XML 43 R29.htm IDEA: XBRL DOCUMENT v3.25.1

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

21. SEGMENT INFORMATION

The Company operates in two reportable segments: CSI Solar, focused on solar modules and battery energy storage manufacturing and products, and Recurrent Energy, focused on utility-scale solar power and battery energy storage project development and operation.

​

The segments are determined in accordance with the management approach under ASC280. The Company’s chief operating decision maker (“CODM”), identified as the Chief Executive Officer, regularly reviews financial performance of CSI Solar and Recurrent Energy primarily through revenues, gross profit, operating expenses, income from operations and interest by segment to assess performance and allocate resources. Intersegment transactions, such as the sale of solar modules, EPC services, and battery storage systems from CSI Solar to Recurrent Energy, are conducted on terms comparable to those with unaffiliated third parties and are eliminated in consolidation. The Company does not review balance sheet information by segment and therefore does not present segment assets and liabilities. The segment structure is evaluated regularly to ensure consistency with internal management reporting and to reflect any organizational changes or changes in how the CODM allocates resources and evaluates performance.

​

21. SEGMENT INFORMATION (Continued)

​

The following table summarizes the segment financial results for CSI Solar and Recurrent Energy, including revenues, gross profit, operating expenses, income (loss) from operations and interest by segment. Intersegment eliminations reflect transactions between the two segments, including sales of modules, battery energy storage products and EPC, which are eliminated in consolidation. Unallocated items represent corporate-level income and expenses not directly attributable to either segment and include corporate overhead, professional service fees, and other centralized functions.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 2024

​

​

​

​

​

​

​

​

Elimination

​

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

​

​

​

Recurrent

​

Unallocated

​

​

​

​

CSI Solar

Energy

Items

Total

Net revenues

$

6,460,003

​

$

323,469

​

$

(790,063)

​

$

5,993,409

Cost of revenues

​

5,272,722

​

​

257,976

​

​

(536,608)

​

​

4,994,090

Gross profit

​

1,187,281

​

​

65,493

​

​

(253,455)

​

​

999,319

Operating expenses

​

​

850,499

​

​

155,573

​

​

23,328

​

​

1,029,400

Income (loss) from operations

​

$

336,782

​

$

(90,080)

​

$

(276,783)

​

$

(30,081)

Other segment items (1)

​

​

​

​

​

​

​

​

​

​

​

(52,221)

Loss before income taxes and equity in losses of affiliates

​

​

​

​

​

​

​

​

​

​

$

(82,302)

Supplementary information:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

$

(63,698)

​

$

(63,465)

​

$

(10,305)

​

$

(137,468)

Interest income

​

​

63,107

​

​

25,281

​

​

82

​

​

88,470

Depreciation and amortization, included in cost of revenues and operating expenses

​

​

463,893

​

​

37,550

​

​

—

​

​

501,443

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 2023

​

​

​

​

​

​

​

​

Elimination

​

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

​

​

​

Recurrent

​

Unallocated

​

​

​

​

CSI Solar

Energy

Items

Total

Net revenues

$

7,230,550

​

$

497,653

​

$

(114,577)

​

$

7,613,626

Cost of revenues

​

6,121,332

​

​

292,926

​

​

(80,615)

​

​

6,333,643

Gross profit

​

1,109,218

​

​

204,727

​

​

(33,962)

​

​

1,279,983

Operating expenses

​

​

653,135

​

​

108,106

​

​

65,422

​

​

826,663

Income from operations

​

$

456,083

​

$

96,621

​

$

(99,384)

​

$

453,320

Other segment items (1)

​

​

​

​

​

​

​

​

​

​

​

(44,795)

Income before income taxes and equity in earnings of affiliates

​

​

​

​

​

​

​

​

​

​

$

408,525

Supplementary information:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

$

(60,413)

​

$

(46,489)

​

$

(7,197)

​

$

(114,099)

Interest income

​

​

43,788

​

​

7,797

​

​

36

​

​

51,621

Depreciation and amortization, included in cost of revenues and operating expenses

​

​

290,346

​

​

16,694

​

​

—

​

​

307,040

​

​

21. SEGMENT INFORMATION (Continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 2022

​

​

​

​

​

​

​

​

Elimination

​

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

​

​

​

Recurrent

​

Unallocated

​

​

​

​

CSI Solar

Energy

Items

Total

Net revenues

$

6,975,612

$

821,525

​

$

(328,527)

​

$

7,468,610

Cost of revenues

​

5,824,855

​

660,161

​

​

(279,542)

​

​

6,205,474

Gross profit

​

1,150,757

​

161,364

​

​

(48,985)

​

​

1,263,136

Operating expenses

​

​

806,959

​

​

81,000

​

​

19,116

​

​

907,075

Income from operations

​

$

343,798

​

$

80,364

​

$

(68,101)

​

$

356,061

Other segment items (1)

​

​

​

​

​

​

​

​

​

​

​

407

Income before income taxes and equity in earnings of affiliates

​

​

​

​

​

​

​

​

​

​

$

356,468

Supplementary information:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

$

(50,756)

​

$

(16,358)

​

$

(7,152)

​

$

(74,266)

Interest income

​

​

36,085

​

​

4,382

​

​

148

​

​

40,615

Depreciation and amortization, included in cost of revenues and operating expenses

​

​

227,839

​

​

6,720

​

​

—

​

​

234,559

(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange gain, net and investment income, net.

​

21. SEGMENT INFORMATION (Continued)

The following table summarizes the Company’s net revenues generated from different geographic locations. The information presented below is based on the location of the customers’ global or regional headquarters, as appropriate:

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
The Americas:	​	​	​	​	​	​	​	​	​
United States	​	$	1,963,956	​	$	1,485,919	​	$	2,776,124
Brazil		​	623,331	​	​	846,387	​	​	190,925
Mexico		​	31,912	​	​	50,884	​	​	42,431
Others	​	​	174,452	​	​	232,955	​	​	94,295
​		​	2,793,651	​	​	2,616,145	​	​	3,103,775
Asia:	​	​	​	​	​	​	​	​	​
China		​	1,904,862	​	​	2,151,243	​	​	1,220,446
Pakistan		​	73,531	​	​	78,203	​	​	266,082
Japan	​	​	325,344	​	​	597,188	​	​	150,727
India	​	​	197,772	​	​	91,020	​	​	50,241
United Arab Emirates	​	​	15,974	​	​	22,915	​	​	23,546
Taiwan		​	67,411	​	​	19,369	​	​	21,155
Philippines	​	​	26,578	​	​	40,612	​	​	18,623
Others	​	​	128,307	​	​	124,946	​	​	50,742
​	​	​	2,739,779	​	​	3,125,496	​	​	1,801,562
Europe and other regions:	​	​	​	​	​	​	​	​	​
Spain		​	434,841	​	​	445,321	​	​	221,788
Germany	​	​	322,189	​	​	291,385	​	​	198,227
United Kingdom	​	​	106,662	​	​	144,994	​	​	185,240
Australia	​	​	393,959	​	​	128,247	​	​	115,118
Italy	​	​	14,465	​	​	79,041	​	​	81,007
South Africa	​	​	118,458	​	​	218,596	​	​	75,467
Poland	​	​	26,136	​	​	12,667	​	​	27,975
Czech	​	​	79,414	​	​	62,079	​	​	23,670
Romania		​	31,804	​	​	24,491	​	​	23,540
Netherlands		​	136,375		​	81,820		​	21,607
Others		​	270,877	​	​	383,344	​	​	114,433
​	​	​	1,935,180	​	​	1,871,985	​	​	1,088,072
Total net revenues	​	$	7,468,610	​	$	7,613,626	​	$	5,993,409

​

​

21. SEGMENT INFORMATION (Continued)

The following table summarizes the long-lived assets, including property, plant and equipment, solar power and battery energy storage systems, intangible assets and ROU assets, based on the geographic location of the assets:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2023		​	2024
China		$	2,398,130	​	$	2,515,326
United States	​	​	528,538	​	​	1,405,757
Thailand	​	​	691,467	​	​	620,060
Europe	​	​	99,738	​	​	500,229
Brazil	​	​	409,211	​	​	374,177
Colombia	​	​	61,847	​	​	57,822
Argentina	​	​	63,526	​	​	49,150
Others		​	44,232	​	​	38,635
Total long-lived assets		$	4,296,689	​	$	5,561,156

​

The following table summarizes the revenues generated from each product or service:

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2023			2024
​	​	$		​	$		​	$
CSI Solar:	​	​	​	​	​	​	​	​	​
Solar modules		$	5,534,379	​	$	5,941,345	​	$	4,281,178
Solar system kits		​	538,157	​	​	679,350	​	​	398,173
Battery energy storage solutions	​	​	440,716	​	​	245,173	​	​	814,604
EPC and others	​	​	133,833	​	​	250,105	​	​	181,422
Recurrent Energy:	​	​	​	​	​	​	​	​	​
Solar power and battery energy storage asset sales		​	761,677	​	​	399,098	​	​	156,686
Power services	​	​	27,901	​	​	40,636	​	​	69,972
Revenue from electricity, battery energy storage operations and others	​	​	31,947	​	​	57,919	​	​	91,374
Total net revenues		$	7,468,610	​	$	7,613,626	​	$	5,993,409

​

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Name:	us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration