Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q4 2025 Earnings Presentation
16 slides from Daqo New Energy's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Results Presentation
February 26 2026 Q4 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” 2
Slide 4: Management Remarks
Management Remarks Mr. Xiang Xu, Chairman and CEO of the Company, commented, “In 2025, China's anti-involution initiatives supported the solar PV industry's gradual emergence from a cyclical downturn. As a result, solar product market prices rebounded from the third quarter onward, with the polysili
Slide 5: Management Remarks – Continued
Management Remarks – Continued "Operationally, we continued to implement proactive measures in Q4 to mitigate market oversupply, including operating at a nameplate capacity utilization rate of 55%. Total polysilicon production for the fourth quarter was 42,181 MT, in line with our guidance range of
Slide 6: Management Remarks – Continued (2)
Management Remarks – Continued (2) "Led by the China Photovoltaic Industry Association, major polysilicon manufacturers have proactively responded to these initiatives, enforcing self-discipline and exploring innovative, market-oriented approaches to combat excess capacity and pricing violations. Th
Slide 7: Operational and Financial Highlights in Q4 2025
Operational and Financial Highlights in Q4 2025 • Total cash, short-term investments, bank notes receivable and fixed term bank deposit balance was $2.27 billion at the end of Q4 2025, compared to $2.21 billion at the end of Q3 2025 • Polysilicon production volume was 42,181 MT in Q4 2025, compared
Slide 8: Polysilicon Facilities Update
Polysilicon Facilities Update Q4 2025 Key Figures Outlook Quarterly production volume: 42,181 MT Expected production volume in Q1 2026: Sales volume: 38,167 MT 35,000 ~ 40,000 MT Average selling prices: $5.83/kg Expected production volume in the full year of 2026: Average total productio
Slide 9: Polysilicon Manufacturing Overview
Polysilicon Manufacturing Overview Production Volume (MT) 64,961 61,01462,278 57,664 45,306 43,592 42,181 35,326 34,236 33,40133,70233,848 31,383 30,650 23,616 24,81026,012 21,684 19,77718,09718,40621,00820,18521,102 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2
Slide 10: Quarterly Polysilicon Sales Volume and ASPs
Quarterly Polysilicon Sales Volume and ASPs Polysilicon External Sales Volume 63,263 59,906 53,987 51,550 43,08242,10142,191 42,406 38,83937,545 38,167 33,126 28,008 25,284 23,18621,471 23,400 21,06021,183 19,10118,881 18,126 13,643 11,642 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 11: Income Statement Summary
Income Statement Summary ($ in millions, unless otherwise stated) Q4 2025 Q3 2025 Q4 2024 Revenues 221.7 244.6 195.4 Gross profit/(loss) 15.4 9.7 (65.3) Gross margin 7.0% 3.9% (33.4)% SG&A (18.7) (32.3) (29.4) R&D expense (0.7) (0.6) (0.4) Loss from operations (20.9) (20.3) (300.9) Net loss attribut
Slide 12: Balance Sheet Summary
Balance Sheet Summary As of As of As of ($ in millions) 12/31/2025 9/30/2025 12/31/2024 Cash, cash equivalent and restricted cash 980.3 551.6 1,038.3 Accounts and notes receivables 135.5 157.0 55.2 Short-term investments 114.0 431.3 9.6 Inventories 169.1 121.4 149.9 Fixed term deposit within one yea
Slide 13: Cash Flow Summary
Cash Flow Summary Year ended Year ended ($ in millions) 12/31/2025 12/31/2024 Net (loss)/income (216.6) (448.2) Adjustments to reconcile net income to net cash provided by operating 345.7 568.1 activities Changes in operating assets and liabilities (73.5) (555.4) Net cash (used in)/provided by opera
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands 3 months Ended Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 Net (loss)/income (9,861) (14,844) (241,513) Income tax (benefit)/expense (3,546) 2,958 (48,973) Interest income, net (1,821) (2,944) (7,620) Depreciation & Amortization 67,776 60,595 63,036 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!