JinkoSolar NYSE: JKS reported first-quarter 2026 results highlighted by improving profitability trends alongside continued growth in overseas shipments and a ramp in its latest high-efficiency product platform. Management also discussed logistics headwinds tied to geopolitical disruptions, an expanding energy storage business, and expectations for stronger shipments and margins in the second half of the year.
Shipments, pricing, and market backdrop
Chairman and CEO Xiande Li said total module shipments were 13.7 gigawatts (GW) in the first quarter, “ranking first in the industry,” with more than 80% shipped to overseas markets. Li said JinkoSolar closed the quarter as “the world’s first module manufacturer to surpass 400 GW in cumulative deliveries,” adding that the company’s Tiger Neo series contributed about 240 GW of that total.
Li said module prices rebounded sequentially amid improved supply-demand dynamics, “especially from overseas,” which helped lift the company’s sequential operating performance. He added that “recent geopolitical disruptions have impacted key logistics lines,” creating temporary pressure on shipping costs and delivery schedules, while also elevating global focus on energy security. According to Li, the company is seeing momentum for solar-plus-storage adoption among commercial, industrial, residential, and utility customers.
Li also pointed to regulatory guidance in China issued April 17 that he said strengthens regulation on competition across the solar industry, which management believes could support “a more rational competitive environment” and improve supply-demand dynamics.
Tiger Neo ramp and product mix
Li said the company’s third-generation Tiger Neo modules reached an average power output of 655 watts to 660 watts peak by the end of the quarter. He said JinkoSolar expects production capacity for products above 650 watts peak to exceed 40 GW by the end of the year, and that as the ramp progresses and economies of scale build in the second half, “we expect the cost structure to continue to improve.”
Li added that high-efficiency products above 640 watts accounted for nearly 25% of first-quarter shipments and carry a premium, which he attributed to product iteration and upgrades. He also said the company is making progress in mass production of silver-coated copper technology, describing its pace and scale as industry-leading.
Chief Marketing Officer Gener Miao said non-China markets represented over 80% of shipments in the quarter, primarily Europe, Asia Pacific, and emerging markets, while shipments to the U.S. were about 4%. For the full year, Miao said overseas markets are expected to remain the primary growth driver as domestic demand faces “temporary pressure.”
Miao said the mix of high-efficiency products continued to rise sequentially and included “a small amount” of Tiger Neo 3.0 deliveries. He added that high-efficiency products commanded a premium of approximately $0.01 over conventional products and that, with capacity ramping, the company expects high-efficiency shipments to account for over 60% of total shipments for the full year.
To address what he described as increasingly “scenario-based” PV demand, Miao said JinkoSolar launched specialized modules in the first quarter including anti-glare, fire-resistant, dust-resistant, and AIDC modules aimed at premium applications with higher specifications. He said the products have drawn market interest and positive customer feedback. Miao also cited rising global computing power demand and said data centers are becoming a major new category of power consumption.
As an example of recent progress, Miao said JinkoSolar supplied Tiger Neo modules to a “world-leading solar-plus-storage benchmark project” in the Middle East that integrates energy and computing applications.
Energy storage growth and margin commentary
Li said first-quarter energy storage system (ESS) shipments on a POD basis were about 1.42 gigawatt-hours (GWh), with around 520 megawatt-hours (MWh) recognized as revenue. He said a higher contribution from overseas markets such as Europe and the U.S. improved market mix and drove a sequential improvement in gross margin, though he noted a lag in revenue recognition for some projects meant profit contribution “has yet to be fully realized.”
Li said the company expects ESS shipments to “more than double year-over-year in 2026,” as it focuses on optimizing capacity and supply chain footprint and prioritizing high-value markets.
During Q&A, CEO Charlie Cao said the company is trying to minimize China exposure in ESS, describing China at “roughly 10%–15%,” with the remaining mix spread across Europe, Asia-Pacific, the Middle East, Latin America, and some expected U.S. shipments. On margins, Cao said Europe and the U.S. are “relatively higher,” while “other regions” are “roughly 10%–15%.” He also said the company expects “10 GWh shipments this year with roughly a 15% gross margin,” and confirmed that expectation factors in increasing lithium carbonate costs.
Financial results: margins improve, losses narrow on an adjusted basis
Chief Financial Officer Tan Yi said the company delivered “steadily improving financial results” driven by high-performance products and a larger footprint in high-value markets. Tan said gross profit increased “17x sequentially and four-fold year-over-year,” with gross margin expanding by 8 percentage points sequentially and 10.8 percentage points year-over-year. He also said operating loss margin improved both sequentially and year-over-year.
For the quarter, Tan reported total revenue of CNY 1.78 billion, down 13% sequentially and down 11.5% year-over-year, which he attributed primarily to lower solar module shipment volumes. Gross margin was 8.3%, compared with 0.3% in the fourth quarter of 2025 and a gross loss margin of 2.5% in the first quarter of 2025. Tan said the improvement was primarily due to higher average selling prices for solar modules.
Total operating expenses were about CNY 233 million, down 51.5% sequentially and down 36% year-over-year. Tan attributed the sequential decrease primarily to impairment of long-lived assets recorded in the fourth quarter, and the year-over-year decrease mainly to lower expected credit losses.
Tan said operating expenses were 13.1% of revenue, compared with 18.9% in the prior quarter and 18.1% a year earlier. Operating loss margin was 4.8%, compared with 18.6% in the fourth quarter of 2025 and 20.7% in the first quarter of 2025.
Excluding changes in fair value of convertible notes issued in 2023, changes in fair value of long-term investments, and share-based compensation, Tan said adjusted net loss attributable to ordinary shareholders was about CNY 9.6 million in the first quarter, compared with CNY 119.8 million in the first quarter last year and CNY 147.4 million in the prior quarter.
On a GAAP basis, Tan said net loss attributable to ordinary shareholders was CNY 667.2 million, compared with CNY 214.5 million in the fourth quarter of 2025 and CNY 181.7 million in the first quarter of 2025.
Guidance, second-half expectations, and policy items
Li provided shipment guidance of 14 GW to 16 GW for the second quarter and 75 GW to 85 GW for full-year 2026, with high-efficiency products expected to account for over 60% of shipments. He also said JinkoSolar expects annual integrated production capacity to reach about 100 GW by year-end, including 14 GW from overseas facilities.
In response to a question about margin outlook, Cao said he expects second-quarter gross margin to be “relatively stable,” citing the need to manage impacts from older orders, while adding that the company expects gross margin in the second half to “jump” compared with the first half as new capacity and cost optimization take hold.
Asked about the implied increase in shipment run-rate in the second half to meet full-year guidance, Cao and Miao pointed to several factors, including expected second-half implementation of projects in China, strong demand for Tiger Neo 3.0 products, and the company’s view that it is in a good position to take market share from peers. Cao also said a priority is improving profitability and being “more selective.”
On demand trends, Miao said the second-quarter slowdown was expected after a rush in late first quarter tied to a China VAT policy change. Looking to the second half, he said the company is “optimistic” for three reasons:
- Energy security focus following conflict in the Middle East, which he said could trigger more demand for renewables and batteries.
- Rising demand tied to AIDC, with projects combining renewables and data centers “all over the world.”
- Resilient C&I and distributed generation demand, including in emerging markets.
Miao added that the company expects China demand to fall roughly 20% year-over-year in 2026 due to a strong prior-year comparison, while non-China demand could increase roughly 10%, implying an overall 5% to 10% decline in 2026 demand versus 2025, with the second half stronger than the first half.
During Q&A, Cao addressed U.S.-related topics including a Section 232 investigation on polysilicon and FEOC compliance. He said the company did not know the timetable for Section 232 outcomes and said JinkoSolar has “Plan B” given its supplier arrangements. On U.S. manufacturing, he said the company has manufacturing in the U.S. and expects to “convert” to a joint venture manufacturing setup “very soon by the end of second quarter,” adding that the joint venture investor is a Chinese investor that he said is compliant with relevant regulations. Cao also referenced potential export restrictions on solar equipment discussed in public media, but said the company had not received final confirmations or signed documents.
Cao also said the company’s R&D team has made preparations for space-based solar panels across different technologies and that it has made progress on silicon-based technology for space testing, with a target to have samples ready by the end of the second quarter for potential testing with space companies, though he said launch timing was not determined.
About JinkoSolar NYSE: JKS
JinkoSolar Holding Co, Ltd. NYSE: JKS is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world's largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.
JinkoSolar's product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.
Read More
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider JinkoSolar, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JinkoSolar wasn't on the list.
While JinkoSolar currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
