Oct 30, 2026 earnings call — Focus on high-efficiency modules and energy storage
Third-quarter gross margin rose to 12.3% and adjusted net loss narrowed to USD 1.2 million.
Revenue $2.0B (est $2.4B) · EPS $-0.03 (est $-2.11)
Key quotes
"We continue to optimize our product mix with the shipments of Tiger Neo 3 modules exceeding 5 gigawatts during the quarter and commanding a premium for approximately USD 0.01 per watt over conventional modules."
"We recognized approximately 1.75 gigawatt-hour of energy storage shipments as revenue, matching the total recognized for the whole of last year with the business also generating positive quarterly operating profit for the first time."
"In terms of the portfolio management and value realization at the end of third quarter of 2026, the fair value of our strategic investment portfolio was approximately RMB 2.05 billion."
Analyst Q&A 2
Margins, ASP, freight, and strategic investing
Q (O Nam Chim · ROTH Capital Partners): He asked whether margins can improve in 2027 by changing product and regional mix, and asked about module ASP for Q4 '26 and 2027. He also asked about freight and energy cost impact on Q3 margins and the future size and capital allocation of the strategic investment business.
A: Management said they can optimize product and regional mix next year and that Tiger Neo 3 is moving to mass production. They said ASPs have bottomed and should stabilize, and that current low prices and margins are not sustainable so a recovery is needed next year. On freight and energy, they said logistics costs rose due to the Middle East conflict and high oil and gas prices, but they expect high energy prices to last only a few quarters and normalize by next year; on strategic investment, the holding company will not allocate more capital to manufacturing and is focusing investments beyond solar/storage into AI and chips.
"And we are on track to have the mass production for Tiger Neo 3." — Haiyun Cao (CEO)
Storage revenue recognition and margins
Q (Rajiv Chaudhri · Sunsara Capital): He asked how much storage revenue should be recognized this year and in Q4 given shipments and backlog. He also asked about module geography (U.S., India), wafer/cell reporting, gross margin drivers including Tiger Neo 3 mix, and shipping costs in Q3/Q4.
A: They said storage projects take about 6 months to 12 months for acceptance and revenue recognition. For this year they said shipment is "[ 10 ] gigawatt" and they roughly estimate revenue recognition could be "6 to 7 gigawatts," with about 7 gigawatt hours delayed into next year; the first nine months had a little over "3 gigawatt hours" and the fourth quarter should be roughly "3." They said U.S. module sales were about "1 gigawatt" in Q3, shipments to India were not significant, wafer/cell reporting did not change and modules make up "90%, maybe 95%" of revenue, storage gross margin is roughly "15% to 20%" with storage revenue contribution "roughly 5% to 6%," Tiger Neo 3 was about "30%" of shipments in Q3 and about "40%" expected in Q4, and shipping costs are stable but high—especially to the Middle East because oil is around "$100."
"For this year, the shipment is [ 10 ] gigawatt, but we roughly estimate the revenue recognition could be 6 to 7 gigawatts." — Haiyun Cao (CEO)