JA Solar shipped 13.97 GW of solar modules in Q3 2026, taking 9M 2026 total to 36.22 GW
The company reported a quarterly net loss of RMB 974 million, while 9M losses widened 2.3% YoY
JA identifies overseas markets as a key source of future growth, as they accounted for 61% of shipments in 9M 2026
Higher solar module shipments, mainly driven by overseas markets, helped China-headquartered JA improve its Q3 2026 performance.
The company reported operating revenue of RMB 10.62 billion in Q3 2026, up 28.2% quarter-on-quarter (QoQ) but down 17.4% year-on-year (YoY).
For the first nine months (9M) of 2026, its revenue reached 28.11 billion, down 23.62% YoY. Net loss widened 2.32% to RMB 3.64 billion, including RMB 973.72 million in Q3.
JA attributed the continuing pressure on its financial performance to the supply-demand imbalance in the PV industry and intensified market competition. Although higher shipments supported sequential revenue growth, lower product prices than the previous year continued to impact revenue.
The manufacturer said it continues to reduce costs and improve operational efficiency, which helped improve quarterly gross margin both sequentially and YoY.
During the reporting quarter, JA shipped 13.97 GW of modules, up about 35% QoQ. Shipments for the first three quarters reached 36.22 GW, including 68 MW for self-consumption.
Overseas markets accounted for 60.92% of 9M 2026 shipments, while domestic shipments represented about 39%. Europe accounted for approximately 23% of total shipments, followed by Asia Pacific at around 22%, the Americas at 8%, and Africa at 7%.
JA said overseas shipments helped the company offset domestic price pressures. It sees international markets as an important source of future growth, especially North America.
JA is also developing its PV energy storage + X business with a portfolio covering utility-scale, commercial and industrial (C&I), and residential energy storage segments. It is focusing on markets such as Europe and the Middle East using its existing distribution channels.
During the investor meeting, JA said it expects global solar PV installations in 2027 to reach between 528 GW and 660 GW, with China accounting for close to 275 GW and 280 GW, or 45% of the global market. It anticipates some moderation in domestic demand due to limited grid connection capacity at substations and lower midday electricity prices affecting C&I users.
Looking forward, JA said it was not pessimistic about 2027 and expected the market environment not to be worse than in 2026. It plans to maintain its focus on photovoltaics while gradually developing other businesses, including energy storage, smart energy, and equipment.