This week, Canadian Solar unveiled its record-breaking PV module shipment volume in its financial result reports for the fourth quarter of 2014 and the full year 2014. The company shipped 3,105 MW of PV modules, higher than the guidance of 2.7~2.8GW. It also saw a 39% net revenue increase compared to 2013.

Canadian Solar’s performance ensures its position as one of the global top-10 PV manufacturers. It expects to ship 4~4.3GW of PV modules in 2015 and hopes to see a total revenue in the range of $2.8 billion to $3.0 billion.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented: "We continue to execute well on our long-term vision of building Canadian Solar into a leading global solar energy provider. Once we complete the acquisition of Recurrent, our significantly expanded, globally diverse project pipeline gives us additional strategic options to create lasting value for our shareholders. We have been reviewing various options to structure and potentially list our downstream business, and we are now planning to form a YieldCo vehicle, in order to maximize value creation for our shareholders over the long-term. We expect that a YieldCo vehicle and its subsequent listing would enable us to capture the value inherent in our large pipeline of long-term contracted assets and to recycle capital. We are engaged in the process of analyzing the optimal structure for a YieldCo, including the optimal asset profile. We expect to complete the sale of those Canadian projects for which we have an identified end-buyer. We may, however retain other projects that we have developed for eventual inclusion in the asset base of a YieldCo structure or add additional assets from third parties. We plan to update the market as the process evolves."

The Company plans to host an Investor Day in New York City on May 18, 2015 to discuss its business strategy and outlook.

Fourth Quarter 2014 Highlights

• Total solar module shipments were 1,125 MW, with 897 MW recognized in revenue, compared to 770 MW recognized in revenue in the third quarter of 2014, and fourth quarter guidance in the range of 810 MW to 860 MW.
• Net revenue was $956.2 million, compared to $914.4 million in the third quarter of 2014 and fourth quarter guidance in the range of $925 million to $975 million.
• Net revenue from the total solutions business as a percentage of total net revenue was 51.7% compared to 53.8% in the third quarter of 2014.
• Gross margin was 19.3%, compared to 22.9% in the third quarter of 2014 and fourth quarter guidance in the range of 17% to 19%.
• Income from operations was $116.0 million and non-cash charges for depreciation, amortization and equity compensation were $23.4 million
• Net income attributable to Canadian Solar was $75.7 million, or $1.28 per diluted share, compared to $104.2 million, or $1.75 per diluted share, in the third quarter of 2014.
• Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.02 billion, compared to $817.2 million at the end of the third quarter of 2014.
• Net cash generated from operating activities was $259.1 million, compared to net cash generated from operating activities of $204.1 million in the third quarter of 2014.
• During the quarter, the Company closed the sale of five solar power plants in Canada, and one solar power plant in the United States.
• After the end of the quarter the Company entered into an agreement to acquire Recurrent Energy LLC ("Recurrent") for $265 million from Sharp Corporation.

Full Year 2014 Highlights

• Total solar module shipments were 3,105 MW, with 2,813 MW recognized in revenue, compared to 1.9 GW recognized in revenue in 2013 and full year 2014 guidance in the range of 2.7 GW to 2.8 GW.
• Net revenue was $2.96 billion, compared to $1.65 billion in 2013 and full year 2014 guidance in the range of $2.93 billion to $2.98 billion.
• Net revenue from the total solutions business was 44.5% of total net revenue, compared to 28.6% in 2013.
• Income from operations was $366.3 million and non-cash charges for depreciation, amortization and equity compensation were $87.7 million.
• Net income attributable to Canadian Solar was $239.5 million, or $4.11 per diluted share, compared to $31.7 million, or $0.63 per diluted share, in 2013.
• During the year, the Company delivered a total of 454MW of system kits and utility-scale solar power plants to all of its key markets.
• Cash flow from operations was approximately $265.1 million, compared to $229.5 million in 2013.