JinkoSolar Holding Co., Ltd. reported first‑quarter 2026 results that included revenue of US$1.78 billion, a net loss of US$67.2 million, and an earnings‑per‑share loss of US$8.85, a beat of US$5.53 against consensus of US$14.38. The company’s gross margin expanded to 8.3 percent from 0.3 percent in the fourth quarter of 2025, driven by higher average selling prices and lower unit costs.
Revenue was flat compared with the same period a year earlier and declined 4 percent from the previous quarter. The drop reflects a combination of lower shipment volumes and pricing pressure in a market that remains over‑saturated, while the company’s focus on high‑efficiency products helped offset some of the volume decline.
The margin improvement is largely attributable to a shift toward premium, high‑efficiency modules and a rebound in module prices overseas, which lifted average selling prices. Lower unit costs, achieved through tighter supply‑chain management and economies of scale, further contributed to the 8.3 percent margin, a sharp turnaround from the 0.3 percent margin reported in Q4 2025.
Module shipments reached 13.7 GW, the highest in the industry for the quarter, and the company surpassed 400 GW in cumulative deliveries, a milestone that underscores its global market leadership. The energy‑storage‑system (ESS) business grew 350 percent year‑over‑year, with signed orders exceeding 10 GWh, indicating a successful diversification into the growing storage market.
For the full year 2026, JinkoSolar guided for module shipments of 75‑85 GW and second‑quarter shipments of 14‑16 GW. The company expects that more than 60 percent of shipments will be for modules exceeding 640 W, up from 25 percent in Q1 2026, reflecting a continued emphasis on high‑efficiency products. Integrated production capacity is projected to reach approximately 100 GW by year‑end 2026.
"Total module shipments during the quarter were 13.7 GW, ranking first in the industry, with over 80 percent shipped to overseas markets. This enabled us to become the world’s first module manufacturer to surpass 400 GW in cumulative deliveries. Our Tiger Neo series also cemented its industry leadership, contributing approximately 240 GW to this milestone in cumulative deliveries," said Chairman and CEO Xiande Li. "As we head into 2026, we are focused on improving our operating performance, optimizing our asset and liability structure, and maintaining healthy operating cash flow to enhance our resilience against risks." "Looking ahead, our focus will remain on enhancing product competitiveness, strengthening our global footprint, and advancing our integrated solar‑plus‑storage strategy to support long‑term growth and profitability," Li added.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.