KITCHENER,ON,Dec. 5,2024 -- Canadian Solar Inc.("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the third quarter ended September 30,2024.

Highlights

16.4% gross margin,above guidance of 14% to 16%.

Grewe-STORAGE contracted backlog to record $3.2 billion,as ofNovember 30,2024.

Achieved final closing ofBlackRock's $500 million investment in Recurrent Energy.

Dr. Shawn Qu,Chairman and CEO,commented,"The solar industry faces significant external and internal challenges. While we have achieved relatively strong results,the outlook remains complex. We are currently operating at an optimal scale with industry-leading technologies,and we remain committed to investing in R&D to ensure that we remain at the forefront of innovation across our portfolio of products and solutions. Our early-mover advantage,advanced manufacturing capabilities,and robust international sales network position us for continued growth in the rapidly expanding energy storage sector. In today's market,where trust is often in short supply,we are proud to be named the world's most trustworthy company in the energy and utilities sector on Newsweek's 'World's Most Trustworthy Companies 2024' list—a testament to our commitment to transparency,sustainability,and high-quality service across our global operations."

Yan Zhuang,President of Canadian Solar's subsidiary CSI Solar,said,"This quarter,CSI Solar posted stable performance,sustaining profitability while growing shipment volumes. We maintained a disciplined approach to order management,delivering over 30% of module volumes to the North American market. In energy storage,e-STORAGE recorded robust growth,reaching a record 4.4 GWh in shipments over the first three quarters of the year. At the same time,we are solidifying our market presence in established regions such as the U.S.,Canada,and the UK,while expanding into emerging markets,exemplified by our inaugural project contract in Chile."

Ismael Guerrero,CEO of Canadian Solar's subsidiary Recurrent Energy,"We closed the $500 million BlackRock investment,which strengthens our balance sheet and supports our strategic transition towards a partial IPP business model. During the third quarter,we signed a record number of long-term PPAs in a single quarter of 540 MWp of solar and 600 MWh of storage. While we have experienced permitting and interconnection delays in certain European and North American markets,we continue to proactively manage these risks and remain focused on laying the foundation for long-term value. Currently,Recurrent Energy has a record number of projects in construction,including 1.6 GWp of solar and 1.8 GWh of battery energy storage capacity."

Xinbo Zhu,Senior VP and CFO,added,"In the third quarter,Canadian Solar generated $1.5 billion in net revenues,with a gross margin of 16.4%,and reported a net loss of $14 million. Recurrent Energy's relatively reduced project sales and delayed monetization of IPP projects combined with the impact of intra-group transactions will have an ongoing impact on Canadian Solar's P&L. We ended the quarter with a strong cash position of $2.8 billion,which we will strategically deploy to support our long-term growth plans and strengthen our financial position,as we continue to navigate industry challenges."

Third Quarter 2024 Results

Total module shipments recognized as revenues in the third quarter of 2024 were 8.4 GW,up 2% quarter-over-quarter ("qoq") and 1% year-over-year ("yoy"). Of the total,31 MWwere shippedto the Company's own utility-scale solar power projects.

Net revenues in the thirdquarterof 2024 decreased 8% qoq and 18% yoy to $1.5 billion. The sequential decrease primarily reflects lower third party battery energy storage solutions sales,a decline in average selling price ("ASP") and lower project sales,partially offset by higher solar module shipment volume. The yoy decrease primarily reflects a decline in module ASPs and lower project sales,partially offset by higher battery energy storage solutions sales and higher solar module shipment volume.

Gross profit in the third quarter of 2024 was $247 million,down 12% qoq and 20% yoy. Gross margin in the third quarter of 2024 was 16.4%,compared to 17.2% in the second quarter of 2024 and 16.7% in the third quarter of 2023. The gross margin sequential decrease was primarily caused by lesser margin contribution from third party battery energy storage solutions sales and lower module ASPs. The yoy decrease in gross margin was primarily driven by lower module ASPs,partially offset by lower manufacturing costs and higher margin contribution from battery energy storage solutions sales.

Total operating expenses in the third quarter of 2024 were $247 million,compared to $234 million in the second quarter of 2024 and $225 million in the third quarter of 2023. The sequential and yoy increases were primarily driven by higher shipping and handling expenses.

Depreciation and amortization charges in the third quarter of 2024 were $134 million,compared to $122 million in the second quarter of 2024 and $76 million in the third quarter of 2023. The sequential and yoy increases were primarily driven by the payment of vertical integration investments made by the Company over the past two years and incremental capacity in key strategic markets.

Net interest expense in the third quarter of 2024 was $20 million,compared to $19 million in the second quarter of 2024 and $11 million in the third quarter of 2023.

Net foreign exchange and derivative loss in the third quarter of 2024 was $4 million,compared to a net gain of $13 million in the second quarter of 2024 and a net loss of $17 million in the third quarter of 2023.

Net loss attributable to Canadian Solar in the third quarter of 2024 was $14 million,or $0.31 per diluted share,compared to a net income of $4 million,or $0.02 per diluted share,in the second quarter of 2024,and net income of $22 million,or $0.32 per diluted share,in the third quarter of 2023. Basic and diluted earnings (loss) per share ("EPS") includes Recurrent Energy redeemable preferred shares dividends payable in kind. As a result,an EPS effect of 10 cents was deducted in the third quarter of 2024 on a dilutive basis.

Net cash flow used in operating activities in the third quarter of 2024 was $231 million,compared to net cash flow used in operating activities of $429 million in the second quarter of 2024 and net cash flow provided by operating activities of $158 million in the third quarter of 2023. The operating cash outflow primarily resulted from increased project assets and lowered short-term notes payable.

Total debt was $5.4 billion as of September 30,2024,including $2.5 billion,$2.7 billion,and $0.2 billion related to CSI Solar,Recurrent Energy,and convertible notes,respectively. Total debt increased as compared to $4.2 billion as of June 30,mainly driven by new borrowings for capacity investment,working capital,and development of projects and operational assets.

Business Segments

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

Recurrent Energy is one of the world's largest clean energy project development platforms with 15 years of experience,having delivered approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects. It is vertically integrated and has strong expertise in greenfield origination,development,financing,execution,operations and maintenance,and asset management.

CSI Solar consists of solar module and battery energy storage manufacturing,and delivery of total system solutions,including inverters,solar system kits,and EPC (engineering,procurement,and construction) services. CSI Solar's e-STORAGE branded battery energy storage business includes its utility-scale turnkey battery energy system solutions,as well as a small but growing residential battery energy storage business. These battery energy storage system solutions are complemented with long-term service agreements,including future battery capacity augmentation services.

Recurrent Energy Segment

As of September 30,the Company held a leading position with a total global solar development pipeline of 26 GWp and a battery energy storage development pipeline of 66 GWh.

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

The business model consists of three key drivers:

Electricity revenue from operating portfolioto drive stable,diversified cash flows in growth markets with stable currencies;

Asset sales (solar power and battery energy storage)in the rest of the world to drive cash-efficient growth model,as value from project sales will help fund growth in operating assets in stable currency markets; and

Power services (O&M) and asset managementthrough long-term operations and maintenance ("O&M") contracts,currently with approximately 12 GW of contracted projects,to drive stable and long-term recurring earnings and synergies with the project development platform.

In October 2024,the Company announced it had achieved the final closing of a $500 million investment in Recurrent Energy by BlackRock through a fund management by BlackRock's Climate Infrastructure business. The transaction,announced inJanuary 2024,had been completed following the receipt of the second and final payment. The first payment took place in June 2024. As agreed between the parties,BlackRock's total investment has reached$500 million,representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.Canadian Solarwill continue to own the remaining majority shares of Recurrent Energy.

This milestone enables Recurrent Energy to advance investment in its high value project development portfolio,supporting its strategic transition from a pure developerto a developer plus long-term owner and operator in select markets including theU.S.andEurope. This transition will allow Recurrent Energy to generate more stable long-term revenue in low-risk currencies and capture greater value from its diversified global project development pipeline.

Project Development Pipeline – Solar

As of September 30,Recurrent Energy's total solar project development pipeline was 26.4 GWp,including 1.7 GWp under construction,4.8 GWp of backlog,and 19.9 GWp of projects in advanced and early-stage pipelines,defined as follows:

Backlogprojects 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"). A significant majority of backlog projects are contracted (i.e.,have secured a PPA or FIT),and the remaining have a reasonable assurance of securing PPAs.

Advanced pipeline projectsare mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.

Early-stage pipeline projectsare early-stage projects controlled by Recurrent Energy that are in the process of securing interconnection.

While the magnitude of the Company's project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth,the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner,it may not realize the anticipated benefits of the projects to the extent anticipated,which could adversely affect its business,financial condition,or results of operations. In addition,the Company's guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline,it may miss its guidance,which could adversely affect the market price of its common shares and its business,or results of operations.

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

Solar Project Development Pipeline (as of September 30,2024) –MWp*

Region

In

Construction

Backlog

Advanced

Pipeline

Early-Stage

Pipeline

Total

North America

127

329

1,139

3,811

5,406

Europe,the Middle East,and Africa

("EMEA")

977**

2,248

1,486

5,045

9,756

Latin America

451**

860

-

4,979

6,290

Asia Pacific excluding China and Japan

-

173

708

1,257

2,138

China

100

1,100**

-

1,360

2,560

Japan

32

81

80

46

239

Total

1,687

4,791

3,413

16,498

26,389

*All numbers are gross MWp.

**Including 73 MWp in construction and 551 MWp in backlog that are owned by or already sold to third parties.

Project Development Pipeline – Battery Energy Storage

As of September 30,Recurrent Energy's total battery energy storage project development pipeline was 66.1 GWh,including 9.8 GWh under construction and in backlog,and 56.3 GWh of projects in advanced and early-stage pipelines.

The table below sets forth Recurrent Energy's total battery energy storage project development pipeline.

Battery Energy StorageProject Development Pipeline(as of September 30,2024) – MWh

Region

In

Construction

Backlog

Advanced

Pipeline

Early-Stage

Pipeline

Total

North America

1,400

200

1,580

16,644

19,824

EMEA

-

3,234

2,975

26,510

32,719

Latin America

-

1,765

-

-

1,765

Asia Pacific excluding China and Japan

440

-

780

1,580

2,800

China

2,000

-

-

4,600

6,600

Japan

-

727

1,071

600

2,398

Total

3,840

5,926

6,406

49,934

66,106

Projects in Operation – Solar Power and Battery Energy Storage Power Plants (Including Unconsolidated Projects)

As of September 30,the solar power and battery energy storage plants in operation totaled over 1.7 GWp and 1.0 GWh respectively,with a combined estimated net resale value of over$1.0 billion. The estimated net resale value is based on selling prices that Recurrent Energy is currently negotiating or comparable asset sales.

Power Plants in Operation*

North

America

EMEA

Latin

America

Asia Pacific

ex. China

and JapanChinaJapanTotalSolar (MWp)297629706335621,732Battery Energy

Storage (MWh)280--28700-1,008

*All numbers are netMWporMWhowned by Recurrent Energy; total grossMWpof solar projects is 2,785MWpand total gross battery

energy storage projects is 2,124MWh,including volume that is already sold to third parties.Operating ResultsThe 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

Nine Months Ended

September 30,2024June 30,2024September 30,2023

September 30,2023Net revenues45,05650,52563,806

135,014443,903Cost of revenues30,63826,56446,107

83,583260,931Gross profit14,41823,96117,699

51,431182,972Operating expenses35,52232,87726,880

101,97285,168Income (loss) from

operations*(21,104)(8,916)(9,181)

(50,541)97,804Gross margin32.0%47.4%27.7%

38.1%41.2%Operating margin-46.8%-17.6%-14.4%

-37.4%22.0%* Income (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 and Solar System KitsCSI Solar shipped 8.4 GW of solar modules and solar system kits to more than 70 countries in the third quarter of 2024. For the third quarter of 2024,the top five markets ranked by shipments were the U.S.,China,Pakistan,Germany,and Brazil.CSI Solar's revised manufacturing capacity expansion targets are set forth below.Solar Manufacturing Capacity,GW*

September 2024ActualDecember 2024PlanIngot25.025.0Wafer31.031.0Cell48.448.4Module61.061.0

*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.e-STORAGE: Battery Energy Storage Solutionse-STORAGE is CSI Solar's utility-scale battery energy storage platform. e-STORAGE provides customers with competitive turnkey,integrated,utility-scale battery energy storage solutions,including bankable,end-to-end,utility-scale,turnkey battery energy 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 September 30,e-STORAGE had a total project turnkey pipeline of over 60 GWh,which includes both contracted and in-construction projects,as well as projects at different stages of the negotiation process. In addition,e-STORAGE had over 4.2 GWh of operating battery energy storage projects contracted under long-term service agreements,all of which were battery energy storage projects previously executed by e-STORAGE.As of November 30,the contracted backlog,including contracted long-term service agreements,was $3.2 billion. These are signed orders with contractual obligations to customers,providing significant earnings visibility over a multi-year period. The table below sets forth e-STORAGE's manufacturing capacity expansion targets.Battery Energy Storage

Manufacturing Capacity,GWh*September 2024ActualDecember 2024PlanDecember 2025PlanSolBank20.020.030.0

*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 ResultsThe 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,2023Net revenues1,716,3301,731,4701,805,507

4,789,9535,529,230Cost of revenues1,396,2461,441,8971,506,334

3,932,7114,626,609Gross profit320,084289,573299,173

857,242902,621Operating expenses209,257196,255172,409

570,625487,015Income from operations110,82793,318126,764

286,617415,606Gross margin18.6%16.7%16.6%

17.9%16.3%Operating margin6.5%5.4%7.0%

6.0%7.5%*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 ofCSI Solar:CSI Solar Net Revenues Geographic Distribution* (In Millions of U.S. Dollars,Except Percentages)

Q3 2024% of Net

Revenues

Q2 2024% of Net

Revenues

Q3 2023% of Net

RevenuesAmericas82056

89256

71540Asia43230

45529

63035Europe and others21114

23815

43725Total1,463100

1,585100

1,782100

*Excludes sales fromCSISolar to Recurrent Energy.Business OutlookThe 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,the 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 fourth quarterof 2024,the Company expects total revenue to be in the range of $1.5 billionto $1.7 billion. Gross margin is expected to be between 16% and 18%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 8.0GW to 8.5 GW,including approximately 500 MW to the Company's own projects. Total battery energy storage shipments by CSI Solar in the fourth quarter of 2024 are expected to be between 2.0GWh to 2.4GWh,including about 1.2 GWh to the Company's own projects.For the full year of 2025,the Company expects total module shipments to be in the range of 30 GW to 35 GW and CSI Solar's total battery energy storage shipments in the range of 11GWh to 13GWh,including approximately 1GW and 1GWh respectively to the Company's own projects.Dr. Shawn Qu,Chairman and CEO,commented,"We continue to adhere to our profitable growth strategy,investing strategically in high-return technologies,solutions,and markets. In the face of ongoing deglobalization trends,we continue to execute a resilient global strategy that emphasizes supply chain stability,customer-focused demand,and strong ESG commitments,all aimed at delivering sustained value across our global markets."Recent DevelopmentsCanadian SolarOn November 15,the Office of Governor Andy Beshear announced the largest job-creation project in Kentucky since 2022: Shelbyville Battery Manufacturing. A subsidiary of Canadian Solar's utility-scale battery energy storage platform e-STORAGE,Shelbyville Battery Manufacturing will establish a state-of-the-art 6 GWh battery cell,module,and packaging manufacturing facility. The project will be built in two phases,beginning with an initial investment of over $300 million.On October 10,Canadian Solar announced it had been recognized as the most trustworthy companyon Newsweek's World's Most Trustworthy Companies 2024list in the Energy and Utilities sector. This ranking underscoresCanadian Solar'scommitment to transparency,reliability,and sustainability,and reflects its commitment to quality and customer service across the globe.CSI SolarOn November 28,CSI Solar convened a board meeting and approved,among other matters,a share repurchase program through centralized bidding. The program aims to enhance investor confidence,optimize capital structure,and align interests of all stakeholders. This decision follows a comprehensive assessment of CSI Solar's financial position,including cash reserves,future capital requirements,business outlook,and projected profitability. Under the program,CSI Solar will repurchase between 23.3427 million and 46.6853 million shares at a price not exceeding RMB21.42 per share within 12 months following shareholders' approval at its annual general meeting.On October 1,Canadian Solar announced it had secured a turnkey EPC contract to supply a 98 MW / 312 MWh DC Battery Energy Storage System to the Huatacondo project inChile. The project,developed by Sojitz Corporation and Shikoku Electric Power Co.,Inc. through their subsidiary AustrianSolar ChileCuatro SpA("ASC4"),is set to commence construction in the first quarter of 2025. e-STORAGE will provide and integrate its advanced SolBank 3.0 energy storage solution for the project. Under the EPC contract,e-STORAGE will manage all civil,mechanical,and electrical infrastructure for the project.On September 3,Canadian Solar announced it had entered into a cradle-to-cradle U.S. recycling partnership with SOLARCYCLE,America's most advanced solar recycling company. Under the terms of the agreement,SOLARCYCLE will serve as Canadian Solar's preferred recycling partner,while Canadian Solar will act as an original equipment manufacturer partner to SOLARCYCLE,offering upfront recycling services. Canadian Solarcustomers can secure recycling services at the time of purchase,integrating sustainability into the lifecycle of their projects from the outset.Recurrent EnergyOn October 31,Canadian Solar announced its 134 MW (100 MWac) Liberty Solar project near Houston,Texas had reached commercial operation. Customers for the project include Autodesk,Inc.,Biogen Inc.,EMD Electronics(theU.S.andCanadaelectronics business of Merck KGaA,Darmstadt,Germany),and Wayfair Inc.Recurrent Energy plans to remain the long-term owner and operator of the project.On October 31,Canadian Solar announced it had signed two new tolling agreements with Arizona Public Service Company. The 20-year tolling agreements encompass the 600 MWh standalone Desert Bloom Storage and 150 MWac Papago Solar projects. Both projects,located inMaricopa County,Arizona,are scheduled to start construction in 2025 and reach operation in 2026.On October 3,Canadian Solar announced it had achieved the final closing of a $500 million investment in Recurrent Energy by BlackRock through a fund management by BlackRock's Climate Infrastructure business. The transaction,had been completed following the receipt of the second and final payment. As agreed between the parties,BlackRock's total investment had reached $500 million,representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy.Conference Call InformationThe Company will hold a conference call on Thursday,December 5,at 8:00 a.m. U.S. Eastern Time (9:00 p.m.,Thursday,in Hong Kong) to discuss its third quarter2024 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.),+852 800 965 561 (from Hong Kong),+86 400 120 2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13750071. 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 after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday,December 19,2024 (12:00 p.m. December 20,in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13750071. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.AboutCanadian Solar Inc.Canadian Solaris one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener,Ontario,the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer,owner,and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years,Canadian Solarhas successfully deliveredaround 142 GW ofpremium-quality,solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE,Canadian Solar has shipped around 9GWhof battery energy storage solutions to global markets as of September 30,boasting a US$3.2 billion contracted backlog as of November 30,2024. Since entering the project development business in 2010,Canadian Solarhas developed,built,and connected approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of development. Canadian Solaris 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,followCanadian SolaronLinkedInor visitwww.canadiansolar.com.Safe Harbor/Forward-Looking StatementsCertain 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 power and battery energy storage market and industry; geopolitical tensions and conflicts,including impasses,sanctions and export controls; volatility,uncertainty,delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon,solar wafers and lithium cells; 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 China,the U.S.,Europe,Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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; 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 26,2024. 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 Contact:Wina HuangInvestor RelationsCanadian Solar Inc.investor@canadiansolar.com

FINANCIAL TABLES FOLLOWThe 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 and As of September 30,2024(In Thousands of U.S. Dollars,Except Percentages)

CSI Solar

Recurrent

Energy

Elimination

and

unallocated

items (1)

TotalNet revenues

$ 1,330

$ 45,056

$ (253,762)

$ 1,507,624Cost of revenues

1,246

30,638

(166,696)

1,260,188Gross profit

320,084

14,418

(87,066)

247,436Gross margin

18.6%

32.0%

—

16.4%Income (loss) from

operations (2)

$ 110,827

$ (21,104)

$ (89,429)

$ 294

Supplementary

Information:

Interest expense (3)

$ (16,003)

$ (16,369)

$ (1,812)

$ (34,184)Interest income (3)

11,100

2,644

1

13,745

Cash and cash equivalents

$ 1,614,146

$ 529,440

$ 25,191

$ 2,168,777Restricted cash – current and

noncurrent

657,707

1,310

—

659,017Non-recourse borrowings

—

1,105,132

—

1,132Other short-term and long-

term borrowings

2,359,838

1,281,289

—

3,641,127Green bonds and convertible

notes

—

160,846

228,540

389,386

Select Financial Data – CSI Solar and Recurrent Energy

Nine Months Ended September 30,2024

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

CSI Solar

Recurrent

Energy

Elimination

and

unallocated

items (1)

TotalNet revenues

$ 4,953

$ 135,014

$ (452,799)

$ 4,472,168Cost of revenues

3,711

83,583

(326,409)

3,689,885Gross profit

857,242

51,431

(126,390)

782,283Gross margin

17.9%

38.1%

—

17.5%Income (loss) from

operations (2)

$ 286,617

$ (50,541)

$ (139,060)

$ 97,016

Supplementary

Information:

Interest expense (3)

$ (47,636)

$ (45,947)

$ (8,490)

$ (102,073)Interest income (3)

54,006

8,123

40

62,169

Select Financial Data – CSI Solar and Recurrent Energy

Three Months Ended September 30,2023

(In Thousands of U.S. Dollars,507

$63,806

$ (23,028)

$ 1,846,285Cost of revenues

1,334

46,107

(14,160)

1,538,281Gross profit

299,173

17,699

(8,868)

308,004Gross margin

16.6%

27.7%

—

16.7%Income from operations (2)

$ 126,764

$ (9,181)

$ (34,567)

$ 83,016

Supplementary

Information:

Interest expense (3)

$ (15,139)

$ (13,009)

$ (1,801)

$ (29,949)Interest income (3)

15,601

2,972

4

18,577

Select Financial Data – CSI Solar and Recurrent Energy

Nine Months Ended September 30,Except Percentages)

CSI Solar

Recurrent

Energy

Elimination

and

unallocated

items (1)

TotalNet revenues

$ 5,230

$ 443,903

$ (61,544)

$ 5,911,589Cost of revenues

4,609

260,931

(42,530)

4,845,010Gross profit

902,621

182,972

(19,014)

1,066,579Gross margin

16.3%

41.2%

—

18.0%Income from operations (2)

415,606

97,804

(60,667)

452,743

Supplementary

Information:

Interest expense (3)

$ (44,560)

$ (30,899)

$ (5,393)

$ (80,852)Interest income (3)

29,628

6,329

32

35,989

(1) Includes inter-segment elimination,and unallocated corporate items 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.(3) Represents interest expenses payable to and interest income earned from third parties.

Select Financial Data - CSI Solar and Recurrent Energy

Three Months Ended September 30,2024

Three Months Ended June 30,2024

Three Months Ended September 30,2023

(In Thousands of U.S. Dollars)CSI Solar Revenues:

Solar modules$ 1,217,157

$ 1,207,816

$ 1,520,716Solar system kits106,438

114,869

184,404Battery energy storage solutions95,384

225,805

19,575EPC and others43,589

36,418

57,784Subtotal1,462,568

1,584,908

1,782,479Recurrent Energy Revenues:

Solar power and battery energy storage asset

sales-

12,752

34,541Power services (O&M) and asset

management20,698

18,644

14,374Electricity revenue from operating portfolio

and others24,358

19,129

14,891Subtotal45,056

50,525

63,806Total net revenues$ 1,624

$ 1,635,433

$ 1,285

Select Financial Data - CSI Solar and Recurrent Energy

Nine Months Ended September 30,2024

Nine Months Ended September 30,2023

(In Thousands of U.S. Dollars)CSI Solar Revenues:

Solar modules$ 3,337,123

$ 4,698,279Solar system kits320,554

534,858Battery energy storage solutions572,662

49,274EPC and others106,815

185,275Subtotal4,154

5,467,686Recurrent Energy Revenues:

Solar PV and battery energy storage asset

sales18,796

377,649Power services (O&M) and asset

management55,210

36,469Electricity revenue from operating portfolio

and others61,008

29,785Subtotal135,014

443,903Total net revenues$ 4,168

$ 5,589

Canadian Solar Inc.

Unaudited Condensed Consolidated Statements of Operations

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

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

2024

2024

2023

2024

2023

Net revenues$ 1,285

$ 4,589Cost of revenues1,188

1,353,339

1,281

3,885

4,010

Gross profit247,436

282,094

308,004

782,283

1,579

Operating expenses:

Selling and distribution

expenses136,172

131,692

99,766

356,276

275,823

General and

administrative expenses99,989

100,911

114,033

295,593

332,252

Research and

development expenses30,459

25,578

28,897

90,316

69,341

Other operating income,

net(19,478)

(23,737)

(17,708)

(56,918)

(63,580)Total operating expenses247,142

234,444

224,988

685,267

613,836

Income from operations294

47,650

83,016

97,016

452,743Other income (expenses):

Interest expense(34,184)

(33,022)

(29,949)

(102,073)

(80,852)

Interest income13,745

14,122

18,577

62,169

35,989

Gain (loss) on change in

fair value of derivatives,

net14,932

81

(4,291)

(1,681)

(20,465)

Foreign exchange gain,

net(18,662)

12,486

(13,175)

6,737

23,497

Investment income (loss),

net3,427

(835)

2,332

2,761

12,667Total other expenses(20,742)

(7,168)

(26,506)

(32,087)

(29,164)

Income (loss) before

income taxes and equity in

earnings of affiliates(20,448)

40,482

56,510

64,929

423,579Income tax (expense) benefit19,829

(5,283)

10,583

4,869

(64,151)Equity in earnings (losses) of

affiliates(5,451)

(7,775)

(4,624)

(12,221)

7,406Net income (loss)(6,070)

27,424

62,469

57,577

366,834

Less: Net income

attributable to non-

controlling interests and

redeemable non-

controlling interest7,956

23,602

40,578

55,429

91,261

Net income (loss)

attributable to Canadian

Solar Inc.$ (14,026)

$ 3,822

$ 21,891

$ 2,148

$ 275,573

Earnings (loss) per share -

basic$ (0.31)

$ 0.02

$ 0.33

$ (0.10)

$ 4.23Shares used in computation -

basic66,933,121

66,413,750

66,010,484

66,505,377

65,152,583Earnings (loss) per share -

diluted$ (0.31)

$ 0.02

$ 0.32

$ (0.10)

$ 3.88Shares used in computation -

diluted66,984,783

72,934,082

66,377

72,073,501Canadian Solar Inc.Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)(In Thousands of U.S. Dollars)

Three Months Ended

Nine Months Ended

September 30,

2024

2024

2023

2024

2023Net income (loss)$ (6,070)

$ 27,424

$ 62,469

$ 57,577

$ 366,834Other comprehensive income

(loss):

Foreign currency translation

adjustment130,342

(59,897)

(29,294)

16,632

(74,551)Gain (loss) on changes in fair

value of available-for-sale debt

securities,net of tax(105)

769

121

1,544

(590)Gain (loss) on interest rate

swap,net of tax(8,874)

(481)

1,869

(8,390)

1,697Share of gain (loss) on changes

in fair value of derivatives of

affiliate,net of tax(1,908)

(159)

8,297

(933)

8,190Comprehensive income (loss)113,385

(32,344)

43,462

66,430

301,580Less: comprehensive income

attributable to non-controlling

interests and redeemable non-

controlling interest12,969

15,637

44,653

48,943

73,505Comprehensive income (loss)

attributable to Canadian Solar

Inc.$ 100,416

$ (47,981)

$ (1,191)

$ 17,487

$ 228,075Canadian Solar Inc.Unaudited Condensed Consolidated Balance Sheets(In Thousands of U.S.Dollars)

September 30,

December31,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents$ 2,777

$ 1,938,689

Restricted cash648,362

999,933

Accounts receivable trade,net988,610

904,943

Accounts receivable,unbilled127,454

101,435

Amounts due from related parties21,884

40,582

Inventories1,263,919

1,179,641

Value added tax recoverable209,236

162,737

Advances to suppliers,net152,003

193,818

Derivative assets15,145

9,282

Project assets437,568

280,793

Prepaid expenses and other current assets354,254

283,600

Total current assets6,387,212

6,095,453

Restricted cash10,655

7,810

Property,plant and equipment,net3,333,543

3,088,442

Solar power systems,net1,722,149

951,513

Deferred tax assets,net425,890

263,458

Advances to suppliers,net97,910

132,218

Investments in affiliates242,372

236,928

Intangible assets,net33,286

19,727

Project assets917,554

576,793

Right-of-use assets325,129

237,007

Amounts due from related parties54,135

32,313

Other non-current assets230,153

254,098

TOTAL ASSETS$ 13,779,988

$ 11,895,760

Canadian Solar Inc.Unaudited Condensed Consolidated Balance Sheets (Continued)(In Thousands of U.S.Dollars)

September 30,

December 31,

2024

2023

LIABILITIES,REDEEMABLE NON-

CONTROLLING INTEREST AND EQUITY

Current liabilities:

Short-term borrowings$ 2,502,586

$ 1,198

Accounts payable957,636

813,677

Short-term notes payable607,923

878,285

Amounts due to related parties12,044

511

Other payables1,084,022

1,679

Advances from customers251,932

392,308

Derivative liabilities4,248

6,702

Operating lease liabilities23,376

20,204

Other current liabilities574,383

587,827

Total current liabilities6,018,150

5,864,391

Long-term borrowings2,243,673

1,265,965

Green bonds and convertible notes389,386

389,033

Liability for uncertain tax positions5,847

5,701

Deferred tax liabilities90,373

82,828

Operating lease liabilities205,685

116,846

Other non-current liabilities609,882

465,752

TOTAL LIABILITIES9,562,996

8,190,516

Redeemable non-controlling interest$ 184,530

$ —

Equity:

Common shares835,543

835,543

Additional paid-in capital587,052

292,737

Retained earnings1,551,855

1,549,707

Accumulated other comprehensive loss(101,489)

(118,744)

Total Canadian Solar Inc. shareholders'

equity2,872,961

2,559,243

Non-controlling interests1,159,501

1,146,001

TOTAL EQUITY4,032,462

3,705,244

TOTAL LIABILITIES,REDEEMABLE NON-

CONTROLLING INTEREST AND EQUITY$ 13,760

Canadian Solar Inc.Unaudited Condensed Statements of Cash Flows(In Thousands of U.S. Dollars)

Three Months Ended

Nine Months Ended

September 30,

June 30,

2024

2024

2023

2024

2023Operating Activities:

Net income (loss)$ (6,070)

$ 27,424

$ 62,469

$ 57,577

$ 366,834Adjustments to reconcile net

income to net cash provided by

(used in) operating activities57,395

174,201

81,295

389,946

339,667Changes in operating assets

and liabilities(282,290)

(630,963)

14,123

(1,399,313)

(211,883)Net cash provided by (used in)

operating activities(230,965)

(429,338)

157,887

(951,790)

494,618

Investing Activities:

Purchase of property,plant and

equipment(237,365)

(390,248)

(305,278)

(894,075)

(821,375)Purchase of solar power

systems(247,219)

(10,936)

(79,527)

(431,496)

(225,722)Other investing activities(12,124)

2,515

(99,935)

(2,777)

(128,945)Net cash used in investing

activities(496,708)

(398,669)

(484,740)

(1,328,348)

(1,176,042)

Financing Activities:

Net proceeds from sale of

subsidiary's redeemable

preferred shares200,000

297,000

—

497,000

—Payments for repurchase of

subsidiary's ordinary shares(7,064)

(70,624)

—

(77,688)

—Net proceeds from subsidiary's

public offering of ordinary shares—

—

124,252

—

927,897Other financing activities1,078,357

(38,778)

(24,526)

1,762,991

902,715Net cash provided by financing

activities1,271,293

187,598

99,726

2,182,303

1,830,612Effect of exchange rate changes91,933

(61,483)

(29,980)

(20,803)

(125,659)Net increase (decrease) in cash,

cash equivalents and restricted cash635,553

(701,892)

(257,107)

(118,638)

1,023,529Cash,cash equivalents and

restricted cash at the beginning

of the period$ 2,192,241

$ 2,894,133

$ 3,250,139

$ 2,946,432

$ 1,969,503Cash,cash equivalents

and restricted cash at the end of the

period$ 2,827,794

$ 2,993,032

$ 2,032

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