Daqo New Energy Announces Unaudited Third Quarter 2020 Results
Daqo New Energy Corp. (NYSE: DQ) reported its third quarter 2020 results, highlighting a polysilicon production volume of 18,406 MT and sales volume of 13,643 MT. While revenue decreased to $125.5 million from $133.5 million in Q2, gross profit surged to $45.3 million, with a gross margin of 36.0%. Notably, net income jumped to $20.8 million, with earnings per ADS rising to $0.29. The company expects higher production in Q4 and emphasizes ongoing market demand for polysilicon, aiming to produce up to 76,800 MT for the full year.
- Gross profit increased to $45.3 million in Q3 2020 from $22.7 million in Q2 2020.
- Gross margin improved to 36.0% compared to 17.0% in Q2 2020.
- Net income attributable to shareholders rose to $20.8 million, up from $2.4 million in Q2 2020.
- Earnings per basic ADS reached $0.29, compared to $0.03 in Q2 2020.
- Production volume for Q4 is projected to be between 19,500 and 20,500 MT.
- Polysilicon sales volume declined to 13,643 MT in Q3 from 18,881 MT in Q2.
- Revenue decreased from $133.5 million in Q2 to $125.5 million in Q3.
- Average total production cost increased slightly to $5.82/kg in Q3 from $5.79/kg in Q2.
SHANGHAI, Nov. 23, 2020 /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 third quarter of 2020.
Third Quarter 2020 Financial and Operating Highlights
- Polysilicon production volume was 18,406 MT in Q3 2020, compared to 18,097 MT in Q2 2020
- Polysilicon sales volume was 13,643 MT in Q3 2020, compared to 18,881 MT in Q2 2020
- Polysilicon average total production cost(1) was
$5.82 /kg in Q3 2020, compared to$5.79 /kg in Q2 2020 - Polysilicon average cash cost(1) was
$4.88 /kg in Q3 2020, compared to$4.87 /kg in Q2 2020 - Polysilicon average selling price (ASP) was
$9.13 /kg in Q3 2020, compared to$7.04 /kg in Q2 2020 - Revenue was
$125.5 million in Q3 2020, compared to$133.5 million in Q2 2020 - Gross profit was
$45.3 million in Q3 2020, compared to$22.7 million in Q2 2020. Gross margin was36.0% in Q3 2020, compared to17.0% in Q2 2020 - Net income attributable to Daqo New Energy Corp. shareholders was $20.8 million in Q3 2020, compared to
$2.4 million in Q2 2020 - Earnings per basic American Depositary Share (ADS)(3) was $0.29 in Q3 2020, compared to
$0.03 in Q2 2020 - EBITDA (non-GAAP)(2) was
$51.6 million in Q3 2020, compared to$26.8 million in Q2 2020. EBITDA margin (non-GAAP)(2) was41.1% in Q3 2020, compared to20.0% in Q2 2020 - Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was
$25.2 million in Q3 2020, compared to$6.9 million in Q2 2020 - Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $0.35 in Q3 2020, compared to
$0.10 in Q2 2020
Three months ended | |||
US$ millions except as indicated otherwise | Sep 30, | Jun 30, | Sep 30, |
Revenues | 125.5 | 133.5 | 83.9 |
Gross profit | 45.3 | 22.7 | 18.1 |
Gross margin | |||
Income from operations | 33.3 | 10.8 | 8.8 |
Net income attributable to Daqo New Energy Corp. | 20.8 | 2.4 | 5.0 |
Earnings per basic ADS ($ per ADS)(3) | 0.29 | 0.03 | 0.07 |
Adjusted net income (non-GAAP)(2) attributable to | 25.2 | 6.9 | 9.5 |
Adjusted earnings per basic ADS (non-GAAP)(2) | 0.35 | 0.10 | 0.14 |
EBITDA (non-GAAP)(2) | 51.6 | 26.8 | 19.7 |
EBITDA margin (non-GAAP)(2) | |||
Polysilicon sales volume (MT) | 13,643 | 18,881 | 9,238 |
Polysilicon average total production cost ($/kg)(1) | 5.82 | 5.79 | 6.97 |
Polysilicon average cash cost (excl. dep'n) ($/kg)(1) | 4.88 | 4.87 | 5.85 |
Notes: |
(1) Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang 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, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per 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. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earnings per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented. |
Management Remarks
Mr.Longgen Zhang, CEO of Daqo New Energy, commented, "During the third quarter of 2020, we successfully completed the annual maintenance and several technology improvement projects at our polysilicon manufacturing facilities. We resumed full production in August with excellent operational results. For the third quarter, we produced 18,406 MT of polysilicon among which approximately
"During the quarter, polysilicon ASPs increased rapidly due to the quick recovery in solar PV demand from both domestic and foreign markets. Our ASP was
"Solar is now becoming one of the most competitive sources of energy, even compared to traditional power generation methods. Globally, we are seeing strong momentum around the world in adopting and implementing renewable energy policies that would strongly benefit the solar end market. Last month, Mr. Xi Jinping, President of China, announced China's initiative to scale up the national contributions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. We believe favorable policies benefiting solar will be implemented during the upcoming 14th five-year-plan, driving a substantial increase in solar installations in China. In addition, a growing number of countries and regions, including the most important economies in the world, have announced goals and plans to reduce carbon emission and widely adopt renewable energies. In particular, we are starting to see the trend of utility-scale solar generation combined with power storage providing base-load energy and replacing and displacing coal power plants. We believe this is the beginning of a long term trend of solar displacing traditional fossil-fuel based generation driven by both economics and renewable energy mandates. We are strongly committed to contributing our efforts as a raw material provider for mainstream solar PV modules and are fully confident we will benefit from this fast-growing market."
Outlook and guidance
The Company expects to produce approximately 19,500 to 20,500 MT of polysilicon and sell approximately 20,500 MT to 21,500 MT of polysilicon to external customers during the third quarter of 2020. For the full year of 2020, the Company expects to produce approximately 75,800 MT to 76,800 MT of polysilicon, 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.
Third Quarter 2020 Results
Revenues
Revenues were
Gross profit and margin
Gross profit was
Selling, general and administrative expenses
Selling, general and administrative expenses were
Research and development expenses
Research and development (R&D) expenses were
Income from operations and operating margin
As a result of the foregoing, income from operations was
Interest expense
Interest expense was
EBITDA (non-GAAP)
EBITDA (non-GAAP) was
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 $20.8 million in the third quarter of 2020, compared to
Earnings per basic ADS was $0.29 in the third quarter of 2020, compared to
Financial Condition
As of September 30, 2020, the Company had
Cash Flows
For the nine months ended September 30, 2020, net cash provided by operating activities was
For the nine months ended September 30, 2020, net cash used in investing activities was
For the nine months ended September 30, 2020, net cash provided by 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, 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 the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, and the Company had removed this adjustment from the non-GAAP reconciling item since the fourth quarter of 2018, because as of the end of the third quarter of 2018, all of the polysilicon machinery and equipment had been either relocated to Xinjiang, disposed, or planned to be disposed of in due course. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS also 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 U.S. Eastern Time on November 23, 2020 (9:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the earnings conference call are as follows:
Participant dial in (U.S. 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 |
You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq201123.html
A replay of the call will be available 1 hour after the end of the conference through November 30, 2020.
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: | 10149965 |
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 2008, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.
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" and similar statements. Among other things, the outlook for the fourth quarter and the full year of 2020 and quotations from management in this announcement, 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. 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 the 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 and Comprehensive Income (US dollars in thousands, except ADS and per ADS data) | ||||||||||
Three months ended | Nine months ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Revenues | ||||||||||
Cost of revenues | (80,276) | (110,820) | (65,834) | (303,373) | (186,087) | |||||
Gross profit | 45,253 | 22,698 | 18,075 | 124,505 | 44,985 | |||||
Operating expenses | ||||||||||
Selling, general and administrative |
(9,223) |
(10,120) |
(8,178) |
(28,235) |
(23,920) | |||||
Research and development expenses | (1,746) | (1,958) | (1,228) | (5,358) | (4,052) | |||||
Other operating (expense) / income | (954) | 133 | 145 | (1,036) | 579 | |||||
Total operating expenses | (11,923) | (11,945) | (9,261) | (34,629) | (27,393) | |||||
Income from operations | 33,330 | 10,753 | 8,814 | 89,876 | 17,592 | |||||
Interest expense | (5,438) | (6,653) | (2,551) | (18,378) | (6,461) | |||||
Interest income | 200 | 368 | 193 | 719 | 775 | |||||
Foreign exchange loss | - | - | - | - | (189) | |||||
Income before income taxes | 28,092 | 4,468 | 6,456 | 72,217 | 11,717 | |||||
Income tax expense | (6,193) | (2,037) | (1,561) | (14,574) | (3,652) | |||||
Net income from continuing operations | 21,899 | 2,431 | 4,895 | 57,643 | 8,065 | |||||
Income / (loss) from discontinued |
- |
(55) |
88 |
(141) |
1,370 | |||||
Net income | 21,899 | 2,376 | 4,983 | 57,502 | 9,435 | |||||
Net income (loss) attributable to non- |
1,142 |
(7) |
- |
1,132 |
- | |||||
Net income attributable to Daqo New | ||||||||||
Net income | 21,899 | 2,376 | 4,983 | 57,502 | 9,435 | |||||
Other comprehensive income / (loss): | ||||||||||
Foreign currency translation adjustments | 25,937 | 1,213 | (21,337) | 17,331 | (20,594) | |||||
Total other comprehensive income / (loss) | 25,937 | 1,213 | (21,337) | 17,331 | (20,594) | |||||
Comprehensive income / (loss) | 47,836 | 3,589 | (16,354) | 74,833 | (11,159) | |||||
Comprehensive income / (loss) | 1,163 | (6) | - |
1,148 |
- | |||||
Comprehensive income / (loss) |
|
|
|
|
| |||||
Earnings per ADS* (GAAP) | ||||||||||
- continuing operations | 0.29 | 0.03 | 0.07 | 0.80 | 0.12 | |||||
- discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | |||||
Basic | 0.29 | 0.03 | 0.07 | 0.80 | 0.14 | |||||
- continuing operations | 0.27 | 0.03 | 0.06 | 0.74 | 0.12 | |||||
- discontinued operations | 0.00 | 0.00 | 0.01 | 0.00 | 0.02 | |||||
Diluted | 0.27 | 0.03 | 0.07 | 0.74 | 0.14 | |||||
Weighted average ADS outstanding* | ||||||||||
Basic | 71,281,184 | 70,546,207 | 68,172,007 | 70,570,987 | 67,483,068 | |||||
Diluted | 76,626,371 | 76,270,603 | 75,755,443 | 76,398,480 | 69,631,876 | |||||
*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary | ||||||||||
Daqo New Energy Corp. Unaudited Consolidated Balance Sheets (US dollars in thousands) | |||||||
Sep 30, 2020 | Jun 30, 2020 | Sep 30, 2019 | |||||
ASSETS: | |||||||
Current Assets: | |||||||
Cash and cash equivalents | |||||||
Restricted cash | 39,640 | 27,551 | 41,192 | ||||
Accounts receivable, net | 42 | 65 | 129 | ||||
Notes receivable | 1,908 | 8,163 | 4,294 | ||||
Prepaid expenses and other current assets | 12,972 | 13,476 | 24,176 | ||||
Advances to suppliers | 1,229 | 6,712 | 7,823 | ||||
Inventories, net | 53,640 | 26,824 | 21,023 | ||||
Amount due from related parties | 213 | 12 | 3,492 | ||||
Current assets associated with discontinued operation | - | 667 | 414 | ||||
Total current assets | 179,794 | 171,685 | 129,528 | ||||
Property, plant and equipment, net | 987,295 | 956,675 | 883,084 | ||||
Prepaid land use right | 29,815 | 28,826 | 21,030 | ||||
Deferred tax assets | 1,386 | 1,332 | 790 | ||||
Investment in affiliate | 658 | 633 | 625 | ||||
Operating lease Right-of-use assets | 137 | 153 | 211 | ||||
Other non-current assets | 147 | - | - | ||||
Non-current asset associated with discontinued operation | - | 181 | 6,804 | ||||
TOTAL ASSETS | 1,199,232 | 1,159,485 | 1,042,072 | ||||
Current liabilities: | |||||||
Short-term borrowings, including current portion of long- |
131,064 |
147,839 |
85,278 | ||||
Accounts payable | 19,739 | 18,833 | 20,070 | ||||
Notes payable | 62,128 | 49,143 | 62,287 | ||||
Advances from customers-short term portion | 17,544 | 23,500 | 21,218 | ||||
Payables for purchases of property, plant and equipment | 76,158 | 97,239 | 81,709 | ||||
Accrued expenses and other current liabilities | 16,616 | 18,262 | 12,071 | ||||
Amount due to related parties | 4,820 | 8,169 | 16,787 | ||||
Income tax payable | 7,314 | 4,414 | 3,437 | ||||
Lease liabilities - short term portion | 78 | 74 | 81 | ||||
Current liabilities associated with discontinued operation | - | 877 | 1,087 | ||||
Total current liabilities | 335,461 | 368,350 | 304,025 | ||||
Long-term borrowings | 139,967 | 116,911 | 163,519 | ||||
Advance from customers – long term portion | 1,266 | 1,132 | 9,092 | ||||
Amount due to related parties - long term portion | 10,897 | 16,247 | 15,387 | ||||
Other long-term liabilities | 21,157 | 20,067 | 20,876 | ||||
Deferred tax liabilities | 5,647 | 5,459 | 1,145 | ||||
Lease liabilities – long term portion | - | - | 74 | ||||
Non-current liabilities associated with discontinued | - | - | - | ||||
TOTAL LIABILITIES | 514,395 | 528,166 | 514,118 | ||||
EQUITY: | |||||||
Ordinary shares | 36 | 36 | 35 | ||||
Treasury stock | (1,749) | (1,749) | (1,749) | ||||
Additional paid-in capital | 405,784 | 400,103 | 382,660 | ||||
Accumulated gains | 257,292 | 236,535 | 180,834 | ||||
Accumulated other comprehensive loss | (2,622) | (28,538) | (33,826) | ||||
Total Daqo New Energy Corp.'s shareholders' equity | 658,741 | 606,387 | 527,954 | ||||
Non-controlling interest | 26,096 | 24,932 | - | ||||
Total equity | 684,837 | 631,319 | 527,954 | ||||
TOTAL LIABILITIES & EQUITY | 1,199,232 | 1,159,485 | 1,042,072 | ||||
Daqo New Energy Corp. Unaudited Consolidated Statements of Cash Flows (US dollars in thousands) | |||||
For the nine months ended Sep 30, | |||||
2020 | 2019 | ||||
Operating Activities: | |||||
Net income | 57,502 | 9,435 | |||
Less: (loss) / income from discontinued operations, net of tax | (141) | 1,370 | |||
Net income from continuing operations | 57,643 | 8,065 | |||
Adjustments to reconcile net income to net cash provided by operating activities | 68,248 | 45,814 | |||
Changes in operating assets and liabilities | (54,722) | 45,588 | |||
Net cash provided by operating activities-continuing operations | 71,169 | 99,467 | |||
Net cash (used in) / provided by operation activities-discontinued operations | (50) | 2,138 | |||
Net cash provided by operating activities | 71,119 | 101,605 | |||
Investing activities: | |||||
Net cash used in investing activities-continuing operations | (80,147) | (204,067) | |||
Net cash (used in) / provided by investing activities-discontinued operations | (195) | 1,791 | |||
Net cash used in investing activities | (80,342) | (202,276) | |||
Financing activities: | |||||
Net cash provided by financing activities – continuing operations | 1,127 | 87,445 | |||
Net cash used in financing activities – discontinued operations | (64) | (10,843) | |||
Net cash provided by financing activities | 1,063 | 76,602 | |||
Non-cash transactions | |||||
Effect of exchange rate changes | 2,656 | (2,582) | |||
Net (decrease) / increase in cash, cash equivalents and restricted cash | (5,504) | (26,651) | |||
Cash, cash equivalents and restricted cash at the beginning of the period | 115,294 | 95,120 | |||
Cash, cash equivalents and restricted cash at the end of the period | 109,790 | 68,469 | |||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
Sep 30, 2020 | Sep 30, 2019 | |||
Cash and cash equivalents | 70,150 | 27,277 | ||
Restricted cash | 39,640 | 41,192 | ||
Total cash, cash equivalents, and restricted cash shown in the | 109,790 | 68,469 |
Daqo New Energy Corp. Reconciliation of non-GAAP financial measures to comparable US GAAP measures (US dollars in thousands) | ||||||||||
Three months Ended | Nine months Ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Net income | 21,899 | 2,431 | 4,895 | 57,643 | 8,065 | |||||
Income tax expense | 6,193 | 2,037 | 1,561 | 14,574 | 3,652 | |||||
Interest expense | 5,438 | 6,653 | 2,551 | 18,378 | 6,461 | |||||
Interest income | (200) | (368) | (193) | (719) | (775) | |||||
Depreciation & Amortization | 18,289 | 16,004 | 10,878 | 51,568 | 32,524 | |||||
EBITDA (non-GAAP) | 51,619 | 26,757 | 19,692 | 141,444 | 49,927 | |||||
EBITDA margin (non-GAAP) | ||||||||||
Three months Ended | Nine months Ended | |||||||||
Sep 30, | Jun 30, | Sep 30, | Sep 30, | Sep 30, | ||||||
Net income attributable to Daqo New Energy Corp. |
20,757 |
2,383 |
4,983 |
56,370 |
9,435 | |||||
Share-based compensation | 4,478 | 4,491 | 4,476 | 13,430 | 13,436 | |||||
Adjusted net income (non-GAAP) attributable to Daqo New | 25,235 | 6,874 | 9,459 | 69,800 | 22,871 | |||||
Adjusted earnings per basic ADS* (non-GAAP) | ||||||||||
Adjusted earnings per diluted ADS* (non-GAAP) | ||||||||||
*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary | ||||||||||
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SOURCE Daqo New Energy Corp.
FAQ
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