JinkoSolar Holding Co (NYSE:JKS) stock slipped in Wednesday’s premarket trading after the company posted weaker-than-expected fourth-quarter results.

The solar module manufacturer’s revenue decreased 15.7% year-over-year to $2.83 billion, missing the analyst consensus estimate of $3.59 billion. Adjusted loss per ADS of $1.02 missed the analyst consensus loss estimate of $0.46.

Quarterly shipments totaled 26,462 MW—comprising 25,221 MW of solar modules and 1,241 MW of cells and wafers—representing a 5% decline compared to last year. Module shipments reached 92.9 GW in 2024, up 18.3% from the previous year.

Gross profit dropped to RMB747.4 million ($102.4 million), down 81.7% year-over-year. The quarterly gross margin fell to 3.6%, compared to 12.5% in the prior year period.

JinkoSolar reported a net loss of RMB473.7 million, compared to a net income of RMB29.3 million a year ago. Adjusted net loss was RMB381.3 million, compared to adjusted net income of RMB462.7 million a year ago.

“The ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as the elimination of obsolete production capacity, our profitability dropped significantly year-on-year,” commented Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer.

The company reported an operating loss of RMB2.02 billion ($277.0 million), down from the same quarter in 2023, due to lower revenue and gross margin. Operating margin dropped to -9.8% from 1.1% a year earlier.

As of December 31, 2024, JinkoSolar held RMB27.74 billion ($3.80 billion) in cash, equivalents, and inventories were RMB12.51 billion ($1.71 billion).

Q1 Outlook: JinkoSolar expects its module shipments to be in the range of 16.0 GW to 18.0 GW. For 2025, the company estimates its module shipments to be 85.0 GW to 100.0 GW.

In addition, the company took a more cautious approach to capacity expansion in 2025 and will not add capacity besides upgrades to TOPCon technology.

Price Action: JKS stock traded lower by 0.97% at $20.50 premarket at the last check on Wednesday.

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