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DQ

Daqo New Energy·NYSE
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DQ fundamentals

Daqo New Energy (DQ) released its earnings on Mar 2, 2026: revenue was 221.71M (YoY +13.49%), missed estimates; EPS was -0.11 (YoY +95.94%), beat estimates.
Revenue / YoY
221.71M
+13.49%
EPS / YoY
-0.11
+95.94%
Report date
Mar 2, 2026
DQ Earnings Call Summary for Q4,2025
  • Revenue Recovery: 2025 revenue $665 million (down 36% YoY) driven by cost-cutting and market recovery. Q4 gross margin improved to 7% (vs. -33% YoY).
  • Cost Efficiency: Q4 cash costs hit record low $4.46/kg, with total production costs down 9% YoY. EBITDA turned positive at $1.7 million.
  • Policy Impact: China's anti-involution policies reduced industry overcapacity by 28.4% in 2025, driving price recovery to RMB 50-56/kg.
  • 2026 Outlook: Free cash flow expected to improve, with capital expenditures $100-150 million. Share buybacks contingent on policy clarity.
  • Price Stability: Q1-Q2 2026 ASPs expected to stabilize at RMB 53-54/kg, supported by anti-involution enforcement.
EPS
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Q1,2020
Q2,2020
Q3,2020
Q4,2020
Q1,2021
Q2,2021
Q3,2021
Q4,2021
Q1,2022
Q2,2022
Q3,2022
Q4,2022
Q1,2023
Q2,2023
Q3,2023
Q4,2023
Q1,2024
Q2,2024
Q3,2024
Q4,2024
Q1,2025
Q2,2025
Q3,2025
Q4,2025
Actual
0.4540.0320.270.961.083.033.811.946.998.184.184.713.521.34-0.090.640.24-1.81-0.92-2.71-1.07-1.14-0.22-0.11
Forecast
0.3530.0370.3511.081.2552.82672.353.185.88758.397.0756.3454.74674.50331.70.840.56-0.695-0.31-2.08-0.695-1.275-0.5875-0.2
Surprise
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
+28.61%
-13.51%
-23.08%
-11.11%
-13.94%
+7.19%
+62.13%
-38.99%
+18.73%
-2.50%
-40.92%
-25.77%
-25.84%
-70.24%
-105.29%
-23.81%
-57.14%
-160.43%
-196.77%
-30.29%
-53.96%
+10.59%
+62.55%
+45.00%
Revenue
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Q4,undefined
Q1,undefined
Q2,undefined
Q3,undefined
Q4,undefined
Q1,2020
Q2,2020
Q3,2020
Q4,2020
Q1,2021
Q2,2021
Q3,2021
Q4,2021
Q1,2022
Q2,2022
Q3,2022
Q4,2022
Q1,2023
Q2,2023
Q3,2023
Q4,2023
Q1,2024
Q2,2024
Q3,2024
Q4,2024
Q1,2025
Q2,2025
Q3,2025
Q4,2025
Actual
--------------------------------168.83M133.52M125.53M247.72M256.10M441.37M585.78M395.55M1.28B1.24B1.22B864.25M709.83M636.72M484.84M477.13M415.31M219.91M198.50M195.36M123.91M75.19M244.60M221.71M
Forecast
--------------------------------150.50M111.47M139.13M236.12M297.97M407.00M541.34M550.72M1.18B1.31B1.17B959.68M914.78M1.01B672.30M529.40M491.90M302.44M187.93M153.54M182.08M112.20M176.78M273.70M
Surprise
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
+12.18%
+19.78%
-9.78%
+4.92%
-14.05%
+8.44%
+8.21%
-28.18%
+8.33%
-5.08%
+4.36%
-9.94%
-22.40%
-36.88%
-27.88%
-9.87%
-15.57%
-27.29%
+5.62%
+27.23%
-31.94%
-32.99%
+38.37%
-19.00%

Earnings Call