China-based solar cell and module manufacturer JinkoSolar’s revenue dipped 23% year-over-year (YoY) to RMB24.51 billion (~$3.49 billion) in the third quarter (Q3) of 2024, primarily due to a drop in average selling prices for solar modules.

Net income for the quarter was RMB22.5 million ($3.2 million), a decrease from RMB1.32 billion (~$185.39 million) in Q3 2023. Lower module prices also impacted gross profit, which fell 37.1% YoY to RMB3.86 billion ($549.4 million).

Operating expenses rose by 20.3% YoY to RMB3.78 billion (~$538.7 million), mainly due to increased shipping costs for module deliveries and higher impairment charges on long-lived assets. However, quarterly shipments grew 14.7%, reaching 25,910 MW (including 23,838 MW of solar modules and 2,072 MW of cells and wafers).

The company had said in April that a fire incident at one of its facilities could impact its operations and 2024 financial results.

“Despite industry-wide pressure on earnings, we delivered strong results by leveraging our leadership in N-type TOPCon technology, competitive product offerings, and extensive global networks in sales and manufacturing,” said Xiande Li, JinkoSolar’s Chairman and CEO.

During the earnings call, Li noted that in Q3 2024,  JinkoSolar, despite industry-wide pressures, achieved solid results by leveraging its leadership in N-type TOPCon technology, competitive product offerings, and an extensive global network. Earnings across the sector were impacted by an oversupply situation, with prices continuing to decline. While China’s solar installations surged in September by 32.4% YoY to 20.89 GW, module exports saw a sequential drop due to demand volatility in some overseas markets.

Some solar companies with limited cash flow faced bankruptcies and acquisitions amid financial strain. The China Photovoltaic Industry Association encouraged companies to stabilize pricing and manage production, emphasizing bidding practices to maintain industry health and quality.

Due to continued R&D investments, JinkoSolar’s N-type TOPCon cells achieved a mass production efficiency of 26.2%. Total shipments reached 25.9 GW, with 92% in modules, maintaining Jinko’s global leadership in module shipments, especially to key markets in Europe, North America, and emerging regions.

The company remains committed to the U.S. market, proactively managing market risks, especially around tariffs and trade policy. With logistical costs expected to decrease starting Q4 due to easing supply chain issues, JinkoSolar said it was optimistic about cost efficiencies.

Jinko Solar was the top solar module supplier in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 2024. Jinko Solar accounted for 20.4% of the modules shipped to India.