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Daqo New Energy (DQ) investor relations material
Daqo New Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 was marked by industry overcapacity and low prices, resulting in significant operating and net losses.
Maintained a strong balance sheet with $2.06 billion in cash, investments, and no financial debt as of June 30, 2025.
Production operated at 34% utilization, producing 26,012 MT of polysilicon, within guidance.
Sales volume dropped to 18,126 MT from 28,008 MT in Q1 2025 due to strategic reduction in orders.
Industry and government initiatives are underway to curb irrational competition and support sustainable growth.
Financial highlights
Q2 2025 revenue was $75.2 million, down from $123.9 million in Q1 2025 and $219.9 million in Q2 2024.
Gross loss was $81.4 million; gross margin was -108.3%, worsening from -65.8% in Q1 2025.
Net loss attributable to shareholders was $76.5 million; adjusted net loss (non-GAAP) was $57.9 million.
EBITDA (non-GAAP) was -$48.2 million, with an EBITDA margin of -64.0%.
Cash, cash equivalents, and restricted cash at quarter-end stood at $599 million; total liquid assets were $2.06 billion.
Outlook and guidance
Q3 2025 polysilicon production expected at 27,000–30,000 MT; full-year 2025 guidance is 110,000–130,000 MT.
Management expects long-term industry prospects to remain strong, with recovery anticipated as government measures address overcapacity.
Production and sales strategies remain flexible, contingent on regulatory developments and market prices.
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