Overview
- Adjusted EPS came in at $(1.00), beating the $(1.60) estimate, while revenue of $2.27 billion missed the roughly $2.51 billion consensus.
- Shares rose about 16% to $31.43 after the report as investors focused on sequential gross margin improvement to 7.3% from 2.9% in Q2.
- Module shipments fell 16.7% year over year to 21,570 MW, and quarterly revenue declined 34.1% to 16.16 billion yuan.
- Energy storage shipments exceeded 3.3 GWh with 2025 order visibility above 90%, and the CEO said storage is expected to become a second profit engine in 2026.
- Guidance called for Q4 shipments of 18–33 GW and full‑year 2025 shipments of 85–100 GW, including about 6 GWh of ESS, alongside year‑end capacity targets of 120 GW mono wafer, 95 GW cell and 130 GW module.