Daqo New Energy Announces Unaudited Second Quarter 2022 Results

Rhea-AI Summary

Daqo New Energy (NYSE: DQ) reported strong Q2 2022 financial results, with revenues of $1,244.1 million and a net income of $627.8 million, reflecting a 17.2% increase from Q1 2022. Polysilicon production was 35,326 MT, while sales volume reached 37,545 MT. The gross profit rose to $946.9 million, yielding a gross margin of 76.1%. The average cash cost of production significantly decreased to $6.51/kg. The company announced an increased annual production guidance of 129,000-132,000 MT and a share repurchase program of $120 million to enhance shareholder value.

Positive

• Net income increased by 17.2% to $627.8 million from Q1 2022.
• Gross profit reached $946.9 million with a gross margin of 76.1%.
• Average cash production cost fell to $6.51/kg from $9.19/kg in Q1 2022.
• Polysilicon production volume increased to 35,326 MT compared to 31,383 MT in Q1 2022.
• Increased annual production guidance to 129,000-132,000 MT.
• Strong cash position of $3.3 billion, an increase of $2.2 billion from Q1 2022.

Negative

• Revenue decreased slightly to $1,244.1 million from $1,280.3 million in Q1 2022 due to lower sales volume.

SHANGHAI, Aug. 3, 2022 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the second quarter of 2022.

Second Quarter 2022 Financial and Operating Highlights

• Polysilicon production volume was 35,326 MT in Q2 2022, compared to 31,383 MT in Q1 2022
• Polysilicon sales volume was 37,545 MT in Q2 2022, compared to 38,839 MT in Q1 2022
• Polysilicon average total production cost⁽¹⁾ was $7.26/kg in Q2 2022, compared to $10.09/kg in Q1 2022
• Polysilicon average cash cost⁽¹⁾ was $6.51/kg in Q2 2022, compared to $9.19/kg in Q1 2022
• Polysilicon average selling price (ASP) was $33.08/kg in Q2 2022, compared to $32.76/kg in Q1 2022
• Revenue was $1,244.1 million in Q2 2022, compared to $1,280.3 million in Q1 2022
• Gross profit was $946.9 million in Q2 2022, compared to $813.6 million in Q1 2022. Gross margin was 76.1% in Q2 2022, compared to 63.5% in Q1 2022
• Net income attributable to Daqo New Energy Corp. shareholders was $627.8 million in Q2 2022, compared to $535.8 million in Q1 2022
• Earnings per basic American Depositary Share (ADS)⁽³⁾ was $8.36 in Q2 2022, compared to $7.17 in Q1 2022
• EBITDA (non-GAAP)⁽²⁾ was $955.4 million in Q2 2022, compared to $826.8 million in Q1 2022. EBITDA margin (non-GAAP)⁽²⁾ was 76.8% in Q2 2022, compared to 64.6% in Q1 2022

 

	Three months ended
US$ millions except as indicated otherwise	Jun 30, 2022	Mar 31, 2022	Jun 30, 2021
Revenues	1,244.1	1,280.3	441.4
Gross profit	946.9	813.6	303.2
Gross margin	76.1 %	63.5 %	68.7 %
Income from operations	927.6	796.9	292.4
Net income attributable to Daqo New Energy Corp. shareholders	627.8	535.8	232.1
Earnings per basic ADS(3) ($ per ADS)	8.36	7.17	3.15
EBITDA (non-GAAP)(2)	955.4	826.8	311.7
EBITDA margin (non-GAAP)(2)	76.8 %	64.6 %	70.6 %
Polysilicon sales volume (MT)	37,545	38,839	21,060
Polysilicon average total production cost ($/kg)(1)	7.26	10.09	6.31
Polysilicon average cash cost (excl. dep'n) ($/kg)(1)	6.51	9.19	5.41

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 expense, divided by the production volume in the period indicated.

(2)     Daqo New Energy provides EBITDA and EBITDA margins 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 representing five (5) ordinary shares.

Management Remarks

Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are very proud to deliver an excellent quarter with record production volume and profits. Revenue reached $1.24 billion, gross profit was $947 million with gross margin of 76%. Net income attributable to Daqo shareholders was $628 million, an increase of 17.2% from $535.8 million in the first quarter of 2022 and an increase of 170% from $232 million in Q2 2021. Our cash position at the end of the quarter was $3.3 billion, an increase of approximately $2.2 billion from $1.1 billion at the end of Q1 2022, reflecting our strong cash flow generation. Cash and bank note receivable combined balances reached $4.6 billion. Operating cash flow was $1.1 billion for the first six months of this year."  

"During the quarter, we operated at full capacity and produced 35,326 MT of polysilicon. More than 99% of our production were high-purity Mono-grade polysilicon products. We successfully ramped up our new Phase 4B facility to full capacity and further optimized its operational performance. Our sequential improvements in gross profit and gross margin were primarily driven by a 28% reduction in our polysilicon production cost. With higher manufacturing efficiency and better economy of scale, we reduced our per unit electricity cost and depreciation cost by 7% and 13% in RMB terms quarter-over-quarter, respectively. In addition, our metallurgical–grade silicon cost in the second quarter was reduced by 37% as compared to the first quarter. With our facility in optimized stable operations, we believe we will be able to maintain, and possibly further improve, our cost structure in Q3 and Q4 this year. We expect an even more favorable outlook for cost at our new Inner Mongolia facility. 

"As a chemical refining facility, safe and stable operations are extremely important for polysilicon production, and our facilities perform the best under such conditions. In order to minimize the impact on operations, we will conduct our annual maintenance in phases spread throughout the third and fourth quarters. During the same time, we will conduct some technology improvement projects which are expected to further save energy and optimize efficiency. As a result, we expect our polysilicon production volume in the third quarter to be in the range of 31,000 – 32,000MT. With our better-than-expected operational performance in the first half of 2022, we are increasing our guidance on annual production volume to 129,000 – 132,000MT for the full year 2022, up from our previous guidance of 120,000-125,000MT."

"In June 2022, our major operating subsidiary, Xinjiang Daqo, received the total gross proceeds of approximately RMB11 billion from its private offering on the Shanghai Stock Exchange. Upon completion of the private offering, Daqo New Energy beneficially owns approximately 72.68% of Xinjiang Daqo. Proceeds from the offering will be used primarily for our Phase 5A polysilicon project of 100,000 MT in Inner Mongolia. This new project is currently under construction and expected to be completed by the second quarter of 2023."

"Driven by several favorable trends, the global solar industry saw robust demand in the first half of this year, and demand both in China and overseas continues to exceed market expectations. According to data from the China Photovoltaic Industry Association, China's production of polysilicon and solar modules in the first half of 2022 was approximately 365,000 MT and 123.6 GW, respectively, an increase of 53.4% and 54.1% compared to the same period of 2021. While solar PV products' supply increased significantly compared to last year, ASPs kept rising across the entire solar value chain due to stronger-than-expected end market demand. Despite rising ASPs, during the first half, solar PV installations in China reached 30.9 GW, and China exported 78.6 GW of solar modules, up 137% and 74%, respectively, over the same period of 2021. Driven by strong end market demand and increased orders from wafer suppliers, polysilicon ASPs and profitability improved continuously during the first half of this year despite increased supply. According to the China Silicon Association, the average price (VAT included) for high-density mono grade polysilicon increased significantly by 29.3% from RMB 229/kg in the first week in January 2022 to RMB 296/kg in the last week of July 2022. Nevertheless, our production is sold out for August and we have a strong order backlog for our products. We understand that many newly built wafer facilities are idle because of a shortage of polysilicon, as capacity expansion is much faster in downstream than in polysilicon sector."

"Beyond the urgency to address climate change that is driving various supportive policies to accelerate the adoption of solar energy globally, the recent conflict in Europe has led to an energy crisis with substantially higher natural gas and oil prices. Solar PV is easy and fast to deploy and its cost, which has already reached grid parity, is locked-in for the next 20 to 30 years. The rise in energy costs has made solar PV increasingly attractive, especially in the countries currently facing energy shortages and seeking energy safety and independence. For instance, in the second quarter, European solar PPA price increased substantially and the market saw a substantial increase in demand from Europe with module exports to Europe greater than 50% of total module export for China."

"In June, our board of directors authorized the Company to repurchase up to US$120 million worth of its own issued shares on the open market. As of today, we have already repurchased approximately $50 million worth of our ADRs and we will continue to do so as we believe our current ADR price is seriously undervalued and not reflective of our position as an industry leader with strong profitability and operating cash flow."

"With growing global policy support and attractive economics, we are confident that solar PV market demand and prices will remain strong, providing sustainable and healthy profits to the solar manufacturing value chain. In the first half of 2022, despite a 53.4% increase in production volumes in China over the same period of 2021, polysilicon was still a drag on the entire solar PV manufacturing value chain and capacity expansion was meaningfully slower than in the downstream sectors. Challenges in getting energy consumption approvals, long construction times, and delayed ramp-up times, as well as the operational inexperience of new players, make polysilicon one of the sectors with the highest entry barriers and slowest expansion growth in the solar PV manufacturing value chain. We expect this imbalance to continue for a while and help our sector greatly benefit from the robust market demand. We will continue to focus on our core business and further strengthen our industry leadership by increasing capacity, reducing our cost structure and improving product quality so as to continuously reward our shareholders. Our vision is that in the not-too-distant future, renewable energy will displace fossil fuels to become the primary source of energy for humans, with solar energy playing the biggest role. And our mission is to help make that vision a reality."

Outlook and guidance

The Company expects to produce approximately 31,000MT to 32,000MT of polysilicon in the third quarter of 2022 and approximately 129,000MT to 132,000MT of polysilicon in the full year 2022, 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.

Second Quarter 2022 Results

Revenues

Revenues were $1,244.1 million, compared to $1,280.3 million in the first quarter of 2022 and $441.4 million in the second quarter of 2021. The minor decrease in the revenues as compared to the first quarter of 2022 was due to a decrease in sales volume but compensated by an increase in ASP.

Gross profit and margin

Gross profit was $946.9 million, compared to $813.6 million in the first quarter of 2022 and $303.2 million in the second quarter of 2021. Gross margin was 76.1%, compared to 63.5% in the first quarter of 2022 and 68.7% in the second quarter of 2021. The increase in gross profit and gross margin as compared to the first quarter of 2022 was primarily due to lower production cost and higher ASPs.

Selling, general and administrative expenses

Selling, general and administrative expenses were $14.4 million, compared to $15.5 million in the first quarter of 2022 and $9.3 million in the second quarter of 2021. SG&A expenses during the second quarter included $2.0 million in non-cash share-based compensation costs related to the Company's share incentive plan.

Research and development expenses

Research and development (R&D) expenses were $2.7 million, compared to $2.1 million in the first quarter of 2022 and $2.1 million in the second quarter of 2021. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.

Income from operations and operating margin

As a result of the foregoing, income from operations was $927.6 million, compared to $796.9 million in the first quarter of 2022 and $292.4 million in the second quarter of 2021.

Operating margin was 74.6%, compared to 62.2% in the first quarter of 2022 and 66.3% in the second quarter of 2021.

EBITDA (non-GAAP)

EBITDA (non-GAAP) was $955.4 million, compared to $826.8 million in the first quarter of 2022 and $311.7 million in the second quarter of 2021. EBITDA margin (non-GAAP) was 76.8%, compared to 64.6% in the first quarter of 2022 and 70.6% in the second quarter of 2021.

Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $627.8  million, compared to $535.8 million in the first quarter of 2022 and $232.1 million in the second quarter of 2021.

Earnings per basic American Depository Share (ADS) was $8.36, compared to $7.17 in the first quarter of 2022, and $3.15 in the second quarter of 2021.

Financial Condition

As of June 30, 2022, the Company had $3,284.3 million in cash, cash equivalents and restricted cash, compared to $1,127.7 million as of March 31, 2022 and $269.7 million as of June 30, 2021. As of June 30, 2022, the notes receivable balance was $1,269.3 million, compared to $1,499.4 million as of March 31, 2022 and $97.0 million as of June 30, 2021. As of June 30, 2022, total borrowings were nil, compared to nil as of March 31, 2022 and total borrowings of $156.6 million, including $70.9 million long-term borrowings, as of June 30, 2021.

Cash Flows

For the six months ended June 30, 2022, net cash provided by operating activities was $1,128.8 million, compared to $442.3 million in the same period of 2021. The increase was primarily due to higher revenues and gross margin.

For the six months ended June 30, 2022, net cash used in investing activities was $80.3 million, compared to $255.4 million in the same period of 2021. The net cash used in investing activities in 2022 was primarily related to the capital expenditures on the Company's 100,000 MT polysilicon project in Baotou City, Inner Mongolia, which was partially offset by $265.0 million redemption of short-term investments

For the six months ended June 30, 2022, net cash provided by financing activities was $1,579.3 million, compared to net cash used in financing activities of $37.1 million in the same period of 2021. The net cash provided by financing activities in 2022 was primarily related to the net proceeds of $1,631.7 million from by Xinjiang Daqo' private offering in China.

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 (which represents the proportion of EBITDA in revenues). 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.

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 Eastern Time on August 3, 2022. (8:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the live conference call are as follows:

Participant dial in (toll free):	+1-888-346-8982
Participant international dial in:	+1-412-902-4272
China mainland toll free:	4001-201203
Hong Kong toll free:	800-905945
Hong Kong-local toll:	+852-301-84992

Participants please dial in 10 minutes before the call is scheduled to begin and ask to be joined into the Daqo New Energy Corp. call.

You can also listen to the conference call via Webcast through the URL:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=h0088h2l

A replay of the call will be available 1 hour after the end of the conference through August 10, 2022.

The conference call replay numbers are as follows:

US Toll Free:	+1-877-344-7529
International Toll:	+1-412-317-0088
Canada Toll Free:	855-669-9568
Replay access code:	8742766

To access the replay using an international dial-in number, please select the link below.

https://services.choruscall.com/ccforms/replay.html 
Participants will be required to state their name and company 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 manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates", "might" and "guidance" and similar statements. Among other things, the outlook for the third quarter and the full year of 2022 and quotations from management in these announcements, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; changes in political and regulatory environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

 

Daqo New Energy Corp.
Unaudited Condensed Consolidated Statement of Operations
(US dollars in thousands, except ADS and per ADS data)
		Three months ended					Six months ended
		Jun 30, 2022		Mar 31, 2022		Jun 30, 2021		Jun 30, 2022		Jun 30, 2021
Revenues		$1,244,086		$1,280,323		$441,368		$2,524,409		$697,463
Cost of revenues		(297,220)		(466,767)		(138,133)		(763,987)		(275,284)
Gross profit		946,866		813,556		303,235		1,760,422		422,179
Operating expenses
Selling, general and administrative    expenses		(14,430)		(15,483)		(9,267)		(29,913)		(18,301)
Research and development expenses		(2,711)		(2,079)		(2,101)		(4,790)		(3,299)
Other operating (expense)/ income		(2,143)		938		549		(1,205)		1,028
Total operating expenses		(19,284)		(16,624)		(10,819)		(35,908)		(20,572)
Income from operations		927,582		796,932		292,416		1,724,514		401,607
Interest expense, net		(3,677)		(1,468)		(6,431)		(5,146)		(13,973)
Investment income		34		1,495		-		1,529		-
Income before income taxes		923,939		796,959		285,985		1,720,897		387,634
Income tax expense		(143,460)		(129,908)		(43,083)		(273,368)		(57,570)
Net income		780,479		667,051		242,902		1,447,529		330,064
Net income attributable to non-controlling   interest		152,662		131,208		10,802		283,871		14,746
Net income attributable to Daqo New   Energy Corp. shareholders		$ 627,817		$535,843		$232,100		$1,163,658		$315,318
Earnings per ADS		8.36		7.17		3.15		15.53		4.29
Basic
Diluted		8.18		6.99		3.03		15.17		4.11
Weighted average ADS outstanding
Basic		75,119,100		74,710,994		73,714,734		74,915,182		73,522,256
Diluted		76,756,442		76,631,999		76,688,538		76,719,978		76,745,282

 

 

 

Daqo New Energy Corp.
Unaudited Condensed Consolidated Balance Sheets
(US dollars in thousands)
		Jun. 30, 2022		Mar. 31, 2022		Jun. 30, 2021
ASSETS:
Current Assets:
Cash, cash equivalents and restricted cash		3,284,251		1,127,735		269,724
Short-term investments		11,392		10,411		10,403
Notes receivable		1,269,314		1,499,425		96,977
Inventories		52,264		100,313		33,815
Other current assets		39,533		14,412		18,800
Total current assets		4,656,754		2,752,296		429,719
Property, plant and equipment, net		1,763,632		1,619,217		1,217,524
Prepaid land use right		38,196		40,592		37,020
Other non-current assets		25,549		800		32,488
TOTAL ASSETS		6,484,131		4,412,905		1,716,751
LIABILITIES:
Current liabilities:
Short-term borrowings, including current portion of long-term borrowings		-		-		85,661
Accounts payable and notes payable		115,337		56,422		60,845
Advances from customers-short term portion		375,410		465,973		115,856
Payables for purchases of property, plant and equipment		94,113		104,160		36,018
Other current liabilities		250,805		297,507		96,885
Total current liabilities		835,665		924,062		395,265
Long-term borrowings		-		-		70,948
Advance from customers – long term portion		95,647		99,409		78,212
Other non-current liabilities		42,850		49,262		29,017
TOTAL LIABILITIES		974,162		1,072,733		573,442
EQUITY:
Total Daqo New Energy Corp.'s shareholders'  equity		4,050,213		2,705,856		1,096,415
Non-controlling interest		1,459,756		634,316		46,894
Total equity		5,509,969		3,340,172		1,143,309
TOTAL LIABILITIES & EQUITY		6,484,131		4,412,905		1,716,751

 

 

 

Daqo New Energy Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(US dollars in thousands)
		For the six months ended June 30,
		2022		2021
Operating activities:
Net income		1,447,529		330,064
Adjustments to reconcile net income to net cash provided by operating activities		67,106		44,106
Changes in operating assets and liabilities		(385,807)		68,083
Net cash provided by operating activities		1,128,828		442,253
Investing activities:
Net cash used in investing activities		(80,337)		(255,449)
Financing activities:
Net cash provided by / (used in) financing activities		1,579,279		(37,056)
Non-cash transactions
Effect of exchange rate changes		(67,485)		1,572
Net increase in cash, cash equivalents and restricted cash		2,560,285		151,320
Cash, cash equivalents and restricted cash at the beginning of the period		723,966		118,404
Cash, cash equivalents and restricted cash at the end of the period		3,284,251		269,724

 

 

 

Daqo New Energy Corp.
Reconciliation of non-GAAP financial measures to comparable US GAAP measures
(US dollars in thousands)
		Three months Ended						Six months Ended
		Jun 30, 2022		Mar 31, 2022		Jun 30, 2021		Jun 30, 2022		Jun 30, 2021
Net income		780,479		667,051		242,902		1,447,529		330,064
Income tax expense		143,460		129,908		43,083		273,368		57,570
Interest expense, net		3,677		1,468		6,431		5,146		13,973
Depreciation & Amortization		27,765		28,359		19,322		56,124		38,236
EBITDA (non-GAAP)		955,381		826,786		311,738		1,782,167		439,843
EBITDA margin (non-GAAP)		76.8 %		64.6 %		70.6 %		70.6 %		63.1 %

 

For more information, please visit www.dqsolar.com

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SOURCE Daqo New Energy Corp.

FAQ

What were Daqo New Energy's Q2 2022 revenues?

Daqo New Energy reported revenues of $1,244.1 million in Q2 2022.

How much did Daqo New Energy net income increase in Q2 2022?

Net income attributable to Daqo New Energy shareholders increased by 17.2% to $627.8 million in Q2 2022.

What is the average cash cost of production for Daqo New Energy in Q2 2022?

The average cash cost of production for Daqo New Energy in Q2 2022 was $6.51/kg.

What is the production guidance for Daqo New Energy for 2022?

Daqo New Energy increased its production guidance for 2022 to 129,000-132,000 MT.

What share repurchase program has Daqo New Energy announced?

Daqo New Energy announced a share repurchase program of up to $120 million.