DAQO NEW ENERGY CORP. (DQ) SEC Filings & Earnings Calls
EquiReason read 12 DAQO NEW ENERGY CORP. SEC filings in the last 12 months. Latest: 6-K on 2026-10-13 — Announcement of Q3 2026 earnings release date and conference call; no financial results disclosed..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 690.2M
- P/E TTM
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- Dividend yield
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- 52-week
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- Next earnings
- 27 Oct, in 3 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
20 Aug 20266-KQ2 2026 net loss $81.2M; gross margin -132.0%; polysilicon ASP fell to $4.04/kg from $5.96/kg QoQ; production cost $5.95/kg above ASP; sales volume recovered to 15,190 MT from 4,482 MT; AIDC diversification announced.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $63M | -17% y/y |
| Gross margin · Q2-2026 | -132.0% | |
| Net loss attributable to Daqo New Energy Corp. shareholders · Q2-2026 | $-81M | +6% y/y |
| Loss per basic ADS · Q2-2026 | $-1.20 | +5% y/y |
| EBITDA · Q2-2026 | $-29M | -39% y/y |
| Polysilicon production volume · Q2-2026 | 43,675 | |
| Polysilicon sales volume · Q2-2026 | 15,190 | -16% y/y |
| Polysilicon average total production cost · Q2-2026 | $5.95 | -18% y/y |
| Polysilicon average cash cost · Q2-2026 | $4.57 | -11% y/y |
| Polysilicon average selling price · Q2-2026 | $4.04 |
Guidance
Q3 2026 polysilicon production volume 40,000-45,000 MT; FY2026 production volume 160,000-180,000 MT
Production guidance maintained; no financial guidance provided; management highlights policy support and diversification
Risks flagged
Polysilicon ASP below production cost; below-cost sales resumed in June
“Polysilicon market prices remaining below production costs since Q1 2026; we adjusted our sales and pricing strategies toward a more market-oriented approach in June.”
Weak domestic demand and elevated inventory in solar PV industry
“Market sentiment across the solar PV industry remained cautious amid weak domestic demand and elevated inventory levels.” · word for word
Dependence on Chinese regulatory intervention for price recovery
“SAMR emphasized that solar PV companies must conduct price-compliance self-reviews and curb irrational low-price competition.” · word for word
3 Jun 20266-KDaqo New Energy signs investment agreement to build a manufacturing base for next-gen energy solutions for AI data centers, with total investment expected ~RMB 6 billion.open
Risks flagged
Project still in preparatory stage; impact on future performance cannot be determined.
“As this project is still in the preparatory stage, the impact of this investment on the Company's future performance cannot be determined at this time.” · word for word
29 Apr 20266-KDaqo New Energy Q1 2026: revenue $26.7M (down 88% QoQ), gross loss -$139.4M, net loss -$88.4M; polysilicon ASP $5.96/kg below cost; sales volume collapsed to 4,482 MT from 38,167 MT; capacity utilization ~57%.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Polysilicon · Q1-2026 | $27M | -79% y/y |
| Net loss attributable to Daqo New Energy Corp. shareholders · Q1-2026 | $-88M | |
| Polysilicon production volume · Polysilicon · Q1-2026 | 43,402 | |
| Polysilicon sales volume · Polysilicon · Q1-2026 | 4,482 | -84% y/y |
| Polysilicon average total production cost · Polysilicon · Q1-2026 | $5.95 | |
| Polysilicon average cash cost · Polysilicon · Q1-2026 | $4.59 | |
| Polysilicon average selling price · Polysilicon · Q1-2026 | $5.96 | |
| Gross margin · Q1-2026 | -521.5% | |
| EBITDA · Q1-2026 | $-83M | |
| Loss per basic ADS · Q1-2026 | $-1.31 |
Guidance
Production guidance only: Q2 2026 35,000-40,000 MT; FY2026 140,000-170,000 MT
No revenue or margin guidance; production guidance maintained but demand environment weak.
Risks flagged
Polysilicon pricing below production cost; negative gross margin of -521.5% indicates severe cash burn.
“ASP $5.96/kg vs production cost $5.95/kg; gross loss $139.4M.”
Sales volume collapse to 4,482 MT from 38,167 MT QoQ suggests near-total demand freeze.
“Sales volume 4,482 MT vs 38,167 MT Q4 2025.”
Industry overcapacity and anti-involution policy uncertainty create prolonged downturn risk.
“CEO cites 'persistent industry overcapacity' and 'anti-involution policies.'”
20 Apr 202620-FFY2025 results: revenue -35.3% YoY, gross margin remained negative at -20.7%, net loss improved to $170.5M from $345.2M.earningsopen
Figures in the filing · each found in the filing text
| revenue · FY2025 | $665M | -35% y/y |
| net_income · FY2025 | $-216M | |
| polysilicon_production_volume · FY2025 | 123,652 | -40% y/y |
| polysilicon_sales_volume · FY2025 | 126,707 | -30% y/y |
| polysilicon_asp · FY2025 | $5.25 | -7% y/y |
| gross_margin · FY2025 | -20.7% | |
| production_cost_per_kg · FY2025 | $6.61 | +3% y/y |
| cash_and_cash_equivalents · FY2025 | $856M | |
| total_capacity · FY2025 | 305,000 | |
| capital_expenditures · FY2025 | $134M | -91% y/y |
Guidance
Global PV installations expected 500-667 GW in 2026; no material capex expected near term
No formal guidance; management expects no material capex near term; global PV installation forecast 500-667 GW.
Risks flagged
Continued Polysilicon Oversupply
“In 2025, the annual average selling price decreased by 7.3% as compared to 2024, primarily due to the continued market oversupply.” · word for word
Negative Gross Margin Persistence
“Our gross margin was 39.9%, negative 20.7% and negative 20.7% in 2023, 2024 and 2025 respectively.” · word for word
Customer Concentration
“In 2025, our top three customers accounted for approximately 38.9%, 18.1% and 6.5% of our revenues, respectively, and the three customers in aggregate accounted for approximately 63.5% of our revenues.” · word for word
VAT Export Tax Rebate Cancellation
“On January 8, 2026, the Ministry of Finance and State Administration of Taxation promulgated Announcement on Adjusting the Export Tax Rebate Policies for Photovoltaic and Other Products, effective from April 1, 2026, which announced that as of April 1, 2026, the value-added tax (VAT) export tax rebate for photovoltaic and other products shall be canceled.” · word for word
China Regulatory and Legal Risks
“Restrictions on currency exchange under PRC laws may limit our ability to convert cash derived from our operating activities into foreign currencies and may materially and adversely affect the value of your investment.” · word for word
2 Mar 20266-KQ4 2025 revenue $221.7M (-9.4% QoQ), net loss $7.3M (narrowed from $14.9M QoQ). Polysilicon ASP stable at $5.83/kg, production cost down to $5.83/kg. Full year EBITDA turned positive.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $222M | |
| Net loss attributable to Daqo New Energy Corp. shareholders · Q4-2025 | $-7M | |
| Polysilicon production volume · Q4-2025 | 42,181 | |
| Polysilicon sales volume · Q4-2025 | 38,167 | |
| Polysilicon average total production cost · Q4-2025 | $5.83 | |
| Polysilicon average selling price · Q4-2025 | $5.83 | |
| Gross profit · Q4-2025 | $15M | |
| EBITDA (non-GAAP) · Q4-2025 | $53M |
Risks flagged
Continued net losses and negative gross margin for full year 2025 (-20.7%), though improving.
“Net loss attributable to Daqo New Energy Corp. shareholders was $170.5 million in 2025. Gross margin was -20.7% in 2025.” · word for word
16 Jan 20266-KDaqo New Energy subsidiary Xinjiang Daqo estimates FY2025 net loss of RMB1.0-1.3 billion, narrower than FY2024 loss of RMB2.7 billion but still substantial.earningsopen
Risks flagged
Polysilicon industry oversupply and pricing pressure continue to weigh on profitability.
“Subsidiary net loss for second consecutive year; FY2024 loss RMB2.7 billion.”
Preliminary estimate subject to revision; PRC GAAP vs U.S. GAAP differences.
“Estimate prepared under PRC GAAP; subject to change upon completion of internal closing.”
27 Oct 20256-KQ3 2025 results: revenue $244.6M (vs $75.2M Q2), gross margin 3.9% (vs -108.3% Q2), net loss narrowed to $14.9M from $76.5M Q2. Polysilicon ASP recovered to $5.80/kg from $4.19/kg Q2. Positive EBITDA of $45.8M.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $245M | |
| Gross profit · Q3-2025 | $10M | |
| Net loss attributable to Daqo New Energy Corp. shareholders · Q3-2025 | $-15M | |
| Polysilicon production volume · Q3-2025 | 30,650 | |
| Polysilicon sales volume · Q3-2025 | 42,406 | |
| Polysilicon average total production cost · Q3-2025 | $6.38 | |
| Polysilicon average cash cost · Q3-2025 | $4.54 | |
| Polysilicon average selling price · Q3-2025 | $5.80 | |
| Adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders · Q3-2025 | $4M | |
| EBITDA (non-GAAP) · Q3-2025 | $46M |
Risks flagged
Polysilicon market oversupply persists; nameplate capacity utilization only 40%
“maintaining a nameplate capacity utilization rate of 40%” · word for word
DAQO NEW ENERGY CORP. — questions
- What did DAQO NEW ENERGY CORP. file recently?
- 12 SEC filings in the last 12 months. Latest: 6-K on 2026-10-13 — Announcement of Q3 2026 earnings release date and conference call; no financial results disclosed.
Every figure on this page comes from DAQO NEW ENERGY CORP.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.