JinkoSolar’s Q2 2026 solar module shipments recovered from the previous quarter, but remained below year-ago levels
The company’s adjusted loss widened as profitability continued to be under pressure
It has now lowered its full-year shipment guidance while targeting a larger share of high-efficiency products
JinkoSolar, the world’s largest solar PV module supplier, reported a mixed Q2 2026, with higher module shipments providing some support to revenue, while lower selling prices and production costs weighed on profitability.
The company also reduced its full-year shipment outlook as it placed greater emphasis on margins, cash flow, and order quality.
The Chinese manufacturer shipped 15.96 GW of solar modules in Q2 2026, up 16.7% from 13.68 GW in the previous quarter. Shipments were still 34.4% below the 24.33 GW recorded a year earlier.
Its revenue for the quarter reached $1.82 billion, up 0.9% from the first quarter but down 31.3% year-on-year (YoY). JinkoSolar said the changes were mainly linked to fluctuations in solar module shipment volumes.
JinkoSolar’s gross profit during the reporting quarter fell to $76 million from $148 million in the previous quarter, while gross margin dropped to 4.2%, compared with 8.3% in Q1 and 2.9% in Q2 2025. The company explains the sequential decline was mainly caused by a lower average selling price for solar modules.
JinkoSolar’s new CEO, Dimi Du, said supply and demand in the PV industry remained dynamic during the quarter, while policy changes continued to affect market conditions. He added that ‘industry profitability continued to be under pressure’.
The company’s net loss widened to $102.8 million, compared with a $67.2 million loss in Q1 and a $122.3 million loss in Q2 2025. Its adjusted net loss was larger at $134.2 million, compared with $79.6 million in Q1 and $119.5 million a year earlier.
For the first half of 2026, module shipments reached 29.6 GW, with about 70% going to overseas markets. With this module shipment volume in the first two quarters of 2026, JinkoSolar was tied with LONGi at the top of InfoLink Consulting’s H1 2026 solar module shipment ranking (see Top 10 Solar Module Suppliers See 31% Shipment Drop In H1 2026).
By the end of Q2, its cumulative module shipments had exceeded 420 GW, while Tiger Neo shipments surpassed 250 GW.
The company also said energy storage system shipments reached about 3.1 GWh in the first half, up significantly year over year. About 1.5 GWh was recognized as revenue during the period, including more than 1 GWh in Q2.
The management has lowered full-year guidance for 2026 module shipments to between 60 GW and 70 GW, down from its previous outlook of 75 GW to 85 GW. The company said the revised shipment outlook reflects demand conditions in certain markets and a greater focus on balancing shipment volumes with profitability, cash flow and order quality. It expects high-efficiency products to account for more than 60% of shipments.
For Q3 2026, the company expects module shipments of 15 GW to 17 GW. It also expects full-year energy storage shipments to more than double from 2025.
JinkoSolar expects its integrated production capacity to reach about 100 GW by the end of 2026, including 14 GW from overseas facilities. It expects Tiger Neo 3.0 production capacity to exceed 40 GW by the end of 2026.
It shipped 86 GW modules in FY 2025 (see JinkoSolar Ships 86 GW Modules In FY2025; Reports Annual Loss).
