Revenue during the quarter dropped 6.15 percent to $677.04 million from $721.42 million in the previous year period. Gross margin for the quarter contracted 209 basis points over the previous year period to 13.50 percent. Operating margin for the quarter stood at negative 0.34 percent as compared to a positive 5.32 percent for the previous year period.

Operating loss for the quarter was $2.33 million, compared with an operating income of $38.38 million in the previous year period.

Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, remarked, "Solar module shipments and revenue in the first quarter exceeded expectations led by demand for our high performance solar modules out of China, Brazil, and the U.S, as well as unwavering execution on our total solutions business. We have successfully restored six cell production lines at our tornado damaged Funing cell factory, and have restored another six lines subsequently in Q2. We have also successfully ramped up our new solar cell plant in South East Asia. The equipment used in these cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking. We have completed five additional project sales in China and Canada in the first quarter. We are well underway in the process to monetize our other operating solar power plants in the U.S., Japan and China. We have just completed the second round of binding offers for the sales of our high quality solar power plant assets in the U.S. and will soon select the final winner."