn Qu, commented, “We achieved strong results in the second quarter of 2022, with solar module shipments, revenue, and gross margin all at or exceeding the high end of prior guidance. Sequentially, we grew our module shipments by nearly 40% and battery storage solutions revenues by 2.8 times while significantly expanding our profitability and completing a large volume of project sales.”

The company has two business segments, Global Energy and CSI Solar. The Global Energy segment carries out the company’s global project development activities for solar and battery storage, including sourcing land, interconnection agreements, structuring power purchase agreements, and other permits and requirements. The CSI Solar segment comprises solar module manufacturing and total system solutions, including inverters, solar system kits, and EPC (engineering, procurement, and construction) services.

The company shipped 14.5 GW of modules and 9 GWh of battery storage systems in FY 2021, while the net revenue for the fiscal totaled $5.3 billion, up YoY by 52%.

Recently, the United States government lifted safeguard duty on Canadian solar product imports after Canada, the U.S., and Mexico arrived at an understanding on an existing trade agreement.