NYSE$DQ
Daqo New Energy Corp-ADR · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Polysilicon ASP pressure drives $81.5M gross loss; net loss narrows sequentially to $71.8M
Daqo New Energy reported Q1 2025 revenue of US$123.9 million, down from US$195.4 million in Q4 2024 and US$415.3 million in Q1 2024, as polysilicon average selling price fell to US$4.37/kg and the company operated at roughly 33% of nameplate capacity. Gross loss widened to US$81.5 million with a -65.8% gross margin, though net loss attributable to shareholders improved sequentially to US$71.8 million from US$180.2 million in Q4 2024. Polysilicon production was 24,810 MT and sales volume was 28,008 MT, exceeding production to reduce inventory. The company maintained a strong balance sheet with US$2.15 billion in total cash, short-term investments, bank notes receivable and fixed-term deposits, and no financial debt.
- Revenue was US$123.9 million; polysilicon ASP was US$4.37/kg vs production cost of US$7.57/kg
- Net loss attributable to shareholders was US$71.8 million; loss per ADS was US$1.07 (adjusted US$0.80)
- Production volume was 24,810 MT at ~33% utilization; sales volume of 28,008 MT exceeded production
- Total liquid assets of US$2.15 billion with no financial debt as of March 31, 2025
- Q2 2025 production guidance of 25,000–28,000 MT; full-year 2025 guidance of 110,000–140,000 MT
Headline financials
Revenue & EPS history
Daqo New Energy · Revenue · Quarterly
$124M
Forward guidance
Daqo expects Q2 2025 polysilicon production of approximately 25,000–28,000 MT and full-year 2025 production of 110,000–140,000 MT, inclusive of annual facility maintenance.
Tailwinds
- Sales exceeded production, reducing inventory to healthier levels
- Sequential net loss narrowed; strong US$2.15B liquidity with zero financial debt
Headwinds
- Polysilicon prices remain below cash cost; gross margin was -65.8%
- Operating at reduced ~33% utilization with idle-facility costs of ~$1.58/kg
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
-0.3%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+1.6%
Avg return
30 days after
43%
26 / 60 earnings
Positive
+23.8%
Q1 2019
Best reaction
-19.1%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -4.0% | +5.2% | -20.0% | |
| Q3 2025 | +14.4% | +25.5% | +21.1% | |
| Q1 2025 | -13.8% | -13.0% | -6.7% | |
| Q4 2024 | -1.8% | -7.5% | -15.5% | |
| Q3 2024 | +0.3% | +4.0% | -11.0% | |
| Q2 2024 | -2.3% | -3.1% | +11.7% | |
| Q1 2024 | -19.1% | -20.3% | -10.4% | |
| Q4 2023 | +9.2% | +17.7% | +44.4% | |
| Q3 2023 | +9.1% | +12.0% | +4.1% | |
| Q2 2023 | +0.6% | +2.4% | +2.1% | |
| Q1 2023 | +8.5% | +7.3% | -9.8% | |
| Q4 2022 | +5.1% | +15.7% | +3.7% | |
| Q3 2022 | -8.6% | -13.2% | -1.8% | |
| Q2 2022 | +8.4% | +4.0% | +4.5% | |
| Q1 2022 | -7.0% | -10.9% | +6.9% | |
| Q4 2021 | +21.7% | +11.0% | +0.3% | |
| Q3 2021 | +2.1% | -10.7% | -23.2% | |
| Q2 2021 | -5.7% | +0.6% | +27.1% | |
| Q1 2021 | +7.8% | +9.4% | -13.8% | |
| Q4 2020 | +8.8% | +30.8% | -8.1% | |
| Q3 2020 | +2.0% | +8.5% | +40.0% | |
| Q2 2020 | +9.4% | +7.5% | -0.2% | |
| Q1 2020 | +5.4% | -4.7% | +9.3% | |
| Q4 2019 | -7.0% | -7.5% | -12.2% | |
| Q3 2019 | +3.6% | +6.2% | +28.9% | |
| Q2 2019 | -2.2% | +4.8% | +14.1% | |
| Q1 2019 | +23.8% | +17.4% | +38.1% | |
| Q4 2018 | -1.8% | -1.9% | +2.4% | |
| Q3 2018 | -13.5% | -3.0% | +1.9% | |
| Q2 2018 | +6.8% | +3.3% | -11.0% | |
| Q1 2018 | +1.0% | +1.4% | -26.1% | |
| Q4 2017 | -13.8% | -15.6% | -11.6% | |
| Q3 2017 | -1.0% | +7.2% | +16.6% | |
| Q2 2017 | -7.5% | -10.8% | -9.6% | |
| Q1 2017 | +19.5% | +18.0% | +8.4% | |
| Q4 2016 | -8.6% | -6.8% | -23.0% | |
| Q3 2016 | +4.5% | -2.4% | -6.8% | |
| Q2 2016 | -2.2% | -9.3% | -2.6% | |
| Q1 2016 | +6.7% | — | — | |
| Q4 2015 | -3.9% | — | — | |
| Q3 2015 | +15.5% | — | — | |
| Q2 2015 | -8.7% | — | — | |
| Q1 2015 | +1.4% | — | — | |
| Q4 2014 | +12.0% | — | — | |
| Q3 2014 | -5.4% | — | — | |
| Q1 2014 | -8.9% | — | — | |
| Q2 2014 | -8.9% | — | — | |
| Q4 2013 | -1.4% | — | — | |
| Q3 2013 | -13.6% | — | — | |
| Q2 2013 | -1.7% | — | — | |
| Q1 2013 | -1.7% | — | — | |
| Q4 2012 | -8.9% | — | — | |
| Q3 2012 | +4.3% | — | — | |
| Q4 2009 | -8.4% | — | — | |
| Q4 2011 | -8.4% | — | — | |
| Q4 2010 | -8.4% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q3 2011 | -16.4% | — | — | |
| Q2 2011 | +0.0% | — | — | |
| Q1 2011 | -4.4% | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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