Canadian Solar Inc. (NASDAQ:CSIQ) shares slumped after the company’s second quarter earnings disappointed and it issued weak guidance for the rest of the year.
The company lowered its full-year 2025 revenue guidance to a range of $5.6 billion to $6.3 billion from a previous $6.1 billion to $7.1 billion.
For Q2, revenue was $1.69 billion, up 4% year-over-year but short of estimates of $1.95 billion.
It reported an adjusted loss of $0.53 per share, compared to analysts' expectations of a profit of $1.61 per share and a profit of $0.02 in the year-ago quarter.
The company shipped 7.9 GW during the quarter, down 4% year-over-year and within guidance of 7.5 GW to 8 GW.
Canadian Solar CEO Shawn Qu noted that revenue was below guidance due to the timing of storage shipments and delays in certain project sales.
“Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability,” Qu said.
Shares of Canadian Solar fell 18.2% to about $10 in the early afternoon on Thursday.