“Amidst fierce industry competition, we maintained our focus on profitability while also increasing volume this quarter,” said Yan Zhuang, president of CSI Solar. Image: Canadian Solar.

Canadian Solar, a leading solar manufacturing company, has reported higher revenues and profits in its Q2 2024 financial results. This growth can be attributed to an uptick in photovoltaic (PV) module shipments, which offset the ongoing decline in module average selling prices (ASPs).

In the quarter, combined net revenues for both CSI Solar (its module and storage business) and Recurrent Energy (the manufacturing and project development businesses) reached US$1.6 billion, marking a 23% surge from US$1.3 billion in Q1. Profits also experienced a 12% quarter-on-quarter (QoQ) rise to US$282 million. These advancements were credited to heightened module shipments.