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    Matthew Ingraham

    Senior Research Analyst at Roth MKM

    Matthew Ingraham is a Senior Research Analyst at Roth MKM, specializing in equity research across the technology and disruptive industries sectors. He covers publicly traded companies such as Olo, Toast, and Shift4 Payments, delivering actionable investment insights and publishing in-depth fundamental analysis. According to performance tracking platforms, Ingraham has achieved a success rate of approximately 54% with an average annual return of over 9% on his stock recommendations. Beginning his career as an associate at Credit Suisse in 2016, he joined Roth MKM in 2021 and holds FINRA Series 7, 63, 86, and 87 registrations.

    Matthew Ingraham's questions to DAQO NEW ENERGY (DQ) leadership

    Matthew Ingraham's questions to DAQO NEW ENERGY (DQ) leadership • Q2 2025

    Question

    Matthew Ingraham of Roth Capital Partners, on behalf of Philip Shen, questioned the sustainability of higher polysilicon pricing driven by anti-involution initiatives. He also asked for the outlook on industry production volumes, when inventory levels might normalize, and for an update on the strategy to acquire surplus capacity.

    Answer

    Deputy CEO Anita Zhu explained that there is a clear consensus that selling below cash cost is unsustainable and illegal. She projected monthly industry production to be around 100,000 to 110,000 metric tons, balancing with demand. Regarding acquisitions, she confirmed progress is being made on a buyout SPV with regulators and industry players, expressing optimism for a positive outcome that would benefit the industry's health.

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    Matthew Ingraham's questions to DAQO NEW ENERGY (DQ) leadership • Q2 2024

    Question

    Matthew Ingraham of Roth MKM inquired about Daqo New Energy's outlook on polysilicon pricing and cost structure for the remainder of the year and into the next, as well as the current state of channel inventory in the market.

    Answer

    CFO Ming Yang responded, noting a slight price recovery in August due to industry production cuts. He anticipates a continued gradual recovery through the end of the year, with prices potentially normalizing by mid-2025. On costs, he stated there is still room for reduction, expecting Q3 costs to be flat or slightly lower than Q2's $6.19/kg. Mr. Yang also confirmed that channel inventory has likely peaked and is now declining.

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    Matthew Ingraham's questions to JinkoSolar (JKS) leadership

    Matthew Ingraham's questions to JinkoSolar (JKS) leadership • Q2 2024

    Question

    Matthew Ingraham, on behalf of Philip Shen, inquired about the outlook for module pricing and gross margins for the second half of 2024 and into 2025. He also asked about demand elasticity from low prices and the expected timeline for resolving the industry's oversupply situation.

    Answer

    Gener Miao, CMO, responded that module prices are expected to remain at a 'relatively low level for a while' due to industry oversupply. He noted that margin recovery depends on the pace of cost reduction, which is happening daily. Miao sees healthy year-over-year demand growth across major markets and noted that supply-side pressures are easing as some new entrants abandon plans and government policies aim to control capacity. He expressed hope that the market could return to a 'rational level' within 'several quarters'.

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