Canadian Solar Inc. (CSIQ) reported Thursday narrower net loss in its first quarter, while loss per share widened from last year with higher share count, amid weak revenues. Further, the firm announced the appointment of Colin Parkin as Chief Executive Officer, effective May 14.
Parkin, who previously served as President of Canadian Solar, succeeds Shawn Qu, the Company's founder.
Qu, who founded Canadian Solar 25 years ago, will now transition from Chairman and Chief Executive Officer to the roles of Executive Chairman and Chief Technology Officer.
In pre-market activity on the Nasdaq, the shares were losing around 6.2 percent, trading at $18.80, after closing Wednesday's regular trading 3.3 percent higher.
In the first quarter, net loss attributable to the company was $32.09 million or $0.71 per share, compared to a net loss of $33.97 million or $0.69 per share a year ago.
Canadian Solar's net revenues for the quarter declined to $1.08 billion from last year's $1.20 billion.
Total solar module shipments recognized as revenue were 2.5 GW, down 64 percent year-over-year. Total battery energy storage shipments recognized as revenue were 2.1 GWh, up 142 percent from last year.
Looking ahead for the second quarter, Canadian Solar expects total revenue to be in the range of $1.0 billion to $1.2 billion.
Gross margin is expected to be between 13 percent and 15 percent. Total module shipments recognized as revenue would be in the range of 3.1 GW to 3.3 GW, and total battery energy storage shipments would be in the range of 2.8 GWh to 3.2 Gwh.
Further, the firm reiterated its guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions for the U.S. market in 2026.
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