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Sep 30
Daqo New Energy Q3 2025 Earnings Report
Daqo New Energy reported a narrower net loss in Q3 2025 with higher revenue and improved margins due to increased polysilicon sales volume and pricing.
Key Takeaways
Daqo New Energy posted a significant rebound in Q3 2025, driven by higher polysilicon sales volume and average selling prices. The company returned to positive adjusted net income and EBITDA, reflecting a recovery in the solar PV value chain.
Revenue surged to $244.6M in Q3 2025, up from $75.2M in Q2.
Adjusted net income (non-GAAP) turned positive at $3.7M.
EBITDA (non-GAAP) rebounded to $45.8M with an 18.7% margin.
Polysilicon sales volume jumped to 42,406 MT, significantly outpacing production.
Daqo New Energy
Daqo New Energy
Forward Guidance
Daqo expects Q4 2025 polysilicon production volume to be between 39,500 and 42,500 MT, supported by improved pricing and strong demand.
Positive Outlook
- Q4 polysilicon production expected to rise to 39,500–42,500 MT
- Full-year 2025 production projected at 121,000–124,000 MT
- Inventory levels normalized after strong Q3 sales
- Cost per kg decreased, with record-low cash cost of $4.54/kg
- China’s clean energy targets expected to drive long-term demand
Challenges Ahead
- Persistent oversupply in the market despite signs of recovery
- Polysilicon sector still recovering from cyclical downturn
- SG&A expenses remained flat at elevated levels
- Operating income still negative despite revenue jump
- Q4 production subject to facility maintenance disruptions