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Jun 30, 2025
Daqo New Energy Q2 2025 Earnings Report
Daqo New Energy reported significant revenue and net income declines in Q2 2025 amid industry-wide challenges.
Key Takeaways
Daqo New Energy faced a tough Q2 2025, with declining polysilicon prices and reduced utilization leading to substantial losses. Despite the challenges, the company maintained a solid liquidity position and no financial debt, positioning itself for long-term recovery.
Revenue declined to $75.2M due to lower sales volume.
Net loss widened to $76.5M as selling prices remained under pressure.
Polysilicon production remained within guidance, but sales volume dropped 35% QoQ.
Maintained strong liquidity of $2.06B with no financial debt.
Forward Guidance
The company expects a moderate increase in production in Q3 2025 and sees long-term potential amid recent regulatory support.
Positive Outlook
- Q3 polysilicon production guidance set at 27,000–30,000 MT
- Full-year production expected between 110,000–130,000 MT
- Spot and futures polysilicon prices rebounded in July
- Chinese policy actions may reduce irrational competition
- Strong balance sheet with $2.06B liquidity and no debt
Challenges Ahead
- Industry still in a cyclical trough with low utilization
- Selling prices remain below cash cost levels
- Sales volumes dropped 35% QoQ due to demand concerns
- Operating at only 34% of nameplate capacity
- Idle facility costs continue to impact margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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