Daqo New Energy Announces Unaudited Fourth Quarter and Fiscal Year 2024 Results
Daqo New Energy (NYSE: DQ) reported challenging Q4 and full-year 2024 results amid significant market headwinds. The company posted a Q4 net loss of $180.2 million ($2.71 per ADS), compared to a $60.7 million loss in Q3 2024. Revenue declined to $195.4 million in Q4 from $198.5 million in Q3.
Key Q4 metrics include:
- Polysilicon production volume: 34,236 MT (down from 43,592 MT in Q3)
- Sales volume: 42,191 MT
- Average selling price: $4.62/kg (down from $4.69/kg in Q3)
- Total cash and investments: $2.2 billion
For full-year 2024:
- Revenue declined to $1.03 billion from $2.31 billion in 2023
- Net loss of $345.2 million versus net income of $429.5 million in 2023
- Production volume increased 3.7% to 205,068 MT
Daqo New Energy (NYSE: DQ) ha riportato risultati difficili per il quarto trimestre e per l'intero anno 2024 a causa di significative difficoltà di mercato. L'azienda ha registrato una perdita netta di 180,2 milioni di dollari (2,71 dollari per ADS) nel quarto trimestre, rispetto a una perdita di 60,7 milioni di dollari nel terzo trimestre del 2024. I ricavi sono diminuiti a 195,4 milioni di dollari nel quarto trimestre, rispetto ai 198,5 milioni di dollari del terzo trimestre.
I principali indicatori del quarto trimestre includono:
- Volume di produzione di polisilicio: 34.236 MT (in calo rispetto a 43.592 MT nel terzo trimestre)
- Volume delle vendite: 42.191 MT
- Prezzo medio di vendita: 4,62 dollari/kg (in calo rispetto a 4,69 dollari/kg nel terzo trimestre)
- Totale liquidità e investimenti: 2,2 miliardi di dollari
Per l'intero anno 2024:
- I ricavi sono diminuiti a 1,03 miliardi di dollari rispetto ai 2,31 miliardi di dollari del 2023
- Perdita netta di 345,2 milioni di dollari rispetto a un utile netto di 429,5 milioni di dollari nel 2023
- Volume di produzione aumentato del 3,7% a 205.068 MT
Daqo New Energy (NYSE: DQ) informó resultados desafiantes para el cuarto trimestre y el año completo 2024 en medio de importantes vientos en contra del mercado. La compañía reportó una pérdida neta de 180,2 millones de dólares (2,71 dólares por ADS) en el cuarto trimestre, en comparación con una pérdida de 60,7 millones de dólares en el tercer trimestre de 2024. Los ingresos cayeron a 195,4 millones de dólares en el cuarto trimestre desde 198,5 millones de dólares en el tercer trimestre.
Los principales indicadores del cuarto trimestre incluyen:
- Volumen de producción de polisilicio: 34.236 MT (a la baja desde 43.592 MT en el tercer trimestre)
- Volumen de ventas: 42.191 MT
- Precio de venta promedio: 4,62 dólares/kg (a la baja desde 4,69 dólares/kg en el tercer trimestre)
- Total de efectivo e inversiones: 2,2 mil millones de dólares
Para el año completo 2024:
- Los ingresos cayeron a 1,03 mil millones de dólares desde 2,31 mil millones de dólares en 2023
- Pérdida neta de 345,2 millones de dólares frente a un ingreso neto de 429,5 millones de dólares en 2023
- El volumen de producción aumentó un 3,7% a 205.068 MT
Daqo New Energy (NYSE: DQ)는 심각한 시장 악재 속에서 2024년 4분기 및 연간 실적이 어려웠다고 보고했습니다. 회사는 2024년 4분기에 1억 8천만 2백만 달러(ADS당 2.71달러)의 순손실을 기록했으며, 이는 2024년 3분기의 6천만 7백만 달러 손실과 비교됩니다. 수익은 3분기 1억 9천 8백 5십만 달러에서 4분기 1억 9천 5백 4십만 달러로 감소했습니다.
4분기의 주요 지표는 다음과 같습니다:
- 폴리실리콘 생산량: 34,236 MT(3분기의 43,592 MT에서 감소)
- 판매량: 42,191 MT
- 평균 판매 가격: 4.62달러/kg(3분기의 4.69달러/kg에서 감소)
- 총 현금 및 투자: 22억 달러
2024년 전체 연도:
- 수익이 2023년의 23억 1천만 달러에서 10억 3천만 달러로 감소했습니다.
- 순손실이 3억 4천 5백 2십만 달러로 2023년의 순이익 4억 2천 9백 5십만 달러와 비교됩니다.
- 생산량이 3.7% 증가하여 205,068 MT에 달했습니다.
Daqo New Energy (NYSE: DQ) a annoncé des résultats difficiles pour le quatrième trimestre et l'année complète 2024 en raison de vents contraires importants sur le marché. L'entreprise a enregistré une perte nette de 180,2 millions de dollars (2,71 dollars par ADS) au quatrième trimestre, comparativement à une perte de 60,7 millions de dollars au troisième trimestre 2024. Les revenus ont diminué à 195,4 millions de dollars au quatrième trimestre, contre 198,5 millions de dollars au troisième trimestre.
Les principaux indicateurs du quatrième trimestre comprennent:
- Volume de production de polysilicium: 34.236 MT (en baisse par rapport à 43.592 MT au troisième trimestre)
- Volume des ventes: 42.191 MT
- Prix de vente moyen: 4,62 dollars/kg (en baisse par rapport à 4,69 dollars/kg au troisième trimestre)
- Total des liquidités et des investissements: 2,2 milliards de dollars
Pour l'année complète 2024:
- Les revenus ont chuté à 1,03 milliard de dollars contre 2,31 milliards de dollars en 2023
- Perte nette de 345,2 millions de dollars contre un bénéfice net de 429,5 millions de dollars en 2023
- Volume de production augmenté de 3,7% à 205.068 MT
Daqo New Energy (NYSE: DQ) berichtete über herausfordernde Ergebnisse im vierten Quartal und für das gesamte Jahr 2024, bedingt durch erhebliche Markthemmnisse. Das Unternehmen verzeichnete im vierten Quartal einen Nettoverlust von 180,2 Millionen Dollar (2,71 Dollar pro ADS), verglichen mit einem Verlust von 60,7 Millionen Dollar im dritten Quartal 2024. Der Umsatz fiel im vierten Quartal auf 195,4 Millionen Dollar, nach 198,5 Millionen Dollar im dritten Quartal.
Wichtige Kennzahlen für das vierte Quartal umfassen:
- Polysiliziumproduktionsvolumen: 34.236 MT (rückläufig von 43.592 MT im dritten Quartal)
- Verkaufsvolumen: 42.191 MT
- Durchschnittlicher Verkaufspreis: 4,62 Dollar/kg (rückläufig von 4,69 Dollar/kg im dritten Quartal)
- Gesamtes Bargeld und Investitionen: 2,2 Milliarden Dollar
Für das gesamte Jahr 2024:
- Der Umsatz fiel auf 1,03 Milliarden Dollar, verglichen mit 2,31 Milliarden Dollar im Jahr 2023
- Nettoverlust von 345,2 Millionen Dollar gegenüber einem Nettogewinn von 429,5 Millionen Dollar im Jahr 2023
- Produktionsvolumen stieg um 3,7% auf 205.068 MT
- Strong liquidity position with $2.2B in quick assets
- N-type product mix increased from 40% to 70% in 2024
- Cash cost reduced to $5.04/kg in Q4, down 6% from Q3
- No financial debt on balance sheet
- Q4 net loss widened to $180.2M from $60.7M in Q3
- Full-year revenue dropped 55% to $1.03B from $2.31B
- Gross margin deteriorated to -33.4% in Q4 2024
- $175.6M impairment charge on production assets
- Production guidance for 2025 reduced to 110,000-140,000 MT from 205,068 MT in 2024
- ASP fell below production costs
Insights
Daqo New Energy's Q4 and FY 2024 results reveal the devastating impact of the solar industry's severe overcapacity crisis, with the company reporting a staggering $345.2 million annual loss compared to a $429.5 million profit in 2023. This dramatic reversal stems from polysilicon prices collapsing below production costs, with ASPs plummeting 51% year-over-year to $5.66/kg while production costs remained at $6.81/kg in Q4.
The company has implemented aggressive defensive measures, including:
- Reducing plant utilization to 40-50% of capacity
- Taking a $175.6 million impairment charge on older production lines
- Slashing 2025 production guidance by approximately 45% to 110,000-140,000 MT
- Focusing on premium N-type polysilicon (now 70% of production vs. 40% in 2023)
Despite generating negative gross margins of -33.4% in Q4, Daqo maintains remarkable financial resilience with $2.2 billion in liquid assets and zero debt. At the current quarterly cash burn rate (approximately $200 million based on EBITDA), the company has sufficient runway to weather several years of challenging conditions.
The broader industry context shows early signs of potential stabilization. China's solar installations grew 28% to a record 277 GW in 2024, exceeding expectations. Industry self-regulation initiatives led by the China Photovoltaic Industry Association aim to curb irrational competition, while the December launch of polysilicon futures trading could eventually provide price transparency and stability.
Daqo's strategic positioning as a low-cost producer with premium N-type capabilities and exceptional balance sheet strength positions it to potentially emerge as an industry consolidator when weaker competitors fail. However, investors should recognize that meaningful price recovery will require significant capacity rationalization across the industry, which appears to be in its early stages with production volumes in China declining to approximately 100,000 MT monthly by December 2024.
Fourth Quarter 2024 Financial and Operating Highlights
- Total cash, short-term investments, bank note receivables and fixed term bank deposit balance was
$2.2 billion $2.4 billion - Polysilicon production volume was 34,236 MT in Q4 2024, compared to 43,592 MT in Q3 2024
- Polysilicon sales volume was 42,191 MT in Q4 2024, compared to 42,101 MT in Q3 2024
- Polysilicon average total production cost(1) was
$6.81 $6.61 - Polysilicon average cash cost(1) was
$5.04 $5.34 - Polysilicon average selling price (ASP) was
$4.62 $4.69 - Revenue was
$195.4 million $198.5 million - Gross loss was
$65.3 million $60.6 million 33.4% in Q4 2024, compared to -30.5% in Q3 2024 - Non-cash impairment charge related to long-lived assets amounted to
$175.6 million - Net loss attributable to Daqo New Energy Corp. shareholders was
$180.2 million $60.7 million - Loss per basic American Depositary Share (ADS)(3) was
$2.71 $0.92 - Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$170.7 million $39.4 million - Adjusted loss per basic ADS(3) (non-GAAP)(2) was
$2.56 $0.59 - EBITDA (non-GAAP)(2) was -
$236.5 million - in Q3 2024. EBITDA margin (non-GAAP)(2) was -$34.3 million 121.1% in Q4 2024, compared to -17.3% in Q3 2024
Three months ended | |||
US$ millions except as indicated otherwise | December. | September. | December. |
Revenues | 195.4 | 198.5 | 476.3 |
Gross (loss)/profit | (65.3) | (60.6) | 87.2 |
Gross margin | (33.4) % | (30.5) % | 18.3 % |
(Loss)/income from operations | (300.9) | (98.0) | 83.3 |
Net (loss)/income attributable to Daqo New Energy | (180.2) | (60.7) | 53.3 |
(Loss)/Earnings per basic ADS(3) ($ per ADS) | (2.71) | (0.92) | 0.76 |
Adjusted net (loss)/income (non-GAAP)(2) | (170.6) | (39.4) | 74.3 |
Adjusted (loss)/earnings per basic ADS(3) (non- | (2.56) | (0.59) | 1.06 |
EBITDA (non-GAAP)(2) | (236.5) | (34.3) | 128.2 |
EBITDA margin (non-GAAP)(2) | (121.1) % | (17.3) % | 26.9 % |
Polysilicon sales volume (MT) | 42,191 | 42,101 | 61,014 |
Polysilicon average total production cost ($/kg)(1) | 6.81 | 6.61 | 6.50 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 5.04 | 5.34 | 5.72 |
Full Year 2024 Financial and Operating Highlights
- Polysilicon production volume was 205,068 MT in 2024, compared to 197,831 MT in 2023
- Polysilicon sales volume was 181,362 MT in 2024, compared to 200,002 MT in 2023
- Revenue was
$1,029.1 million $2,307.7 million - Gross loss was
$212.9 million $920.7 million 20.7% in 2024, compared to39.9% in 2023 - Net loss attributable to Daqo New Energy Corp. shareholders was
$345.2 million $429.5 million $5.22 $5.75 - EBITDA (non-GAAP)(2) was -
$338.8 million $918.6 million 32.9% in 2024, compared to39.8% in 2023 - Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$272.8 million $563.1 million - Adjusted loss per basic ADS(3) (non-GAAP)(2) was
$4.12 $7.54
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 and non-cash share-based compensation, 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, Chairman and CEO of the Company, commented, "In 2024, we faced a challenging market environment with excess capacity in the solar PV industry leading to sharp price declines across the entire value chain. We proactively managed these difficulties by curtailing polysilicon production to reduce cash burn, particularly in the third and fourth quarters. Nevertheless, we reached an annual polysilicon production volume of 205,068 MT in 2024, meeting our guidance of 200,000 MT to 210,000 MT, which represented an increase of
"On the operational front, during the fourth quarter, the Company continued to operate at a lower utilization rate of
"Due to the current market pricing environment, we currently expect total polysilicon production volume in the first quarter of 2025 to be approximately 25,000 MT to 28,000 MT. We plan to maintain a relatively low utilization rate in 2025 until a turning point emerges in the sector. As a result, we currently anticipate full year production volume in 2025 to be approximately 110,000 MT to 140,000 MT."
"Discussions on industry self-regulation measures have been ongoing since the fourth quarter. Meanwhile, the polysilicon market remained sluggish heading into the quarter as downstream customers continued drawing down accumulated inventory and coping with lower wafer capacity utilization rates of approximately
"Despite the significant challenges resulting from overcapacity in the solar PV industry, we have seen proactive initiatives to restore the industry's healthy development. On December 6, 2024, led by the China Photovoltaic Industry Association (CPIA), our Company, along with other major solar PV manufacturers, have reached consensus that implementing self-discipline would be fundamental to mitigating the irrational competition amid falling prices and heightened global trade pressures. Moreover, the solar PV industry continued to show strong demand prospects. For the year of 2024,
Outlook and guidance
The Company expects to produce approximately 25,000MT to 28,000MT of polysilicon during the first quarter of 2025. The Company expects to produce approximately 110,000MT to 140,000MT 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.
Fourth Quarter 2024 Results
Revenues
Revenues were
Gross (loss)/ profit and margin
Gross loss was
Selling, general and administrative expenses
Selling, general and administrative expenses were
Allowance for expected credit loss of receivables
The Company recognized
Long-lived assets impairment
The Company recognized a
Research and development expenses
Research and development (R&D) expenses were
(Loss)/income from operations and operating margin
As a result of the abovementioned, 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 abovementioned, 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 (non-GAAP)
EBITDA (non-GAAP) was -
Full Year 2024 Results
Revenues
Revenues were
Gross (loss)/ profit and margin
Gross loss was
Selling, general and administrative expenses
Selling, general and administrative expenses were
Long-lived assets impairment
The Company recognized
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
Interest income, net
Interest income, net was
Net (loss)/income attributable to Daqo New Energy Corp. shareholders and earnings/(loss) per ADS
Net loss attributable to Daqo New Energy Corp. shareholders was
Adjusted net (loss)/income (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted (loss)/earnings per ADS(non-GAAP)
Adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders was
EBITDA (non-GAAP)
EBITDA (non-GAAP) was -
Financial Condition
As of December 31, 2024, the Company had
Cash Flows
For the twelve months ended December 31, 2024, net cash used in operating activities was
For the twelve months ended December 31, 2024, net cash used in investing activities was
For the twelve months ended December 31, 2024, net cash used in financing activities was
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, income 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=Qk5TGKkD
A replay of the call will be available 1 hour after the conclusion of the conference call through March 6, 2025. The dial in details for the conference call replay are as follows:
International toll: +1-412-317-0088
Replay access code: 3285522
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 | Year ended Dec 31 | |||||||||
Dec 31, | Sep 30, | Dec 31, | 2024 | 2023 | ||||||
Revenues | 195,359 | 198,496 | 476,298 | 1,029,080 | 2,307,695 | |||||
Cost of revenues | (260,622) | (259,090) | (389,102) | (1,242,012) | (1,387,045) | |||||
Gross (loss)/profit | (65,263) | (60,594) | 87,196 | (212,932) | 920,650 | |||||
Operating expenses | ||||||||||
Selling, general and administrative | (29,402) | (37,727) | (39,004) | (143,089) | (213,241) | |||||
Long-lived assets impairment | (175,627) | - | - | (175,627) | - | |||||
Allowance for expected credit loss | (18,072) | - | - | (18,072) | - | |||||
Research and development | (372) | (813) | (3,250) | (4,559) | (10,116) | |||||
Other operating (expense)/income | (12,203) | 1,092 | 38,349 | (9,814) | 86,137 | |||||
Total operating expenses | (235,676) | (37,448) | (3,905) | (351,160) | (137,220) | |||||
(Loss)/income from operations | (300,939) | (98,042) | 83,291 | (564,092) | 783,430 | |||||
Interest income, net | 6,761 | 1,604 | 13,772 | 29,364 | 52,302 | |||||
Foreign exchange gain/(loss) | 49 | (752) | (796) | (2,378) | (17,367) | |||||
Investments income | 3,644 | 8,253 | 253 | 19,046 | 109 | |||||
(Loss)/Income before income taxes | (290,485) | (88,937) | 96,520 | (518,060) | 818,474 | |||||
Income tax benefit/(expense) | 48,973 | 12,007 | (18,352) | 69,907 | (165,588) | |||||
Net (loss)/income | (241,512) | (76,930) | 78,168 | (448,153) | 652,886 | |||||
Net (loss)/income attributable to | (61,330) | (16,206) | 24,837 | (102,938) | 223,341 | |||||
Net (loss)/income attributable to | (180,182) | (60,724) | 53,331 | (345,215) | 429,545 | |||||
(Loss)/earnings per ADS | (2.71) | (0.92) | 0.76 | (5.22) | 5.75 | |||||
Basic | ||||||||||
Diluted | (2.71) | (0.92) | 0.76 | (5.22) | 5.73 | |||||
Weighted average ADS outstanding | ||||||||||
Basic | 66,609,799 | 66,306,870 | 69,862,986 | 66,158,657 | 74,717,201 | |||||
Diluted | 66,609,799 | 66,306,870 | 69,905,271 | 66,158,657 | 74,963,535 | |||||
Daqo New Energy Corp. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(US dollars in thousands) | |||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash, cash equivalents and restricted cash | 1,038,349 | 853,401 | 3,047,956 | ||||
Short-term investments | 9,619 | 244,982 | - | ||||
Accounts and notes receivable | 55,171 | 84,507 | 116,358 | ||||
Inventories | 149,939 | 206,877 | 173,271 | ||||
Fixed term deposit within one year | 1,087,210 | 1,215,165 | - | ||||
Other current assets | 291,259 | 292,610 | 238,993 | ||||
Total current assets | 2,631,547 | 2,897,542 | 3,576,578 | ||||
Property, plant and equipment, net | 3,499,210 | 3,903,436 | 3,626,423 | ||||
Prepaid land use right | 152,869 | 159,853 | 150,358 | ||||
Fixed term deposit over one year | 27,636 | 28,536 | - | ||||
Other non-current assets | 106,981 | 59,338 | 73,507 | ||||
TOTAL ASSETS | 6,418,243 | 7,048,705 | 7,426,866 | ||||
Current liabilities: | |||||||
Accounts payable and notes payable | 33,270 | 40,860 | 92,879 | ||||
Advances from customers-short term portion | 37,192 | 56,240 | 148,984 | ||||
Payables for purchases of property, plant and | 406,743 | 454,364 | 421,024 | ||||
Other current liabilities | 44,032 | 77,597 | 173,542 | ||||
Total current liabilities | 521,237 | 629,061 | 836,429 | ||||
Advance from customers – long term portion | 21,484 | 76,734 | 113,857 | ||||
Other non-current liabilities | 17,658 | 18,489 | 28,296 | ||||
TOTAL LIABILITIES | 560,379 | 724,284 | 978,582 | ||||
EQUITY: | |||||||
Total Daqo New Energy Corp.'s shareholders' | 4,361,193 | 4,705,832 | 4,761,907 | ||||
Non-controlling interest | 1,496,671 | 1,618,589 | 1,686,377 | ||||
Total equity | 5,857,864 | 6,324,421 | 6,448,284 | ||||
TOTAL LIABILITIES & EQUITY | 6,418,243 | 7,048,705 | 7,426,866 | ||||
Daqo New Energy Corp. | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
(US dollars in thousands) | |||||
For the year ended December 31, | |||||
2024 | 2023 | ||||
Operating Activities: | |||||
Net (loss)/income | (448,153) | 652,886 | |||
Adjustments to reconcile net income to net cash provided by | 565,535 | 305,359 | |||
Changes in operating assets and liabilities | (555,102) | 657,797 | |||
Net cash (used in)/provided by operating activities | (437,720) | 1,616,042 | |||
Investing activities: | |||||
Purchases of property, plant and equipment | (356,777) | (1,110,738) | |||
Purchases of land use right | (10,091) | (72,147) | |||
Purchase and redemption of short-term investments and fixed-term | (1,111,615) | (13,070) | |||
Net cash used in investing activities | (1,478,483) | (1,195,955) | |||
Financing activities: | |||||
Net cash used in financing activities | (47,358) | (795,398) | |||
Effect of exchange rate changes | (46,046) | (97,084) | |||
Net decrease in cash, cash equivalents and restricted cash | (2,009,607) | (472,395) | |||
Cash, cash equivalents and restricted cash at the beginning of the | 3,047,956 | 3,520,351 | |||
Cash, cash equivalents and restricted cash at the end of the period | 1,038,349 | 3,047,956 | |||
Daqo New Energy Corp. | |||||||||||
Reconciliation of non-GAAP financial measures to comparable US GAAP measures | |||||||||||
(US dollars in thousands) | |||||||||||
Three months ended | Year ended Dec 31 | ||||||||||
Dec 31, | Sep 30, | Dec 31, | 2024 | 2023 | |||||||
Net (loss)/income | (241,512) | (76,930) | 78,168 | (448,153) | 652,886 | ||||||
Income tax benefit/(expense) | (48,973) | (12,007) | 18,352 | (69,907) | 165,588 | ||||||
Interest income, net | (6,761) | (1,604) | (13,772) | (29,364) | (52,302) | ||||||
Depreciation & Amortization | 60,740 | 56,218 | 45,455 | 208,585 | 152,454 | ||||||
EBITDA (non-GAAP) | (236,506) | (34,323) | 128,203 | (338,839) | 918,626 | ||||||
EBITDA margin (non-GAAP) | -121.1 % | -17.3 % | 26.9 % | -32.9 % | 39.8 % | ||||||
Three months ended | Year ended Dec 31 | ||||||||||
Dec 31, | Sep 30, | Dec 31, | 2024 | 2023 | |||||||
Net (loss)/income attributable to | (180,182) | (60,724) | 53,331 | (345,215) | 429,545 | ||||||
Share-based compensation | 9,532 | 21,312 | 20,927 | 72,382 | 133,520 | ||||||
Adjusted net (loss)/income | (170,650) | (39,412) | 74,258 | (272,833) | 563,065 | ||||||
Adjusted (loss)/earnings per | (2.56) | (0.59) | 1.06 | (4.12) | 7.54 | ||||||
Adjusted (loss)/earnings per | (2.56) | (0.59) | 1.06 | (4.12) | 7.51 | ||||||
View original content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-fourth-quarter-and-fiscal-year-2024-results-302387179.html
SOURCE Daqo New Energy Corp.
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