Canadian Solar Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's third quarter 2025 earnings conference call. My name is Chuck, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Winnie Wong, head of investor relations at Canadian Solar. Please go ahead.

Thank you, Operator, and welcome everyone to Canadian Solar's third quarter 2025 conference call. Please note that today's conference calls to the company's slides, which are available on Canadian Solar's Investor Relations website within the events and presentation section. Joining us today are Dr. Sean Tooth, Chairman and CEO, Yan Zhuang, President of Canadian Solar Subsidiary CSI Solar, Ismael Guerrero, Corporate VP and President of Canadian Solar Subsidiary Recurrent Energy, and Simbo Zhu, Senior VP and CFO. All company executives will participate in the Q&A session after management's formal remarks. On this call, Sean will go over some key messages for the quarter. Yan and Ismael will review business highlights of CSI Solar and Recurrent Energy, respectively, and Simbo will go through the financial results. Sean will conclude the prepared remarks with the business outlook, after which we will have time for questions. Before we begin, I would like to remind listeners that management's prepared remarks today, as well as their answers to questions, will contain forward-looking statements that are subject to risks and uncertainties. The company plans protection under the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's current expectations. Any projections of the company's future performance represent management's estimates as of today. Canadian Solar assumes no obligation to update these projections in the future unless otherwise required by applicable law. A more detailed discussion of risks and uncertainties can be found at the company's annual report on Form 20F, filed with the Securities and Exchange Commission. Management's prepared remarks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles or CAPs. Some financial information presented during the call will be provided on both a GAAP and non-GAAP basis. By disclosing certain non-GAAP information, management intends to provide investors with additional information to enable further analysis of the company's performance and underlying trends. Management uses non-GAAP measures to better assess operating performance and to establish operational goals. Non-GAAP information should not be viewed by investors as a substitute for data prepared in accordance with GAAP. And now I would like to turn the call over to Canadian Solar's Chairman and CEO, Mr. Sean C. Gillespie.

Thank you, Wina, and thank you for all for joining our third quarter earnings call. Please turn to slide three. In the third quarter, we delivered 5.1 gigawatts of solar modules in line with our guidance range. In our energy storage business, we achieved a record quarterly shipment of 2.7 gigawatt hours. Total revenue reached $1.5 billion, landing at the high end of expectations. Growth margin was 17.2%, exceeding guidance, primarily due to strong contributions from energy storage shipments. We also achieved a higher share of module deliveries to the profitable North American market. Our solar module factory in Mesquite, Texas, which has now successfully ramped up, contributed meaningfully to both shipment volume and margin. Absent now recurring expenses, for the previous quarter operating expenses normalized and we reported net income attributable to shareholders of $9 million or a net loss of 7 cents per diluted share due to the impact of paid in kind of a preferred shareholder of recurrent. Now please turn The solar industry is at an inflection point. Anti-immolation policies in China are gradually taking effect, and market conditions have stabilized following the most challenging phase of the solar downturn. A complex macro environment presents both challenges and opportunities. This year, during the anniversary celebration of Canadian solar's 24th birthday, I reflected on how we have grown with technology, innovation, business model evolution, and global diversification. Today's shifting geopolitical landscape allows us to once again differentiate ourselves through a resilient combination of strategy and execution. Most notably, we are making strong progress in our U.S. manufacturing investments. of our solar cell factory in Indiana is expected to begin production in the first quarter of 2026. Well, phase one of our lithium battery energy storage factory in Kentucky is on track to start production 2026 year end. These factories will strengthen our U.S. supply chain, support domestic energy security, and reinforce our long-term commitment to the American market. At the same time, we are planning adjustments to our U.S. business to comply with the One Big Beautiful Bill Act. We are progressing smoothly and remain confident we will be able to successfully position ourselves to continue servicing our U.S. customers. The rise of AI-driven data center is fueling unprecedented global electricity demand. As I have emphasized, in my public speeches over the past two years, the most flexible and cost-effective solution for powering data centers is solar plus storage. In contrast, traditional energy sources such as natural gas and nuclear power require long construction cycles and have limited scalability. We are now working closely with multiple data center customers to develop deeply integrated solutions. This requires advanced system engineering where our technical expertise provides a strong competitive advantage. I'm also pleased to share the significant progress we have made in our emerging business segments. Residential energy storage is on track to become profitable in 2025. We have seen strong growth for our residential energy storage product in Japan, Italy, and the U.S., and we are expanding into new markets like Germany, and Australia. This marks a major milestone for our energy storage strategy and demonstrates how we are successfully broadening our revenue base beyond utility-scale applications. Recurrent, our solar and energy storage project developer and operator, will continue to balance the growth of our operational project fleet to generate recurring cash flow and selective sales of project asset ownership to manage near-term cash flow. Given the current market conditions, I have asked our team to tip the balance a little bit more toward sales of project assets in order to accelerate cash recycling and reduce debt. With that, I will now turn the call over to Ian, who will provide more details on our CSI solar business. Ian, please go ahead.