JinkoSolar Narrows Q1 Loss to $67 Million as Module Prices Rebound

JinkoSolar Holding Co., Ltd. (NYSE: JKS) reported a first-quarter net loss of $67.2 million, a significant improvement from the prior year, as rebounding module prices helped boost profitability despite lower shipment volumes.

"Driven by improved supply-demand balance, especially in overseas markets, module prices rebounded sequentially during the quarter, helping improve our gross profit margin to 8.3 percent and narrow our net loss," Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, said in a statement.

The world's largest solar module manufacturer by shipments reported total revenues of $1.78 billion, down 11.5 percent from the first quarter of 2025. Quarterly module shipments fell 21.9 percent year-over-year to 13.7 gigawatts (GW). The company's gross margin recovered to 8.3 percent, compared to a gross loss margin of 2.5 percent in the year-ago period.

The results come as the solar industry navigates shifting supply-demand dynamics and geopolitical disruptions affecting logistics. For the second quarter of 2026, JinkoSolar projects module shipments to be between 14 GW and 16 GW. The company maintained its full-year shipment guidance of 75 GW to 85 GW.

Metric	Q1 2026 Actual	Consensus	Q1 2025 Actual
Revenue	$1.78 billion	Not Disclosed	$2.01 billion*
EPS (per ADS)	($1.28)	Not Disclosed	($25.58)
Module Shipments	13.7 GW	Not Disclosed	17.5 GW*
Converted from RMB at historical rates for comparison context

Shipments and Technology Leadership

Despite the year-over-year decline in quarterly shipments, JinkoSolar became the first module manufacturer to exceed 400 GW in cumulative deliveries. The company's high-efficiency Tiger Neo series contributed approximately 240 GW to this total.

Management highlighted its technology leadership, with the average power output of its Tiger Neo 3.0 series reaching 655 to 660 watts. Shipments of higher-power products are increasing, commanding a price premium and accounting for nearly 25 percent of total shipments in the quarter.

Outlook and Strategy

Looking ahead, the company plans to focus on its integrated solar-plus-storage strategy and expects its energy storage system (ESS) shipments to more than double in 2026. JinkoSolar is also expanding its production capacity, targeting 100 GW of annual integrated capacity by the end of 2026, with 14 GW located in overseas facilities.

The narrower loss and recovering margins suggest JinkoSolar is effectively managing pricing and costs in a complex market. Investors will watch the company's second-quarter results, expected in mid-2026, to see if the margin recovery is sustainable and if shipment volumes rebound as projected.

This article is for informational purposes only and does not constitute investment advice.