Daqo New Energy Q2 2025 Earnings Disappoint: Revenue Down 66%, Net Loss Narrows 36%

Daqo New Energy reported Q2 2025 revenues of $75.2m, a 66% decline from Q2 2024, and a net loss of $76.5m, a 36% narrowing from Q2 2024. Earnings per share were $5.69. Revenue is forecast to grow 35% per annum over the next three years, compared to a 17% growth forecast for the Semiconductor industry in the US.

Daqo New Energy Corp. (NYSE: DQ) has released its unaudited financial results for the second quarter of 2025, revealing a significant decline in revenues and a net loss. The company reported revenues of $75.2 million, a 66% drop from the same period in 2024 [1]. The net loss for the quarter was $76.5 million, a 36% narrowing from the previous year's $119.8 million. The earnings per share (EPS) were $1.14, compared to $1.07 in Q1 2025.

The company's polysilicon production volume for the quarter was 26,012 MT, up from 24,810 MT in Q1 2025. Sales volume decreased to 18,126 MT from 28,008 MT in Q1 2025. The average total production cost was $7.26/kg, down from $7.57/kg in Q1 2025, while the average cash cost was $5.12/kg, a 4% decrease from the previous quarter. The average selling price (ASP) was $4.19/kg, down from $4.37/kg in Q1 2025.

Daqo New Energy's CEO, Mr. Xiang Xu, commented on the quarter's performance, attributing the losses to market conditions and industry overcapacity. He noted that the company maintained a strong financial position with no debt and a cash balance of $2.06 billion at the end of Q2 2025. The company expects its total polysilicon production volume in the third quarter of 2025 to be approximately 27,000 MT to 30,000 MT, with a full-year 2025 production volume of 110,000 MT to 130,000 MT.

Looking ahead, Daqo New Energy projects revenue growth of 35% per annum over the next three years, compared to a 17% growth forecast for the US semiconductor industry. The company aims to capitalize on the long-term growth in the global solar PV market by enhancing its higher-efficiency N-type technology and optimizing its cost structure through digital transformation and AI adoption.

References:
[1] https://www.dqsolar.com/2025-08-26-Daqo-New-Energy-Announces-Unaudited-Second-Quarter-2025-Results