JinkoSolar (JKS) Q1 2025 earnings summary

Executive summary

• Q1 2025 module shipments reached 17.5 GW, maintaining industry leadership and surpassing 320 GW cumulative deliveries globally, despite a 27.7% sequential and 12.7% year-over-year decline in total shipments.

• Revenues fell to $1.91 billion, down 33% sequentially and 40% year-over-year, with a net loss of $181.7 million due to lower prices and profitability.

• Order book visibility for 2025 stands at 60–70% overall, exceeding 80% in Indo-Pacific and Middle East/Africa.

• Achieved mass production efficiency of over 26.6% for third-gen TOPCon cells and set a new perovskite tandem cell lab efficiency record of 34.22%.

• Recognized as a Tier 1 energy storage provider by Bloomberg/BNEF for four consecutive quarters.

Financial highlights

• Q1 2025 revenue was $1.91 billion, down 33% sequentially and 40% year-over-year, with total shipments at 19.1 GW.

• Gross margin declined to -2.5%, with an operating loss margin of about 20.7% and net loss of $181.7 million.

• Cash and cash equivalents at quarter-end were $3.77 billion, up from $2.44 billion a year ago.

• Total debt at quarter-end was $6.41 billion, with net debt at $2.64 billion.

• Operating expenses were $350 million, down 8% sequentially and 18% year-over-year, accounting for 18% of revenue.

Outlook and guidance

• Q2 2025 module shipment guidance: 20–25 GW; full-year 2025: 85–100 GW.

• Energy storage system (ESS) shipments expected to reach 6 GWh in 2025, with 50–60% of orders already confirmed.

• Annual production capacity targets by end-2025: mono wafers 120 GW, solar cells 95 GW, modules 130 GW, with 40–50 GW for third-gen TOPCon modules.

• Mass production cell efficiency of high-efficiency TOPCon products targeted to reach 27% by end of 2025.

• U.S. shipments expected to be 5–10% of total, or roughly 4–5 GW.