Month: May 2025

TORONTO, May 15, 2025 /PRNewswire/ – MediPharm Labs Corp. (TSX: LABS) (“MediPharm” or the “Company“), a pharmaceutical company specialized in precision-based cannabinoids, today provided its shareholders with additional information about the six nominees for its board of directors (the “Dissident Nominees“) submitted by Apollo Technology Capital Corporation (“Apollo“).

The Dissident Nominees were listed and described in a dissident proxy circular filed on May 7, 2025 (the “Dissident Circular“) and are expected to stand for election at the Company’s Annual and Special Meeting of Shareholders on June 16, 2025.

The Board’s overall concerns with the Dissident Nominees

Following an initial review, the MediPharm Board of Directors (the “Board“) has identified a number of concerns about the qualifications of the Dissident Nominees both individually and collectively. These concerns include:

• Insufficient experience in the cannabis and pharmaceutical sectors
• Limited public company board experience
• Interlocking relationships among the nominees
• Troublesome track record of the lead dissident
• Potential conflicts of interest
• Limited career experience and skills
• Lack of diversity

Chris Taves, Chair of MediPharm, comments:

“Serving as a director of a public company carries significant responsibility and requires substantial experience. As a whole, the Board must possess a wide range of specific skills in order to effectively carry out its fiduciary responsibilities, including amongst other things, adherence to proper corporate governance. While some of the Dissident Nominees have had relevant career experience, we are concerned that this group, collectively, does not have the mix of qualifications necessary to run a complex international business like MediPharm.”

The Dissident Nominees include the following individuals:

• Regan McGee
• Scott Walters
• David Lontini
• Demetrios Mallios
• John Fowler
• Alan D. Lewis II

The Board’s concerns about the Dissident Nominees can be summarized as follows.

Insufficient experience in the cannabis and pharmaceutical sectors

Only two of the Dissident Nominees, Mr. Fowler and Mr. Walters, have any experience in the cannabis sector. Their cannabis experience has primarily been in the recreational space, which is significantly different from the medical space where the Company’s focus lies. The medical cannabis sector requires specialized understanding of pharmaceutical manufacturing standards, global regulatory compliance, and medical distribution channels — expertise which none of the nominees appear to possess.  The Company’s business is now seeing meaningful growth in the international markets, as a result of it building out its international medical business, where it has a clear competitive advantage and ability to create shareholder value. No Dissident Nominee appears to have any experience in the pharmaceutical sector, in which MediPharm operates.

Limited public company director experience

The Dissident Circular indicates that the Dissident Nominees currently serve as directors of five public companies. Of these, at least four appear to be non-operating companies or speculative entities that would not typically provide a director with opportunities to acquire the type of skills and experience relevant for an active, complex business like MediPharm. Those five companies generate a median revenue of zero, and have a combined market capitalization that is roughly equal to that of MediPharm. They include:

• Check-Cap Ltd. (Mr. Lontini) is a reverse merger candidate with no revenue whose value is based primarily on its public listing and its declining cash balance.
• Big Gold Inc. (Mr. Walters) is an exploration-stage mining company with a market capitalization below C$1 million.
• Maxus Mining Inc. (Mr. Walters) is an exploration-stage mining company whose shares began to trade on the Canadian Securities Exchange on May 8, 2025.
• Invent Ventures Inc. (Mr. Lewis) is “an incubator that builds, acquires, and invests in transformative businesses.” Its market capitalization and annual revenue are both below USD$1 million, more than seven years after Mr. Lewis and Mr. Mallios became controlling shareholders of Invent through their firm, The Aeon Group, and began to serve personally as officers and directors.
• Paragon Technologies Inc. (Mr. Lontini), a holding company with a market capitalization of approximately USD$15 million, appears to be the largest public company on the list. Mr. Lontini has been a director for less than six months.

The Board is not aware of Mr. McGee, who seeks to become Chairman of MediPharm, ever having served on a public company board of directors.

Interlocking relationships among the nominees

There are multiple instances of the Dissident Nominees working together at other companies, serving together on other boards and otherwise having close commercial ties. Such interlocked relationships could lead to groupthink, lack of independent thought, and decisions that may be influenced by factors external to the Company. Examples of interlock include the following:

• Mr. Lewis and Mr. Mallios are both officers of The Aeon Group. In addition, Mr. Lewis is a director of Invent Ventures Inc., a company controlled by Aeon Group, and for which Mr. Mallios serves as CEO.
• Mr. Lontini is Active Chairman, and Mr. Lewis is Chief Financial Officer, of Check-Cap Ltd., a company which has entered a Business Combination Agreement with Nobul AI Inc., a company where Mr. McGee serves as Chairman, CEO and controlling shareholder.
• Mr. Fowler and Mr. Walters previously served together as directors and management of The Supreme Cannabis Company, Inc., and continue to collaborate on business interests at companies including Blaise Ventures Inc. and The BIG Concentrates Company.

The Canadian Coalition for Good Governance (“CCGG“) recommends:  “that a company’s directors should be independent of each other. To maintain that independence, an issuer should implement a policy limiting interlocking board relationships … CCGG believes that too many interlocking board relationships create interconnected interests that could be harmful to director independence.”

Troublesome track record of the lead dissident

Regan McGee, Apollo’s Chairman and CEO and the lead dissident, has a troublesome track record and a career marked by conflict and controversy. Nobul Technologies Inc. (“Nobul Tech“), a wholly owned Apollo subsidiary where Mr. McGee serves as Chairman and CEO, has been marred by a lawsuit in which it sued several of its former directors and investors who alleged that Nobul Tech was misrepresenting the source of its revenues, and that Mr. McGee was siphoning funds for his personal use. In his dealings with MediPharm, Mr. McGee has engaged in pressure tactics to acquire MediPharm shares improperly, and also threatened and defamed directors of the Company, among other improprieties. The Board is doubtful about Mr. McGee’s appropriateness for a director role at any public company.

As communicated in previous MediPharm news releases, Mr. McGee has offered no alternative vision for the Company, including who he considers fit to manage the Company. The Board understands that Mr. McGee has been communicating with former senior executives of the Company.

Potential conflict of interest

The Dissident Nominee Mr. Fowler serves as president of a company, Muskoka Grown Ltd. and was formerly its CEO. (Mr. Fowler was identified as “president and CEO” of Muskoka Grown in Apollo’s Advance Notice letter sent to the Company on May 1, 2025, but by the time the Dissident Circular was published on May 7, 2025, he no longer held the CEO title.) As disclosed in the Dissident Circular, Muskoka Grown is a supplier of cannabis products to MediPharm and negotiates the commercial terms of such arrangement with the Company. The Board believes it would not be possible for Mr. Fowler to exercise independent judgement on potential transactions relating to the Company that would also benefit him in other ways personally.

Limited career experience and skills

Mr. Lontini landed his first public company director role in January 2024 and added a second director role in December 2024. Prior to these appointments, his experience offers little indication that he would be considered a qualified candidate to be a public company director.

The biography presented to shareholders when he first became a director at Check-Cap Ltd. in January 2024, stated he had “completed M&A transactions” and mentioned “senior leadership positions.” Based on publicly available information, including Mr. Lontini’s LinkedIn profile, it is unclear whether he has ever held an executive role at any operating company outside of those he founded. His profile lists his title as president or owner at three separate entities he founded, including a home renovation business, a soccer consulting agency and a consulting firm established the same month he first became a director.

Lack of diversity

The dissident slate includes no female nominees, contrary to established best practices in corporate governance, including diversity expectations outlined by the Canadian Securities Administrators, proxy advisors and institutional stewardship policies.

MediPharm’s refreshed Board and highly qualified nominees

In contrast to the underqualified Dissident Nominees, MediPharm has proposed seven highly qualified individuals for election to the Board. These nominees include David Pidduck, Chris Halyk, Chris Taves, Shelley Potts, Emily Jameson, John Medland and Keith Strachan.

Ms. Jameson and Mr. Medland are first-time nominees to the MediPharm Board, and if elected, would be fully independent directors with no connections to any existing directors of the Company. In particular, the addition of Ms. Jameson and Mr. Medland reflects the Company’s intent to deepen capital markets expertise and M&A execution capabilities, which are increasingly relevant as MediPharm scales internationally and evaluates strategic growth opportunities.

Details about the Company’s nominees can be found in the Management Information Circular recently sent to shareholders and filed by the Company on the SEDAR+ website at www.sedarplus.ca. Shareholders are also encouraged to visit www.medipharmlabsagm.com for nominees’ biographies and other up-to-date information on the matters relating to the Annual and Special Meeting.

In light of the Board’s serious concerns about the Dissident Nominees’ qualifications and suitability, shareholders are urged to vote only using the GREEN proxy or GREEN voting instruction form in support of all of the Company’s nominees and resolutions.

Proxy materials are currently being mailed and should arrive in the coming days, no later than next week.

In the meantime, to ensure your vote is counted, shareholders are encouraged to proactively contact their broker to obtain their 16-digit control number associated with the GREEN management proxy. Once received, you can cast your vote by visiting www.medipharmlabsagm.com. 

You may receive materials or outreach from the dissident — please disregard any such communications and vote only using the GREEN proxy in support of the Company’s nominees.

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company’s current foreign drug manufacturing site registration with the US FDA.

In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm’s reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.

The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

Shareholder Voting Assistance:

If you have any questions or require any assistance in executing your GREEN proxy or voting instruction form, please call Sodali & Co at:

North American Toll-Free Number: 1.888.777.2059
Outside North America, Banks, Brokers and Collect Calls: 1.289.695.3075
Email: assistance@investor.sodali.com
North American Toll-Free Facsimile: 1.877.218.5372
For up-to-date information and assistance in voting please visit:  www.medipharmlabsagm.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: timing of the Annual and Special Meeting, the Company’s future growth strategies and available M&A opportunities, creation of sustainable long term shareholder value, and the Company’s competitive advantages. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ continuous disclosure filings, available on the SEDAR+ website at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

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SOURCE MediPharm Labs Corp.

KITCHENER, Ontario, May 15, 2025 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the first quarter ended March 31, 2025.

First Quarter Highlights

• 9.4% year-over-year (“yoy”) increase in solar module shipments to 6.9 GW, above guidance of 6.4 GW to 6.7 GW.
• Net revenues of $1.2 billion, at the high end of $1.0 billion to $1.2 billion guidance.
• 11.7% gross margin, exceeding guidance of 9% to 11%.
• Expanded e-STORAGE pipeline to record 91 GWh, including $3.2 billion in contracted backlog, as of March 31, 2025.
• Recurrent Energy grew its global solar and battery energy storage project development pipelines to approximately 27 GWp and 76 GWh, respectively, as of March 31, 2025.
• Recurrent Energy secured a $415 million multi-currency credit facility to refinance and support the expansion of its IPP portfolio across diverse geographies and markets.

Dr. Shawn Qu, Chairman and CEO, commented, “We started 2025 facing many of the same challenges that defined 2024, with module prices reaching historic lows and geopolitical complexities persisting. Despite these headwinds, Canadian Solar delivered results at or above guidance across shipments, revenue, and gross margin—a testament to our disciplined execution. With a long history of navigating policy developments and market cycles, we are strategically balancing near-term challenges with long-term opportunities. While we strictly control operating expenses and capital expenditures, we maintain tailored strategies across our business. We will continue to manage module volumes with a focus on profitability, accelerate growth in our margin-accretive energy storage business, and advance Recurrent Energy’s transition toward a partial IPP model.”

Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said, “In the first quarter of 2025, CSI Solar maintained profitability despite ongoing challenges in the solar market and softer storage shipments. We achieved further manufacturing cost reductions through efficiency improvements in Asia and the progressed ramping of our U.S. module facility. While e-STORAGE faces near-term uncertainty, our record 91 GWh pipeline and contracted backlog underscore the segment’s structural growth potential. As policy clarity emerges, we continue to be well-positioned to capitalize on growing robust demand for storage solutions globally.”

Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, said, “Recurrent Energy’s first quarter results reflected lower margins from sales of legacy projects in Latin America. With 1.2 GWp of solar and 1.4 GWh of battery energy storage projects under construction in our IPP markets, our business model transformation continues at pace. To address geopolitical risks, we are proactively developing mitigation strategies for all major IPP projects, including safe harboring equipment. Finally, we strengthened our financial flexibility with a $415 million multi-currency credit facility—a scalable solution tailored to our global growth strategy.”

Xinbo Zhu, Senior VP and CFO, added, “For the first quarter of 2025, we delivered $1.2 billion in revenue with a gross margin of 11.7%. We reported a positive HLBV impact of $26 million or $0.38 per share. The impact of tariffs combined with lower storage contribution, Recurrent Energy’s ongoing transformation, and intracompany eliminations weighed on profitability, resulting in a net loss to shareholders of $34 million or $0.69 per diluted share. Our assets totaled $13.9 billion, driven by growth in project assets and solar power systems, setting the stage for long-term value generation. We concluded the quarter with a cash position of $2.0 billion.”

First Quarter 2025 Results

Total module shipments recognized as revenues in Q1 2025 were 6.9 GW, down 16.0% quarter-over-quarter (“qoq”) and up 9.4% yoy. Of the total, 413 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues were $1.2 billion in Q1 2025, down 21.3% sequentially and 10.0% year-over-year, mainly due to lower sales of battery energy storage systems and solar modules.

Gross profit was $140 million, compared to $217 million in Q4 2024 and $253 million in Q1 2024. Gross margin was 11.7%, compared to 14.3% and 19.0%, respectively. Seasonally lower battery energy storage system sales volumes and trade-related duties impacted the current quarter.

Operating expenses were $195 million, down from $344 million in Q4 2024 and $204 million in Q1 2024. The decrease primarily reflects nil impairment charges in the current quarter and lower shipping and handling costs. Operating expenses represented 16.3% of revenue, compared to 22.6% in Q4 2024 and 15.3% in Q1 2024.

Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in Q1 2025 was $34 million, or $0.69 per diluted share, compared to a net income of $34 million, or $0.48 per diluted share, in Q4 2024, and net income of $12 million, or $0.19 per diluted share, in Q1 2024.

Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was $60 million, and adjusted loss per share – diluted was $1.07 per share in Q1 2025, compared to a net loss of $99 million or $1.47 per share in Q4 2024, and a net income of $12 million or $0.19 per share in Q1 2024. Adjusted net loss attributable to Canadian Solar Inc. and adjusted loss per share – diluted in Q1 2025 and Q4 2024 exclude the recognition of income using hypothetical liquidation at book value (“HLBV”) method. The Company uses the HLBV method to attribute income and loss to its tax equity investors. Please see Recurrent Energy – HLBV for definition and About Non-GAAP Financial Measures for reconciliation to nearest GAAP measures.

Net cash flow used in operating activities in Q1 2025 was $264 million as a result of higher working capital, compared to net cash flow provided by operating activities of $66 million in Q4 2024 and net cash flow used in operating activities of $291 million in Q1 2024.

Total debt, including financing liabilities, was $5.7 billion as of March 31, 2025, including $2.4 billion, $3.0 billion, and $0.3 billion related to CSI Solar, Recurrent Energy, and convertible notes, respectively. Total debt rose from $5.1 billion as of December 31, 2024, mainly due to new borrowings for capacity investment, working capital, and development of projects and operational assets. Total non-recourse debt as of March 31, 2025, was $1.3 billion.

Business Segments

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.

Recurrent Energy

As of March 31, 2025, Recurrent Energy held a leading position with a total global solar project development pipeline of approximately 27 GWp and a battery energy storage project development pipeline of 76 GWh.

The business model consists of three key drivers:

• Electricity revenue from operating portfolio to 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) through long-term operations and maintenance (“O&M”) contracts, currently with 13 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.

Project Development Pipeline – Solar

As of March 31, 2025, Recurrent Energy’s total solar project development pipeline was 26.9 GWp, including 1.9 GWp under construction, 4.5 GWp of backlog, and 20.5 GWp of projects in advanced and early-stage development, defined as follows:

• Backlog projects 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. Typically, this occurs after the project has received all the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including 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 projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.
• Early-stage pipeline projects are 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, financial condition, or results of operations.

HLBV

The Company applies the HLBV method to account for its contractual relationships with tax equity investors in U.S. solar energy and battery energy storage projects. This method which allocates income or loss attributable to redeemable noncontrolling interests reflects the changes in the amounts that tax equity investors would hypothetically receive upon liquidation at the beginning and end of each reporting period, after considering any capital transactions, such as contributions or distributions, between our subsidiaries and tax equity investors.

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

 

Project Development Pipeline – Battery Energy Storage

As of March 31, 2025, Recurrent Energy’s total battery energy storage project development pipeline was 75.7 GWh, including 9.8 GWh under construction and in backlog, and 65.9 GWh of projects in advanced and early-stage development.

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

 

CSI Solar

Solar Modules and Solar System Kits

CSI Solar shipped 6.9 GW of solar modules and solar system kits to more than 70 countries in Q1 2025. The top five markets ranked by shipments were China, the U.S., Pakistan, Spain, and Brazil.

CSI Solar’s revised manufacturing capacity expansion targets are set forth below.

^{*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 Solutions

As of March 31, 2025, e-STORAGE had a total project turnkey pipeline of over 91 GWh, which includes both contracted and under construction projects, as well as projects at different stages of the negotiation process. In addition, e-STORAGE had over 5.0 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 March 31, 2025, the contracted backlog, including contracted long-term service agreements, was over $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.

^{*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.}

 

Business Outlook

The 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.

In Q2 2025, the Company expects total revenue to be in the range of $1.9 billion to $2.1 billion. Gross margin is expected to be between 23% and 25%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 7.5 GW to 8.0 GW, including approximately 500 MW to the Company’s own projects. Total battery energy storage shipments by CSI Solar in Q2 2025 are expected to be in the range of 2.4 GWh to 2.6 GWh.

For the full year of 2025, the Company expects CSI Solar’s total module shipments to be in the range of 25 GW to 30 GW, including approximately 1 GW to the Company’s projects. Conditional on ongoing trade policy developments, the Company expects CSI Solar’s total battery energy storage shipments to be in the range of 7 GWh to 9 GWh, including approximately 1 GWh to the Company’s own projects. The Company’s total revenue is expected to be in the range of $6.1 billion to $7.1 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “We expect second quarter performance to be bolstered by strong energy storage shipments. We continue to operate in an environment of global pricing volatility and evolving policy uncertainty that limits margin visibility. Our updated full year guidance reflects our current assessment of ongoing market and geopolitical developments, as we adhere to our profit-first strategy.”

Recent Developments

CSI Solar

On May 6, 2025, Canadian Solar announced the launch of its new N-type high power TOPBiHiKu CS6.2 module series for both utility and C&I systems. Based on the latest TOPCon cell technology, the module delivers a maximum power output up to 660 Wp and a conversion efficiency of up to 24.4%. Canadian Solar will commence global deliveries starting in August 2025.

On May 6, 2025, Canadian Solar announced the official launch of its cutting-edge SolBank 3.0 Plus battery energy storage product at Intersolar Europe. SolBank 3.0 Plus is e-STORAGE’s next technological advancement in its successful SolBank battery solutions product line offering, using enhancements to the Lithium-Ion Phosphate (LFP) battery cell manufacturing processes to bring the battery performance to a new level over the already successful SolBank 3.0.

On April 29, 2025, Canadian Solar announced its residential energy storage system, EP Cube, had won the prestigious 2025 iF Design Award and Gold at the 2025 MUSE Design Awards. Both awards highlight the innovative and outstanding design of EP Cube, which stood out among tens of thousands of submissions from over 60 countries. EP Cube is designed by Eternalplanet, a subsidiary of Canadian Solar.

On April 23, 2025, Canadian Solar announced the signing of a contract with Colbún, one of Chile’s leading power generation companies, to supply a 228 MW/912 MWh Battery Energy Storage System (BESS) for the Diego de Almagro Sur project in Chile’s Atacama Region. Construction is scheduled to begin in June 2025, and the project is expected to reach commercial operation in December 2026.

On April 1, 2025, Canadian Solar announced a partnership with Flow Power, one of Australia’s fastest growing energy retailers, to deliver the first Flow Power solar project featuring Canadian Solar’s anti-hail modules. This marks the first deployment of Canadian Solar’s innovative anti-hail technology in Australia.

Recurrent Energy

On April 30, 2025, Canadian Solar announced that it had secured a multi-currency credit facility valued at up to $415 million, backed by a consortium of four major banks. This corporate facility offers a flexible and scalable financing solution aligned with Recurrent Energy’s strategy to expand its IPP portfolio across diverse geographies and markets.

On April 21, 2025, Canadian Solar announced a tour and ribbon cutting ceremony was held at Bayou Galion Solar, a 127 MWdc solar project located in Northeast Louisiana. The project commenced operations in November 2024. Bayou Galion Solar generates enough electricity to power the equivalent of approximately 20,500 homes annually while providing a substantial source of new tax revenue for the local community.

Conference Call Information

The Company will hold a conference call on Thursday, May 15, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., Thursday, May 15, 2025, in Hong Kong) to discuss the Company’s first quarter 2025 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.), 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 13753335. 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, May 29, 2025 (11:00 a.m. May 30, 2025, 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 13753335. A webcast replay will also be available on the investor relations section of Canadian Solar’s at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar is 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 24 years, Canadian Solar has successfully delivered nearly 157 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 11 GWh of battery energy storage solutions to global markets as of March 31, 2025, boasting a $3.2 billion contracted backlog as of March 31, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.6 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 76 GWh of battery energy storage capacity in various stages of development. Canadian Solar is 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, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain 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 “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. 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:

 

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s CSI Solar and Recurrent Energy businesses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About Non-GAAP Financial Measures

This press release also contains adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income (loss) attributable to Canadian Solar Inc. or earnings (loss) per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted exclude from net income (loss) attributable to Canadian Solar Inc. and earnings (loss) per share certain items that the Company does not consider indicative of its ongoing financial performance such as the effects of HLBV method to account for its tax equity arrangements. Management uses these non-GAAP financial measures to facilitate the analysis and communication of the Company’s financial performance as compared to its previous financial results. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of the Company’s financial performance. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.

The table below provides a reconciliation of our GAAP net income (loss) to non-GAAP financial measures.

 

 

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SOURCE Canadian Solar Inc.

Non-Profit Conservation Organization Leads Biobanking Worldwide

SAN DIEGO, May 15, 2025 /PRNewswire/ — Fifty years ago, San Diego Zoo Wildlife Alliance’s Frozen Zoo^® began preserving living genetic material, long before scientists knew how it might be used. Today this legacy, visionary for its era, is shaping innovative conservation strategies to safeguard wildlife and serves as the foundational blueprint for a crisis that reaches every corner of our planet—the biodiversity crisis.

The Frozen Zoo is the world’s first large-scale, systematic cryogenic (frozen) biological bank dedicated to preserving living cells and reproductive material from wildlife—and remains the largest and most diverse collection of its kind. Building on this vital resource, San Diego Zoo Wildlife Alliance commits to leading the biodiversity banking of all endangered species globally by 2075.

“Species are vanishing at astonishing rates,” said Megan Owen, Ph.D., vice president of wildlife conservation science, San Diego Zoo Wildlife Alliance. “By some estimates, Earth loses more than 100 species every day due to mounting environmental and human-driven pressures. While we are advancing technologies to safeguard biodiversity, we recognize that nature itself remains the most powerful biodiversity bank there is—and that biobanking is a unique tool we must develop and use to protect life on Earth, complementing habitat and species protections.”

San Diego Zoo Wildlife Alliance is now leading an ambitious global initiative to make biodiversity banking—the preservation of genetic material in many forms—a tool for species conservation worldwide. As part of this initiative, San Diego Zoo Wildlife Alliance, in collaboration with the International Union for Conservation of Nature (IUCN) Species Survival Commission and the Animal Biobanking for Conservation Specialist Group, established the Center for Species Survival (CSS) Biodiversity Biobanking, where the organization’s expertise, the largest global network of species expert volunteers, and CSS staff members converge to develop best practices to guide biobanking efforts on all continents.

“We are investing in partnerships to develop biodiversity banking at a scale that matches the challenge of the biodiversity crisis,” said Marlys Houck, curator of the Frozen Zoo. “We have collected irreplaceable genetic biodiversity, which is key to species resilience in the face of environmental change. It’s vital to keep this effort going and support capacity enhancement worldwide, because the species we bank today could be the key to restoring ecosystems tomorrow.”

This global effort focuses not just on mammals, but also on amphibians, reptiles, birds, plant life, marine organisms and invertebrate species that are critical to ecosystem health.

Efforts are emerging around the globe:

• Kenya: San Diego Zoo Wildlife Alliance is supporting the construction of a national biobanking repository and increasing biobanking capacity in an area that tackles wildlife challenges on the ground every day.
• Vietnam: San Diego Zoo Wildlife Alliance is partnering to enhance expertise through on-site biobanking training in one of the world’s richest biodiversity hotspots.
• Peru: A strategic framework is being developed to biobank species at field sites on both sides of the Andes Mountains.
• Hawai’i: Community-led conservation is informing culturally grounded strategies to biobank the Islands’ irreplaceable and rapidly disappearing species.

This work spans marine, forest, and desert ecosystems, aiming to protect keystone species like the sunflower sea star—an organism vital to the coastal kelp forest ecosystem—and help conserve the world’s most endangered animals, such as the northern white rhino and the California condor. It also extends to Hawaiian forest birds and native plants, with San Diego Zoo Wildlife Alliance at the forefront of cryopreserving kelp, oaks and other foundational species.

“Through our expertise, training and collaboration, San Diego Zoo Wildlife Alliance is facilitating the development of a worldwide network that will accelerate and scale the use of biomaterials for wildlife conservation—because protecting wildlife helps fortify the interconnected, delicate web of life we all depend on,” said Owen.

Due to the foresight of Frozen Zoo founder Kurt Benirschke, M.D., living cell lines from over 11,500 individuals representing 1,337 species are banked—almost twice the number of animals currently living at the San Diego Zoo and San Diego Zoo Safari Park combined. Stored in liquid nitrogen at minus 320 degrees Fahrenheit, the collection includes living cells, embryos and gametes from mammals, birds, reptiles, amphibians and fish.

“For the past half a century, we have been preparing to meet this moment,” said Houck. “And now, we are stepping into a doorway of limitless possibilities, and the work we do today—along with our allies—will shape the next 50 years and beyond.”

The Frozen Zoo is one of six unique San Diego Zoo Wildlife Alliance biobanking collections that make up its Wildlife Biodiversity Bank. Other collections include the Tissue and DNA Bank, Native Plant Gene Bank, Pathology Archive, Clinical Repository, and Wildlife Artifacts. Together these collections offer a variety of approaches to preserving biodiversity.

Benirschke joined the San Diego Zoo’s research committee in 1970, and in 1975, his forward-thinking efforts founded San Diego Zoo Wildlife Alliance’s Center for Reproduction of Endangered Species (CRES), now known as the conservation research program, as well as the Frozen Zoo. After he retired from his director role in 1986, he joined the organization’s board of trustees, serving as president from 1998-2000. Benirschke passed on September 10, 2018, at 94 years old. His legacy lives on and continues to shape global conservation efforts today.

To learn more, explore partnership opportunities, or support this mission, please visit sdzwa.org/frozenzoo50.

About San Diego Zoo Wildlife Alliance
San Diego Zoo Wildlife Alliance, a nonprofit conservation leader, inspires passion for nature and collaboration for a healthier world. The Alliance supports innovative conservation science through global partnerships and groundbreaking efforts at the world-famous San Diego Zoo and San Diego Zoo Safari Park, both leading zoological institutions and accredited botanical gardens. Through wildlife care expertise, cutting-edge science and continued collaboration, more than 44 endangered species have been reintroduced to native habitats. The Alliance reaches over 1 billion people annually through its two conservation parks and media channels in 170 countries, including San Diego Zoo Wildlife Explorers television, available in children’s hospitals across 14 countries. Wildlife Allies—members, donors and guests—make success possible.

View original content to download multimedia:https://www.prnewswire.com/news-releases/san-diego-zoo-wildlife-alliances-frozen-zoo-at-50-a-blueprint-for-global-conservation-302456396.html

SOURCE San Diego Zoo Wildlife Alliance

FORNEBU, Norway, May 15, 2025 /PRNewswire/ — Reference is made to the stock exchange announcement made by Aker Carbon Capture ASA (Aker Carbon Capture or ACC) on 9 May 2025 regarding the agreement to sell ACC’s 20 percent ownership interest in SLB Capturi to Aker ASA (the Transaction) and a proposed dividend payment of NOK 2.86 per share to ACC’s shareholders, in aggregate approx. NOK 1.7 billion. The Transaction closed on 14 May 2025, and payment of the purchase price will be made to coincide with the distribution of dividend as described below.

The board of directors of Aker Carbon Capture hereby calls for an extraordinary general meeting to be held on 6 June 2025 at 14:00 (CEST) (the EGM) regarding the proposed dividend distribution, to be based on an audited interim balance sheet, as well as an amendment to ACC’s objective as set out in its articles of association. Subject to the EGM’s approval, the dividend payment is expected to be made on or about 20 June 2025.

The EGM will be conducted as a virtual meeting only, accessible online via Lumi AGM. All shareholders will be able to participate in the meeting, vote and ask questions from smartphones, tablets or desktop devices. For further information regarding electronic participation, please refer to the guide attached to this notice.

Shareholders that are eligible for attending and voting at the EGM are encouraged to register their attendance no later than 4 June 2025 at 14:00 (CEST). Shareholders owning shares through a custodian in the VPS are required to register via their custodian by this deadline. Attendees must be logged in before the meeting starts to be able to vote. Deadline for registration of advance votes and proxies is 4 June 2025 at 14:00 (CEST).

Please find attached the following documents: 

• Notice of the EGM, incl. proxy form
• The Board of Directors’ proposed resolutions
• The audited interim balance sheet of Aker Carbon Capture ASA per 14 May 2025
• Guide for online participation

All documents to be processed in the EGM, as well as the participation link and guide for online participation, will also be made available on www.akercarboncaptureasa.com.

For further information:
Media and Investors: Mats Ektvedt, mobile: +47 41 42 33 28,
e-mail: mats.ektvedt@corporatecommunications.no

About Aker Carbon Capture ASA

Aker Carbon Capture ASA was established as a separate entity in 2020, building on more than 20 years long experience and maturation of the carbon capture technology within Aker. A Joint Venture between SLB and Aker Carbon Capture, SLB Capturi, was established in June 2024 with SLB owning 80% and Aker Carbon Capture ASA indirectly owning 20% through its subsidiary, Aker Carbon Capture AS.

0n 9 May 2025, Aker Carbon Capture ASA and Aker ASA announced an agreement whereby Aker, through a subsidiary of Aker Capital AS, will acquire the 20% ownership interest in SLB Capturi AS held by Aker Carbon Capture ASA’s subsidiary Aker Carbon Capture AS. The agreement forms part of an overall solution for Aker Carbon Capture ASA.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and Euronext Oslo Rule Book II.

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/aker-carbon-capture-asa/r/aker-carbon-capture-asa–notice-of-extraordinary-general-meeting,c4150926

The following files are available for download:

 

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SOURCE Aker Carbon Capture ASA

HANGZHOU, China, May 15, 2025 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“Zeekr Group” or the “Company”) (NYSE: ZK), the world’s leading premium new energy vehicle group, today announced its unaudited financial results for the first quarter ended March 31, 2025^[1].

Operating Highlights for the First Quarter of 2025

• Total vehicle deliveries were 114,011 units for the first quarter of 2025, representing a 21.1% year-over-year increase. The Zeekr brand delivered 41,403 vehicles, an increase of 25.2% year-over-year. Meanwhile, the Lynk & Co brand delivered 72,608 vehicles, recording growth of 18.9% year-over-year, with 52.4% of deliveries coming from NEV models.

Financial Highlights for the First Quarter of 2025

• Vehicle sales were RMB19,096 million (US$2,631 million)^[2] for the first quarter of 2025, representing an increase of 16.1% from the first quarter of 2024 and a decrease of 38.4% from the fourth quarter of 2024.

• Vehicle margin^[3] was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024.

• Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from the first quarter of 2024 and a decrease of 37.8% from the fourth quarter of 2024.

• Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from the first quarter of 2024 and a decrease of 33.8% from the fourth quarter of 2024.

• Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024.

• Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from the first quarter of 2024 and an increase of 16.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)^[4] was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from the first quarter of 2024 and an increase of 14.3% from the fourth quarter of 2024.

• Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from the first quarter of 2024 and an increase of 21.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from the first quarter of 2024 and an increase of 18.5% from the fourth quarter of 2024.

Key Financial Results for the First Quarter of 2025

(in RMB millions, except for percentages)

Recent Developments

Delivery Update

In April, Zeekr Group delivered a total of 41,316 vehicles across its Zeekr and Lynk & Co brands, marking a 1.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 1.9 million users. Specifically, the Zeekr brand delivered 13,727 vehicles, while Lynk & Co brand delivered 27,589 vehicles.

New Model Launches

The Zeekr 7GT, the brand’s second shooting brake, was launched in China on April 15, 2025. Equipped with advanced silicon carbide-powered e-motors, the vehicle achieves 0-100 km/h acceleration in merely 2.95 seconds under rolling start conditions. Exceptional performance and world-class safety features position the Zeekr 7GT for a strong showing in global markets.

Zeekr Group also unveiled its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show. As the first hybrid model under the Zeekr brand, the Zeekr 9X sets new benchmarks in design, performance, and electrification, marking a major leap forward for the brand. This groundbreaking model is slated for a global launch in the third quarter of 2025.

On April 28, the Lynk & Co brand commenced deliveries of the Lynk & Co 900, a large six-seater family SUV. Built on the powerful SPA Evo platform, the top-tier variant is equipped with the G-Pilot H7 package, featuring NVIDIA’s DRIVE AGX Thor computing platform with an industry-leading 700 TOPS of processing power. With its expansive interior, cutting-edge technology, and thrilling performance, the model has already garnered over 40,000 pre-orders since its debut in December.

CEO and CFO Comments

“We achieved a major milestone during the first quarter with the full integration of Zeekr and Lynk & Co, which expanded our global user base to over 1.9 million,” said Mr. Andy An, Zeekr Group’s Chief Executive Officer. “The two brands’ initial technological consolidation has already boosted profitability through optimized R&D and shared platforms. As we accelerate into our next growth phase, we will continue to redefine premium mobility through technology-driven experiences and luxury service, strengthening our position as the world’s leading premium new energy vehicle group.”

Mr. Jing Yuan, Zeekr Group’s Chief Financial Officer, added, “In the first quarter of 2025, enhanced platform synergies and disciplined supply chain management drove record profitability, with our overall vehicle margin reaching 16.5% and the Zeekr brand’s margin rising to an unprecedented 21.2%. Looking ahead, we will remain laser-focused on deepening resource integration and unlocking greater synergistic value to deliver enhanced returns for our shareholders and build enduring value.”

Financial Results for the First Quarter of 2025

Revenues

• Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from RMB21,781 million for the first quarter of 2024 and a decrease of 37.8% from RMB35,377 million for the fourth quarter of 2024.

• Revenues from vehicle sales were RMB19,096 million (US$2,631 million) for the first quarter of 2025, representing an increase of 16.1% from RMB16,450 million for the first quarter of 2024, and a decrease of 38.4% from RMB31,015 million for the fourth quarter of 2024. The year-over-year increase was attributable to the increase in new model delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy between the two quarters. The quarter-over-quarter decrease was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors.

• Revenues from other sales and services were RMB2,923 million (US$403 million) for the first quarter of 2025, representing a decrease of 45.2% from RMB5,331 million for the first quarter of 2024 and a decrease of 33.0% from RMB4,362 million for the fourth quarter of 2024. The year-over-year decrease was mainly due to the decreased sales volume and unit price of battery packs and electric drives. The quarter-over-quarter decrease was mainly due to a decrease in sales of R&D services to our related parties and reduced OEM production volumes at Lynk & Co’s manufacturing facilities in the first quarter of 2025.

Cost of Revenues and Gross Margin

• Cost of revenues was RMB17,806 million (US$2,454 million) for the first quarter of 2025, representing a decrease of 2.4% from RMB18,236 million for the first quarter of 2024 and a decrease of 38.6% from RMB29,012 million for the fourth quarter of 2024. The slight year-over-year decrease was primarily attributable to the ongoing vehicle cost-saving initiatives, partially offset by increased vehicle deliveries, as well as reductions stemming from lower sales of battery packs and other components. The quarter-over-quarter decrease was mainly due to the reduced vehicle delivery volume combined with sustained vehicle cost-saving initiatives.

• Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from RMB3,545 million for the first quarter of 2024 and a decrease of 33.8% from RMB6,365 million for the fourth quarter of 2024.

• Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024. 

• Vehicle margin was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributed to sustained cost-saving initiatives, partly offset by the lower average selling price of vehicles.

Operating Expenses

• Research and development expenses were RMB2,908 million (US$401 million) for the first quarter of 2025, representing an increase of 25.0% from RMB2,326 million for the first quarter of 2024 and a decrease of 25.6% from RMB3,910 million for the fourth quarter of 2024. The year-over-year increase was mainly attributable to incremental costs associated with the development of our new vehicle platform. The quarter-over-quarter decrease was mainly driven by accelerated progressing of R&D projects in Q4 2024 to align with the 2025 product launch timelines.

• Selling, general and administrative expenses were RMB2,645 million (US$364 million) for the first quarter of 2025, representing a decrease of 9.2% from RMB2,913 million for the first quarter of 2024 and a decrease of 35.8% from RMB4,123 million for the fourth quarter of 2024. The year-over-year and quarter-over-quarter decreases were mainly attributable to higher marketing and advertising expenses to support new vehicle model launches in Q1 2024 and Q4 2024, as well as stringent cost discipline implemented under the Company’s 2025 efficiency enhancement program.

Loss from Operations

• Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from RMB1,694 million for the first quarter of 2024 and an increase of 16.3% from RMB1,083 million for the fourth quarter of 2024.

• Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from RMB1,691 million for the first quarter of 2024 and an increase of 14.3% from RMB994 million for the fourth quarter of 2024.

Net Loss and Net Loss Per Share

• Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from RMB1,915 million for the first quarter of 2024 and an increase of 21.3% from RMB629 million for the fourth quarter of 2024.

• Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from RMB1,912 million for the first quarter of 2024 and an increase of 18.5% from RMB540 million for the fourth quarter of 2024.

• Net loss attributable to ordinary shareholders of Zeekr Group was RMB718 million (US$99 million) for the first quarter of 2025, representing a decrease of 63.8% from RMB1,982 million for the first quarter of 2024 and a decrease of 18.1% from RMB877 million for the fourth quarter of 2024.

• Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB595 million (US$82 million) for the first quarter of 2025, representing a decrease of 69.9% from RMB1,979 million for the first quarter of 2024 and a decrease of 24.5% from RMB788 million for the fourth quarter of 2024.

• Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.28 (US$0.04) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.34 each for the fourth quarter of 2024.

• Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.23 (US$0.03) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.31 each for the fourth quarter of 2024.

• Basic and diluted net loss per American Depositary Share (“ADS^[5]“) attributed to ordinary shareholders were both RMB2.81 (US$0.39) for the first quarter of 2025, compared with RMB3.44 each for the fourth quarter of 2024.

• Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were both RMB2.33 (US$0.32) for the first quarter of 2025, compared with RMB3.09 each for the fourth quarter of 2024.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB9,898 million (US$1,364 million) as of March 31, 2025.

Conference Call

The Company’s management will host an earnings conference call on Thursday, May 15, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).

All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10198801/feeb731fe9

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.zeekrgroup.com.

About Zeekr Group

Zeekr Group, headquartered in Zhejiang, China, is the world’s leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group’s values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider.

For more information, please visit https://ir.zeekrgroup.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:
ZEEKR Intelligent Technology Holding Limited
Investor Relations
Email: ir@zeekrlife.com

Piacente Financial Communications
Tel: +86-10-6508-0677
Email: Zeekr@thepiacentegroup.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: Zeekr@thepiacentegroup.com

Media Contact

Email: Globalcomms@zeekrgroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE ZEEKR Intelligent Technology Holding Limited