Daqo New Energy Corp. (DQ) Q3 2026 Earnings Call Transcript

Daqo's revenue has contracted from $244.9M in 2025Q3 to $194.7M in 2026Q3 after a trough of $26.7M in 2026Q1, with gross margins negative in most recent quarters, including -31.2% in 2026Q3, suggesting market prices remain below unit production costs.
Price trend, volume and key moving averages
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
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| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 27, 2026 | -$0.78-169.0% vs -$0.29 | $194M+213.6% vs $62M |
Q3 2026 Aug 20, 2026 | -$1.20-110.5% vs -$0.57 | $63M+18.4% vs $53M |
Q2 2026 Apr 29, 2026 | -$1.31-907.7% vs -$0.13 | $27M-85.7% vs $186M |
Q1 2026 Feb 26, 2026 | -$0.11+31.3% vs -$0.16 | $222M-19.0% vs $274M |
Daqo New Energy Corp. (DQ) Q3 2026 Earnings Call Transcript

DAQO New Energy NYSE: DQ reported sharply higher third-quarter revenue and a narrower net loss as polysilicon shipments rose following a shift toward a more market-oriented sales strategy, while management said the company is considering lower utilization rates amid high industry inventories and uncertain policy enforcement.

Daqo New Energy Corp. reported Q3 revenue of $194.2M, beating estimates, but remains unprofitable with negative gross margins and operating losses. DQ increased polysilicon production and shipments, but market oversupply persists, keeping prices below costs and pressuring financials. The company maintains a robust liquidity position of $2.06B and no debt, providing operational flexibility despite elevated cash burn.
SHANGHAI, Oct. 27, 2026 /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 ended September 30, 2026. Third Quarter 2026 Financial and Operating Highlights Aggregate of cash, short-term investments, bank notes receivable, held-to-maturity investments and fixed-term bank deposit balance was $2.06 billion at the end of Q3 2026, compared to $1.92 billion at the end of Q2 2026 Polysilicon production volume was 53,469 MT in Q3 2026, compared to 43,675 MT in Q2 2026 Polysilicon sales volume was 46,910 MT in Q3 2026, compared to 15,190 MT in Q2 2026 Polysilicon average total production cost(1) was $5.37/kg in Q3 2026, compared to $5.95/kg in Q2 2026 Polysilicon average cash cost(1) was $4.23/kg in Q3 2026, compared to $4.57/kg in Q2 2026 Polysilicon average selling price (ASP) was $4.12/kg in Q3 2026, compared to $4.04/kg in Q2 2026 Revenue was $194.2 million in Q3 2026, compared to $62.7 million in Q2 2026 Gross loss was $60.6 million in Q3 2026, compared to $82.7 million in Q2 2026; gross margin was negative 31.2% in Q3 2026, compared to negative 132.0% in Q2 2026 Net loss attributable to Daqo New Energy Corp. shareholders was $52.9 million in Q3 2026, compared to $81.2 million in Q2 2026; loss per basic American Depositary Share (ADS)(3) was $0.78 in Q3 2026, compared to $1.20 in Q2 2026 Adjusted net loss (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $52.9 million in Q3 2026, compared to $81.2 million in Q2 2026 Adjusted loss per basic ADS(3) (non-GAAP)(2) was $0.78 in Q3 2026, compared to $1.20 in Q2 2026; EBITDA (non-GAAP)(2) was negative $9.2 million in Q3 2026, compared to negative $29.3 million in Q2 2026; EBITDA margin (non-GAAP)(2) was negative 4.7% in Q3 2026, compared to negative 46.8% in Q2 2026 Three months ended US$ millions except as indicated otherwise Sep. 30,2026 Jun. 30,2026 Sep. 30,2025 Revenues 194.2 62.7 244.6 Gross (loss) profit (60.6) (82.7) 9.7 Gross margin (31.2) % (132.0) % 3.9 % Loss from operations (78.6) (98.1) (20.3) Net loss attributable to Daqo New Energy Corp.shareholders (52.9) (81.2) (14.9) Loss per basic ADS(3) ($ per ADS) (0.78) (1.20) (0.22) Adjusted net (loss) profit (non-GAAP)(2) attributableto Daqo New Energy Corp. shareholders (52.9) (81.2) 3.7 Adjusted (loss) earnings per basic ADS(3) (non-GAAP)(2) ($ per ADS) (0.78) (1.20) 0.05 EBITDA (non-GAAP)(2) (9.2) (29.3) 45.8 EBITDA margin (non-GAAP)(2) (4.7) % (46.8) % 18.7 % Polysilicon sales volume (MT) 46,910 15,190 42,406 Polysilicon average total production cost ($/kg)(1) 5.37 5.95 6.38 Polysilicon average cash cost (excl.
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Key metrics vs top competitors for Daqo New Energy Corp. (DQ)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.65 | $855.98M | -3.72 | -35.34% | -45.45% | -3.91% | — | |
| $9.98 | $2.38B | 18.26 | 45.11% | 3.9% | 2.92% | — | |
| $201.14 | $21.61B | 11.64 | 24.09% | 37.12% | 18.33% | — | |
| $11.12 | $754.12M | -4.05 | -6.65% | -3.73% | -4.34% | — | |
| $10.97 | $143.63M | -0.34 | -29% | -5.08% | -9.83% | 51.12% | |
| $5.86 | $901.42M | -8.12 | 40.22% | -9.91% | -39.51% | — |
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Daqo New Energy Corp. (DQ) stock FAQ — growth, dividends, profitability & financials explained
Daqo New Energy Corp. (DQ) reported $505.9M in revenue over the trailing twelve months. Revenue was $665.4M in fiscal year 2025.
Daqo New Energy Corp. (DQ) revenue fell by 20.9% over the trailing twelve months, compared with the twelve months before.
No. Daqo New Energy Corp. (DQ) reported a net loss of $229.9M over the trailing twelve months.
Daqo New Energy Corp. (DQ) had a return on equity (ROE) of -3.9% over the trailing twelve months. A negative ROE means the company lost money over the period.
Daqo New Energy Corp. (DQ) had negative free cash flow of $253.4M over the trailing twelve months.