Canadian Solar, Inc. (NASDAQ: CSIQ) is a vertically-integrated manufacturer of photovoltaic cells, modules and custom-designed solar power applications that was incorporated by Dr. Shawn Qu in Canada in 2001. The company has three manufacturing facilities located at Suzhou, Changshu and Luoyang in the People's Republic of China. CSIQ went public with its initial public offering in November 2006.
The company engages in the design, development, manufacture, and sale of solar module products (ranging from 5 W to 300 W and using both polycrystalline and monocrystalline solar cells) that convert sunlight into electricity for various uses. Its products include a range of standard solar modules to general specifications for use in various residential, commercial, and industrial solar power generation systems. The company also designs and produces specialty solar modules and products based on customers' requirements. Its specialty solar modules and products consist of customized modules that its customers incorporate into their own products, such as solar-powered bus stop lighting, and complete specialty products, such as solar-powered car battery chargers. The company also implements solar power development projects, primarily in conjunction with government organizations, to provide solar power generation in rural areas of China.
Canadian Solar operates through six wholly-owned subsidiaries: CSI Solartronics, CSI Solar Manufacturing CSI Solar Technologies CSI Luoyang, Ltd. CSI Cells. and CSI Advanced.
The company offers its products to customers located in various markets worldwide, including Germany, Spain, Canada, China, and Japan. During the 3rd quarter of 2008, the company generated the vast majority of its revenues (88.%) from Europe, while Asia contributed 6.5%, America 5.4% and the remainder being generated from other geographic regions.
Like their competitors, CSIQ experienced rapid growth from 2006 to mid-2008. As of September 2007, the company had an annual production capacity of 180 MW of modules and 50 MW of solar cells. The company is ramping up its solar cell manufacturing capacity to 100 MW per annum by the end of 2007 and projected 400 MW capacity for modules by the end of 2008.
In November 2008, CSIQ reduced their 2008 annual revenue estimate from $900 to $650-750 million. Q4 revenues of approximately $70 million to $85 million were projected, roughly half the run-rate of previous quarters.