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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.

PR Newswire

Sercomm Philippines Holds Grand Opening of State-of-the-Art and Green Facility in Carmelray Industrial Park 1

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Manufacturing center expansion aims to become regional hub to serve North America and Southeast Asia markets and create 5,000 job opportunities in the Philippines

MANILA, Philippines, May 17, 2023 /PRNewswire/ — Sercomm Philippines, an affiliate of Sercomm Corporation, marked the grand opening of its new and advanced factory center, located in Carmelray Industrial Park 1 in Calamba, Philippines. Department of Trade and Industry (DTI) and Philippine Economic Zone Authority (PEZA) government officials and academic leaders were on hand for Factory Phase I opening ceremony. 

Sercomm Philippines Grand Opening
Sercomm Philippines Grand Opening

Sercomm Philippines is a world-class professional networking equipment manufacturing site aiming to become Sercomm’s regional hub to serve North America and Southeast Asia markets, providing a one-stop integrated service of R&D design, manufacturing and quality assurance. With a more than 2.5 billion peso investment, the manufacturing center is expected to attract local talent and create job opportunities, with an expected total employment of 5,000 employees. The 20,000 m2 facility, which specializes in wireless telecommunication devices such as 5G and fiber products, is a state-of-the-art, eco-friendly building adhering to the highest energy conservation standards. To cope with growing business, Sercomm also plans to construct Factory Phase II. Once completed, the manufacturing and R&D center will be 48,000 m2, and the total capacity will be further expanded to 40 million units in 2025. 

Sercomm, the parent company of Sercomm Philippines, is a leading global manufacturer of telecoms and broadband equipment. Headquartered in Taipei, Taiwan, Sercomm’s global operations network covers markets in North and Central America, Europe, and the Asia Pacific. Its customer base includes the world’s top service providers, networking OEMs, and system integrators. Sercomm was also recently recognized as “Asia’s overall Best Managed Company” and “Asia’s Best Company in Telecommunications” by FinanceAsia Magazine in 2022.

Department of Trade and Industry (DTI) Secretary Fred Pascual said, “The Philippines has abundant natural resources and a vibrant and tech-savvy talent pool. Among the leading companies in the industry that have chosen to establish manufacturing facilities in the Philippines is Sercomm that is pioneering innovation. We at DTI welcome, with optimism, Sercomm’s establishment of cutting-edge facilities in the Philippines, strengthening the country’s industrial competitiveness and facilitating employment generation.”

“The Philippines’ sufficient talent and geographical location between Eurasia and the Pacific Ocean makes it a suitable design and manufacturing center for North America and Southeast Asia. With the strong support of DTI in its inception, Sercomm chose Philippines to be its strategic regional operation center,” James Wang, Sercomm Group Chairman stated, “The new Sercomm Philippines facility is an eco-friendly green building, where technology is integrated into humanities, and it also reflects the corporate commitment of sustainability.”

The company has also inked a LOI (Letter of Intent) with the Philippine Economic Zone Authority (PEZA). Sercomm Philippines reaffirmed its commitment to invest in the talent incubation and to expand its manufacturing facility and production scale in the economic zone, and PEZA will continuously provide any needed support. With Sercomm’s strong collaboration in bringing the most advanced technologies to ecozones, high-tech industries will diversify PEZA’s investment profile and increasingly raise the value chain.

About Sercomm Corporation

Sercomm Corporation (TWSE: 5388) is a worldwide leading manufacturer of telecom and broadband equipment. Founded in 1992, Sercomm has focused on developing embedded solutions to make networking simple and affordable. With its fully integrated engineering capability and its state-of-the-art manufacturing facility, Sercomm offers comprehensive telecom broadband solutions such as small cells, residential/enterprise gateways, and IoT products, and is now a global leader in the industry. Headquartered in Taipei, Taiwan, Sercomm’s global operation network covers markets in North America, Europe, and the Asia Pacific region. Its customer base includes the world’s top service provider, networking OEM, and system integrators. For more information, please visit www.sercomm.com.

PR Newswire

Game, Set, Match! Swimply Makes Tennis Court Rentals Easy and Affordable for Aussies

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Swimply’s launch of tennis courts provides a high-end and affordable tennis experience for all to enjoy

SYDNEY, May 17, 2023 /PRNewswire/ — Swimply, the innovative online pool sharing platform, today announced its newest category with the launch of private court rentals. Building on the success of its private pool experiences, Swimply is now bringing its unique brand to tennis enthusiasts in New South Wales and Victoria, offering affordable private tennis courts that make it easier than ever to enjoy the popular sport.

For many tennis players, practising on public courts can be a daunting experience due to the presence of skilled players, coaches – not to mention, often long waiting times to book a court. Swimply’s new tennis courts offer a perfect solution by providing players with accessible, affordable and convenient courts that prioritise privacy and give players the ability to enjoy playing with confidence at their own pace and skill level.

“Cost and difficulty of finding access to courts has been a major barrier for many players,” said Swimply CEO, Bunim Laskin. “With our launch into tennis, we’re thrilled to be able to provide Australians with an affordable and easy way to access these facilities, while also helping homeowners to monetise their underutilised assets.”

“Australians love tennis and if we can capture 2% of the private courts in Australia that will disproportionately positively impact the number of accessible courts by 10%,” said Swimply Australia Managing Director, Sam McDonagh.

“As a tennis fanatic, I’m delighted to see Swimply launch tennis courts. I play tennis rain, hail or shine, and unfortunately it can be pretty hard to get a court during the latter. I can’t tell you how many times I’ve driven past pristine, empty courts in beautiful homes around Sydney and wished I could jump on. Well, now we all can. You’ll never have to worry about not being able to get a court again. Australians are now able to play on stunning, high end tennis courts, in the best areas, all round Australia, in private. Every tennis tragic’s dream,” said Darren McMullen, television personality and Swimply brand ambassador.

Whether looking to get family and friends together for a fun day out, or wanting to get more practice time in, Swimply’s user-friendly booking system offers a wide range of options for players to find and book private tennis courts starting from just $18 per hour. From elegant backyard setups to sprawling estates with immaculate grounds that emulate an exclusive country club atmosphere, guests can even book a court and a pool at the same time for the ultimate luxurious escape.

Swimply’s expansion into tennis courts is part of the company’s ongoing commitment to making private leisure facilities accessible and affordable for everyone. By connecting homeowners with guests, Swimply is creating a win-win situation that benefits both parties and helps to unlock the full potential of these valuable assets.

Imagery and B-Roll available here

About Swimply
Swimply is a marketplace that connects owners of swimming pools and spaces with people seeking to gather, swim and escape locally. The company is trailblazing the experiential-based sharing economy and creating an entirely new income stream for homeowners with pools. For swimmers, Swimply is disrupting the aquatic space and providing an option for people that do not have access to a pool. The company was founded in 2019 and is headquartered in Los Angeles, California, currently there are more than 25,000 pools on the platform and Swimply hosts have welcomed over one million guests to swim in their pools.  Learn more on www.swimply.com.

How Swimply works

Download the Swimply iOS or Android app.

  1. Find your pool – Request a court or pool, get approved, then simply confirm. You will only be charged for the pool/court you confirm with.
  2. Chat with host – Communicate easily and coordinate flawlessly through Swimply chat, and enjoy data privacy and use protections.
  3. Dive right in – Upon confirmation, you will have access to everything you need to know including address, enter and exit info, and things like the Wi-Fi password.
  4. Enjoy!
PR Newswire

PKWARE Releases New Masking Solution Designed for Enforcing Complex Data Access Policies

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Dynamic masking solution limits the exposure of sensitive data while maintaining the integrity of original source data

MILWAUKEE, May 16, 2023 /PRNewswire/ — PKWARE, a global leader in automated data security, today announced that it has released its newest data protection capability, PK Dynamic Masking. This solution is purpose built to mask sensitive data in real time as it is accessed based on user roles and policies, leaving the original information on the database untouched.

In the fast-paced business world, organizations need safe, real-time access to critical information. But protecting crucial sensitive data can create a complex problem in managing access rights that maintain compliance by masking access to some while delivering unaltered data to others.

PK Dynamic Masking—unlike static masking—does not change source data. Instead, it only masks requested data according to pre-determined data access policies based on the user’s role. Organizations can easily enforce complex data access policies that limit the exposure of sensitive data while ensuring that applications require access to actual production data operate as designed.

“PKWARE knows that when organizations look to invest in data protection, they don’t just want to minimize risk; they also need to reduce the burden of compliance. That’s where PK Dynamic Masking comes in,” said Jason Dobbs, Chief Technology Officer for PKWARE. “This new solution gives administrators more granular control of data masking across multiple databases with a single installation.”

This new release is available to PKWARE customers as of May 11, 2023.

About PKWARE
PKWARE offers the only data discovery and protection solution that locates and secures sensitive data to minimize organizational risks and costs, regardless of device or environment. Our ultra-efficient, scalable software is simple to use on a broad range of data types and repositories, enabling precise, automated visibility and control of personal data, even in the fastest-moving, most complex IT environments. With more than 1,200 customers, including many of the world’s largest financial institutions, retailers, healthcare organizations, and government agencies, PKWARE continues to innovate as an award-winning global leader in data discovery, security, and compliance. To learn more, visit PKWARE.com. 

Media Contact
PR@pkware.com

PR Newswire

[2023 Daka China] Foreign Internet Influencers Gain Valuable Understanding of Zhengzhou’s High-quality Industrial Development

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BEIJING, May 16, 2023 /PRNewswire/ — A report from CRIOnline:

From May 11 to 12, a group of foreign internet influencers hailing from Brazil, Egypt, Mexico, Romania, and the Republic of Korea, along with multilingual hosts from China embarked on a trip to Zhengzhou, a city in Henan Province. During their stay, they took a dive into scientific innovation as well as equipment manufacturing industries of the region.

Foreign internet influencers and multilingual hosts make their way to Kunpeng Software Town, photo by Jia Qinqin
Foreign internet influencers and multilingual hosts make their way to Kunpeng Software Town, photo by Jia Qinqin

Currently, the digital economy has arisen as the fresh impetus for global economic development. While exploring Kunpeng Software Town in Zhengzhou, foreign internet influencer Cynthia Midori Yamauchi from Brazil lauded the city for its deliberate plans to cater to the needs of talented individuals in the software industry, encompassing their work, daily lives, leisure activities, education for children, and healthcare services. Such measures make the city full of potential for future development.

Innovation is the driving force behind development. Foreign internet influencers and multilingual hosts were awestruck by the 135-meter-long and over 1,900-ton weight tunnel boring machine at the workshop of China Railway Engineering Equipment Group Co., Ltd. The Greek-speaking host, Wu Yawen, noted that Zhengzhou is a model of manufacturing development in China. Moreover, it serves as a representation of the achievements made on the Chinese path to modernization in Zhengzhou.

When contemplating the future landscape of mobility and intelligent transportation, Yutong Group’s “Xiaoyu,” the L4 intelligent micro-mobility bus may provide a viable solution. “Xiaoyu” is equipped with a variety of intelligent technologies such as 360° all-weather environmental sensing, data interaction, and intelligent decision-making. “The combination of modern technology and smart city solutions in Zhengzhou is amazing,” said Viacheslav Shchekin, a foreign internet influencer from Russia.

Zhengzhou boasts a digital economy surpassing CNY 500 billion. The China Railway Engineering Equipment Group has received an excess of 1,500 tunnel boring machine orders, while CHINA RAILWAY Express Zhongyu Train has connected over 140 cities across the globe. Besides, the city has established a two-hour high-speed railway network and a two-hour aviation network. The above statistics, alongside other numerical data and examples have showcased the high-quality industrial development in Zhengzhou.

PR Newswire

Abu Dhabi Motorsports Management and Flash Entertainment join forces to form an events, entertainment, and venue management powerhouse

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Global ambitions set as ‘Ethara’ is launched in Abu Dhabi

ABU DHABI, United Arab Emirates, May 16, 2023 /PRNewswire/ — Abu Dhabi Motorsports Management (ADMM) and Flash Entertainment (Flash) have officially integrated their activities and operations, combining the complementary expertise of the two entities to launch a new powerhouse that will shape the future of events, entertainment, and venue management throughout the Middle East and beyond.

The integration of the two entities to launch a new powerhouse in Ethara will shape the future of live events, entertainment and venue management throughout the Middle East and beyond.
The integration of the two entities to launch a new powerhouse in Ethara will shape the future of live events, entertainment and venue management throughout the Middle East and beyond.

The company has been named ‘Ethara’ – meaning ‘thrill’ in Arabic – and launches today (May 15). Its ambition is to shape the untapped and unique opportunities in the live events space while continuing to deliver growth that has firmly positioned the Middle East on the global entertainment stage.

Ethara is led by Saif Al Noaimi, formerly the CEO of Abu Dhabi Motorsports Management and Board Member of Flash Entertainment, who will bring his proven leadership to drive commercial expansion across new markets.

Al Noaimi, CEO of Ethara, said: “By combining our strengths, we are perfectly positioned to make memorable moments that matter. By integrating the activities and operations of two of Abu Dhabi’s pioneering entertainment and event management titans, Ethara will further establish the Emirate as an economic engine in the entertainment, event management, and sports industries, locally, regionally, and internationally.”

He added: “We have an unrivalled wealth of expertise, experience, knowledge and skills, which will propel Ethara’s success far beyond what either company could achieve alone – all powered by world-class creativity and innovation.”

ADMM and Flash have collectively conceptualised, produced, promoted, and delivered over 700 major events to more than 16 million fans in the 15 years since their inception. These events have included the Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yasalam After-Race Concerts, Mubadala World Tennis Championships, FIFA Club World Cup, AFC Asian Cup, NBA Abu Dhabi Games, UFC, national celebrations and festivals, as well as many more spanning sport, music, culture, entertainment, corporate, and MICE events.  

Ethara welcomes the teams from both organisations under the new entity across offices in Abu Dhabi, Dubai, and Riyadh. Through the combination of expertise, Ethara will now seek to drive reach through an innovative approach to technology and future-focused ambitions across key markets.

“Ethara provides an exceptional platform to realise our collective potential and create experiences of the future, today,” said Al Noaimi. “Ethara is a people-first event, and entertainment powerhouse that promotes and delivers best-in-class experiences.”

Ethara will continue to manage and oversee an impressive portfolio of assets, including: Etihad Park, the region’s largest open air venue; Etihad Arena, the Middle East’s largest indoor multi-purpose, state-of-the-art entertainment venue; Abu Dhabi’s iconic Formula 1® circuit, Yas Marina Circuit; along with the Yas Conference Centre, offering versatile conference, meeting and events spaces with stunning Yas Island views.

The company will also nurture and enhance existing relationships with local and international partners, which have been established since the inception of both organisations, as well as creating new partnerships that will see future, first-to-market events, ideas and activations.

Ethara is led by CEO Saif Al Noaimi, who will bring his proven leadership to drive commercial expansion across new markets.
Ethara is led by CEO Saif Al Noaimi, who will bring his proven leadership to drive commercial expansion across new markets.
PR Newswire

OneConnect to Announce First Quarter 2023 Financial Results

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SHENZHEN, China, May 15, 2023 /PRNewswire/ — OneConnect Financial Technology Co., Ltd. (NYSE: OCFT and HKEX: 6638) (“OneConnect” or the “Company”), a leading technology-as-a-service provider for financial institutions in China, today announced that it will release the quarterly results of the Company and its subsidiaries for the three months ended March 31, 2023, and its publication before U.S. markets open on Monday, May 22, 2023. A conference call will follow on the same day.

Date/Time

Monday, May 22, 2023 at 8:00 a.m., U.S. Eastern time
Monday, May 22, 2023 at 8:00 p.m., Hong Kong time

Participant Online Registration Link:

https://www.netroadshow.com/events/login?show=d43a3fd2&confId=50864

The Company’s management will hold an earnings conference call on Monday, May 22, 2023, at 8:00 A.M. U.S. Eastern time or 8:00 P.M. Hong Kong time on the same day. For participants who wish to join the conference, please complete the online registration using the link provided above at least 20 minutes prior to the scheduled call start time. Upon the registration, the participants will receive an email reminder providing the live webcast link as well as the conference call access information including dial-in numbers, an access code and a Pin. For participants who wish to raise queries during the conference, please use the dial-in numbers provided in the email reminder.

The financial results and an archived transcript will be available at OneConnect’s investor relations website at ir.ocft.com.

Investor Relations: 
OCFT IR Team 
OCFT_IR@ocft.com

Media Relations: 
Frank Fu 
pub_jryztppxcb@pingan.com.cn 

Source: OneConnect Financial Technology Co., Ltd.

PR Newswire

USI Launches PCle Gen.5 Mass Production Testing Platform Solution To Boost The Solid-State Drive Industry

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SHANGHAI, May 15, 2023 /PRNewswire/ — With the accelerating popularity of PCIe Gen.5 technology, high-speed data transfer and low latency have become essential application requirements for industries such as gaming, data centers and cloud computing, high-performance computing, artificial intelligence and machine learning, as well as automotive and aerospace. To meet the urgent need of these industries to build product ecosystems supporting this interface, USI has launched its self-developed PCIe Gen.5 mass production test platform solution. As a well-known enterprise with 17 years of expertise in solid-state drive (SSD) products, USI provides end-to-end services from R&D, validation to mass production, and is renowned for its top product quality in the industry. The launch of the PCIe Gen.5 mass production test platform solution demonstrates USI’ technical strength and innovative capabilities in this field.

The transfer rate of PCIe Gen.5 doubles to 32GT/s compared to the previous generation, which requires more stringent signal transmission and the technology supporting ecosystem is not yet complete. The mass production test platform must have stricter design and validation for the controller, PCB material, wire length, signal path, connector, and software settings, resulting in significantly increased development cycle time, technical risk, and cost. Currently, there are just few solutions in the market that support PCIe Gen.5 testing, which are costly, with long lead time, and the supply from foreign manufacturers is limited. USI launches its self-developed mass production test platform solution to address these challenges.

USI’s SSD generic production testing solution has many advantages. The platform is deployed in a standard rack and has a modular design, with testing port modules added or removed as needed. A single cabinet supports testing for 80 U.2 drives or 40 AIC drives, with a single port supporting up to 150W power consumption. The platform also supports all ports running at full PCIe Gen.5 speed simultaneously, with voltage and current measurement and protection, skew testing, hot-swapping, unified platform software management, software upgrades, platform self-verification, flexible capacity configuration options, and affordable total operating costs for the testing platform. These features will provide customers with a more efficient, stable, and flexible testing solution.

Jaguar Meng, PM of Storage Array & Interconnect PLM of USI, said “USI’s self-developed mass production testing platform solution will provide efficient, stable, and flexible testing support for the PCIe Gen.5 industry. In addition, USI also provides customized support based on a generic testing plan. With its intellectual property in the product, we can provide customized PCIe Gen.5 interface product mass production support such as custom interfaces, temperature variation environments, and mass production testing program development based on customers’ specific needs. This will greatly improve users’ production efficiency, reduce technical risks, and enhance product competitiveness.”

This solution showcases USI’s technical strength and innovation in the solid-state drive (SSD) industry and is a testament to the company’s continuous exploration of technology bottlenecks and innovative solutions. With USI’s generic testing solution and customized support, the company will become a reliable partner for PCIe Gen.5 interface production testing, making an important contribution to the development of the entire industry.

About USI (SSE: 601231)

USI, Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System-in-Package) modules. USI provides D(MS)2 product services: Design, Manufacturing, Miniaturization, Industrial software and hardware Solutions, and material procurement, logistics and maintenance Services. With Asteelflash, USI has 28 sales, production and service locations across four continents of Asia, Europe, Americas and Africa, and offers customer diversified products in the sectors of wireless communication, computer and storage, consumer, industrial, medical and automotive electronics worldwide. USI is a subsidiary of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX). To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.