Canadian Solar has reported a gross profit of $301m in the fourth quarter of 2021, up 32% quarter-over-quarter (qoq) and 114% year-over-year (yoy).
Gross margin in the fourth quarter of 2021 was 19.7%, above guidance of 14% to 16%, as the company benefited from lower manufacturing costs and a higher module average selling price, partially offset by lower margin project sales.
Total module shipments in the fourth quarter of 2021 reached 3.83GW, a 28% yoy increase and 1% qoq decrease.
Of the total, 263MW was shipped to Canadian Solar’s own utility-scale solar power projects.
In its 2021 financial year, Canadian Solar reported 28% yoy growth in total module shipments to 14.5GW and a 52% increase in revenue to $5.3bn.
As of 31 January 2022, the Company’s total project pipeline was 24.4GW, including 1.6GW under construction, 4.2GW of backlog, and 18.6GW of earlier stage pipeline.
Canadian Solar chairman and chief executive Shawn Qu said: “We ended 2021 on a high note, delivering 47% year-over-year revenue growth and a nearly 20% gross margin in the fourth quarter.
“Over the past decade, we have consistently been a top five global module manufacturer and have pioneered numerous solar crystalline PV technology advancements as well as business model innovations.
“This includes our fast growing battery storage business, where we delivered nearly 900MWh in our first year of launching, and which we expect to double in 2022.
“While we continue to manage challenging market conditions, we remain focused on leveraging the competitive advantages of our integrated business model to build greater long-term value for our shareholders.”