JinkoSolar Holding Co., Ltd. (NYSE:JKS) reported a smaller loss for the third quarter of 2025 on Monday, supported by a notable rebound in margins even as global solar demand remained under pressure.
Shares of the solar manufacturer gained 3.48% in pre-market trading after the announcement.
For the quarter, JinkoSolar posted an adjusted net loss of RMB373.1 million (-$52.4 million), or RMB14.32 (-$2.01) per ADS. The result was ahead of analyst forecasts calling for a loss of RMB18.14 per ADS. Revenue totaled RMB16.16 billion ($2.27 billion), representing a 34.1% year-over-year decline and a 10.2% drop from the prior quarter, also missing the consensus expectation of RMB20.39 billion.
Gross margin improved meaningfully to 7.3%, up from 2.9% in Q2, though still well below the 15.7% achieved in the same period a year earlier. Management attributed the sequential improvement to reductions in unit production costs.
“Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters,” said Mr. Xiande Li, JinkoSolar’s Chairman and CEO. “Our net loss was $105.3 million in the third quarter, narrowing from the previous quarter.”
The company shipped 21,570 MW during the quarter, with more than 65% delivered to international customers. JinkoSolar said it remains the world’s top module supplier, with cumulative shipments reaching 370 GW, including over 200 GW from its Tiger Neo line.
JinkoSolar also highlighted continued momentum in its energy storage segment, which recorded more than 3.3 GWh of shipments in the first nine months of the year. Management reiterated expectations that storage will become a “second growth engine” and begin contributing to profitability by 2026.
Looking to the final quarter of 2025, JinkoSolar anticipates shipments in the range of 18.0 GW to 33.0 GW. The company reaffirmed its full-year guidance of 85.0 GW to 100.0 GW in solar product shipments and roughly 6 GWh for energy storage systems.