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DQ

Daqo New Energy Corp.

DQ

Daqo New Energy Corp. • NYSE
$31.68 ▲ 0.54% (+0.17)
Market Cap $2.13 B
52w High $36.59
52w Low $12.41
Dividend Yield 0%
P/E -6.18
Volume 376.79K
Outstanding Shares 67.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $244.924M ▲ $32.889M ▼ $-14.938M ▲ -6.099% ▲ $-0.22 ▲ $48.773M ▲
Q2-2025 $75.453M ▼ $33.033M ▲ $-76.747M ▼ -101.714% ▼ $-1.15 ▼ $-46.728M ▲
Q1-2025 $123.914M ▼ $32.518M ▼ $-71.837M ▲ -57.973% ▲ $-1.09 ▲ $-61.907M ▲
Q4-2024 $195.359M ▼ $235.676M ▲ $-180.182M ▼ -92.231% ▼ $-2.71 ▼ $-64.572M ▲
Q3-2024 $198.496M $37.448M $-60.724M -30.592% $-0.9 $-98.042M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $982.905M ▼ $6.342B ▲ $497.345M ▲ $4.354B ▲
Q2-2025 $1.978B ▼ $6.29B ▼ $483.134M ▼ $4.325B ▼
Q1-2025 $2.085B ▼ $6.311B ▼ $497.336M ▼ $4.329B ▼
Q4-2024 $2.103B ▼ $6.418B ▼ $560.377M ▼ $4.361B ▼
Q3-2024 $2.314B $7.049B $724.284M $4.706B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.938M ▲ $55.585M ▲ $-106.246M ▲ $15.431 ▲ $-47.022M ▲ $23.06M ▲
Q2-2025 $-76.747M ▼ $-66.819M ▼ $-132.506M ▲ $-32.078K ▼ $-193.344M ▲ $-97.204M ▼
Q1-2025 $-71.837M ▲ $-38.881M ▲ $-211.014M ▼ $0 ▼ $-246.419M ▼ $-96.513M ▼
Q4-2024 $-180.182M ▼ $-61.231M ▲ $269.264M ▲ $1.14M ▲ $184.948M ▲ $-92.45M ▲
Q3-2024 $-76.932M $-97.848M $-65.935M $-5.536M $-144.08M $-131.571M

Revenue by Products

Product Q4-2014
Polysilicon
Polysilicon
 $30.00M ▲
Wafer
Wafer
 $20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a classic boom‑and‑bust pattern. Revenue and profit surged to very high levels a few years ago when polysilicon prices were strong, with exceptionally wide profit margins. Since then, sales have fallen sharply, margins have compressed, and the most recent year turned into a loss at both the operating and net income level. Earnings are extremely volatile, reflecting Daqo’s heavy exposure to cyclical polysilicon pricing and supply‑demand swings in the solar value chain rather than steady, recurring profitability.

Balance Sheet

Balance Sheet The balance sheet is a relative bright spot. Over the past several years, the company has scaled up its asset base significantly while keeping financial debt extremely low. Equity has steadily built up from retained past profits, giving Daqo a thick capital cushion. Cash holdings climbed during the boom years and have since come down as the downturn hit, but the company still appears in a net cash position with very little leverage. Overall, the balance sheet looks conservative and built to absorb industry cycles, though the recent erosion of the cash pile is a point to watch if weak conditions persist.

Cash Flow

Cash Flow Cash flow mirrors the earnings cycle. During the strong years, Daqo generated solid cash from operations and, even after heavy spending on new capacity, still produced positive free cash flow. Recently that picture flipped: operating cash has turned negative, and free cash flow is clearly negative as well, meaning the business is currently consuming cash rather than generating it. Capital spending remains meaningful, which suggests the company is continuing to invest through the downturn. This underlines both its long‑term growth ambitions and its reliance on past cash build‑up (or potential future financing) to bridge the weaker part of the cycle.

Competitive Edge

Competitive Edge Competitively, Daqo is positioned as a low‑cost, high‑purity polysilicon producer serving major solar industry customers. Its advantages stem from scale, process know‑how, a cost‑efficient location, and long‑term supply relationships. These strengths form a real moat in a cost‑driven market and help the company remain relevant even when prices fall. That said, the underlying product remains fairly commoditized, so pricing power is limited and industry oversupply can still damage profitability. Concentration in one country and exposure to policy, trade, and regulatory shifts are additional structural risks that sit alongside its cost leadership.

Innovation and R&D

Innovation and R&D Daqo appears to treat technology and process improvement as core to its strategy. It has amassed a substantial patent base and continually refines the modified Siemens process, adding closed‑loop recycling and upgraded chemical steps to lower costs and waste. The company is pushing digitalization, automation, and AI in its plants to squeeze more efficiency out of an energy‑intensive process. On the product side, its emphasis on high‑purity N‑type polysilicon aligns with the industry’s move toward higher‑efficiency solar cells, and expansion into semiconductor‑grade material could open a more specialized, higher‑value segment. Overall, R&D and process innovation look like key tools to sustain its cost edge and product relevance over time.

Summary

Overall, Daqo’s story is one of a low‑cost, technology‑driven producer operating in a very cyclical, price‑sensitive market. The company used the up‑cycle to build a strong balance sheet and expand capacity, but the subsequent downturn has hit its income statement and cash flows hard, turning strong profits into recent losses and cash burn. Its competitive moat rests on cost leadership, process expertise, and alignment with next‑generation solar technologies, while its main vulnerabilities lie in commodity‑like pricing, industry oversupply risk, and geographic and policy concentration. Future outcomes will hinge on how quickly polysilicon market conditions normalize, how well Daqo manages its cash during the weak phase, and whether its investments in N‑type and semiconductor‑grade polysilicon translate into more durable, less volatile earnings.

NEWS

November 18, 2025 · 6:00 AM UTC

Daqo New Energy Corp. to Hold Annual General Meeting on December 12, 2025

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October 27, 2025 · 7:00 AM UTC

Daqo New Energy Announces Unaudited Third Quarter 2025 Results

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October 13, 2025 · 7:00 AM UTC

Daqo New Energy to Announce Unaudited Results for the Third Quarter of 2025 on October 27, 2025

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September 11, 2025 · 7:00 AM UTC

Daqo New Energy's Subsidiary Xinjiang Daqo Provides Latest Update on its Litigation Event

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