Monthly Archives: May 2023

PR Newswire

Emeren to Release First Quarter 2023 Financial Results on May 31, 2023

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STAMFORD, CT, May 20, 2023 /PRNewswire/ — Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2023 after the U.S. stock market close on Wednesday, May 31, 2023. The Company will host a conference call to discuss the financial results at 5:00 p.m. U.S. Eastern Time on Wednesday, May 31, 2023.

What:    Emeren Group Ltd First Quarter (ended March 31, 2023) Earnings Call

When:    5:00 p.m. U.S. Eastern Time on Wednesday, May 31, 2023

Webcast: https://edge.media-server.com/mmc/p/upr9x999

Participant Online Registration: https://register.vevent.com/register/BId591b19e06ce430c8013887637b005f4

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd’s website at https://ir.emeren.com/.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a ~3 GW pipeline of projects and IPP assets across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com.     

PR Newswire

UAE Ministry of Interior Launches Pioneering Strategy to Use AI to Protect Children Online

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  • The UAE Ministry of Interior launches new Child Protection Strategy to tackle the surge of online child abuse at the United Nations Human Rights Council’s 43rd Session of the Universal Periodic Review.
  • UAE intends to promote a holistic approach for child protection, which empowers children, upholds values and creates a safe and cohesive environment online.

GENEVA, May 19, 2023 /PRNewswire/ — Today, at the United Nations Human Rights Council’s 43rd Session of the Universal Periodic Review (UPR) Working Group, the Ministry of Interior (MOI) of the United Arab Emirates, in partnership with the Permanent Mission of the UAE, launched a new innovative programme, MOI’s Child Protection Strategy 2023-26, which responds to the global crisis of child safety on online platforms.

The launch event at Palais des Nations, in Geneva, Switzerland gathered a diverse group of relevant high-level stakeholders from the UAE, WePROTECT Global Alliance, the United Nations Interregional Crime and Justice Research Institute (UNICRI) and the FBI, among others.

Unveiling the Child Protection Strategy, Lt. Colonel Abdulrahman Al Tamimi, Deputy Director General of the International Affairs Bureau at the MOI said:

“Against the backdrop of increased online child sexual abuse and exploitation, the safety of children is the UAE’s utmost priority. Our latest strategy centres around building a comprehensive system for child protection which will be facilitated by effective partnerships with all relevant stakeholders. Additionally, by adopting AI and machine learning to assist efforts in tackling infringement of children’s rights in the virtual world, we in the UAE are determined to continue leading these efforts by example”, Lt. Col. Humaid said.

According to Lt. Col. Al Tamimi, the Ministry aims to enhance the capabilities of professionals in the field and support their mental health, improve cooperation nationally and internationally to combat the spread of child sexual abuse materials (CSAM) and raise awareness of children’s rights, including their dignified right to grow in a moral and safe community.

Major Khaled AlKaabi Director, Child Protection Center, UAE MOI, also stressed the importance of enhancing the efficiency of child protection services.

“The online world is only becoming more contentious with child sexual abuse and exploitation on the rise, and it is our duty to enhance child protection services to prevent harm. The UAE Child Protection Strategy is designed to ensure children’s rights receive the precedence they deserve in a holistic manner”, said Lt. Col. Al Tamimi.

Speaking at the launch event, Irakli Beridze, Head of the Centre for AI and Robotics at UNICRI, highlighted the use of AI as the most progressive way to safeguard children online and endorsed UAE’s strategy.

“Through a cohesive collaboration between law enforcement agencies, technological solutions and machine learning – the versatility to monitor children’s activity online is far more concise. The UAE’s Child Protection Strategy is a practical action plan which essentially facilitates the prevention, detection and most importantly, prosecution of the perpetrators behind online child abuse”, said Beridze.

The newly unveiled Child Protection Strategy builds on the UAE MOI’s global leadership advocacy, capacity-building, operations and policy-making relevant for improving the protection of children online. UAE MOI is a Member of the Virtual Global Task Force, Permanent Board Member of WePROTECT Global Alliance, and co-founder of AI for Safer Children Initiative.

For more background on the overarching AI for Safer Children programme, see the website – https://unicri.it/topics/AI-for-Safer-Children

News

Samsung Pushes App Optimization for Foldables Malaysia

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The state of apps on tablets and foldables on Android has left users with a lot to be desired. That said, with Android 12L and the upcoming Android 14, these app experiences are becoming easier to optimize. In fact, it wouldn’t be to farfetched to say that they’ve been one of – if not the main – focus of Google’s Android. One of the pioneering heroes of these experiences has been Samsung with their Galaxy Z series.

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Samsung has been actively app optimization globally hand in hand with Google. It’s no different in Malaysia. Over the past few years, they have been actively collaborating with partners from various industries to create new and optimized app experiences when it comes to foldables – in particular for the Galaxy Z Flip and Galaxy Z Fold smartphones.

Samsung and their pioneering cohort of partners showcased their apps and experiences for the first time this week. These partners include one of Malaysia’s banks, Ambank, global convenience store chain, FamilyMart, Malaysian telecommunications company, Maxis, Malaysian payment platform, Pay4U and Malaysian Coffee chain, ZUS Coffee. These partners have been developing and optimizing their app experiences in partnership with Samsung and Google.

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Each of these apps take advantage of the unique form factors of the Galaxy Z Flip and Galaxy Z Fold as well as the additional display real estate on the latter. Each experience advances the customer and user experience of the apps allowing these partners to deliver more meaningful for users and catered uniquely to the Malaysian public. These new, optimized apps are rolling out to the Google Play and Samsung Galaxy Stores.

It’s worth noting that these apps are just the beginning of Samsung’s efforts in Malaysia. The company has already begun working with new partners such as Malaysian cinema chains, Golden Screen Cinemas and TGV Cinemas; Gigi Coffee and Zapp. These partners are expecting to roll their optimized apps in the second half of 2023. They are open to working with even more partners. In the words of Luke Au, Head of Product Marketing, Mobile experience at Samsung Malaysia, “We are passionate about making mobile innovation relevant to consumers… We invite local organisations to be part of this industry collaboration and deliver better experiences to their customers.”

In addition, the company also announced an upcoming hackathon catered for students of local universities and institutions of higher learning to develop new, unique experiences for foldable devices. Stay tuned to techENT as we will share more details on the hackathon as they become available.

Accessories, Editorial, Reviews

The Sony WF-C700N In-Depth Review – Are You Sure It’s Only MYR 549?

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The Sony WF-1000XM4, in our opinions, is one the best, if not the best pair of wireless earphones you can find in the industry currently. It will set you back MYR 1,099. That kind of money offers you the best-in-class noise cancelling action with one of the best sounding wireless earphones you can buy.

MYR 1,099 is still a lot of money. Not everyone has that kind of money to spend or is willing to spend that kind of money for a pair of wireless earbuds. Spending less money most of the time will only get you subpar earbuds experience. That may not be the case with Sony’s latest wireless earbuds though.

Sony’s new WF-C700N was just announced not too long ago will set you back MYR 549, half the WF-1000XM4. It also offers Sony’s clever noise cancelling technology, and you get up to 7.5 hours of battery life in a single charge. The compact case offers another full charge of the earbuds.

What are you giving up for that kind of price though? Is it good enough for your money? Should you get one? We try to answer all of that.

Design

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The new WF-C700N is designed differently from Sony’s usual wireless earbuds. Instead of a bulkier case that offers more than a single extra charge on the earbuds, they decided to make it more compact than before. The result is a tiny pill like package that you can easily stow in your pockets without adding too much bulk. The entire thing is even smaller than the Linkbuds S  package.

The tiny package means that Sony must compromise on the size of battery they can pack into the case. It still packs a whole charge for the earbuds itself. The earbuds itself is also tinier than ever though, which also explains the more compact case size. How they extract a quoted 7.5 hours out of these earbuds is a wonder even to us.

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Still, we like the fact that Sony offers more colour options with their more accessible earbuds. You get to choose between the usual black or white colour options. You also get to choose between Sage Green and Lavender colour options, both rather attractive colours. We got the Lavender one and we have to say that we quite like the soft purple colour with matted texture.

The earbuds themselves are lightweight and are more compact than what we are used to from Sony. It is about the same size as the Sony Linkbuds S we think, but it feels smaller than that. You might not want to wear it in bed though.

To make the earbuds lighter and more compact than before, Sony resorted to physical tactile buttons for the earbuds. Using physical buttons means that it is a little more intuitive to work with and more responsive than touch sensitive buttons. Instead of needing two taps to get it to respond to you, a single click on either earbud registers as a control input. That is also why you do not want to wear it to bed.

Hardware

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The WF-C700N packs two tiny 5mm drivers on each side. Both ends also offer IPX4 water resistance ratings just in case you want to go to the gym with them on. There is no wireless charging case to talk about here in the interest of keeping the case as compact as possible.

Specifications

Sony WF-1000XM4
Driver Unit5mm Closed
Frequency Response20Hz – 20,000Hz(44.1kHz sampling)
Headphone typeWireless Earbuds
Battery (Continuous Music Playback)Unspecified capacity
Earbuds only – Max. 7.5 hrs(NC On) / Max. 10 hrs(NC Off)
W/ Case – Max 15 hrs (NC On) / Max 20 hrs (NC Off)
Miscellaneous Bluetooth 5.2
Active Noise Cancelling
DSEE
IPX4

Features

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It is a Sony product, of course it comes with Sony’s clever know-how with noise cancelling technology. But Sony headphones are more than just its noise cancelling. There is DSEE upscaling technology, and of course, they all work with Sony’s clever headphones app.

Noise Cancelling

You do not get the state-of-the-art V1 processor or Sony’s older QN1 processor that you have in the WF-C700N. In fact, Sony never mentioned what kind of processor you find with the little earbuds. Even then, WF-C700N offers superb noise cancelling technology. We think that it is even comparable to Sony’s higher-end offerings from the likes of the WF-1000 series; not the WF-1000XM4, more like the older WF-1000XM3.

The WF-C700N’s noise cancelling offers a decent amount of isolation. There is no disorientating anti-noise that we have noticed on the WF-C700N, which is always a plus. It keeps most loud noises away from your ears, which is a good thing. It deals with sudden noises quite well too, thanks to its clever algorithm. In some cases, where the noise floor is rather high, you will not get complete quietness, you still can hear the outside world but it is at a much more bearable noise floor.

Of course, it comes with ambient noise mode too. It is also controlled by Sony’s Headphones app. Like any other Sony’s noise cancelling gear, its ambient noise control is rather granular on the app. You can choose how much noise gets through and target human voice specifically to pass through the algorithm.

The ambient noise mode is as good as what we get from the WF-1000XM4 or even the WH-1000 series. It feels more natural than anything that Sony had to offer before at this price range. It almost feels like you are not wearing anything in your ears, since the earbuds are so light. The only giveaway is the amplified wind-noise or some scratchiness to the ambient noise mode.

Sony Headphones App

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The Sony Headphones app has not changed much for a while. As with our previous headphones review, the app layout and interface has remained pretty much the same as long as we know it. It is not the best-looking interface in the world, nor is it the sleekest feeling interface out there. It is highly functional though.

It offers control over everything you have on the earbuds. Most of the time, we control our noise cancelling and ambient sound mode on the app instead of the physical buttons. We could mess with the EQ too on the app. The app offers you a few EQ presets you might be familiar with if you have used the app before. You can also save your own custom preset for the EQ and store up to two different custom tuning. The app also offers you geolocation-based settings like any of Sony’s modern headphones. You can also control what the buttons on the earbuds do, unfortunately those settings are also pre-set, and you cannot change what each gesture does, which we find rather limiting. It is important to have the app if you want to keep your earbuds firmware updated. You can only update your earphones through the mobile app either on Android or iOS.

DSEE

It is not DSEE Ultimate, so the upscaling engine is not as powerful as what you would find on the Sony WF-1000XM4. Then again, the WF-1000XM4 is twice the price of the WF-C700N. any form of upscaling, if you are listening to Spotify mostly, is still a huge welcome.

If you have yet to understand what DSEE does, you can refer to Sony’s website or our previous reviews of Sony’s headphones. It is basically an intelligent system that fills missing pieces in compressed audio. Obviously, to do that Sony needs to rely on some machine learning algorithm.

We tested mostly with Tidal and Spotify. With Tidal, the upscaling does quite little to elevate the already excellent music experience from Tidal. With Spotify though, you can hear the difference in fidelity when you turn the DSEE on or off. With it off, Spotify runs at business as usual. With DSEE, your music from Spotify somehow sounds more full, more complete. There is a small added satisfaction and joy in listening to better audio, and that is what you get with DSEE on Spotify music. Of course, that applies to other music players that plays MP3 music too, since the upscaling system is embedded in the earbuds itself than your smartphone. You can turn it off or on via the Sony Headphone App too.

Performance

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Of course, this being a Sony gear, you can expect it to sound decent at least. We are happy to report that it does sound better than we expected it to be. We also mentioned that we were pleasantly surprised with the noise cancelling performance from the WF-C700N.

Sound Quality

While it does not have the DSEE Ultimate that the WF-1000XM4 packs, DSEE is still a great upscaling technology. That means that you get better than Spotify listening experience anyway. While Sony says DSEE Ultimate offers even better upscaling, from a listening perspective, you can hardly tell the difference between DSEE Ultimate or DSEE if you are not paying attention and if you do not know what you are looking for.

At the lower end frequency, the WF-C700N sounds excellent and powerful enough to give you plenty of details in songs like ‘Blinding Lights’ by The Weeknd. For orchestral performances like ‘Final Fantasy VII Medley’ Video Game Orchestra, the WF-C700N offers detailed enough highs that the music does come alive in your head. We tested the mids with Loren Allred’s ‘Never Enough’ and it sounded quite excellent at that too. We are testing the WF-C700N on Tidal at Master quality, so if you are on Spotify, you might want to dampen your expectations just a little bit. Still, even with Spotify, you get a rather bright audio quality from the WF-C700N without sacrificing too much bass details and qualities. If there is one word to describe the WF-C700N’s sound profile, we would say that it is balanced. You get plenty of dynamic range from the earbuds in whatever listening situation.

Battery Life

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Sony quoted 7.5 hours of battery life on the WF-C700N. The capsule that is the charging case is quoted to offer an extra full charge for the earbuds as well. That means a quoted total listening time of 15 hours.

In our tests, we never use the WF-C700N more than an hour or two on average. We did however get to use it for three hours straight at some point in our test. Within that week, we got to use the WF-C700N almost daily with total use in the region of up to 10 hours. In the test, we alternate between ambient noise mode and noise cancelling mode depending on the situation and leave our volume between 20% to 75%.

We never got the ‘low battery’ warning. In that case, we want to believe Sony regarding their 15-hour total battery life claims. You could extend on that 15-hours too by turning off noise cancelling or ambient noise mode while also turning down your volume. We charged the device only once in our two weeks review period.

Unlike the higher-end headphones, the WF-C700N does not have a proximity sensor that pauses your music automatically when you take it off. That could also explain why it is sold for less and offer an extensive battery life. There is also no wireless charging technology here, just a plain USB Type-C port.

The Sony WF-C700N – Not Quite the Baby WF-1000XM4 We Expected, But Better

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The Sony WF-C700N will set you back MYR 549, almost exactly half the cost of a Sony WF-1000XM4. On paper, it looks like it is half the product that is the high-end noise cancelling earbuds. When you use it, it does not feel like half the product the WF-1000XM4.

We cannot say that theWF-C700N performs on par as its higher end sibling. It is good though, nearly as good as. We really think it outperforms its asking price.

It offers a well-balanced sound reproduction. Compared to other earbuds at this price range, the Sony earbuds offers a more well-rounded listening experience with clear details at almost every dynamic range. It sounds clean and bassy without sacrificing other frequencies and muddling your music listening experience. Since it is water resistant, you get to use it anywhere too and at any time.

We like the tactile physical button, but there is some caveat to that. Unlike Sony’s WF-1000XM4, you cannot push the earbuds in at the center of the earbud’s body. You want to hold it around the physical button, which does not have a lot of space and leverage to secure your earbuds into your ears. Because it is a physical button, you might not want to wear it to sleep.

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We are highly impressed with the build quality despite its weight. It is a Sony product after all, build quality should be at its best here. At the same time, we are also impressed with its battery life. While we might have preferred more charges from the case, we also think that it is a good compromise in packaging size and weight, especially if you have an active lifestyle.

We really like the WF-C700N. At MYR 549, it is an inexpensive pair of wireless earbuds, which is already a bonus. It offers active noise cancelling, while not entirely on par with the WF-1000XM4, it is still decent and good enough thanks to Sony’s know-how in the field. It sounds great, better than most earphones you find in the same price range. It is light, and super compact, more so than Sony’s high-end offerings. It features physical buttons, which may not be to everyone’s liking. For what the Sony WF-C700N is offering though, we think the physical button is quite forgivable.

There are nearly no caveats with the Sony WF-C700N, you get more than what your money is paying for, we can say that for sure. It is worth every penny you spend on it and more if you can get it at a discounted price. Just for those, you should get one if you are looking for a premium piece of audio kit that is relatively inexpensive.

PR Newswire

Australia’s Most Influential CEO for 2023

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MELBOURNE, Australia, May 19, 2023 /PRNewswire/ — Sri Lankan born, Chamil Fernando, CEO of Alii, has been honoured with the prestigious Most Influential CEO 2023 – Australia award in the accounts payable business category by CEO Monthly in recognition of the remarkable growth and transformative impact he has had on Alii and the business sector in Australia.

Chamil Fernando, CEO, Alii Technology Group Pty Ltd
Chamil Fernando, CEO, Alii Technology Group Pty Ltd

Since taking over the reins in 2021, Alii has experienced unprecedented growth, propelling the company from relative obscurity to becoming one of the most talked-about organisations in the region. Under Fernando’s leadership, Alii has grown over 400% in just over 12 months including a successful Pre-Series A capital round.

Alii’s transformation has been remarkable, marked by numerous achievements and milestones over the last two years. The platform providing a fully automated end-to-end accounts payable automation solution with invoice fraud detection has enabled the company to quadruple its client base in less than 12 months due to the overall efficiencies and time-saving benefits. Under Fernando’s guidance, the company has successfully rebuilt its product, established a robust ecosystem of integration and solution partners, and continue to receive praise and recognition from several satisfied clients.

Fernando’s remarkable journey to becoming the Most Influential CEO 2023 – Australia (Accounts Payable Software) by CEO Monthly is a testament to the extensive experience in executive roles and his exceptional ability to transform businesses within a short timeframe. He attributes Alii’s success to key elements such as having a quality product, fostering a positive company culture, promoting gender balance and equality, developing leadership capabilities, and providing a safe environment for team members to learn and grow. Fernando’s leadership capabilities are widely recognised and has garnered praise for his outstanding contributions to the company’s rapid transformation. 

Mr Fernando shared, “Alii team members have played a crucial role in the company’s success, as it is built on great company culture and values. This recognition is a testament to the hard work and dedication of the entire Alii team. We have fostered a culture of collaboration, innovation, and customer-centricity that has propelled our growth and success. I am immensely proud of what we have achieved, and I am excited about the future of Alii.”

This global recognition alongside other influential CEO’s and businesses further strengthens Alii’s brand and its comprehensive solution offering as the company continues to grow and evolve. With a modern cutting-edge technology used by leading organisations and a steadfast commitment to diversity, inclusivity, and innovation, Alii is poised to reach even greater heights in the future under Fernando’s influential leadership.

About Alii Technology

Alii is the privately owned technology company behind the proprietary software platform that digitises and automates procure-to-pay and accounts payable operations.

With a mission to provide an all-inclusive solution to secure and automate the accounts payable process and allow for inbuilt fraud detection, Alii is used today by leading education institutions, law firms and enterprise organisations across Australia and New Zealand, already helping to safely process more than 1, 000, 000 invoices annually.

With fraud detection and customised workflows and approvals, Alii provides the platform for businesses to engage with a dynamic accounts payable and procure-to-pay automation process to save time, improve visibility and protect the organisation from the risk of fraud.

PR Newswire

Edifier Announces W820NB Plus Headphones

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Featuring support for LDAC coding and certification of Hi-Res Audio Wireless.

RICHMOND, BC, May 18, 2023 /PRNewswire/ — Edifier, the forward-thinking audio-technology brand, has announced the release of the W820NB Plus which continues the brand’s outstanding record for affordable but premium quality audio products incorporating the latest technologies. The W820NB Plus is an update to the top selling W820NB headphones. This latest version features support for LDAC coding, certification of Hi-Res Audio Wireless, 40mm dynamic driver with Titanium coated composite diaphragm for crystal clear listening and up to 49 hours of playtime.

Edifier W820NB Plus Wireless Noise Cancellation Over-Ear Headphones, LDAC codec with Hi-Res Audio & Hi-Res Wireless certification.
Edifier W820NB Plus Wireless Noise Cancellation Over-Ear Headphones, LDAC codec with Hi-Res Audio & Hi-Res Wireless certification.

The W820NB Plus is certified by Hi-Res Audio and Hi-Res Wireless Audio, providing a high-frequency bandwidth of up to 40kHz. Whether users prefer wired or wireless connectivity, they can enjoy music with enhanced details, a wider sound field, and richer emotions.

These latest headphones utilize LDAC high-definition codecs technology that allows for a transmission bandwidth of up to 990kbps, similar to a highway in wireless protocol. This ensures that high-bit-rate audio files are transmitted with great protection, retaining about three times the amount of music detail and delivering nearly lossless, natural and full sound.

The W820NB Plus headphones feature Hybrid ANC technology that can effectively cancel up to 43dB of background noise, resulting in an immersive music listening experience. Moreover, these headphones use advanced deep neural network call noise reduction technology, ensuring clear voice calls by accurately capturing the human voice and filtering out unwanted sounds. Business or personal calls can be made and taken with the confidence that call quality is guaranteed.

Equipped with 40mm Titanium coated composite diaphragm dynamic driver, the W820NB Plus offers an exceptional transient response that enhances the clarity of high-frequency sounds. This results in rich, dynamic bass and clear, well-defined mids and highs, which create an immersive music experience background noise.

With a high capacity battery and an energy saving Bluetooth chip, the W820NB Plus provides up to 49 hours of non-stop playtime, making it ideal for travel. Even if the battery runs low, charging for just 10 minutes gives up to 7 hours of music playback ensuring that users can listen to their favourite playlist anytime, anywhere without missing a beat.

Turn on the ambient sound mode and enjoy music whilst being aware of the surroundings without worrying about missing that important train, plane, bus announcement and more. With an ultra low game mode of just 0.08 seconds, users will experience perfectly synchronized sound. Every sound and position is accurately heard, allowing users to fully immerse themselves in the game and play their roles effortlessly.

The W820NB Plus is also compatible with The Edifier Connect App which offers a wide range of musical options and allows users to tailor their listening experience. Users can customize settings such as power display, EQ selection, shutdown timer, prompt volume and soothing sounds to their own preferences.

Available in Grey, Green, Blue, Ivory or traditional Black, there is a colour for everyone. The super soft headband and ear cushions are comfortable to wear for long periods of time. The retractable headphone arm will give users a secure fit with less pressure and help prevent sound leakage.

Price & Availability:

Currently, the W820NB Plus is available for $79.99 on Amazon.com and authorized dealer – Edifier-online.com.

About Edifier:

Edifier specializes in the design and manufacture of premium audio solutions that showcase technological innovation and design excellence. Founded in 1996 and headquartered in Beijing, China, Edifier delivers outstanding sound experience through a wide range of audio systems for personal entertainment and professional use. Renowned for its award-winning design philosophy, expertise and innovation in acoustic technology, and superior manufacturing standards, Edifier is one of today’s leading innovators of audio electronics.  

More information about Edifier is available online at www.edifier.com.

PR Newswire

Canadian Solar Reports First Quarter 2023 Results

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GUELPH, ON, May 18, 2023 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2023.

Highlights

  • 66% increase in solar module shipments year-over-year (“yoy”) to 6.1 GW, in line with guidance of 5.9 GW to 6.2 GW.
  • 36% increase in revenue yoy to $1.7 billion, in line with guidance of $1.6 billion to $1.8 billion.
  • 18.7% gross margin, in line with guidance of 18% to 20%.
  • Net income attributable to Canadian Solar of $84 million or $1.19 per diluted share.
  • 25 GWp of solar development pipeline and 47 GWh of battery storage development pipeline, as of March 31, 2023 (Recurrent Energy, formerly Global Energy).
  • Carve-out IPO of CSI Solar subsidiary on track to be completed in the second quarter of 2023.

Dr. Shawn Qu, Chairman and CEO, commented, “We started off the year strong with 36% yoy revenue growth and 750% increase in diluted earnings per share. We continue to leverage our premium brand to capture increased solar and battery storage opportunities, while laying the groundwork for future success with strategic capacity expansion. We remain focused on profitable growth and continue to optimize our cost structure through vertical integration. With the imminent IPO of our CSI Solar subsidiary, we will have a new platform to raise investment capital and further strengthen our leading position in solar and battery storage manufacturing.”

Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary, said, “We delivered a record operating profit in the first quarter, despite normal seasonal softness with lower input and manufacturing processing costs, and lower logistics costs. Looking ahead, as we continue to grow our volumes and increase the level of vertical integration, we expect profitability to remain healthy as our cost structure continues to improve and we reap the benefits of greater scale. On the battery energy storage side, we continue to grow our contracted turnkey pipeline which stood at approximately $1.3 billion as of March 31, 2023, and have continued to sign new contracts across the world reflecting overall market growth and positive customer response to our innovative products and solutions.”

Ismael Guerrero, Corporate VP and President of Canadian Solar’s Recurrent Energy subsidiary, said, “As expected, we monetized a smaller number of projects in the first quarter, namely, around 5 MWp in Japan, reflecting typical fluctuations in the timing of project sales. Importantly, we formally unified our Global Energy platform under our Recurrent Energy brand, which now encompasses our global development and services businesses rather than just our North American business as before. Recurrent Energy is now one of the world’s largest platforms with a global development pipeline of 25 GWp of solar and 47 GWh of battery energy storage projects, of which 14 GWp and 12 GWh respectively have interconnections granted. With a large majority of our pipeline being developed from greenfield, and increasingly holding and owning more of the projects we develop, we expect to capture even more value created throughout the project development cycle.”

Dr. Huifeng Chang, Senior VP and CFO, added, “In the first quarter, we achieved $1.7 billion in revenue, a 18.7% gross margin, and net income of $1.19 per diluted share. We delivered positive operating cash flow, while we continue to build on solar modules and battery storage inventories to position our topline growth for the balance of 2023. We fortified our balance sheet in the quarter and remain well-positioned to support our planned strategic capacity expansion, drive growth and create additional value. Both the N-type TOPCon capacity and greater manufacturing vertical integration will drive further cost reductions and greater operating leverage with higher volumes.”

First Quarter 2023 Results

Total module shipments recognized as revenues in the first quarter of 2023 were 6.1 GW, up 66% yoy. Of the total, 90 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues in the first quarter of 2023 were up 36% yoy and down 14% quarter-over-quarter (“qoq”) to $1.7 billion. The sequential decrease reflects the expected decline in module average selling price (“ASP”), lower solar module shipment volume due to seasonality, and lower project sales. The yoy increase was mainly driven by a significant increase in solar module shipments, partially offset by lower module ASPs and lower revenues from utility-scale battery storage solutions and project sales due to the timing of projects.

Gross profit in the first quarter of 2023 was $318 million, up 76% yoy and down 9% qoq. Gross margin in the first quarter of 2023 was 18.7%, compared to 17.7% in the fourth quarter of 2022, within the guidance range of 18% to 20%. The gross margin improvement was mainly driven by lower manufacturing costs, partially offset by lower module ASPs.

Total operating expenses in the first quarter of 2023 were $172 million compared to $213 million in the fourth quarter of 2022 and $165 million in the first quarter of 2022. The sequential decrease was mainly driven by further declines in logistics costs, while the yoy increase was mainly driven by higher total logistics costs due to the significant increase in solar module shipments, partially offset by lower average logistics costs per unit.

Depreciation and amortization charges in the first quarter of 2023 were $68 million, compared to $50 million in the fourth quarter of 2022 and $66 million in the first quarter of 2022. The sequential increase was primarily driven by the Company’s previously outlined manufacturing capacity expansion as it works to meet anticipated higher demand levels.

Net interest expense in the first quarter of 2023 was $12 million, compared to $11 million in both the fourth and first quarters of 2022.

Net foreign exchange and derivative loss in the first quarter of 2023 was $13 million, compared to a net loss of $15 million in the fourth quarter of 2022 and a net gain of $3 million in the first quarter of 2022. The net foreign exchange loss and derivative was mainly due to a weaker U.S. dollar.

Net income attributable to Canadian Solar in the first quarter of 2023 was $84 million, or $1.19 per diluted share (“diluted EPS”), compared to net income of $78 million, or $1.11 per diluted share, in the fourth quarter of 2022, and net income of $9 million, or $0.14 per diluted share, in the first quarter of 2022.

Net cash flow provided by operating activities in the first quarter of 2023 was $47 million, compared to $397 million in the fourth quarter of 2022. The qoq decrease in operating cash flow primarily resulted from higher inventory in preparation for expected revenue growth.

Total debt was $3.0 billion as of March 31, 2023, compared to $2.6 billion as of December 31, 2022, and included $831 million and $684 million of debt related to Recurrent Energy as of March 31, 2023 and December 31, 2022, respectively. Non-recourse debt used to finance solar power systems and project assets increased to $410 million as of March 31, 2023 from $365 million as of December 31, 2022.

Total project assets as of March 31, 2023 were $864 million, compared to $824 million as of December 31, 2022. Project assets are projects that are developed and built for sale, as part of Recurrent Energy’s business model.

The net value of solar power systems as of March 31, 2023 was $472 million, compared to $365 million as of December 31, 2022. Solar power systems are projects that are developed and built to be held on the Company’s balance sheet.

Corporate Structure

The Company has two business segments: Recurrent Energy, formerly Global Energy, and CSI Solar. The two businesses operate as follows:  

  • Recurrent Energy (formerly Global Energy) is one of the world’s largest clean energy project development platforms with 14 years’ experience, having delivered nearly 9 GWp of solar power projects and 3 GWh of battery storage projects. It is vertically integrated and has strong expertise from greenfield origination, development, financing, execution, operations and maintenance, and asset management.
  • CSI Solar consists of solar module and battery storage manufacturing, and delivery of total system solutions, including inverters, solar system kits and EPC (engineering, procurement and construction) services. CSI Solar’s battery storage business includes both its utility-scale turnkey battery system solutions, as well as a small but growing residential battery storage business. These storage systems solutions are complemented with long-term service agreements, including future battery capacity augmentation services.

Recurrent Energy Segment (formerly Global Energy)

Recurrent Energy is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a 14-year track record of originating, developing, financing, and building nearly 9 GWp of solar power plants and 3 GWh of battery storage power plants across six continents. As of March 31, 2023, the Company had a leading position with a total global solar development pipeline of approximately 25 GWp and an energy storage development pipeline of over 47 GWh.

While Recurrent Energy’s business model was historically predominantly develop-to-sell, as previously communicated, the Company is in the process of adjusting its strategy to create greater asset value and retain greater ownership of projects in select markets to increase the revenues generated through recurring income, such as power sales, operations and maintenance, and asset management income.

The business model will consist of three key drivers:

  • Operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies.
  • Project sales (or asset rotations) in the rest of the world, driving cash-efficient, funded growth model as value from project sales will help fund growth in operating assets.
  • Power services through long-term operations and maintenance (“O&M”) contracts, currently with 6 GW of contracted projects.  

Recurrent Energy is continuing to evaluate adjustments in its growth strategy to hold valuable solar assets for the longer term.

Project Development Pipeline – Solar

As of March 31, 2023, Recurrent Energy’s total solar project development pipeline was 24.6 GWp, including 1.7 GWp under construction, 5.2 GWp of backlog, and 17.7 GWp of projects in advanced and early-stage pipelines, defined as follows:  

  • Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project’s risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff (“FIT”) arrangements and power purchase agreements (“PPAs”). Significant majority of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.
  • Advanced pipeline projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.
  • Early-stage pipeline projects are early-stage projects controlled by Recurrent Energy that are in the process of securing interconnection.

The following table presents Recurrent Energy’s total solar project development pipeline.

Solar Project Development Pipeline (as of March 31, 2023) – MWp*

Region

In
Construction

Backlog

Advanced
Pipeline

Early-Stage
Pipeline

Total

North America

–

422

1,977

4,656

7,055

Latin America

1,400**

2,397**

887

407

5,091

Europe, the Middle East and Africa
(“EMEA”)

89

1,236

3,194

3,267

7,786

Japan

4

141

12

46

203

China

250

971**

–

1,325

2,546

Asia Pacific excluding Japan and China

–

3

1,001

887

1,891

Total

1,743

5,170

7,071

10,588

24,572

*All numbers are gross MWp.

**Including 672 MWp in construction and 332 MWp in backlog that are owned by or already sold to third parties.

Project Development Pipeline – Battery Storage

As of March 31, 2023, Recurrent Energy’s total battery storage project development pipeline was 47.4 GWh, including 0.3 GWh under construction, 1.7 GWh of backlog, and 45.4 GWh of projects in advanced and early-stage pipelines.

The table below sets forth Recurrent Energy’s total storage project development pipeline.

Energy Storage Project Development Pipeline (as of March 31, 2023) – MWh

Region

In
Construction

Backlog

Advanced
Pipeline

Early-Stage

Pipeline

Total

North America

–

–

3,898

15,242

19,140

Latin America

–

1,100

2,040

970

4,110

EMEA

–

110

4,038

10,081

14,229

Japan

–

–

–

19

19

China

300

–

–

7,500

7,800

Asia Pacific excluding Japan and China

20

458

200

1,440

2,118

Total

320

1,668

10,176

35,252

47,416

Projects in Operation – Solar and Energy Storage Power Plants

As of March 31, 2023, Recurrent Energy’s solar power plants in operation totaled 609 MWp, with a combined estimated net resale value of approximately $700 million to Recurrent Energy. The estimated net resale value is based on selling prices that Recurrent Energy is currently negotiating or comparable asset sales.

Solar Power Plants in Operation – MWp*

Latin America

Japan

China

Asia Pacific

ex. Japan and China

Total

335

176

86

12

609

*All numbers are net MWp owned by Recurrent Energy; total gross MWp of projects is 1,063 MWp,
including volume that is already sold to third parties.

As of March 31, 2023, Recurrent Energy’s energy storage power plants in operation totaled 280 MWh, representing the 20% interest Recurrent Energy retains in the 1,400 MWh Crimson standalone battery energy storage project in California.

Operating Results

The following table presents select unaudited results of operations data of the Recurrent Energy segment for the periods indicated.

Recurrent Energy Segment Financial Results

(In Thousands of U.S. Dollars, Except Percentages)

Three Months Ended

March 31, 2023

December 31,
2022

March 31, 2022

Net revenues

20,052

73,650

92,966

Cost of revenues

12,843

57,686

75,130

Gross profit

7,209

15,964

17,836

Operating expenses

22,414

17,315

18,847

Loss from operations*

(15,205)

(1,351)

(1,011)

Gross margin

36.0 %

21.7 %

19.2 %

Operating margin

-75.8 %

-1.8 %

-1.1 %

*Loss from operations reflects management’s allocation and estimate as some services are shared by the Company’s
two business segments.

CSI Solar Segment

Solar Modules

CSI Solar shipped 6.1 GW of solar modules to more than 70 countries in the first quarter of 2023. For the first quarter of 2023, the top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany.

CSI Solar’s 2024 solar capacity expansion targets are set forth below.

Solar Manufacturing Capacity, GW*

March 2023

Actual

June 2023

Plan

December 2023

Plan

March 2024

Plan

Ingot

20.4

20.4

20.4

50.4

Wafer

21.0

21.0

35.0

50.0

Cell

21.0

26.0

50.0

60.0

Module

36.2

36.7

50.0

75.0

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice
based on market conditions and capital allocation plans.

Battery Storage Solutions

Within CSI Solar, the battery storage solutions team, namely CSI Energy Storage, provides customers with competitive turnkey, integrated, utility-scale battery storage solutions, including bankable, end-to-end, utility-scale, turnkey battery storage system solutions across various applications. System performance is complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.

As of March 31, 2023, CSI Energy Storage had a total project turnkey pipeline of 22.8 GWh, which includes both contracted and in construction projects, as well as projects at different stages of the negotiation process. CSI Energy Storage was also managing 2.3 GWh of projects under long-term service agreements, which are operational battery storage projects delivered by CSI Energy Storage that are under multi-year long-term service agreements and generate recurring earnings.

The total contracted turnkey pipeline was approximately $1.3 billion, which are contractual obligations with customers and provide significant earnings visibility over a multi-year period.

The table below sets forth CSI Energy Storage’s battery storage manufacturing capacity expansion targets.

Battery Storage Manufacturing
Capacity, GWh*

March 2023

Actual

December 2023

Plan

SolBank

2.5

10.0

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice
based on market conditions and capital allocation plans.

Operating Results 

The following table presents select unaudited results of operations data of the CSI Solar segment for the periods indicated. 

CSI Solar Segment Financial Results* 

(In Thousands of U.S. Dollars, Except Percentages)

Three Months Ended

March 31, 2023

December 31,
2022

March 31, 2022

Net revenues

1,709,730

1,976,045

1,209,994

Cost of revenues

1,394,121

1,631,417

1,034,165

Gross profit

315,609

344,628

175,829

Operating expenses

146,151

192,099

143,931

Income from operations

169,458

152,529

31,898

Gross margin

18.5 %

17.4 %

14.5 %

Operating margin

9.9 %

7.7 %

2.6 %

*Include effects of both sales to third-party customers and to the Company’s Recurrent Energy segment. Please
refer to the attached financial tables for intercompany transaction elimination information. Income from operations
reflects management’s allocation and estimate as some services are shared by the Company’s two business
segments.

The table below provides the geographic distribution of the net revenues of CSI Solar:

CSI Solar Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages)

Q1 2023

% of Net
Revenues

Q4 2022

% of Net
Revenues

Q1 2022

% of Net
Revenues

Asia

555

33

846

45

473

41

Americas

632

38

635

33

453

39

Europe and others

494

29

417

22

231

20

Total

1,681

100

1,898

100

1,157

100

*Excludes sales from CSI Solar to Recurrent Energy.

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management’s views and estimates are subject to change without notice.

For the second quarter of 2023, the Company expects total revenue to be in the range of $2.4 billion to $2.6 billion. Gross margin is expected to be between 19% and 21%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 8.1 GW to 8.4 GW, including approximately 60 MW to the Company’s own projects.  

For the full year of 2023, the Company reiterates its prior outlook for CSI Solar’s total module shipments to be in the range of 30 GW to 35 GW. CSI Solar’s battery storage shipments are expected to be in the range of 1.8 GWh to 2.0 GWh, representing this year’s transition from white label to own manufactured product. The Company’s total revenue is now expected to be in the range of $9.0 billion to $9.5 billion from the prior range of $8.5 billion to $9.5 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “We expect significant revenue and profit growth in the second quarter driven by both higher volume in solar module shipments and project sales. In the CSI Solar segment, volume growth is picking up while costs continue to come down, albeit partially offset by gradual ASP declines. On the Recurrent Energy side, we expect the closing of a major project sale during the quarter to have a significantly positive impact on profit. Overall, we will continue to leverage our market leadership position and expect significant growth in 2023 and beyond across both our solar and battery storage businesses.”

Recent Developments

Recurrent Energy (formerly Global Energy)

On May 15, 2023, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy signed an aggregated virtual power purchase agreement with EMD Electronics, Biogen Inc., Wayfair LLC, Autodesk, Inc. and a large healthcare company for 100% of the production capacity of the Liberty Solar Project. Recurrent Energy is currently developing the 100 MWac solar project in Liberty County, Texas, around 50 miles from Houston. The project is expected to be operational in 2024.

On April 10, 2023, Canadian Solar announced the rebranding of its wholly-owned Global Energy subsidiary as Recurrent Energy. Recurrent Energy, previously the Company’s North American utility-scale solar and energy storage project developer, will now encompass all its global development and services businesses.

CSI Solar

On May 17, 2023, Canadian Solar announced its majority-owned subsidiary CSI Solar’s CSI Energy Storage will deliver 363 MWh of battery energy products to an Aypa Power Project in Texas. The project is expected to reach commercial operation by Q2 2024.

On April 11, 2023, Canadian Solar announced its majority-owned subsidiary CSI Solar capacity expansion plans. Namely, CSI Solar intends to have 20.4 GW of ingot, 35 GW of wafer, 50 GW of cell and 50 GW of module capacities by the end of 2023 and is expected to have 50.4 GW of ingot, 50 GW of wafer, 60 GW of cell and 75 GW of module capacities by the end of Q1 2024.

Conference Call Information 

The Company will hold a conference call on Thursday, May 18, 2023, at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., Thursday, May 18, 2023, in Hong Kong) to discuss its first quarter 2023 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800-965-561 (toll-free from Hong Kong), 400-120-2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13738337. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

A replay of the call will be available 2 hours after the conclusion of the call until 11:00 p.m. U.S. Eastern Daylight Time on Thursday, June 1, 2023 (11:00 a.m., June 2, 2023, in Hong Kong) and can be accessed by +1-844-512-2921 (toll-free from the U.S.), or +1-412-317-6671 from international locations. The replay pin number is 13738337. A webcast replay will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered around 94 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 609 MWp of projects in operation, 6.9 GWp of projects under construction or in backlog (late-stage), and an additional 17.7 GWp of projects in advanced and early-stage pipeline. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contacts:

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s CSI Solar and Recurrent Energy businesses.

Select Financial Data – CSI Solar and Recurrent Energy

Three Months Ended March 31, 2023

(In Thousands of U.S. Dollars, Except Percentages)

CSI Solar

Recurrent
Energy

Elimination
and
unallocated
items (1)

Total

Net revenues 

1,709,730

20,052

(28,501)

1,701,281

Cost of revenues

1,394,121

12,843

(23,684)

1,383,280

Gross profit

315,609

7,209

(4,817)

318,001

Gross margin

18.5 %

36.0 %

—

18.7 %

Income (loss) from
    operations (2)

169,458

(15,205)

(8,649)

145,604

Select Financial Data – CSI Solar and Recurrent Energy

Three Months Ended March 31, 2022

(In Thousands of U.S. Dollars, Except Percentages)

CSI Solar

Recurrent

Energy

Elimination
and
unallocated
items (1)

Total

Net revenues 

1,209,994

92,966

(52,611)

1,250,349

Cost of revenues

1,034,165

75,130

(39,837)

1,069,458

Gross profit

175,829

17,836

(12,774)

180,891

Gross margin

14.5 %

19.2 %

—

14.5 %

Income (loss) from
    operations (2)

31,898

(1,011)

(15,372)

15,515

(1) Includes inter-segment elimination, and unallocated corporate costs not considered part of management’s
evaluation of business segment operating performance.

(2) Income (loss) from operations reflects management’s allocation and estimate as some services are shared
by the Company’s two business segments.

Select Financial Data – CSI Solar and Recurrent Energy

Three Months
Ended

March 31, 2023

Three Months
Ended

December 31,
2022

Three Months
Ended

March 31, 2022

(In Thousands of U.S. Dollars)

CSI Solar Revenues:

Solar modules

1,454,876

1,642,144

963,045

Solar system kits

133,587

157,845

90,456

Utility-scale battery storage

9,815

48,992

82,500

Residential battery storage

4,995

686

—

EPC

49,023

20,933

5,323

Others

28,933

27,346

16,059

Subtotal

1,681,229

1,897,946

1,157,383

Recurrent Energy Revenues:

Solar and battery storage projects

4,621

58,504

78,392

O&M and asset management services

8,687

8,087

7,948

Others (includes electricity sales)

6,744

7,059

6,626

Subtotal

20,052

73,650

92,966

Total net revenues

1,701,281

1,971,596

1,250,349

Canadian Solar Inc.

Unaudited Condensed Consolidated Statements of Operations

(In Thousands of U.S. Dollars, Except Share and Per Share Data)

Three Months Ended

March 31,

December 31,

March 31,

2023

2022

2022

Net revenues

$ 1,701,281

$ 1,971,596

$ 1,250,349

Cost of revenues

1,383,280

1,622,967

1,069,458

Gross profit

318,001

348,629

180,891

Operating expenses:

Selling and distribution
expenses

88,371

126,313

108,845

General and administrative
expenses

78,648

89,207

62,810

Research and development
expenses

17,307

20,607

13,280

Other operating income,
net

(11,929)

(23,260)

(19,559)

Total operating expenses

172,397

212,867

165,376

Income from operations

145,604

135,762

15,515

Other income (expenses):

Interest expense

(20,448)

(20,195)

(15,302)

Interest income

7,956

9,287

4,212

Gain (loss) on change in
fair value of derivatives, net

7,601

(27,071)

(24,738)

Foreign exchange gain
(loss), net

(20,860)

11,610

27,862

Investment income (loss),

net

8,380

2,628

(5,524)

Total other expense

(17,371)

(23,741)

(13,490)

Income before income taxes
and equity in earnings of
affiliates

128,233

112,021

2,025

Income tax benefit (expense)

(28,715)

(21,850)

5,183

Equity in earnings of affiliates

7,311

8,653

1,726

Net income

106,829

98,824

8,934

Less: Net income (loss)
attributable to non-
controlling interests

23,117

20,990

(273)

Net income attributable to
Canadian Solar Inc.

$ 83,712

$ 77,834

$ 9,207

Earnings per share – basic

$   1.30

$   1.21

$   0.14

Shares used in computation –
basic

64,517,935

64,505,398

64,028,919

Earnings per share – diluted

$   1.19

$   1.11

$   0.14

Shares used in computation –
diluted

71,424,749

71,307,345

64,720,107

 Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(In Thousands of U.S. Dollars)

 Three Months Ended

March 31,

December 31,

March 31,

2023

2022

2022

Net Income

$ 106,829

$ 98,824

$ 8,934

Other comprehensive income
(loss):

Foreign currency translation
adjustment

23,250

73,310

7,511

Gain on changes in fair value of
available-for-sale debt securities,
net of tax

339

306

—

Gain (loss) on interest rate swap,
net of tax

(105)

34

190

Share of gain (loss) on changes in
fair value of derivatives of affiliate,
net of tax

(610)

1,499

—

Comprehensive income

129,703

173,973

16,635

Less: comprehensive income
attributable to non-controlling
interests

25,162

30,631

1,127

Comprehensive income
attributable to Canadian Solar
Inc.

$ 104,541

$ 143,342

$ 15,508

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets

(In Thousands of U.S. Dollars)

March 31,

December 31,

2023

2022

ASSETS

Current assets:

Cash and cash equivalents

$  848,035

$ 981,434

Restricted cash

1,207,573

978,116

Accounts receivable trade, net

991,168

970,950

Accounts receivable, unbilled

67,886

57,770

Amounts due from related parties

51,190

48,614

Inventories

1,671,544

1,524,095

Value added tax recoverable

192,810

158,773

Advances to suppliers, net

345,633

253,484

Derivative assets

7,761

17,516

Project assets

396,035

385,964

Prepaid expenses and other current assets

267,833

267,941

Total current assets

6,047,468

5,644,657

Restricted cash

19,925

9,953

Property, plant and equipment, net

1,986,335

1,826,643

Solar power systems, net

471,971

364,816

Deferred tax assets, net

226,765

229,226

Advances to suppliers, net

73,531

65,352

Investments in affiliates

136,449

115,784

Intangible assets, net

14,797

17,530

Project assets

467,567

438,529

Right-of-use assets

153,716

103,600

Amounts due from related parties

35,106

33,489

Other non-current assets

195,693

187,549

TOTAL ASSETS

$  9,829,323

$  9,037,128

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets (Continued)

(In Thousands of U.S. Dollars)

March 31,

December 31,

2023

2022

Current liabilities:

Short-term borrowings

$  1,761,960

$ 1,443,816

Accounts payable

797,909

805,300

Short-term notes payable

1,620,475

1,493,399

Amounts due to related parties

16,736

89

Other payables

864,097

853,040

Advances from customers

335,207

334,943

Derivative liabilities

11,920

25,359

Operating lease liabilities

9,779

9,810

Other current liabilities

397,122

293,012

Total current liabilities

5,815,205

5,258,768

Long-term borrowings

862,759

813,406

Convertible notes

226,335

225,977

Liability for uncertain tax positions

5,730

5,730

Deferred tax liabilities

67,930

66,630

Loss contingency accruals

6,887

5,000

Operating lease liabilities

72,852

25,714

Other non-current liabilities

337,560

329,209

TOTAL LIABILITIES

7,395,258

6,730,434

Equity:

Common shares

835,543

835,543

Additional paid-in capital

2,785

1,127

Retained earnings

1,359,232

1,275,520

Accumulated other comprehensive loss

(149,722)

(170,551)

Total Canadian Solar Inc. shareholders’
equity

2,047,838

1,941,639

Non-controlling interests

386,227

365,055

TOTAL EQUITY

2,434,065

2,306,694

TOTAL LIABILITIES AND EQUITY

$ 9,829,323

$ 9,037,128

Source: Canadian Solar Inc.

PR Newswire

QunaSys Launches “Quantum Algorithm Grand Challenge”: Join the Race to Push NISQ Algorithms to the Next Level

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TOKYO, May 18, 2023 /PRNewswire/ — QunaSys, a quantum computing software company, is excited to invite students, researchers, and anyone learning and researching quantum computation and quantum chemistry worldwide to participate in the Quantum Algorithm Grand Challenge (QAGC).

The challenge began on May 3, 2023, and the final submission deadline is July 31, 2023. The top four individuals or teams will have the opportunity to present their algorithms at the workshop hosted by QunaSys during IEEE Quantum Week 2023, taking place in Seattle, USA from September 17 to 22, 2023. Additionally, the top three individuals or teams will receive cash prizes: USD 10,000 for the first place, USD 5,000 for the second place, and USD 3,000 for the third place.

Contest-based research has successfully driven industrialization in fields like machine learning and robotics. It involves benchmarking real problems and competing for improvements. QAGC provides a quantum algorithm platform that evaluates proposed algorithms based on the same criteria, inspiring researchers worldwide to enhance their algorithms through competition. The ultimate goal is to expedite the industrial implementation of quantum computing.

The challenge problem for QAGC is to calculate the ground energy of the modified Fermi-Hubbard model, which closely resembles molecular problems but with a known exact solution. Using this model enables benchmark beyond classically simulatable size. The evaluation will be based on accuracy, measured by the absolute difference between proposed results and the exact solution. The evaluation system will consist of 8 qubits, and the estimated running time should not exceed 1000 seconds.

QAGC presents a perfect opportunity for quantum computing enthusiasts to showcase their skills and creativity. By participating, you will have the chance to push the boundaries of NISQ algorithms and contribute to the advancement of quantum computing technology. Additionally, you will gain valuable insights from other researchers and developers worldwide while becoming part of the thriving quantum computing community.

Join the race today to take NISQ algorithms to the next level! Register for the Quantum Algorithm Grand Challenge now. To learn more about the challenge and how to participate, visit https://www.qagc.org/ for further information.

Contact
QAGC secretariat: qagc@qunasys.com

Source: QunaSys Inc.

PR Newswire

Huawei Launches Multiple Portfolio Solutions and Releases 2023 Future Intelligent Campus White Paper for Asia Pacific

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SHENZHEN, China, May 17, 2023 /PRNewswire/ — At the Technical Innovation Summit during Huawei Asia Pacific Partners Conference 2023, Huawei launched a number of new upgraded Portfolio Solutions and released the 2023 Future Intelligent Campus White Paper for Asia Pacific, with the aim of helping customers in Asia Pacific build digital infrastructure better and faster and expanding market space for a future of shared success.

At the summit, Michael Ma, President of Huawei ICT Product Portfolio Management and Solutions, delivered a keynote speech titled “Leading Digital Infrastructure through Win-Win Cooperation”. According to Mr. Ma, as an ICT vendor, Huawei mainly focuses on supporting the Technical Architecture by providing products and Portfolio Solutions to help customers build ICT infrastructure better and faster. Huawei currently provides Data Center, Campus, Digital Site, and Wide Area Network Portfolio Solutions. Compared with single products, Portfolio Solutions are better suited to customers’ high-value scenarios. With these offerings, Huawei’s partners can help customers go digital more rapidly.

Michael Ma, President of Huawei ICT Product Portfolio Management and Solutions
Michael Ma, President of Huawei ICT Product Portfolio Management and Solutions

To address the common requirements of high-value scenarios across multiple industries, Huawei has combined the needed ICT products into Portfolio Solutions, which are pre-integrated and pre-verified. This helps Huawei work more efficiently with partners to develop industry solutions. Portfolio Solutions facilitate partners’ R&D, marketing, sales, and services by making R&D more efficient, integration simpler, and delivery easier, helping partners achieve business success in an all-round way.

In terms of R&D, Portfolio Solutions leverage advantages in product synergy to ensure APIs are unified and reduce the cost of secondary development. Portfolio Solutions help Huawei’s partners build competitive solutions more quickly.

In terms of marketing, Portfolio Solutions are oriented to customers’ high-value scenarios, and can spark customer interest, helping partners win more sales opportunities. Huawei will carry out joint marketing with partners to improve market influence.

In terms of sales, Huawei provides typical configurations for Portfolio Solutions, facilitating quotation and improving sales efficiency. Compared with selling single products, selling Portfolio Solutions helps partners gain more sales opportunities and revenue.

In terms of service, Huawei performs pre-integration and pre-verification across products, and provides the right delivery tools and templates to make onsite delivery easier and faster for partners.

At the conference, Huawei launched a number of upgraded Portfolio Solutions, including High-Performance Resource Pool, Simplified Office Network, and Smart Pole Site.

  • Data Center: The High-Performance Resource Pool combines multiple products, including databases, servers, storage devices, and switches, and leverages software-hardware synergy to achieve optimal latency, concurrency, and throughput, enabling financial and government customers to upgrade their core application systems.
  • Campus: The Simplified Office Network combines CloudEngine S switches, OptiXAccess optical line terminations (OLTs), OptiXstar optical network units (ONUs), AirEngine access points (APs), HiSecEngine security, eSight, and iMaster Network Cloud Engine (NCE). It simplifies access, architecture, and O&M to help customers build office campus networks with the optimal user experience.
  • Digital Site: The Smart Pole Site combines software-defined cameras (SDCs), AR series industrial-grade IoT gateways, switches, Atlas for edge computing, and long-distance high-bandwidth microwave products to achieve intensive construction of sites, facilitating smart cities. What used to require multiple poles can now be achieved by just one pole; the same pole can serve multiple purposes; and pole operations are unified.

Su Baohua, President of Huawei Intelligent Campus Business, He Weizhi, Vice President of Huawei Asia Pacific Enterprise Business, Daniel Shen, General Manager of Omdia, and Ivy Sun, Head of Omdia’s Intelligent Campus Business, jointly released the 2023 Future Intelligent Campus White Paper for Asia Pacific, sharing insights into the development trends of intelligent campuses and exploring more effective ways to chart the future of intelligent campuses in Asia Pacific.

Jointly releasing the 2023 Future Intelligent Campus White Paper for Asia Pacific
Jointly releasing the 2023 Future Intelligent Campus White Paper for Asia Pacific

Looking ahead, Huawei stands ready to work with partners based on the Portfolio Solutions to develop differentiated competitiveness and help customers build digital infrastructure better and faster.