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Daqo New Energy
Daqo New Energy (DQ) investor relations material
Daqo New Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Annual polysilicon production in 2025 was 123,652 metric tons, a 39.7% year-over-year decrease, with sales volume at 126,707 metric tons, exceeding production and reducing inventory.
Revenue for 2025 was $665 million, down from $1 billion in 2024, mainly due to lower sales volume and a 7.2% decrease in average selling price.
EBITDA turned positive at $1.7 million in 2025, compared to -$337.4 million in 2024.
Net loss attributable to shareholders narrowed to $170.5 million from $345.2 million in 2024.
Utilization rate improved from 33% in Q1 to 55% in Q4 2025, supporting inventory reduction and market recovery.
Financial highlights
Q4 2025 revenue was $221.7 million, down from $244.6 million in Q3 but up from $195.4 million in Q4 2024.
Q4 gross profit was $15.4 million, with a gross margin of 7%, up from 3.9% in Q3 and -33% in Q4 2024.
Q4 net loss attributable to shareholders was $7.3 million, improved from $14.9 million in Q3 and $180 million in Q4 2024.
Adjusted net loss for 2025 was $114.7 million, compared to $272 million in 2024.
Net cash provided by operating activities was $56.1 million in 2025, a turnaround from a $435 million outflow in 2024.
Outlook and guidance
Q1 2026 polysilicon production expected at 35,000–40,000 metric tons; full-year 2026 guidance is 140,000–170,000 metric tons.
Management expects anti-involution and anti-overcapacity initiatives to support balanced supply/demand and higher-quality growth in 2026.
Capital expenditures for 2026 projected at $100–$150 million, mainly for Inner Mongolia project and maintenance.
How will anti-involution initiatives impact 2026 ASPs?
What drives sustained polysilicon cost reduction?
Future use of $2.27B liquid assets
Expected timeline for industry consolidation
Polysilicon price outlook for H1 2026
Cash cost reduction targets for 2026
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Next Daqo New Energy earnings date
Q1 202628 Apr, 2026
Daqo New Energy
Next Daqo New Energy earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Daqo New Energy Corp. is a China-based company specializing in the production of high-purity polysilicon used in the solar photovoltaic (PV) industry. The company supplies polysilicon to manufacturers of solar panels and modules, supporting the growth of renewable energy solutions globally. Daqo focuses on advanced production techniques to ensure quality and efficiency while maintaining environmentally sustainable operations. Its products are utilized in the fabrication of monocrystalline and multicrystalline wafers for solar power generation. The company is headquartered in Shanghai, China, and its shares are listed on the New York Stock Exchange.
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