DAQO NEW ENERGY (DQ) Company Report

Analyst Coverage

Research analysts who have asked questions during DAQO NEW ENERGY earnings calls.

Alan Hon

JPMorgan Chase & Co.

3 questions for DQ

Gordon Johnson

GLJ Research

3 questions for DQ

Also covers: CCJ, ENPH

Philip Shen

ROTH MKM

3 questions for DQ

Also covers: ARRY, CSIQ, ENPH +12 more

Alan Lau

Jefferies LLC

2 questions for DQ

Also covers: CSIQ, EH, JKS

Matthew Ingraham

Roth MKM

2 questions for DQ

Also covers: JKS

Mengwen Wang

Goldman Sachs

2 questions for DQ

Ming Wang

Goldman Sachs

2 questions for DQ

Phil Shen

ROTH Capital

2 questions for DQ

Also covers: PWR

Zihui Hu

CICC

2 questions for DQ

Alan Lang

Jefferies

1 question for DQ

Alan Young

Jefferies

1 question for DQ

Rajiv Chaudhri

Sentara Capital

1 question for DQ

Also covers: JKS

W. L. Hon

JPMorgan Chase & Co.

1 question for DQ

Latest news

Recent press releases and 8-K filings for DQ.

Daqo New Energy Announces Q3 2025 Results with Revenue and Profitability Rebound

Earnings

Revenue Acceleration/Inflection

Guidance Update

Daqo New Energy reported a significant financial recovery in Q3 2025, with revenue increasing to $244.6 million from $75.2 million in Q2 2025.
The company achieved a gross profit of $9.7 million (3.9% gross margin) in Q3 2025, a recovery from a gross loss of $81.4 million (-108.3% gross margin) in Q2 2025.
Net loss attributable to shareholders narrowed to $14.9 million ($0.22 loss per basic ADS) in Q3 2025, a substantial improvement from a $76.5 million net loss ($1.14 loss per basic ADS) in Q2 2025.
Operational performance improved with polysilicon sales volume reaching 42,406 MT in Q3 2025, up from 18,126 MT in Q2 2025, and the average selling price (ASP) rising to $5.80/kg from $4.19/kg.
For Q4 2025, the company anticipates polysilicon production volume to be between 39,500 MT and 42,500 MT, contributing to a full-year 2025 production forecast of 121,000 MT to 124,000 MT.

Oct 27, 2025, 12:37 PM

6-K

Daqo New Energy Reports Return to Profitability in Q3 2025 Amidst Market Recovery

Earnings

Guidance Update

Revenue Acceleration/Inflection

Daqo New Energy reported a return to profitability in Q3 2025 with adjusted net income of $3.7 million and EBITDA of $45.8 million, alongside a significant increase in revenue to $244.6 million.
The company maintained a strong financial position with $2.21 billion in total bank deposits and financial investment assets as of September 30, 2025.
Polysilicon sales volume increased to 42,406 MT in Q3 2025, up from 18,126 MT in Q2 2025, with the average selling price (ASP) rebounding to $5.80/kg from $4.19/kg in the prior quarter.
For Q4 2025, Daqo New Energy expects polysilicon production volume to be between 39,500 MT and 42,500 MT, leading to a full-year 2025 production forecast of 121,000 MT to 124,000 MT.
Management noted a gradual recovery in the solar PV market, with polysilicon prices rebounding significantly due to industry initiatives and new energy consumption standards in China aimed at curbing overcapacity.

Oct 27, 2025, 12:00 PM

Presentation

DQ New Energy Reports Positive Q3 2025 EBITDA and Adjusted Net Income Amidst Market Recovery

Earnings

Guidance Update

Revenue Acceleration/Inflection

DQ New Energy reported Q3 2025 revenues of $244.6 million, achieving a gross profit of $9.7 million (3.9% gross margin), positive EBITDA of USD 45.8 million, and adjusted net income of USD 3.7 million.
Polysilicon production for the quarter was 30,650 metric tons, slightly above guidance, and sales volume sharply increased to 42,406 metric tons from 18,126 metric tons in the previous quarter.
The company achieved significant cost reductions, with total production costs declining 12% to US$6.38 per kilogram and cash costs decreasing 11% to US$4.54 per kilogram in Q3 2025, marking the lowest cash cost in its history.
DQ expects positive gross margins for Q4 2025 and anticipates full-year 2025 polysilicon production to be in the range of 121,000 to 124,000 metric tons.
As of September 30, 2025, the company maintained a strong financial position with a cash balance of USD $552 million and USD 2.21 billion in bank deposits and financial investment assets readily convertible into cash.

Oct 27, 2025, 12:00 PM

Transcript

Daqo New Energy Returns to Profitability in Q3 2025

Earnings

Guidance Update

Revenue Acceleration/Inflection

Daqo New Energy reported a significant financial recovery in Q3 2025, with revenues of $244.6 million, positive EBITDA of $45.8 million, and adjusted net income of $3.7 million, marking a return to positive gross margins of 3.9%.
Polysilicon production for Q3 2025 reached 30,650 metric tons, and sales volume sharply increased to 42,406 metric tons, while total production costs declined by 12% to $6.38 per kilogram.
The company anticipates Q4 2025 polysilicon production to be 39,500-42,500 metric tons, with full-year 2025 production between 121,000-124,000 metric tons, and expects Q4 gross margins to remain positive with further cost reductions.
Polysilicon prices rebounded in Q3 2025 to RMB 49-RMB 55 per kilogram by quarter-end, driven by industry anti-involution initiatives and new energy consumption standards, with expectations for prices to rise to RMB 60-RMB 80 per kilogram after industry consolidation.
As of September 30, 2025, Daqo New Energy maintained a strong financial position with $2.21 billion in bank deposits and financial investment assets readily convertible into cash. The share repurchase program is currently delayed pending clarity on industry consolidation investment.

Oct 27, 2025, 12:00 PM

Transcript

Daqo New Energy Reports Q3 2025 Financial Turnaround with Positive EBITDA and Adjusted Net Income

Earnings

Guidance Update

Revenue Acceleration/Inflection

Daqo New Energy reported a significant financial turnaround in Q3 2025, achieving positive EBITDA of $45.8 million and adjusted net income of $3.7 million, driven by a sharp increase in revenues to $244.6 million and a gross margin of 3.9%.
Operational performance improved with polysilicon sales volume more than doubling to 42,406 metric tons from the previous quarter, while total production costs decreased by 12% to $6.38 per kilogram, and cash costs reached a historical low of $4.54 per kilogram.
The company anticipates continued positive gross margins for Q4 2025 and full-year 2026, with Q4 2025 polysilicon production guided between 39,500 to 42,500 metric tons, and expects polysilicon prices to rise further after industry consolidation.
Daqo New Energy maintains a strong balance sheet with $2.21 billion in bank deposits and financial investment assets readily convertible into cash as of September 30, 2025.

Oct 27, 2025, 12:00 PM

Transcript

Daqo New Energy Reports Positive Q3 2025 Results Amidst Polysilicon Market Recovery

Earnings

Guidance Update

Revenue Acceleration/Inflection

Daqo New Energy reported positive EBITDA of $45.8 million and adjusted net income of $3.7 million for Q3 2025, reflecting a recovery in the polysilicon market.
The company achieved a significant increase in sales volume to 42,406 metric tons in Q3 2025, up from 18,126 metric tons in the prior quarter, and reduced its inventory to a healthy level.
Operational efficiency improved, with total production costs declining 12% to $6.38 per kilogram and cash costs reaching a company-low of $4.54 per kilogram in Q3 2025.
Daqo New Energy anticipates positive gross margins for Q4 2025 and projects full-year 2025 production volume between 121,000 and 124,000 metric tons.
The polysilicon industry is experiencing a recovery, with prices rebounding and further increases expected due to ongoing consolidation efforts and new energy consumption standards in China.

Oct 27, 2025, 12:00 PM

Transcript

Daqo New Energy Announces Q3 2025 Results

Earnings

Guidance Update

Revenue Acceleration/Inflection

Daqo New Energy reported revenue of $244.6 million in Q3 2025, a significant increase from $75.2 million in Q2 2025, with a net loss of $14.9 million and loss per basic ADS of $0.22, both improved from the previous quarter.
The company's EBITDA turned positive at $45.8 million in Q3 2025, compared to -$48.2 million in Q2 2025, primarily due to a sharp rise in polysilicon sales volume to 42,406 MT and an increase in average selling price (ASP) to $5.80/kg.
Polysilicon average total production cost decreased by 12% to $6.38/kg in Q3 2025 from $7.26/kg in Q2 2025, with cash cost reaching $4.54/kg, the lowest in the company's history.
As of September 30, 2025, Daqo New Energy's total cash, short-term investments, bank notes receivable, and fixed term bank deposit balance stood at $2.21 billion.
For Q4 2025, the company expects polysilicon production volume to be between 39,500 MT and 42,500 MT, with full-year 2025 production projected to be 121,000 MT to 124,000 MT.

Oct 27, 2025, 11:00 AM

Press Release

Daqo New Energy Provides Update on Subsidiary's Litigation Event

Legal Proceedings

Xinjiang Daqo New Energy Co., Ltd., a subsidiary of Daqo New Energy, is involved in a contract dispute lawsuit with Xinjiang Xian'an New Materials Co., Ltd. and Xinjiang Dengbo New Energy Co., Ltd..
The plaintiffs initially sought compensation of RMB1,958.5 million, later reduced to RMB742.7 million, for economic losses, primarily alleged consequential damages.
In July 2024, the first instance court ordered Xinjiang Daqo to pay RMB3.16 million for losses and attorney fees, rejecting claims for consequential damages.
Following an appeal and retrial, the first instance court's September 2025 verdict again ordered Xinjiang Daqo to pay RMB3.30 million and rejected consequential damages.
The plaintiffs have recently appealed to the second instance court, requesting vacation of the retrial decision and seeking RMB744.9 million in economic losses, plus costs. The litigation's impact is contingent on the final verdict.

Oct 9, 2025, 12:21 PM

6-K

Daqo New Energy Reports Significant Losses in Q4 and Full-Year 2024 Amid Challenging Market Conditions

Earnings

Guidance Update

Demand Weakening

Daqo New Energy reported a net loss of $180 million for Q4 2024 and a $345 million net loss for the full year 2024, primarily driven by a challenging market and significant impairment charges.
The company's 2024 revenue decreased to $1.03 billion from $2.3 billion in 2023, with polysilicon average selling prices falling from $11.48 per kilogram in 2023 to $5.66 per kilogram in 2024.
Daqo New Energy produced 205,000 metric tons of polysilicon in 2024, meeting its guidance, and increased its N-type product mix to 70%.
For Q1 2025, the company expects polysilicon production volume to be 25,000-28,000 metric tons, with full-year 2025 production anticipated to be 110,000-140,000 metric tons, maintaining a relatively low utilization rate due to market overcapacity.
Despite the losses, Daqo New Energy maintained a strong financial position, ending 2024 with $1.038 billion in cash and $2.2 billion in quick assets, and no financial debt.

Feb 27, 2025, 1:00 PM

Transcript

Daqo New Energy Reports Q4 and Full-Year 2024 Results Amid Challenging Market

Earnings

Guidance Update

Demand Weakening

Daqo New Energy reported a significant financial downturn in 2024, with full-year revenue decreasing to $1.03 billion from $2.3 billion in 2023, primarily due to lower polysilicon average selling prices. This resulted in a net loss attributable to shareholders of $345 million and a negative gross margin of 20.7% for the year.
The challenging market environment, characterized by excess capacity and sharp price declines, led to non-cash inventory impairment expenses of $81.4 million and a fixed asset impairment charge of $175.6 million in 2024.
Despite these losses, the company maintained a strong balance sheet with $2.2 billion in quick assets at the end of 2024, including $1 billion in cash and $1.1 billion in fixed-term bank deposits.
For 2025, Daqo New Energy anticipates a full-year polysilicon production volume of approximately 110,000-140,000 metric tons, planning to maintain a relatively low utilization rate due to ongoing market sluggishness and overcapacity. The company expects polysilicon prices to tick up slightly in the near term (Q1/H1 2025) but potentially linger on the lower end in the second half of 2025.