JinkoSolar Holding Co. reported a wider-than-expected loss for the second quarter of 2026, with adjusted earnings per share at negative $13.19 compared with analyst forecasts of negative $6.09. Revenue totaled $12.36 billion, missing expectations by $3.37 billion and reflecting a 21% shortfall from projections.
The company’s gross margin narrowed to 4.2% from 8.3% in the prior quarter, though it improved from 2.9% in the same period last year. Operating losses deepened to 11.6% of revenue, up from 4.8% in Q1 2026. Operating expenses reached $287 million, equivalent to 15.8% of revenue. Cash and cash equivalents declined to $2.5 billion by quarter-end, while net debt rose to $4.1 billion.
Module shipments for Q2 totaled approximately 16 GW, bringing first-half deliveries to 32.9 GW. Management lowered its full-year shipment guidance to a range of 60 GW to 70 GW, citing a focus on profitability over scale. Third-quarter shipments are expected between 15 GW and 17 GW. Energy storage system shipments in the first half reached 3.1 GWh, with full-year ESS volumes projected to more than double year-over-year.
Capital expenditures for 2026 are forecast at $500 million to $1 billion, with no major expansion planned for storage capacity. Annual integrated production capacity is set to reach about 100 GW by year-end, including 14 GW from overseas facilities. Production capacity for TOPCon 3.0 technology is expected to exceed 40 GW by December 2026.
JinkoSolar’s shares fell 9% in premarket trading to $14.11, extending declines from a 52-week high of $31.88. The stock now trades roughly 3% above its 52-week low of $13.70, with a market capitalization of $812 million.
The company highlighted the launch of its Tiger Neo 5.0 modules in June, achieving a mass-produced efficiency of 25.91% and power output above 700 watts. A new national energy efficiency standard, effective January 2027, sets level 3 as the minimum market-access threshold, favoring higher-efficiency products such as JinkoSolar’s TOPCon 3.0 technology, which meets level 1 requirements.
JinkoSolar received the highest AAA bankability rating in the Q2 2026 report by PV Tech, maintaining an A-grade rating for 12 consecutive years. BloombergNEF also recognized the company as a Tier 1 energy storage provider for the 10th straight quarter.
