Q4 2025 Daqo New Energy Corp Earnings Call Transcript

Feb 26, 2026 / 01:00PM GMT

Release Date Price: $23.95 (-4.58%)

Transcript

Key Points

Positve

Daqo New Energy Corp (DQ) increased its utilization rate from 33% in Q1 to 55% in Q4 2025, aligning with market recovery.
The company achieved a positive EBITDA of $1.7 million in 2025, a significant improvement from a negative $337.4 million in 2024.
Daqo New Energy Corp (DQ) generated $56.1 million in positive operating cash flow in 2025, marking a turnaround from a $435 million outflow in 2024.
The company maintained a strong balance sheet with $980 million in cash and highly liquid assets totaling $2.27 billion at the end of 2025.
Daqo New Energy Corp (DQ) reduced production costs by 9% in Q4 2025, achieving a record low cash cost of $4.46 per kilogram.

Negative

Daqo New Energy Corp (DQ) experienced a 39.7% year-over-year decrease in annual production volume in 2025.
The company's revenue declined to $665 million in 2025 from $1 billion in 2024 due to lower pricing and reduced sales volume.
Net loss attributable to shareholders was $170.5 million in 2025, although improved from $345.2 million in 2024.
The company recorded a $19.3 million non-cash expense related to an allowance for credit loss due to delayed repayment from a local government entity.
Daqo New Energy Corp (DQ) faced challenges with industry overcapacity and pricing pressures, impacting its financial performance.

Operator

Good day, and welcome to the Daqo New Energy fourth-quarter 2025 results conference call. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Jesse Zhao, Investor Relations Director. Please go ahead.

Jessie Zhao

Daqo New Energy Corp - Investor Relations Director

Hello, everyone. I'm Jessie Zhao, the Investor relations director of Daku New Energy.

Thank you for joining our conference call today. Daku New Energy just issued its financial results for the fourth quarter of 2025, which can be found on our website at www.dqsolar.com. Today, attending the conference call, we have our Deputy CEO Ms. Anita Xu, our CFO. Mr. Mingyang and myself, our Chairman and CEO Mr. Xiang Xu is on a business trip now. So Ms. Anita Xu will deliver our management remarks on behalf of Mr. Xu. Today's call will begin with an update from Ms. Xu on market conditions and company operations. And then Mr. Yang will discuss the company's financial

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