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Dec 31, 2025
Daqo New Energy Q4 2025 Earnings Report
Daqo New Energy reported higher gross profit and a narrower net loss in Q4 2025 as production costs declined and EBITDA improved.
Key Takeaways
Daqo New Energy generated 221711000 in revenue in Q4 2025, delivering 15439000 of gross profit and a net loss attributable to shareholders of 7280000. Polysilicon production rose to 42181 MT while average total production cost fell to 5.83 per kg, supporting a 23.7% non-GAAP EBITDA margin.
Revenue was 221711000 and gross margin was 7.0% in Q4 2025.
Net loss attributable to shareholders improved to 7280000 with loss per basic ADS of 0.11.
Polysilicon production volume increased to 42181 MT while sales volume was 38167 MT.
Non-GAAP EBITDA was 52548000 with EBITDA margin of 23.7%.
Forward Guidance
The company provided production guidance for Q1 2026 and full-year 2026 while emphasizing continued cost optimization and a focus on balancing supply with market conditions.
Positive Outlook
- Q1 2026 polysilicon production guidance of approximately 35000 to 40000 MT.
- Full-year 2026 polysilicon production guidance of approximately 140000 to 170000 MT.
- Ongoing process improvements and efficiency gains contributed to lower production costs in Q4 2025.
- Maintained high liquidity with total cash, short-term investments, bank notes receivable and fixed term deposits of 2270000000 at end of Q4 2025.
- Non-GAAP EBITDA increased to 52548000 in Q4 2025.
Challenges Ahead
- Revenue decreased versus Q3 2025 due to lower sales volume.
- Company reported a net loss attributable to shareholders of 7280000 in Q4 2025.
- Operating loss was 20889000 in Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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