The sharp improvement in gross margin and narrowing losses signal a potential cyclical bottom in solar module pricing, but the 11.5% revenue decline and continued net loss keep the stock in a turnaround narrative. Watch Q2 2026 shipment guidance (14-16 GW) and the pace of ESS growth for confirmation of recovery. The cross-filing with the annual 20-F provides full-year context — monitor for any material changes in the 20-F's risk factors or accounting policies.
Price Chart
Executive Summary
JinkoSolar reported Q1 2026 revenue of RMB12.25 billion ($1.78 billion), down 11.5% YoY, with a net loss of RMB463.5 million ($67.2 million) — narrower than the prior year's loss of RMB1.32 billion. Gross margin improved to 8.3% from negative 2.5% a year ago, driven by higher module prices, but module shipments fell 21.9% YoY and the company remains unprofitable. The filing is filed alongside the annual 20-F, and the cross-filing context amplifies the significance of the earnings release.
Key Facts
- Q1 2026 revenue: RMB12.25 billion ($1.78 billion), down 11.5% YoY and 30.0% sequentially
- Module shipments: 13,679 MW, down 21.9% YoY and 45.2% sequentially
- Gross profit margin: 8.3%, vs. -2.5% in Q1 2025 and 0.3% in Q4 2025
- Net loss attributable to shareholders: RMB463.5 million ($67.2 million), improved from RMB1.32 billion loss in Q1 2025
- Adjusted net loss: RMB549.3 million ($79.6 million), improved from RMB1.07 billion adjusted loss in Q1 2025
- Loss per ADS: RMB8.85 ($1.28), vs. RMB25.58 loss in Q1 2025
- Cash and restricted cash: RMB22.81 billion ($3.31 billion), roughly flat vs. Q4 2025
- Total interest-bearing debt: RMB47.27 billion ($6.85 billion), roughly flat vs. Q4 2025
- Q2 2026 module shipment guidance: 14.0 GW to 16.0 GW
- Full year 2026 module shipment guidance: 75 GW to 85 GW
- ESS shipments expected to more than double YoY in 2026
- Annual integrated production capacity target: 100 GW by end of 2026, including 14 GW overseas
Financial Impact
Revenue decline of 11.5% YoY to $1.78 billion; net loss narrowed by 65% YoY to $67.2 million; gross margin improved to 8.3% from negative territory
Risk Factors
- Revenue still declining YoY — demand recovery not yet confirmed
- Net loss persists despite margin improvement
- Geopolitical disruptions pressuring shipping costs and delivery schedules
- High debt load of $6.85 billion with rising interest expenses
- Exchange rate volatility (RMB482.8 million FX loss in Q1)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-050979 |
| Document: tm2613067d1_6k.htm | 0001104659-26-050979 |
| Document: 0001104659-26-050979-index-headers.html | 0001104659-26-050979 |
| Document: 0001104659-26-050979-index.html | 0001104659-26-050979 |
| Document: 0001104659-26-050979.txt | 0001104659-26-050979 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $8.41 | awaiting T+60 | — | $8.17 (−2.85%) |
Oct 23, 2026 4d ago | Press Release | $8.41 | awaiting T+60 | — | $8.17 (−2.85%) |
Oct 21, 2026 6d ago | 6-K | $8.13 | awaiting T+60 | — | $8.17 (+0.49%) |
Oct 21, 2026 6d ago | Press Release | $8.13 | awaiting T+60 | — | $8.17 (−0.49%) |
Oct 16, 2026 10d ago | 6-K | $8.03 | awaiting T+60 | — | $8.17 (−1.74%) |
Oct 1, 2026 26d ago | SC 13D/A | $9.29 | awaiting T+60 | — | $8.17 (+12.06%) |
Aug 26, 2026 8w ago | 6-K | $13.66 | awaiting T+60 | — | $8.17 (+40.19%) |
Aug 14, 2026 10w ago | Press Release | $16.75 | awaiting T+60 | — | $8.17 (−51.22%) |
Jun 12, 2026 19w ago | 6-K | $19.71 $12.18 | ▼ −38.20% | ▼ −40.99% | $8.17 (−58.55%) |
May 19, 2026 22w ago | Insider Cluster | $20.48 $16.75 | ▲ +18.20% | ▲ +24.28% | $8.17 (+60.10%) |
US Market Status
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