CSIQ · Canadian Solar Inc.

Canadian Solar's CSI Solar subsidiary reported a transformative first quarter, with net profit attributable to shareholders surging 999% to RMB519 million, driven primarily by the recognition of refundable IEEPA tariffs. The U.S. Supreme Court ruled on February 20, 2026, that certain reciprocal tariffs levied under the International Emergency Economic Powers Act (IEEPA) were invalid ab initio, and the U.S. Court of International Trade ordered refunds. U.S. Customs and Border Protection launched a special tariff refund program starting April 2026, and CSI Solar established enforceable rights to claim refunds, resulting in a substantial non-recurring gain. Operating revenue declined 17% to RMB7.13 billion, reflecting lower sales volumes or pricing, but operating profit turned positive at RMB699 million compared to a loss of RMB18 million in the same quarter last year. Net cash flow from operations was negative RMB157 million, down 111%, due to timing of sales collections. Basic EPS rose 1,300% to RMB0.14. Non-recurring gains totaled RMB176 million, including RMB156 million from asset disposals and RMB48 million from government grants. The company's balance sheet remained solid with total assets of RMB63.1 billion and equity attributable to shareholders of RMB23.6 billion. The tariff refund event is a one-time boost, but it significantly improved profitability and cash position.