Daqo New Energy Announces Unaudited First Quarter 2025 Results
Daqo New Energy reported challenging Q1 2025 financial results amid ongoing solar industry headwinds. The company posted revenues of $123.9 million, down from $195.4 million in Q4 2024, with a net loss of $71.8 million.
Key metrics show:
- Polysilicon production volume: 24,810 MT (33% capacity utilization)
- Sales volume: 28,008 MT
- Average selling price: $4.37/kg
- Production cost: $7.57/kg
Despite losses, Daqo maintains a strong financial position with $2.15 billion in total cash and investments. The company expects Q2 2025 production of 25,000-28,000 MT and full-year 2025 output of 110,000-140,000 MT. CEO Xiang Xu noted that while polysilicon prices remain below cash cost levels, industry-wide capacity utilization is around 50%, and China's solar installations grew 30.5% year-over-year to 59.71GW in Q1.
Daqo New Energy ha riportato risultati finanziari difficili nel primo trimestre 2025, a causa delle continue difficoltà nel settore solare. L'azienda ha registrato ricavi per 123,9 milioni di dollari, in calo rispetto ai 195,4 milioni del quarto trimestre 2024, con una perdita netta di 71,8 milioni di dollari.
I principali indicatori mostrano:
- Produzione di polisilicio: 24.810 tonnellate metriche (33% di utilizzo della capacità)
- Volume di vendite: 28.008 tonnellate metriche
- Prezzo medio di vendita: 4,37 $/kg
- Costo di produzione: 7,57 $/kg
Nonostante le perdite, Daqo mantiene una solida posizione finanziaria con 2,15 miliardi di dollari in liquidità e investimenti totali. L'azienda prevede una produzione per il secondo trimestre 2025 tra 25.000 e 28.000 tonnellate metriche e una produzione annuale per il 2025 compresa tra 110.000 e 140.000 tonnellate metriche. Il CEO Xiang Xu ha osservato che, sebbene i prezzi del polisilicio restino al di sotto dei livelli di costo cash, l'utilizzo della capacità a livello industriale è intorno al 50% e le installazioni solari in Cina sono cresciute del 30,5% su base annua, raggiungendo 59,71 GW nel primo trimestre.
Daqo New Energy reportó resultados financieros desafiantes en el primer trimestre de 2025 debido a los continuos problemas en la industria solar. La compañía registró ingresos de 123,9 millones de dólares, una disminución respecto a los 195,4 millones del cuarto trimestre de 2024, con una pérdida neta de 71,8 millones de dólares.
Los indicadores clave muestran:
- Producción de polisilicio: 24,810 toneladas métricas (33% de utilización de capacidad)
- Volumen de ventas: 28,008 toneladas métricas
- Precio medio de venta: 4,37 $/kg
- Costo de producción: 7,57 $/kg
A pesar de las pérdidas, Daqo mantiene una sólida posición financiera con 2,15 mil millones de dólares en efectivo e inversiones totales. La empresa espera una producción para el segundo trimestre de 2025 de entre 25,000 y 28,000 toneladas métricas y una producción anual para 2025 de entre 110,000 y 140,000 toneladas métricas. El CEO Xiang Xu señaló que, aunque los precios del polisilicio siguen por debajo de los niveles de costo en efectivo, la utilización de capacidad en toda la industria ronda el 50%, y las instalaciones solares en China crecieron un 30,5% interanual hasta 59,71 GW en el primer trimestre.
Daqo New Energy는 지속되는 태양광 산업의 어려움 속에서 2025년 1분기 도전적인 재무 실적을 발표했습니다. 회사는 1억 2,390만 달러의 매출을 기록했으며, 이는 2024년 4분기의 1억 9,540만 달러에서 감소한 수치로, 순손실은 7,180만 달러였습니다.
주요 지표는 다음과 같습니다:
- 폴리실리콘 생산량: 24,810 미터톤 (33% 설비 가동률)
- 판매량: 28,008 미터톤
- 평균 판매 가격: 킬로그램당 4.37 달러
- 생산 비용: 킬로그램당 7.57 달러
손실에도 불구하고, Daqo는 총 21억 5천만 달러의 현금 및 투자 자산으로 강한 재무 상태를 유지하고 있습니다. 회사는 2025년 2분기 생산량을 25,000~28,000 미터톤으로, 2025년 연간 생산량은 110,000~140,000 미터톤으로 예상하고 있습니다. CEO Xiang Xu는 폴리실리콘 가격이 현금 비용 수준 이하에 머무르고 있지만 업계 전체 설비 가동률이 약 50%이며, 중국의 태양광 설치량이 전년 동기 대비 30.5% 증가하여 1분기에 59.71GW에 달했다고 언급했습니다.
Daqo New Energy a annoncé des résultats financiers difficiles pour le premier trimestre 2025, en raison des vents contraires persistants dans l'industrie solaire. La société a enregistré un chiffre d'affaires de 123,9 millions de dollars, en baisse par rapport à 195,4 millions au quatrième trimestre 2024, avec une perte nette de 71,8 millions de dollars.
Les indicateurs clés sont les suivants :
- Volume de production de polysilicium : 24 810 tonnes métriques (33 % d'utilisation de la capacité)
- Volume des ventes : 28 008 tonnes métriques
- Prix de vente moyen : 4,37 $/kg
- Coût de production : 7,57 $/kg
Malgré les pertes, Daqo conserve une solide position financière avec 2,15 milliards de dollars en liquidités et investissements. La société prévoit une production pour le deuxième trimestre 2025 entre 25 000 et 28 000 tonnes métriques et une production annuelle pour 2025 comprise entre 110 000 et 140 000 tonnes métriques. Le PDG Xiang Xu a souligné que, bien que les prix du polysilicium restent inférieurs aux coûts de trésorerie, le taux d'utilisation des capacités dans l'industrie est d'environ 50 %, et les installations solaires en Chine ont augmenté de 30,5 % en glissement annuel pour atteindre 59,71 GW au premier trimestre.
Daqo New Energy meldete herausfordernde Finanzergebnisse für das erste Quartal 2025 angesichts anhaltender Gegenwinde in der Solarindustrie. Das Unternehmen erzielte Umsätze von 123,9 Millionen US-Dollar, ein Rückgang gegenüber 195,4 Millionen US-Dollar im vierten Quartal 2024, und verzeichnete einen Nettoverlust von 71,8 Millionen US-Dollar.
Wichtige Kennzahlen zeigen:
- Polysilizium-Produktionsmenge: 24.810 MT (33 % Kapazitätsauslastung)
- Verkaufsmenge: 28.008 MT
- Durchschnittlicher Verkaufspreis: 4,37 $/kg
- Produktionskosten: 7,57 $/kg
Trotz der Verluste hält Daqo eine starke finanzielle Position mit insgesamt 2,15 Milliarden US-Dollar an liquiden Mitteln und Investitionen. Das Unternehmen erwartet für das zweite Quartal 2025 eine Produktion von 25.000 bis 28.000 MT und für das Gesamtjahr 2025 eine Produktion von 110.000 bis 140.000 MT. CEO Xiang Xu bemerkte, dass die Polysiliziumpreise weiterhin unter den Cash-Kosten liegen, die branchenweite Kapazitätsauslastung jedoch bei etwa 50 % liegt und die Solarinstallationen in China im ersten Quartal im Jahresvergleich um 30,5 % auf 59,71 GW gewachsen sind.
- Strong balance sheet with $2.15 billion in quick assets and zero financial debt
- Inventory reduction through sales volume (28,008 MT) exceeding production (24,810 MT)
- China's solar PV installations grew 30.5% YoY reaching 59.71GW in Q1
- Net loss of $71.8 million in Q1 2025, with loss per ADS of $1.07
- Severe decline in revenue to $123.9M in Q1 2025 from $415.3M in Q1 2024
- Gross margin deteriorated to -65.8% from -33.4% in Q4 2024
- Production costs increased 11% to $7.57/kg while ASP decreased to $4.37/kg
- Operating at only 33% capacity utilization due to market conditions
- EBITDA turned negative at -$48.4 million with -39.1% margin
- Reduced production guidance for 2025 to 110,000-140,000 MT
Insights
Daqo reports substantial Q1 losses with -65.8% gross margin as polysilicon prices remain below production costs, despite strong balance sheet.
Daqo New Energy's Q1 2025 results reveal severe ongoing challenges in the polysilicon market. The company posted a net loss of $71.8 million, an improvement from Q4's $180.2 million loss but still deeply concerning. Revenue declined to $123.9 million, down 37% sequentially and 70% year-over-year.
The most alarming metric is gross margin deteriorating to -65.8% from -33.4% in Q4 2024, as the fundamental economics remain unsustainable with polysilicon selling prices ($4.37/kg) far below production costs ($7.57/kg). This pricing-cost inversion has forced Daqo to operate at just 33% of capacity, which ironically drives up unit costs further as fixed expenses are spread across lower volume.
The company's lifeline is its fortress balance sheet with $2.15 billion in liquid assets and zero financial debt. This provides crucial runway through the industry downturn, but cash preservation remains essential with $38.9 million used in operating activities during Q1.
Industry dynamics show early signs of potential rebalancing, with industry-wide utilization at approximately 50% and Chinese production now falling below demand. A catalyst for demand appears to be China's renewable energy policy change requiring market-based pricing after May 31, 2025, which is accelerating installations.
Management's production guidance of 110,000-140,000 MT for 2025 reflects continued conservative utilization rates, acknowledging market normalization remains distant. While Daqo possesses technological advantages in N-type polysilicon and financial strength to outlast weaker competitors, the timeframe for industry rationalization and pricing recovery remains highly uncertain.
First Quarter 2025 Financial and Operating Highlights
- Total cash, short-term investments, bank notes receivable and fixed term bank deposit balance was $2.15 billion at the end of Q1 2025, compared to $2.22 billion at the end of Q4 2024
- Polysilicon production volume was 24,810 MT in Q1 2025, compared to 34,236 MT in Q4 2024
- Polysilicon sales volume was 28,008 MT in Q1 2025 compared to 42,191 MT in Q4 2024
- Polysilicon average total production cost(1) was
$7.57 $6.81 - Polysilicon average cash cost(1) was
$5.31 $5.04 - Polysilicon average selling price (ASP) was
$4.37 $4.62 - Revenue was
$123.9 million $195.4 million - Gross loss was
$81.5 million $65.3 million 65.8% in Q1 2025, compared to -33.4% in Q4 2024 - Net loss attributable to Daqo New Energy Corp. shareholders was
$71.8 million $180.2 million - Loss per basic American Depositary Share (ADS)(3) was
$1.07 $2.71 - Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$53.2 million $170.6 million - Adjusted loss per basic ADS(3) (non-GAAP)(2) was
$0.80 $2.56 - EBITDA (non-GAAP)(2) was -
$48.4 million - in Q4 2024. EBITDA margin (non-GAAP)(2) was -$236.5 million 39.1% in Q1 2025, compared to -121.1% in Q4 2024
Three months ended | |||
US$ millions except as indicated otherwise | March | December | March |
Revenues | 123.9 | 195.4 | 415.3 |
Gross (loss)/profit | (81.5) | (65.3) | 72.1 |
Gross margin | (65.8) % | (33.4) % | 17.4 % |
(Loss)/income from operations | (114.1) | (300.9) | 30.5 |
Net (loss)/income attributable to Daqo New Energy | (71.8) | (180.2) | 15.5 |
(Loss)/Earnings per basic ADS(3) ($ per ADS) | (1.07) | (2.71) | 0.24 |
Adjusted net (loss)/income (non-GAAP)(2) | (53.2) | (170.6) | 36.0 |
Adjusted (loss)/earnings per basic ADS(3) | (0.80) | (2.56) | 0.55 |
EBITDA (non-GAAP)(2) | (48.4) | (236.5) | 76.9 |
EBITDA margin (non-GAAP)(2) | (39.1) % | (121.1) % | 18.5 % |
Polysilicon sales volume (MT) | 28,008 | 42,191 | 53,987 |
Polysilicon average total production cost ($/kg)(1) | 7.57 | 6.81 | 6.37 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 5.31 | 5.04 | 5.61 |
Notes: |
(1) Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation cost and non-cash share-based compensation cost, divided by the production volume in the period indicated. |
(2) Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release. |
(3) ADS means American Depositary Share. One (1) ADS represents five (5) ordinary shares. |
Management Remarks
Mr. Xiang Xu, CEO of Daqo New Energy, commented, "In the first quarter of 2025, the solar PV industry continued to face significant challenges. Overcapacity persisted, and polysilicon prices stayed below cash cost levels. Although this caused Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed sequentially and we continued to maintain a strong and healthy balance sheet with no financial debt. As of March 31, 2025, the Company had a cash balance of
"On the operational front, the Company operated at a reduced utilization rate of approximately
"In light of the current market conditions, we expect our total polysilicon production volume in the second quarter of 2025 to be approximately 25,000 MT to 28,000 MT. As a result, we anticipate our full year 2025 production volume to be in the range of 110,000 MT to 140,000 MT."
"During the first quarter, polysilicon producers implemented self-discipline measures to mitigate the impact of irrational competition amid falling prices, resulting in an industry-wide capacity utilization of approximately
"The solar PV industry continued to show promising prospects.
Outlook and guidance
The Company expects to produce approximately 25,000 MT to 28,000 MT of polysilicon during the second quarter of 2025. The Company expects to produce approximately 110,000 MT to 140,000 MT of polysilicon for the full year of 2025, inclusive of the impact of the Company's annual facility maintenance.
This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.
First Quarter 2025 Results
Revenues
Revenues were
Gross (loss)/ profit and margin
Gross loss was
Selling, general and administrative expenses
Selling, general and administrative expenses were
Research and development expenses
Research and development (R&D) expenses were
(Loss)/income from operations and operating margin
As a result of the foregoing, loss from operations was
Operating margin was -
Net (loss)/income attributable to Daqo New Energy Corp. shareholders and earnings/(loss) per ADS
As a result of the aforementioned, net loss attributable to Daqo New Energy Corp. shareholders was
Loss per basic American Depository Share (ADS) was
Adjusted net (loss)/income (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted (loss)/earnings per ADS(non-GAAP)
As a result of the aforementioned, adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs, was
Adjusted loss per basic American Depository Share (ADS) was
EBITDA
EBITDA (non-GAAP) was -
Financial Condition
As of March 31, 2025, the Company had
Cash Flows
For the three months ended March 31, 2025, net cash used in operating activities was
For the three months ended March 31, 2025, net cash used in investing activities was
For the three months ended March 31, 2025, net cash used in financing activities was nil, compared to
Use of Non-GAAP Financial Measures
To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.
The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.
A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.
Conference Call
The Company has scheduled a conference call to discuss the results at 8:00 AM
The dial-in details for the earnings conference call are as follows:
Participant dial in (
Participant international dial in: +1-412-902-4272
Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.
Webcast link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=TJ7Upakg
A replay of the call will be available 1 hour after the conclusion of the conference call through May 6, 2025. The dial in details for the conference call replay are as follows:
International toll: +1-412-317-0088
Replay access code: 9537649
To access the replay through an international dial-in number, please select the link below.
https://services.choruscall.com/ccforms/replay.html
Participants will be asked to provide their name and company name upon entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 305,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Daqo New Energy Corp. | |||||||
Unaudited Condensed Consolidated Statement of Operations | |||||||
(US dollars in thousands, except ADS and per ADS data) | |||||||
Three months Ended | |||||||
Mar. 31, | Dec. 31, | Mar. 31, | |||||
Revenues | 123,914 | 195,359 | 415,311 | ||||
Cost of revenues | (205,449) | (260,622) | (343,226) | ||||
Gross (loss)/profit | (81,535) | (65,263) | 72,085 | ||||
Operating expenses | - | ||||||
Selling, general and administrative expenses | (35,085) | (29,402) | (38,433) | ||||
Long-lived assets impairment | - | (175,627) | - | ||||
Allowance for expected credit loss | - | (18,072) | - | ||||
Research and development expenses | (507) | (372) | (1,538) | ||||
Other operating income/(expense) | 3,074 | (12,203) | (1,605) | ||||
Total operating expenses | (32,518) | (235,676) | (41,576) | ||||
(Loss)/income from operations | (114,053) | (300,939) | 30,509 | ||||
Interest income, net | 2,670 | 6,761 | 12,270 | ||||
Foreign exchange gain/(loss) | 22 | 49 | (269) | ||||
Investments income | 6,354 | 3,644 | - | ||||
(Loss)/Income before income taxes | (105,007) | (290,485) | 42,510 | ||||
Income tax benefit/(expense) | 12,274 | 48,973 | (14,356) | ||||
Net (loss)/income | (92,733) | (241,512) | 28,154 | ||||
Net (loss)/income attributable to non-controlling interest | (20,896) | (61,330) | 12,681 | ||||
Net (loss)/income attributable to Daqo New Energy Corp. | (71,837) | (180,182) | 15,473 | ||||
(Loss)/earnings per ADS | |||||||
Basic | (1.07) | (2.71) | 0.24 | ||||
Diluted | (1.07) | (2.71) | 0.24 | ||||
Weighted average ADS outstanding | |||||||
Basic | 66,938,183 | 66,609,799 | 65,704,356 | ||||
Diluted | 66,938,183 | 66,609,799 | 65,720,945 | ||||
Daqo New Energy Corp. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(US dollars in thousands) | |||||||
Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash, cash equivalents and restricted cash | 791,930 | 1,038,349 | 2,689,310 | ||||
Short-term investments | 168,203 | 9,619 | - | ||||
Accounts and notes receivable | 62,818 | 55,171 | 194,088 | ||||
Inventories | 125,918 | 149,939 | 191,161 | ||||
Fixed term deposit within one year | 1,125,323 | 1,087,210 | - | ||||
Other current assets | 303,156 | 291,259 | 229,893 | ||||
Total current assets | 2,577,348 | 2,631,547 | 3,304,452 | ||||
Property, plant and equipment, net | 3,460,203 | 3,499,210 | 3,731,647 | ||||
Prepaid land use right | 152,854 | 152,869 | 157,046 | ||||
Fixed term deposit over one year | - | 27,636 | - | ||||
Other non-current assets | 120,281 | 106,981 | 54,688 | ||||
TOTAL ASSETS | 6,310,686 | 6,418,243 | 7,247,833 | ||||
Current liabilities: | |||||||
Accounts payable and notes payable | 28,694 | 33,270 | 67,329 | ||||
Advances from customers - short term portion | 33,032 | 37,192 | 128,697 | ||||
Payables for purchases of property, plant and equipment | 357,562 | 406,743 | 409,689 | ||||
Other current liabilities | 39,471 | 44,032 | 114,227 | ||||
Total current liabilities | 458,759 | 521,237 | 719,942 | ||||
Advance from customers - long term portion | 20,967 | 21,484 | 113,600 | ||||
Other non-current liabilities | 17,610 | 17,658 | 28,329 | ||||
TOTAL LIABILITIES | 497,336 | 560,379 | 861,871 | ||||
EQUITY: | |||||||
Total Daqo New Energy Corp.'s shareholders' | 4,329,201 | 4,361,193 | 4,716,390 | ||||
Non-controlling interest | 1,484,149 | 1,496,671 | 1,669,572 | ||||
Total equity | 5,813,350 | 5,857,864 | 6,385,962 | ||||
TOTAL LIABILITIES & EQUITY | 6,310,686 | 6,418,243 | 7,247,833 | ||||
Daqo New Energy Corp. | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
(US dollars in thousands) | |||||
For the three months ended March 31, | |||||
2025 | 2024 | ||||
Operating Activities: | |||||
Net (loss)/income | (92,733) | 28,154 | |||
Adjustments to reconcile net income to net cash provided by | 123,788 | 75,364 | |||
Changes in operating assets and liabilities | (69,936) | (219,450) | |||
Net cash (used in) / provided by operating activities | (38,881) | (115,932) | |||
Investing activities: | |||||
Purchases of property, plant and equipment | (57,632) | (180,369) | |||
Purchases of land use right | - | (10,115) | |||
Purchase of short-term investments and fixed term deposits | (1,014,899) | - | |||
Redemption of short-term investments and fixed term deposits | 861,517 | - | |||
Net cash used in investing activities | (211,014) | (190,484) | |||
Financing activities: | |||||
Net cash (used in) / provided by financing activities | - | (6,004) | |||
Effect of exchange rate changes | 3,476 | (46,226) | |||
Net (decrease) / increase in cash, cash equivalents and restricted cash | (246,419) | (358,646) | |||
Cash, cash equivalents and restricted cash at the beginning of the | 1,038,349 | 3,047,956 | |||
Cash, cash equivalents and restricted cash at the end of the period | 791,930 | 2,689,310 | |||
Daqo New Energy Corp. | |||||||
Reconciliation of non-GAAP financial measures to comparable US GAAP measures | |||||||
(US dollars in thousands) | |||||||
Three months Ended | |||||||
Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | |||||
Net (loss)/income | (92,733) | (241,512) | 28,154 | ||||
Income tax expense (benefit) | (12,274) | (48,973) | 14,356 | ||||
Interest income, net | (2,670) | (6,761) | (12,269) | ||||
Depreciation & amortization | 59,245 | 60,740 | 46,669 | ||||
EBITDA (non-GAAP) | (48,432) | (236,506) | 76,910 | ||||
EBIDTA margin (non-GAAP) | -39.1 % | -121.1 % | 18.5 % | ||||
Three months Ended | |||||||
Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | |||||
Net (loss)/income attributable to Daqo New | (71,837) | (180,182) | 15,473 | ||||
Share-based compensation | 18,606 | 9,532 | 20,574 | ||||
Adjusted net (loss)/income attributable to | (53,231) | (170,650) | 36,047 | ||||
Adjusted (loss)/earnings per basic ADS | (0.80) | (2.56) | 0.55 | ||||
Adjusted (loss)/earnings per diluted ADS | (0.80) | (2.56) | 0.55 | ||||
View original content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-first-quarter-2025-results-302441163.html
SOURCE Daqo New Energy Corp.
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