Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q3 2025 Earnings Presentation
16 slides from Daqo New Energy's earnings presentation, Oct 27, 2025
Slide 1: Q3 2025 Results Presentation
October 27 2025 Q3 2025 Results Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “antici
Slide 3: A leading manufacturer of high-purity polysilicon for the global solar PV industry
“A leading manufacturer of high-purity polysilicon for the global solar PV industry” 3
Slide 4: Management Remarks
Management Remarks Mr. Xiang Xu, Chairman and CEO of the Company, commented, “With the recovery of market prices across the solar PV value chain in the third quarter of 2025, we believe the industry is gradually recovering from its cyclical downturn. In particular, the polysilicon sector reached an
Slide 5: Management Remarks – Continued
Management Remarks – Continued “In light of the current market conditions, we expect our total polysilicon production volume in the fourth quarter of 2025 to be approximately 39,500 MT to 42,500 MT. As a result, we anticipate our full year 2025 production volume to be in the range of 121,000 MT to 1
Slide 6: Management Remarks – Continued (2)
Management Remarks – Continued (2) “The solar PV industry continues to demonstrate strong long-term growth prospects. In the medium term, we believe that a combination of industry self-discipline and government anti-involution regulations will help foster a healthier and more sustainable industry. I
Slide 7: Operational and Financial Highlights in Q3 2025
Operational and Financial Highlights in Q3 2025 • Total cash, short-term investments, bank notes receivable and fixed term bank deposit balance was $2.21 billion at the end of Q3 2025, compared to $2.06 billion at the end of Q2 2025 • Polysilicon production volume was 30,650 MT in Q3 2025, compared
Slide 8: Polysilicon Facilities Update
Polysilicon Facilities Update Q3 2025 Key Figures Outlook ▪ Quarterly production volume: 30,650 MT ▪ Expected production volume in Q4 2025: ▪ Sales volume: 42,406 MT 39,500 ~ 42,500 MT ▪ Average selling prices: $5.80/kg ▪ Expected production volume in the full year of 2025: ▪ Average total productio
Slide 9: Polysilicon Manufacturing Overview
Polysilicon Manufacturing Overview Production Volume (MT) 64 61 62 57 45 43 35 33 33 34 33 31 30 24 26012 23 21 20 21 21 19 18 18 Q1 2020 Q2 Q3 Q4 Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Cash Cost and Depreciation ($/kg)* Total Production Cost Depreciation 1
Slide 10: Quarterly Polysilicon Sales Volume and ASPs
Quarterly Polysilicon Sales Volume and ASPs Polysilicon External Sales Volume 63 59 53 51 43 42 42 42 38 37 33 28 25 23 23 21 21 21 19 18 18126 13 11 Q1 2020 Q2 Q3 Q4 Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Polysilicon ASPs 36,44 37,41 33,91 32,76 33,08 27,5
Slide 11: Income Statement Summary
Income Statement Summary ($ in millions, unless otherwise stated) Q3 2025 Q2 2025 Q3 2024 Revenues 244.6 75.2 198.5 Gross profit/(loss) 9.7 (81.4) (60.6) Gross margin 3.9% (108.3)% (30.5)% SG&A (32.3) (32.1) (37.7) R&D expense (0.6) (0.8) (0.8) Loss from operations (20.3) (115.0) (98.0) Net loss att
Slide 12: Balance Sheet Summary
Balance Sheet Summary As of As of As of ($ in millions) 9/30/2025 6/30/2025 9/30/2024 Cash, cash equivalent and restricted cash 551.6 598.6 853.4 Accounts and notes receivables 157.0 49.1 84.5 Short-term investments 431.3 418.8 245.0 Inventories 121.4 167.6 206.9 Fixed term deposit within one year 1
Slide 13: Cash Flow Summary
Cash Flow Summary 9 months ended 9 months ended ($ in millions) 9/30/2025 9/30/2024 Net (loss)/income (206.2) (206.6) Adjustments to reconcile net income to net cash provided by operating 354.9 395.6 activities Changes in operating assets and liabilities (198.7) (565.4) Net cash (used in)/provided b
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands 3 months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Net (loss)/income (14,844) (98,645) (76,930) Income tax (benefit)/expense 2,958 (8,172) (12,007) Interest income, net (2,944) (1,593) (1,604) Depreciation & Amortization 60,595 60,253 56,218 EBITDA (non-G
Slide 15: Use of Non-GAAP financial measures
Use of Non-GAAP financial measures To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most di
Slide 16: Thank you!
@ DAQO NEW ENERGY Thank you!