JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares dropped 4.63% in premarket trading after the solar module manufacturer reported second-quarter results that fell short of analysts’ expectations for both earnings and revenue.
The company recorded an adjusted loss of RMB13.19 ($1.94) per ADS, considerably wider than the consensus forecast for a loss of RMB6.09.
Revenue declined 31.3% year-over-year to RMB12.36 billion ($1.82 billion), compared with RMB17.99 billion in the second quarter of 2025. The result was also well below the analyst consensus estimate of RMB15.73 billion.
Solar module shipments decline sharply
JinkoSolar shipped 15,961 MW of modules during the second quarter, representing a 34.4% decline from the same period last year.
Profitability also came under pressure, with gross margin falling to 4.2% from 8.3% in the first quarter of 2026.
The company attributed the contraction primarily to lower average selling prices for solar modules and elevated expenses associated with increasing production of its higher-efficiency products.
CEO Dimi Du noted that “the cost of ramping up production of our high-efficiency products remained elevated during the quarter and impacted our gross margin and bottom line when combined with the delivery of certain low-value orders.”
JinkoSolar lowers full-year shipment expectations
For the third quarter of 2026, JinkoSolar expects module shipments of between 15.0 GW and 17.0 GW.
The company also revised its full-year 2026 module shipment guidance to between 60.0 GW and 70.0 GW. The midpoint of 65.0 GW represents a reduction from its previous expectations.
JinkoSolar expects higher-efficiency products to account for more than 60% of total module shipments during the year as it continues shifting its product portfolio towards more advanced technologies.
Energy storage business provides a brighter spot
While the core solar module business faced weaker revenue, shipments and margins, JinkoSolar reported more encouraging trends within its energy storage system operations.
ESS shipments increased significantly year-over-year during the first half of 2026, accompanied by an improvement in gross margins.
The company expects full-year energy storage system shipments to more than double compared with 2025, potentially providing an increasingly important source of growth as challenging pricing conditions continue to affect the solar module market.
The combination of a wider-than-expected quarterly loss, a sizeable revenue miss and reduced shipment expectations weighed on JinkoSolar shares, despite signs of progress within its energy storage business.
JinkoSolar Holding Co stock price
