HACKETTSTOWN, N.J., Aug. 21, 2025 /PRNewswire/ — Eric Gang, founder of Gang & Associates LLC and a nationally recognized veterans’ disability attorney, was recently featured in Woman’s World in an article titled Eric Gang, A Legal Advocate on Why Fixing Veteran Obesity Starts With Changing the Military Diet. In the piece, Gang shares how decades of reviewing veterans’ medical records, which often go back 40 to 50 years, has revealed a troubling pattern: a long-standing and growing obesity crisis among former servicemembers.

Gang notes that obesity’s impact reaches far beyond personal health. It contributes to chronic conditions such as sleep apnea, type 2 diabetes, and heart disease, all illnesses that often surface decades after service and are difficult to prove as service-connected in VA disability claims. Research estimates the cost of obesity to the U.S. military at $1.24 billion annually, reflecting not just healthcare expenses but also lost readiness, recruitment challenges, and national security concerns. In fact, nearly one-third of Army reserve recruits fail to meet BMI standards.

“People don’t use lawyers like me for easy cases,” Gang says in the article. His clients are often veterans battling complex, chronic health issues, and his experience shows that poor dietary habits during military service can have lasting consequences. Because servicemembers are young and active, the effects of high-processed, high-sugar diets often go unnoticed until years later when activity levels decline. “We are seeing an explosion in sleep apnea,” Gang explains. “And sleep apnea’s biggest risk factor is being overweight.”

Gang argues that the military should use its “captive audience” to instill healthier eating habits, providing nutritious food options and educating recruits on long-term wellness. He believes such measures would not only benefit individual servicemembers but also reduce future costs for the VA and improve overall force readiness.

In the article he calls for public health policy based on science rather than industry lobbying. While he does not advocate government control over individual diets, he stresses the importance of accurate, unbiased information so veterans can make informed choices.

Because veterans reflect the broader American population, their health challenges should serve as a warning signal. “If we are serious about honoring our veterans, we need to start by addressing the root causes of their health problems, beginning with what’s on their plate.”

Contact:

Eric Gang
(908) 850-9999
https://www.veteransdisabilityinfo.com/

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SOURCE Gang & Associates LLC

Backpacks filled with school supplies help prepare students for the new school year

TUSTIN, Calif., Aug. 21, 2025 /PRNewswire/ — SchoolsFirst Federal Credit Union, the largest credit union in California and the largest serving school employees and their families, delivered 3,200 backpacks filled with school supplies—including pencils, erasers, notebooks, and other classroom essentials—to 13 county offices of education throughout California, including the Sacramento County Office of Education (SCOE). In an effort to serve students in this area, SchoolsFirst FCU delivered 400 backpacks and 150 hygiene kits and non-perishable food items for students in the countywide homeless services program Project Teach, which helps students access education, transportation and its Foster Youth Services, which provides training and advocacy to improve academic outcomes.

SchoolsFirst FCU delivered backpacks and school supplies to the following counties: Lassen, Los Angeles, Nevada, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, Sutter, Ventura, Yuba and Yolo.

“Supporting our educators is a top priority, and by preparing students with essential resources to help them learn, we’re making it easier for teachers to focus on educating and serving the students,” said Josh Smith, vice president of school and community relations at SchoolsFirst Federal Credit Union. “By working alongside some of our county office of education partners, we’re helping to set students up for success from day one.”

About SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union is the largest credit union serving school employees, and for the seventh year in a row, Forbes has named SchoolsFirst FCU the top credit union in California. Serving school employees and their families, the organization is dedicated to delivering World-Class Personal Service and improving the financial lives of its Members. In J.D. Power’s 2025 inaugural U.S. Credit Union Satisfaction Study, its Members ranked them #1 for overall satisfaction. Today they serve more than 1.5 million Members with a full range of financial products and services. SchoolsFirst FCU was founded in 1934, when 126 school employees pooled $1,200 and established a Member-owned cooperative to help improve each other’s lives.

The Credit Union has nearly $34 billion in assets and remains the largest credit union in California and the third largest credit union in the United States. For more information about SchoolsFirst FCU, visit schoolsfirstfcu.org. 

Insured by NCUA.

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SOURCE SchoolsFirst Federal Credit Union

The Rachael Ray Foundation and the National Restaurant Association Educational Foundation join forces to cultivate future restaurant careers through ProStart CTE program.

Apply here through September 19

WASHINGTON, Aug. 21, 2025 /PRNewswire/ — The Rachael Ray Foundation and the National Restaurant Association Educational Foundation (NRAEF) are once again teaming up to support high school culinary arts and restaurant management education through the 2025 Rachael Ray Foundation ProStart Grow Grants. High schools across the country can now apply for a $5,000 grant to enhance or launch their ProStart career and technical education (CTE) programs. Applications are open now through 11:59 p.m. ET on September 19, at this link.

Forty-eight high schools will be selected to receive grants that can be used to upgrade classroom equipment and resources – supporting educators who are delivering ProStart’s industry-driven curriculum in culinary arts and restaurant management fundamentals. Schools looking to kick-start their own ProStart program in the 2026-2027 academic year are also eligible to apply for funds, which can be used to set up their new kitchens and classrooms for success. Selected schools will be notified in October.

“ProStart is inspiring students by connecting them with the numerous career opportunities that exist in the restaurant industry – with the program’s incredible educators at the forefront of this career-building work,” said Rachael Ray, founder of The Rachael Ray Foundation. “I’m excited to partner with the National Restaurant Association Educational Foundation once again to give teachers the tools they need to invest in these young people and show them all that’s possible in our industry.”

This year marks the sixth round of Grow Grant funding from The Rachael Ray Foundation, which has awarded more than $1 million to ProStart schools across 153 grants to-date and made further investment in restaurant and foodservice-focused career education – including over 260 scholarships through Rachael Ray’s Yum-o! Organization.

“The Rachael Ray Foundation’s continued support of ProStart has helped to transform its classrooms into launchpads for future chefs, managers, and entrepreneurs,” said Rob Gifford, president of the National Restaurant Association Educational Foundation. “These grants speak to the power of ProStart in building tomorrow’s restaurant industry careers – and the educators who bring this program to life each day.”

ProStart is a two-year CTE program offered in high schools and technical centers across all 50 states, Washington, D.C., and Puerto Rico. Students gain hands-on experience and industry certifications, preparing them for careers in restaurants and foodservice. Culinary students learn to prepare a three-course meal using only two butane burners, while restaurant management students develop business plans for original restaurant concepts.

“The Rachael Ray Grow Grant has transformed our culinary program and opened new doors for our students,” said Suzanne Fekete-Stilley, a ProStart Instructor at Albany High School in Albany, Louisiana, which received a 2024 Rachael Ray Foundation ProStart Grow Grant. “Not only were we able to provide industry-recognized certifications to every student, but the field trip to New Orleans gave them real-world exposure to culinary careers. I’ve seen their confidence and skills grow tremendously. One student even secured a part-time position at a local restaurant because of their ServSafe certification. This grant has truly helped us grow future culinary professionals.”

The NRAEF administers the Grow Grant application process. Schools must submit a complete application by the deadline. New ProStart schools selected for funding must sign an agreement to join the program or return the funds.

For more information and to apply, click here

About the National Restaurant Association Educational Foundation (NRAEF): As the supporting philanthropic foundation of the National Restaurant Association, the NRAEF’s charitable mission includes enhancing the industry’s training and education, career development, and community engagement efforts. The NRAEF and its programs work to Attract, Empower, and Advance today and tomorrow’s restaurant and foodservice workforce. NRAEF programs include: ProStart® – a high-school career and technical education program; Restaurant Ready/HOPES – Partnering with community based organizations to provide people with skills training and job opportunities; Military – helping military servicemen and women transition their skills to restaurant and foodservice careers; Scholarships – financial assistance for students pursuing restaurant, foodservice and hospitality degrees; and the Restaurant & Hospitality Leadership Center (RHLC) – accredited apprenticeship programs designed to build the careers of service professionals. For more information on the NRAEF, visit ChooseRestaurants.org.   

About The Rachael Ray Foundation
The Rachael Ray Foundation™ (RRF) is a private foundation that is fully funded by the proceeds from the sale of Rachael Ray™ Nutrish®. RRF was launched by Rachael in 2016 to better support the causes she cares for most such as helping animals in need. Additionally, RRF works with organizations that support the mission of Yum-o!, Rachael’s 501c3, in order to bolster and amplify their efforts through additional funding. Yum-o! empowers kids and their families to develop healthy relationships with food and cooking. It also teaches families to cook, feeds hungry kids, and funds cooking education, among other initiatives.

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SOURCE National Restaurant Association Educational Foundation

Georgians invited to register online today for annual event hosted by Friends to help care for state parks on National Public Lands Day

ATLANTA, Aug. 21, 2025 /PRNewswire/ — Georgia Power and Friends of Georgia State Parks & Historic Sites (Friends) are preparing to celebrate Your State Parks Day on September 27, an annual event hosted by Friends to help care for Georgia’s state parks in celebration of National Public Lands Day. The event was created by Friends and has been supported by Georgia Power for the last several years with hundreds of Georgia Power employees helping clean up and beautify their local state parks through the program, primarily through the company’s longstanding Citizens of Georgia Power employee volunteering organization.

Georgians are invited to mark their calendars to come roll up their sleeves on September 27, or support the program in other ways by donating to Friends or sharing their favorite state parks memory. All of the information, including event and registration details by local state park, is available on the Friends of Georgia State Parks & Historic Sites website.

“Helping preserve and protect Georgia’s incredible natural resources is at the heart of our commitment to being a Citizen Wherever We Serve in communities across the state,” said Audrey King, senior vice president of Corporate Responsibility for Georgia Power. “Georgia’s state parks and historic sites are an incredible asset for Georgia, making the natural beauty and history of our state accessible for everyone. We’re proud to continue to support the work of Friends and their annual program to make our state parks even better for Georgia families and visitors from around the world.”

“Your State Parks Day is not just about giving back – it’s about stewardship and taking care of what is important to all of us,” said Damon Kirkpatrick, president and CEO of Friends of Georgia State Parks & Historic Sites. “It is a day that reflects our mission to serve, support, and celebrate what makes Georgia unique. We are proud to have Georgia Power alongside us in that effort.”

Friends is a nonprofit organization with a mission to serve, support, and celebrate Georgia State Parks & Historic Sites. Statewide, Friends works to raise awareness of the economic and intrinsic values of Georgia’s greatest treasures. The organization works with state and community leaders to help make sure that Georgia’s natural and cultural resources are well protected, well maintained and well preserved for generations to come. At the local level, more than 50 chapters work with their respective sites to support individual projects and programs, with thousands of hours of volunteer time donated each year.

To learn more about Friends of Georgia State Parks & Historic Sites, and the organization’s Your State Parks Day program, visit: https://friendsofgastateparks.org/.

About Georgia Power

Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America’s premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the

company’s promise to 2.8 million customers in all but four of Georgia’s 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power). 

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SOURCE Georgia Power

 Grants intended to address health related social needs experienced by Medicaid members

CHICAGO , Aug. 21, 2025 /PRNewswire/ — Blue Cross and Blue Shield of Illinois has awarded nearly $10 million this year to more than a dozen community organizations that provide support for behavioral health, housing and food security across Illinois. These grants benefit Illinois Medicaid enrollees who rely on these community organizations for support.

Illinois has seen significant increases in mental health issues, particularly among school-aged children where it can harm individual educational attainment and lead to more serious health conditions. At the same time, the Illinois Department of Public Health reports that housing insecurity has become closely related to chronic illness and mortality, while access to basic health care has become more difficult.

“We work with community organizations across the state that provide early intervention to reduce the long-term effects of health-related social needs,” said Nancy Wohlhart, President of Medicaid for BCBSIL. “These partners have local expertise and demonstrated records of success in the communities they serve.”

Improving Child and Adult Behavioral Health

Because Illinois has seen a significant increase in pediatric mental health issues, BCBSIL has focused $1.5 million of its investments to expand school-based mental health services for Medicaid members through Arukah Institute of Healing, Cartwheel Care, and Erika’s Lighthouse.

BCBSIL also is helping to fund the expansion of care options to support behavioral health care with the DuPage Crisis Stabilization program, NAMI of DuPage’s Living Room Program, and other sober living providers throughout the state. The company’s grant to the DuPage County Health Department helped to open a Crisis Recovery Center that is an alternative to emergency rooms for people having behavioral health crises. By providing specialized care, the center can reduce emergency room visits and lower the cost of care.

Continuing Investment in our Housing Program

BCBSIL also works to expand affordable housing options for Medicaid enrollees. In 2025, the BCBSIL Housing Program devoted $5.5 million to community organizations that help Medicaid members find secure housing, also reducing hospital admissions and ER visits. BCBSIL’s grant to the Southern Illinois Health Foundation helped open Vivian’s Village, a 16-unit supportive housing community in Cahokia Heights. This is part of a broader five-year $12 million commitment to addressing housing insecurity.

Addressing Food Insecurity

With more than 87,000 BCBSIL Medicaid members reporting food insecurity, BCBSIL provided $3 million to fund several community-based organizations including Dion’s Chicago Dream, VNA Health Care, Aunt Martha’s Health & Wellness, and T. Castro Produce to provide access to healthy foods and nutrition support while improving health outcomes for diabetes, hypertension and obesity. This food program has distributed more than 60,000 food boxes since 2023.

BCBSIL focuses its investments on meeting the needs of Medicaid and other community members by addressing health related social needs, including economic opportunity and stability, nutrition, neighborhood and built environment, locally defined health solutions and optimal health solutions. Its community investments align with the State of Illinois’ Section 1115 Medicaid Waiver and will continue into 2026. Learn more about BCBSIL’s community impact.

About Blue Cross and Blue Shield of Illinois
Blue Cross and Blue Shield of Illinois is the largest health insurer in Illinois, serving 9 million members and operating in all 102 Illinois counties. BCBSIL is a division of Health Care Service Corporation, a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association. Learn more at bcbsil.com and follow us on Facebook and LinkedIn

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SOURCE Blue Cross and Blue Shield of Illinois

SEATTLE, Aug. 21, 2025 /PRNewswire/ — RareCyte, Inc., a leading innovator in precision biology and liquid biopsy technology, is proud to announce receipt of a $500K award from the Gates Foundation to advance research into fetal growth restriction (FGR), a major cause of preterm birth, stillbirth, and neonatal morbidity worldwide.

FGR is a significant global health challenge, contributing to long-term developmental delays and increased risk of chronic diseases for affected children, as well as heightened maternal health risks. Despite its prevalence, the underlying causes of FGR remain poorly understood, and current diagnostic tools are inadequate for early and accurate identification.

“RareCyte’s groundbreaking TrophoSeq™ assay provides a non-invasive ‘liquid biopsy’ of the placenta by isolating and sequencing circulating trophoblasts (circTBs) from maternal blood,” explained Eric Kaldjian, MD, SVP of Clinical Research at RareCyte and principal investigator for the research. “These rare placental cells offer a unique window into placental physiology, enabling researchers to study molecular changes associated with both healthy and dysfunctional pregnancies without risk to mother or fetus.”

Under this program, RareCyte will partner with Prof. Mushi Matjila and Dr. Nadia Ikumi at the University of Cape Town (UCT) to conduct a two-phase study enrolling pregnant women at Groote Schuur Hospital in South Africa. The study will generate cellular and transcriptomic profiles of circTBs from women with early-onset FGR and matched healthy pregnancies (n=30), using RareCyte’s proprietary AccuCyte® and TrophoSeq™ platforms.

“This is an exciting opportunity for Dr. Ikumi and me, ” says Prof. Mushi Matjila. “The greatest limitation in placental research has always been the ability to understand placental biology especially in early gestation. With this technology we can do so, without interrupting pregnancy, and we do so while developing the capacity of young local talent and our research platform.” The project aims to identify gene expression differences and molecular pathways involved in placental dysfunction, paving the way for improved diagnostics and potential therapeutic targets.

Key Study Highlights:

  • Non-invasive sampling: Utilizes maternal blood to obtain placental cells, eliminating the risks of traditional biopsy.
  • Global health impact: Focuses on early-onset FGR, a condition with high perinatal morbidity and mortality.
  • Data-driven insights: Comprehensive transcriptomic analysis to uncover the molecular drivers of FGR.
  • Collaborative approach: Data will be analyzed jointly with UCT and findings disseminated to the scientific community.

“By advancing research on fetal growth restriction, we hope to provide clinicians and researchers with the tools they need to better predict, diagnose, and ultimately prevent adverse pregnancy outcomes,” said Joe Victor, CEO of RareCyte.

This pilot study is expected to be completed in the first half of 2026. Results from this investigation will inform future translational research studies and support global efforts to improve maternal and neonatal health.

For more information about RareCyte, please visit www.rarecyte.com.

About RareCyte, Inc.

RareCyte provides Precision Biology products and services for discovery, translational research, and clinical diagnostics. The Orion™ spatial biology platform enables same-day, 20 channel multiplexed tissue analysis. Our comprehensive liquid biopsy offering enables CTC and other rare cell characterization and single cell retrieval for molecular analysis, and CDx development. For Research Use Only. Not for use in diagnostic procedures.

About University of Cape Town (UCT)

The University of Cape Town (UCT) is a leading research-intensive University in Africa, inspiring creativity and excellence through outstanding achievements in learning, discovery, and engaged citizenship. UCT fosters a vibrant, inclusive environment that attracts diverse students and scholars worldwide, with a focus on local relevance. Committed to advancing scholarship in Africa and beyond, UCT builds strategic partnerships and produces influential graduates and future leaders. Our qualifications are globally respected and locally relevant, driven by values of social justice and transformation. UCT actively works to create a more equitable, sustainable society while nurturing a culture of diversity and belonging for all its members.

Media Contacts

RareCyte: media@rarecyte.com

University of Cape Town: elijah.moholola@uct.ac.za

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SOURCE RareCyte, Inc.

NEW YORK, Aug. 21, 2025 /PRNewswire/ — With just seven days remaining until the August 29 reporting deadline for Local Law 97 (LL97) and Local Law 88 (LL88), The Cotocon Group, New York’s leading energy law compliance and energy consulting firm, is urging building owners to act now—or risk costly fines.

With New York City demanding, 26,983 buildings to comply, Cotocon has already completed over 2,000 filings this year already and still helping owners across the city be advised of these laws to stay ahead of compliance. But as the deadline looms, many properties remain non-compliant.

“We’re seeing a flood of last-minute inquiries from owners who thought they had more time,” said Jimmy Carchietta, Founder & CEO of The Cotocon Group. “The reality is clear: once the August 29 deadline passes, the City of New York will begin issuing violations and fines. Compliance is not optional, and waiting until the last day can be a costly gamble.”

What’s at Stake

  • Local Law 97 (LL97) requires buildings over 25,000 square feet to report greenhouse gas emissions and remain under strict carbon thresholds. Exceeding those limits can trigger fines reaching millions of dollars annually.
  • Local Law 88 (LL88) mandates lighting upgrades and sub-metering installations for all buildings above 25,000 square feet. Missed filings or incomplete work will also draw enforcement action.

As enforcement tightens, Cotocon stresses that compliance is not a same-day process. Filing requires energy data analysis, documentation review, and technical validation—all of which take time.

Cotocon’s Role

For over 15 years, The Cotocon Group has been a trusted partner for NYC building owners, providing end-to-end compliance administration including:

  • LL97 emissions analysis, reporting & filing
  • LL88 lighting and sub-metering analysis, reporting & filing
  • LL84/133 Energy and Water Benchmarking analysis, reporting & filing
  • LL87 Energy audits & retro-commissioning analysis, reporting and filing
  • LL97 A320 penalty mitigation/mediated resolution- pathways

After years of listening to building owners, managers, and board members share the same frustrations, Cotocon realized the answer wasn’t just consulting—it was technology and automation. That evolution has transformed Cotocon into not just a compliance partner, but a technology company. The result is The Carbon Shield, a real-time compliance intelligence platform built directly from those conversations.

It gives owners instant visibility into emissions, potential fines, and compliance progress along with violation tracking, all in real-time. For the first time, owners can look up their building and see exactly where they stand—before the city does.

Urgent Call to Action

“Building owners who are not in contract yet should treat this week as their final opportunity,” Carchietta added. “We’ve filed thousands of reports, but the clock is ticking, and after August 29, fines are unavoidable.”

The Cotocon Group advises owners to act immediately to avoid financial exposure and reputational risk as the city enforces these laws more aggressively than ever.

Media Contact:
The Cotocon Group
Email: media@thecotocongroup.com 
Phone: +1 (212) 889-6566
Website: www.thecotocongroup.com 

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SOURCE The Cotocon Group

NEW ORLEANS, Aug. 21, 2025 /PRNewswire/ — The Kerry & Melinda Kirby Foundation in partnership with the National Kidney Foundation of Louisiana (NKFL), announced today the impact of their groundbreaking initiative, Ride with Kenny. This pioneering program enables social workers across Louisiana to schedule non-emergency medical transportation for patients who require dialysis—removing a major obstacle to care and helping some of the state’s most vulnerable citizens live healthier, more stable lives.

In a state where more than 460,000 residents are battling chronic kidney disease and over 16,000 rely on dialysis to survive, access to timely and reliable transportation can mean the difference between life and death. Ride with Kenny was created to address this critical gap—removing one of the most persistent barriers to care: simply getting to a dialysis clinic.

According to NKFL and Uber Health’s internal data for the fiscal year ending June 30, 2025, Ride with Kenny provided 1,165 rides to approximately 582 patients—each ride representing a lifeline to health, dignity, and hope. By preventing missed dialysis treatments, the program helps avert up to a 40% increased risk of hospitalization—and reduced mortality risk by as much as 25% among patients who otherwise miss their sessions (Clinical Journal of the American Society of Nephrology, June 2025).

Powered by a generous multi-year grant from the Kerry & Melinda Kirby Foundation, the program expands an existing NKFL initiative to deliver more accessible transportation options to patients across Louisiana. Through an alliance with Uber Health, the program provides a critical link to care—offering HIPAA-compliant rides that get patients to their treatments safely and on time.

Kerry and Melinda Kirby are not just philanthropists—they are true champions for patients in need,” stated Torie Kranze, CEO of the National Kidney Foundation of Louisiana. “Their extraordinary generosity and compassion have created a life-changing program that removes one of the most significant challenges to obtaining medical services. Ride with Kenny is a shining example of what happens when visionary leadership meets a deep commitment to community.”

The Ride with Kenny initiative is a heartfelt tribute to Kenneth Fredrick Kirby, one of the first dialysis patients in Louisiana. Affectionately known as Kenny, he was a beloved son, devoted husband, and loving father to Kerry W. Kirby and Karen Kirby Lasseigne. Kenny proudly served in the United States Army and later joined the Louisiana State Police, where he carried out his duties with unwavering integrity and dedication. After a long and courageous battle with chronic kidney disease, the illness ultimately claimed his life at the young age of 33. His legacy now lives on through a mission that brings hope, healing, and access to care for others in need.

Ride with Kenny is more than transportation—it’s a lifeline, a promise, and a deeply personal mission to right a wrong that took my father way too soon,” said Kerry W. Kirby, philanthropist and co-founder of the Kerry & Melinda Kirby Foundation. “It’s about restoring hope and standing with those who fight each day for their health. Melinda and I are committed to removing the roadblocks that prevent access to lifesaving treatments and to uplifting others with dignity and compassion. We’re honored and forever grateful to work with NKFL in bringing this vision to life.”

About The Kerry & Melinda Kirby Foundation: Renowned entrepreneurs Kerry W. Kirby and Melinda M. Kirby are dedicated to supporting communities and causes, with a strong emphasis on humanitarian, educational, healthcare, and equality initiatives. Through the Kerry & Melinda Kirby Foundation, they provide resources to nonprofit organizations that drive progress and amplify the voices of those who are often not heard. Learn more at: Kirby.Foundation 

About the National Kidney Foundation of Louisiana: The National Kidney Foundation of Louisiana (NKFL) is revolutionizing the fight to save lives by eliminating preventable kidney disease, accelerating innovation for the dignity of the patient experience, and dismantling structural inequities in kidney care, dialysis and transplantation. The NKFL provides vital patient and community services, conducts extensive public and professional education, advocates for patients through legislative action, and supports local kidney research to identify new treatments. NKFL relies on individual and corporate donations, business partnerships, foundation and government grants and special event revenue. More than 81 cents of each dollar donated to the NKFL goes directly to support its programs and services. Learn more at: Kidneyla.org

MEDIA CONTACT:
National Kidney Foundation of Louisiana
ATTN: Ingrid Amador
Phone: 504.861.4500
Email: 399810@email4pr.com

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SOURCE Kerry & Melinda Kirby Foundation

Petri Plumbing, Heating, Cooling & Drain Cleaning says homeowners should observe National Water Quality Month by implementing eco-friendly plumbing solutions

BROOKLYN, N.Y., Aug. 21, 2025 /PRNewswire/ — As a longtime leader in green plumbing innovation, the experts at Petri Plumbing, Heating, Cooling & Drain Cleaning, a family-owned home service company serving Brooklyn and Manhattan since 1906, encourages homeowners to embrace eco-friendly plumbing practices as a way to conserve water and reduce utility bills.

“August is National Water Quality Month, so it’s a perfect time for homeowners to learn how choosing an eco-friendly plumber can significantly improve your home’s water quality and save you money in the process,” said Michael Petri, owner of Petri Plumbing, Heating, Cooling & Drain Cleaning. “The goal of green plumbing technology is to help our customers make informed decisions about their water use and plumbing purchases. By adopting sustainable practices, homeowners can boost efficiency while supporting their long-term financial goals.”

Petri said that green plumbing:

  • Enhances water quality: By using filtration systems and sustainable materials like PEX piping and reducing the use of chemical drain cleaners, homeowners can remove contaminants, prevent corroded pipes and refrain from contaminating other water sources. This results in cleaner and healthier water.
  • Improves water efficiency: Switching to low-flow faucets and toilets, installing tankless or solar water heating systems, and implementing systems like rainwater harvesting and grey water recycling for non-potable purposes can save homeowners money. Low-flow toilets can save the average homeowner 13,000 gallons of water per year, resulting in an annual savings of about $170, while installing a single, 55-gallon rain barrel can save up to 1,300 gallons of water each year, according to the U.S. Environmental Protection Agency.
  • Prevents leaks and reduces heat loss: Smart plumbing solutions, such as installing water leak detectors and properly insulating hot water pipes, can not only save money on utility costs but also protect homes from water damage and heat loss.

“Try to imagine life without easy access to clean water,” Petri said. “Our lives would be totally different, and not for the better. It’s up to us to do our part to reduce the amount of pollutants that get into our drinking water and consider the small things we do that negatively affect water quality. Don’t just fix your leaks, fix your water quality and your water bill.”

For more information about Petri Plumbing, Heating, Cooling & Drain Cleaning, visit https://www.petriplumbing.com/, or to schedule service, call (718) 717-1089.

About Petri Plumbing, Heating, Cooling & Drain Cleaning

Petri Plumbing, Heating, Cooling & Drain Cleaning is a family owned and operated business serving Brooklyn, Queens, Manhattan and Staten Island. Founded in 1906, the company offers a 100% guarantee on all services, upfront pricing, 24/7 emergency hours, and friendly and knowledgeable service experts ready to assist you at your home and business. From service, maintenance, replacement and installation, Petri is there for all of your plumbing, heating, cooling & drain cleaning needs. For more information, please visit www.petriplumbing.com or call (718) 717-1089.

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SOURCE Petri Plumbing & Heating, Inc.

KITCHENER, ON, Aug. 21, 2025 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2025.

Second Quarter Highlights

  • 14% quarter-over-quarter (“qoq”) increase in solar module shipments to 7.9 GW, within guidance of 7.5 GW to 8.0 GW.
  • 29.8% gross margin, exceeding guidance of 23% to 25%.
  • Released the 2024 Sustainability Report on May 29, 2025, with updated disclosures aligned to global reporting standards.

Dr. Shawn Qu, Chairman and CEO, commented, “We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher mix of North America module shipments and robust storage volumes. Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability.”

Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said, “In the second quarter, we delivered module shipments near the high end of guidance. Despite tariff headwinds, e-STORAGE achieved one of its strongest quarters. With solar supply chain pricing trending higher and storage margins normalizing, we expect margin pressure in the second half. We remain focused on strategically managing module volumes to less profitable markets and growing our storage volumes globally. Meanwhile, we continue to build emerging profitability drivers such as our residential energy storage systems and bundled sales solutions.”

Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, said, “Revenue and profitability in the second quarter were sequentially lower, primarily due to lighter project sales. We monetized over 200 MW of projects in Europe and Japan, including our first and profitable sale of a battery energy storage project in Italy, while a project sale in Latin America shifted to the second half of the year. Overall, we expect our electricity sales revenue to grow steadily, as we enhance the performance of our existing IPP portfolio and advance construction in our target markets, with more meaningful contributions expected next year.”

Xinbo Zhu, Senior VP and CFO, added, “In the second quarter, we delivered $1.7 billion in revenue and a gross margin of 29.8%. Non-recurring operating expenses, including impairments to projects and manufacturing assets, reduced profitability, resulting in net income attributable to shareholders of $7 million, or a net loss of $0.08 per diluted share. We continue to manage cash flow prudently, prioritizing disciplined capital deployment. Operating cash inflow was $189 million, and we ended the quarter with a cash position of $2.3 billion.”

Second Quarter 2025 Results

Total module shipments recognized as revenues in Q2 2025 were 7.9 GW, up 14% quarter-over-quarter (“qoq”) and down 4% year-over-year (“yoy”). Of the total, 672 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues were $1.7 billion in Q2 2025, up 42% sequentially and 4% yoy, mainly due to higher sales of battery energy storage systems and solar modules.

Gross profit was $505 million, compared to $140 million in Q1 2025 and $282 million in Q2 2024. Gross margin was 29.8%, compared to 11.7% and 17.2%, respectively. The gross margin sequential and yoy increases were primarily driven by a release of unrealized profit upon sales-type leasing of a U.S. project, higher margin contribution from battery energy storage systems, and the benefit from a U.S. anti-dumping (“AD”) and countervailing duty (“CVD”) true-up adjustment.

Operating expenses were $378 million, up from $195 million in Q1 2025 and $234 million in Q2 2024. The increase was primarily caused by impairment charges related to certain solar and storage assets, as well as manufacturing assets. Operating expenses represented 22.3% of revenue, compared to 16.3% in Q1 2025 and 14.3% in Q2 2024.

Net income attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in Q2 2025 was $7 million, or a net loss of $0.08 per diluted share, compared to a net loss of $34 million, or $0.69 per diluted share, in the Q1 2025, and net income of $4 million, or $0.02 per diluted share, in Q2 2024.

Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was $23 million, and adjusted loss per share – diluted was $0.53 per share in Q2 2025, compared to an adjusted net loss of $60 million or adjusted $1.07 per share in Q1 2025, and a net income of $4 million or $0.02 per share in Q2 2024. Adjusted net loss attributable to Canadian Solar Inc. and adjusted loss per share – diluted in Q2 2025 and Q1 2025 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 provided by operating activities in Q2 2025 was $189 million, driven by changes in working capital, specifically a decrease in inventories, compared to net cash flow used in operating activities of $264 million in Q1 2025 and $429 million in Q2 2024.

Total debt, including financing liabilities, was $6.3 billion as of June 30, 2025, including $2.5 billion, $3.5 billion, and $0.3 billion related to CSI Solar, Recurrent Energy, and convertible notes, respectively. Total debt rose from $5.7 billion as of March 31, 2025, mainly due to new borrowings for development of projects and operational assets. Total non-recourse debt as of June 30, 2025, was $1.8 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 June 30, 2025, the Company 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 80 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, with some project ownership sales to manage cash flow and debt level;
  • 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 nearly 14 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 June 30, 2025, the Company’s total solar project development pipeline was 27.3 GWp, including 2.0 GWp under construction, 4.2 GWp of backlog, and 21.1 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 the Company 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 the Company’s total solar project development pipeline.

Solar Project Development Pipeline (as of June 30, 2025) – MWp*

Region

Under
Construction

Backlog

Advanced
Development

Early-Stage
Development

Total

North America

276

547

427

5,024

6,274

Europe, the Middle East, and Africa
(“EMEA”)

1,073

1,704**

872

4,767

8,416

Latin America

128**

823

352

5,666

6,969

Asia Pacific excluding China and Japan

171

275

430

1,289

2,165

China

300

780**

2,100

3,180

Japan

52

33

80

127

292

Total

2,000

4,162

2,161

18,973

27,296

*All numbers are gross MWp.

**Including 63 MWp under construction and 551 MWp in backlog that are owned by or already sold to third parties.

 

Project Development Pipeline – Battery Energy Storage

As of June 30, 2025, the Company’s total battery energy storage project development pipeline was 80.2 GWh, including 6.4 GWh under construction and in backlog, and 73.8 GWh of projects in advanced and early-stage development.

The table below sets forth the Company’s total battery energy storage project development pipeline.

Battery Energy Storage Project Development Pipeline (as of June 30, 2025) – MWh

Region

Under
Construction

Backlog

Advanced
Development

Early-Stage
Development

Total

North America

600

200

600

20,644

22,044

EMEA

43

2,708

4,493

31,790

39,034

Latin America

1,320

1,385

2,705

Asia Pacific excluding China and Japan

440

240

740

2,580

4,000

China

1,200

6,600

7,800

Japan

8

936

2,031

1,650

4,625

Total

1,091

5,284

9,184

64,649

80,208

 

CSI Solar

Solar Modules and Solar System Kits

CSI Solar shipped 7.9 GW of solar modules and solar system kits to more than 70 countries in Q2 2025. The top five markets ranked by shipments were the U.S., China, Pakistan, Spain, and Australia.

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

Solar Manufacturing Capacity, GW*

June 2025

Actual

December 2025

Plan

Ingot

31.0

31.0

Wafer

37.0

37.0

Cell

36.2

32.4

Module

59.0

51.2

*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 June 30, 2025, e-STORAGE contracted backlog, including contracted long-term service agreements, was $3 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.

e-STORAGE Manufacturing Capacity Expansion Plans*

June 2025
Actual

December 2025
Plan

December 2026
Plan

SolBank Battery Energy Storage Solutions (GWh)

10

15

24

Battery Cells (GWh)

3

3

9

*Nameplate annualized capacities (single-shift basis) 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 Q3 2025, the Company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 5.0 GW to 5.3 GW. Total battery energy storage shipments by CSI Solar in Q3 2025 are expected to be in the range of 2.1 GWh to 2.3 GWh, including approximately 250 MWh to the Company’s own projects.

For the full year of 2025, the Company expects CSI Solar’s total module shipments to be in the range of 25 GW to 27 GW, including approximately 1 GW to the Company’s projects. CSI Solar’s total battery energy storage shipments are expected 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 $5.6 billion to $6.3 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “We expect third quarter margins to moderate as difficult market conditions persist, and storage profitability reflects more recent orders at normalized levels. We narrowed our full year module volume guidance and maintained our storage volume guidance, supported by increased visibility into the second half. Full year revenue expectations have been adjusted to reflect certain project sales shifting into 2026 and a more measured view on module pricing. The second half will remain challenging, with rising solar supply chain prices and ongoing trade uncertainties. We will continue to navigate these conditions with discipline, maintaining a prudent balance between growth and profitability.”

Recent Developments

Canadian Solar

On May 29, 2025, Canadian Solar announced the publication of its 2024 Sustainability Report, which highlights the Company’s sustainability strategy and performance, including progress towards achieving its sustainability goals. The sustainability disclosures in the report are aligned with the global standards set by the SASB and GRI, with reference to the IFRS set by the ISSB.

CSI Solar

On July 16, 2025, Canadian Solar announced its residential energy storage system, EP Cube, designed by its subsidiary, Eternalplanet, won the prestigious Red Dot Award 2025. This award recognizes EP Cube as one of the most well-designed residential energy storage products globally. Earlier this year, EP Cube also received several other international design awards, including the If Design Award and MUSE Design Award Gold.  

On June 3, 2025, Canadian Solar announced the completion of Large-Scale Fire Testing for its SolBank 3.0 energy storage system. The successful test demonstrated that SolBank 3.0 meets key fire safety criteria by containing thermal events within a single enclosure, providing enhanced safety assurance for utility-scale deployments.

Recurrent Energy

On July 17, 2025, Canadian Solar announced it closed project financing and tax equity for Blue Moon Solar located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project, totaling $260 million. Constellation will purchase power and renewable energy certificates produced by the 94 MW energy facility. Blue Moon Solar is currently under construction and expected to reach commercial operation in 2026. Recurrent Energy will own and operate the project after it is energized.

On July 7, 2025, Canadian Solar announced that the 1,200 MWh Papago Storage facility in Maricopa County, Arizona, has reached commercial operation. The project is now dispatching stored energy to Arizona Public Service (APS), the state’s largest electric utility. Papago Storage is the first of three Recurrent Energy projects with tolling agreements in place with APS to become operational.

Conference Call Information

The Company will hold a conference call on Thursday, August 21, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., Thursday, August 21, 2025, in Hong Kong) to discuss the Company’s second 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 13755040. 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, September 4, 2025 (11:00 a.m. September 5, 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 13755040. A webcast replay will also be available on the investor relations section of Canadian Solar’s website 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 165 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 13 GWh of battery energy storage solutions to global markets as of June 30, 2025, boasting a $3 billion contracted backlog as of June 30, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 80 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:

Wina Huang

Investor Relations

Canadian Solar Inc.

investor@canadiansolar.com

 

 

FINANCIAL TABLES FOLLOW

The 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 June 30, 2025

(In Thousands of U.S. Dollars)

CSI Solar

Recurrent
Energy

Elimination
and unallocated
items

Total

Net revenues 

$ 1,731,803

$ 106,135

$ (144,067)

$ 1,693,871

Cost of revenues

1,346,248

71,757

(229,164)

1,188,841

Gross profit

385,555

34,378

85,097

505,030

Operating expenses

264,815

108,815

3,967

377,597

Income (loss) from
   operations

120,740

(74,437)

81,130

127,433

Other segment items (1)

(46,299)

Income before income taxes
   and equity in losses of
   affiliates

81,134

Supplementary Information:

Interest expense

$ (15,983)

$ (25,521)

$ (3,303)

$ (44,807)

Interest income

7,264

2,296

360

9,920

Depreciation and
   amortization, included in
   cost of revenues and
   operating expenses

131,433

14,344

145,777

Cash and cash equivalents

$ 1,454,276

$ 346,844

$ 54,914

$ 1,856,034

Restricted cash – current and
   non-current

340,258

67,917

408,175

Non-recourse borrowings

1,809,269

1,809,269

Other short-term and long-
   term borrowings

2,443,265

1,478,119

3,921,384

Convertible notes – non-
   current

274,510

274,510

Green bonds – non-current

163,586

163,586

Select Financial Data – CSI Solar and Recurrent Energy

Six Months Ended June 30, 2025

(In Thousands of U.S. Dollars)

CSI Solar

Recurrent Energy

Elimination and unallocated items

Total

Net revenues 

$ 2,922,061

$ 231,377

$ (262,942)

$ 2,890,496

Cost of revenues

2,376,968

173,715

(305,711)

2,244,972

Gross profit

545,093

57,662

42,769

645,524

Operating expenses

422,516

144,096

6,284

572,896

Income (loss) from operations

122,577

(86,434)

36,485

72,628

Other segment items (1)

(87,225)

Loss before income taxes and
   equity in losses of affiliates

(14,597)

Supplementary Information:

Interest expense

$ (32,865)

$ (46,490)

$ (5,939)

$ (85,294)

Interest income

15,338

5,974

704

22,016

Depreciation and amortization,
 included in cost of revenues
and operating expenses

261,276

28,216

289,492

(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net.

 

 

The following table summarizes the revenues generated from each product or service.

Three Months
Ended

June 30, 2025

Three Months
Ended

March 31, 2025

Three Months
Ended

June 30, 2024

(In Thousands of U.S. Dollars)

CSI Solar:

Solar modules

$ 1,022,266

$ 797,422

$ 1,207,816

Solar system kits

73,812

85,526

114,869

Battery energy storage solutions

432,399

155,310

225,805

EPC and others

61,613

35,037

36,418

Subtotal

1,590,090

1,073,295

1,584,908

Recurrent Energy:

Solar power and battery energy storage asset
sales

48,091

72,151

12,752

Power services

18,809

16,499

16,853

Revenue from electricity, battery energy storage
operations and others

36,881

34,680

20,920

Subtotal

103,781

123,330

50,525

Total net revenues

$ 1,693,871

$ 1,196,625

$ 1,635,433

 

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

(In Thousands of U.S. Dollars)

CSI Solar:

Solar modules

$ 1,819,688

$ 2,119,966

Solar system kits

159,338

214,116

Battery energy storage solutions

587,709

477,278

EPC and others

96,650

63,226

Subtotal

2,663,385

2,874,586

Recurrent Energy:

Solar power and battery energy storage asset
sales

120,242

18,796

Power services

35,308

31,009

Revenue from electricity, battery energy storage
operations and others

71,561

40,153

Subtotal

227,111

89,958

Total net revenues

$ 2,890,496

$ 2,964,544

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Statements of Operations

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

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Net revenues

$ 1,693,871

$ 1,196,625

$ 1,635,433

$ 2,890,496

$ 2,964,544

Cost of revenues

1,188,841

1,056,131

1,353,339

2,244,972

2,429,697

Gross profit

505,030

140,494

282,094

645,524

534,847

Operating expenses:

Selling and distribution
expenses

109,479

90,767

131,692

200,246

220,104

General and administrative
expenses

252,671

105,651

100,911

358,322

195,604

Research and development
expenses

24,719

24,284

25,578

49,003

59,857

Other operating income, net

(9,272)

(25,403)

(23,737)

(34,675)

(37,440)

Total operating expenses

377,597

195,299

234,444

572,896

438,125

Income (loss) from operations

127,433

(54,805)

47,650

72,628

96,722

Other income (expenses):

Interest expense

(44,807)

(40,487)

(33,022)

(85,294)

(67,889)

Interest income

9,920

12,096

14,122

22,016

48,424

Gain (loss) on change in fair
value of derivatives, net

(5,760)

(9,039)

81

(14,799)

(16,613)

Foreign exchange gain
(loss), net

(7,318)

(4,586)

12,486

(11,904)

25,399

Investment income (loss),
net

1,666

1,090

(835)

2,756

(666)

Total other expenses

(46,299)

(40,926)

(7,168)

(87,225)

(11,345)

Income (loss) before income
taxes and equity in earnings
(losses) of affiliates

81,134

(95,731)

40,482

(14,597)

85,377

Income tax benefit (expense)

(34,311)

23,122

(5,283)

(11,189)

(14,960)

Equity in losses of affiliates

(2,053)

(4,045)

(7,775)

(6,098)

(6,770)

Net income (loss)

44,770

(76,654)

27,424

(31,884)

63,647

Less: net income (loss)
attributable to non-controlling
interests and redeemable non-
controlling interests

37,573

(42,683)

23,602

(5,110)

47,473

Net income (loss) attributable
to Canadian Solar Inc.

$ 7,197

$ (33,971)

$ 3,822

$ (26,774)

$ 16,174

Earnings (loss) per share – basic

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$ 0.21

Shares used in computation –
basic

67,167,296

66,962,686

66,413,750

67,065,556

66,289,155

Earnings (loss) per share –
diluted

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$ 0.21

Shares used in computation –
diluted

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754

 

 

 Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)

(In Thousands of U.S. Dollars)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Net income (loss)

$ 44,770

$ (76,654)

$ 27,424

$ (31,884)

$ 63,647

Other comprehensive income (loss), net of tax:

Foreign currency
translation adjustment

95,175

2,091

(59,897)

97,266

(113,710)

Gain (loss) on changes
in fair value of available-
for-sale debt securities

865

(504)

769

361

1,649

Gain (loss) on interest
rate swap

(8,148)

(3,081)

(481)

(11,229)

484

Share of gain (loss) on
changes in fair value of
interest rate swap of
affiliate

(629)

(1,232)

(159)

(1,861)

975

Comprehensive income (loss)

132,033

(79,380)

(32,344)

52,653

(46,955)

Less: comprehensive
income (loss) attributable

to non-controlling
interests and
redeemable non-
controlling interests

41,855

(40,768)

15,637

1,087

35,974

Comprehensive income
(loss) attributable to
Canadian Solar Inc.

$ 90,178

$ (38,612)

$ (47,981)

$ 51,566

$ (82,929)

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets

(In Thousands of U.S. Dollars)

June 30,

December 31,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$ 1,856,034

$ 1,701,487

Restricted cash

388,025

551,387

Accounts receivable trade, net

915,302

1,118,770

Accounts receivable, unbilled

176,542

142,603

Amounts due from related parties

2,874

5,220

Inventories

1,247,923

1,206,595

Value added tax recoverable

232,744

221,539

Advances to suppliers, net

211,625

124,440

Derivative assets

10,936

14,025

Project assets

371,434

394,376

Prepaid expenses and other current assets

796,174

436,635

Total current assets

6,209,613

5,917,077

Restricted cash

20,150

11,147

Property, plant and equipment, net

3,307,521

3,174,643

Solar power and battery energy storage systems,
net

1,981,087

1,976,939

Deferred tax assets, net

397,146

473,500

Advances to suppliers, net

97,985

118,124

Investments in affiliates

262,015

232,980

Intangible assets, net

32,212

31,026

Project assets

1,347,421

889,886

Right-of-use assets

430,534

378,548

Amounts due from related parties

78,150

75,215

Other non-current assets

648,097

232,465

TOTAL ASSETS

$ 14,811,931

$ 13,511,550

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets (Continued)

(In Thousands of U.S. Dollars)

June 30,

December 31,

2025

2024

LIABILITIES, REDEEMABLE INTERESTS AND EQUITY

Current liabilities:

Short-term borrowings

$ 2,275,211

$ 1,873,306

Convertible notes

228,917

Accounts payable

1,016,152

1,062,874

Short-term notes payable

610,288

637,512

Amounts due to related parties

3,427

3,927

Other payables

1,040,789

984,023

Advances from customers

143,224

204,826

Derivative liabilities

2,336

13,738

Operating lease liabilities

24,972

21,327

Other current liabilities

559,163

388,460

Total current liabilities

5,675,562

5,418,910

Long-term borrowings

3,455,442

2,731,543

Convertible notes

274,510

Green bonds

163,586

146,542

Liability for uncertain tax positions

5,770

5,770

Deferred tax liabilities

119,790

204,832

Operating lease liabilities

321,310

271,849

Other non-current liabilities

620,101

582,301

TOTAL LIABILITIES

10,636,071

9,361,747

Redeemable non-controlling interests

205,363

247,834

Equity:

Common shares

835,543

835,543

Additional paid-in capital

575,449

590,578

Retained earnings

1,558,984

1,585,758

Accumulated other comprehensive loss

(115,175)

(196,379)

Total Canadian Solar Inc. shareholders’ equity

2,854,801

2,815,500

Non-controlling interests

1,115,696

1,086,469

TOTAL EQUITY

3,970,497

3,901,969

TOTAL LIABILITIES, REDEEMABLE
INTERESTS AND EQUITY

$ 14,811,931

$ 13,511,550

 

 

Canadian Solar Inc.

Unaudited Condensed Statements of Cash Flows

(In Thousands of U.S. Dollars)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Operating Activities:

Net income (loss)

$ 44,770

$ (76,654)

$ 27,424

$ (31,884)

$ 63,647

Adjustments to net
income (loss)

366,084

161,770

174,201

527,854

332,551

Changes in operating
assets and liabilities

(222,298)

(349,319)

(630,963)

(571,617)

(1,117,023)

Net cash provided by
(used in) operating
activities

188,556

(264,203)

(429,338)

(75,647)

(720,825)

Investing Activities:

Purchase of property,
plant and equipment
and intangible assets

(172,729)

(256,380)

(390,248)

(429,109)

(660,310)

Purchase of solar
power and battery
energy storage systems

(219,695)

(128,707)

(10,936)

(348,402)

(184,277)

Other investing
activities

(55,882)

(83,897)

2,515

(139,779)

12,947

Net cash used in investing
activities

(448,306)

(468,984)

(398,669)

(917,290)

(831,640)

Financing Activities:

Proceeds from
subsidiary’s issuance of
preferred shares, net

297,000

297,000

Capital contributions
from tax equity
investors in subsidiaries

14,680

14,680

Repurchase of shares
by subsidiary

(24,221)

(21,404)

(70,624)

(45,625)

(70,624)

Other financing
activities

495,276

550,962

(38,778)

1,046,238

684,634

Net cash provided by
financing activities

471,055

544,238

187,598

1,015,293

911,010

Effect of exchange rate
changes

18,985

(41,153)

(61,483)

(22,168)

(112,736)

Net increase (decrease) in
cash, cash equivalents
and restricted cash

230,290

(230,102)

(701,892)

188

(754,191)

Cash, cash equivalents
and restricted cash at
the beginning of the period

$ 2,033,919

$ 2,264,021

$ 2,894,133

$ 2,264,021

$ 2,946,432

Cash, cash equivalents and restricted
cash at the end of the period

$ 2,264,209

$ 2,033,919

$ 2,192,241

$ 2,264,209

$ 2,192,241

 

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.

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

GAAP net income (loss)
attributable to Canadian Solar
Inc.

$ 7,197

$ (33,971)

$ 3,822

$ (26,774)

$ 16,174

Non-GAAP income
adjustment items:

Less: HLBV effects

(30,248)

(25,902)

(56,150)

Non-GAAP adjusted net
income (loss) attributable to
Canadian Solar Inc.

$ (23,051)

$ (59,873)

$ 3,822

$ (82,924)

$ 16,174

GAAP earnings (loss) per
share – diluted

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$0.21

Non-GAAP income adjustment items:

Less: HLBV effects

(0.45)

(0.38)

(0.83)

Add: HLBV effects
attributable to redeemable
non-controlling interests

Non-GAAP adjusted earnings
(loss) per share – diluted

$ (0.53)

$ (1.07)

$ 0.02

$ (1.60)

$0.21

Shares used in computation –
diluted (GAAP)

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754

Shares used in computation –
diluted (Non-GAAP)

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754

 

Cision View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2025-results-302535645.html

SOURCE Canadian Solar Inc.

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