Revenue has plummeted 78.4% year-over-year to $26.7 million in 2026Q1, as negative gross margins of -5.2% indicate that production costs currently exceed market selling prices.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 568.81M | 665.41M | 1.03B | 2.31B | 4.61B | 1.68B | 675.6M | 349.99M | 301.6M | 352.85M | 229.1M | 182.04M | 182.57M | 109M | 86.86M | 255.83M | 242.69M | 111.19M | 56.37M | 0 |
| Revenue Growth % | -22.87% | -35.34% | -55.41% | -49.92% | 174.5% | 148.49% | 93.03% | 16.04% | -14.53% | 54.02% | 25.85% | -0.29% | 67.5% | 25.49% | -66.05% | 5.42% | 118.26% | 97.26% | - | - |
| Cost of Goods Sold | 764.77M | 803.27M | 1.24B | 1.39B | 1.2B | 581.59M | 441.61M | 269.89M | 203.49M | 209.38M | 148.67M | 144.49M | 139.31M | 135.1M | 124.29M | 169.72M | 136.48M | 69.25M | 19.39M | 0 |
| COGS % of Revenue | - | 120.72% | 120.69% | 60.11% | 26.05% | 34.64% | 65.37% | 77.11% | 67.47% | 59.34% | 64.89% | 79.37% | 76.3% | 123.95% | 143.1% | 66.34% | 56.24% | 62.28% | 34.4% | - |
| Gross Profit | -195.95M | -137.85M | -212.93M | 920.65M | 3.41B | 1.1B | 233.99M | 80.1M | 98.11M | 143.47M | 80.43M | 37.55M | 43.26M | -26.1M | -37.43M | 86.11M | 106.2M | 41.94M | 36.98M | 0 |
| Gross Margin % | -34.45% | -20.72% | -20.69% | 39.89% | 73.95% | 65.36% | 34.63% | 22.89% | 32.53% | 40.66% | 35.11% | 20.63% | 23.7% | -23.95% | -43.1% | 33.66% | 43.76% | 37.72% | 65.6% | - |
| Gross Profit Growth % | - | 35.26% | -123.13% | -72.98% | 210.6% | 368.91% | 192.11% | -18.36% | -31.61% | 78.39% | 114.19% | -13.21% | 265.74% | 30.27% | -143.47% | -18.92% | 153.21% | 13.43% | - | - |
| Operating Expenses | 113.7M | 132.38M | 351.16M | 137.22M | 367.3M | 45.79M | 46.14M | 32.62M | 16.64M | 11.78M | 14.78M | 9.7M | 11.23M | 16.1M | 8.33M | 4.19M | 13.69M | 5.52M | 9.76M | 47.54K |
| OpEx % of Revenue | - | 19.89% | 34.12% | 5.95% | 7.97% | 2.73% | 6.83% | 9.32% | 5.52% | 3.34% | 6.45% | 5.33% | 6.15% | 14.77% | 9.59% | 1.64% | 5.64% | 4.96% | 17.32% | - |
| Selling, General & Admin | 114.75M | 137.52M | 161.16M | 213.24M | 354.07M | 39.9M | 39.47M | 32.91M | 27.08M | 17.66M | 16.1M | 12.6M | 10.29M | 18.13M | 12.93M | 15.56M | 15.69M | 9.34M | 4.98M | 47.54K |
| SG&A % of Revenue | - | 20.67% | 15.66% | 9.24% | 7.68% | 2.38% | 5.84% | 9.4% | 8.98% | 5.01% | 7.03% | 6.92% | 5.64% | 16.64% | 14.89% | 6.08% | 6.47% | 8.4% | 8.84% | - |
| Research & Development | 2.86M | 2.58M | 4.56M | 10.12M | 10.04M | 6.5M | 6.86M | 5.26M | 2.74M | 881K | 4M | 924K | 1.49M | 3.39M | 4.13M | 744K | 1.39M | 2.77M | 4.87M | 0 |
| R&D % of Revenue | - | 0.39% | 0.44% | 0.44% | 0.22% | 0.39% | 1.01% | 1.5% | 0.91% | 0.25% | 1.75% | 0.51% | 0.81% | 3.11% | 4.76% | 0.29% | 0.57% | 2.5% | 8.63% | - |
| Other Operating Expenses | -2M | -7.72M | 185.44M | -86.14M | 3.18M | -609K | -191K | -5.55M | -13.18M | -6.77M | -5.33M | -3.82M | -552.44K | -5.42M | -8.73M | -12.12M | -3.38M | 2.74M | 0 | 0 |
| Operating Income | -309.65M | -270.24M | -564.09M | 783.43M | 3.04B | 1.05B | 187.85M | 47.48M | 81.48M | 128.71M | 65.45M | 26.22M | 32.03M | -200.63M | -88.52M | 43.41M | 92.51M | 36.42M | 27.21M | -47.54K |
| Operating Margin % | -54.44% | -40.61% | -54.82% | 33.95% | 65.98% | 62.63% | 27.81% | 13.57% | 27.02% | 36.48% | 28.57% | 14.41% | 17.55% | -184.07% | -101.91% | 16.97% | 38.12% | 32.76% | 48.28% | - |
| Operating Income Growth % | - | 52.09% | -172% | -74.23% | 189.19% | 459.7% | 295.61% | -41.72% | -36.7% | 96.66% | 149.58% | -18.14% | 115.97% | -126.66% | -303.93% | -53.08% | 153.98% | 33.85% | 57338.28% | - |
| EBITDA | -127.92M | -30.11M | -355.51M | 932.32M | 3.15B | 1.13B | 256.54M | 94.91M | 104.1M | 156.29M | 99.25M | 57.59M | 60.04M | -148.38M | -51.15M | 78.89M | 123.26M | 52.51M | 35.03M | -47.54K |
| EBITDA Margin % | -22.49% | -4.53% | -34.55% | 40.4% | 68.3% | 67.24% | 37.97% | 27.12% | 34.52% | 44.29% | 43.32% | 31.63% | 32.89% | -136.13% | -58.88% | 30.83% | 50.79% | 47.23% | 62.14% | - |
| EBITDA Growth % | 76.89% | 91.53% | -138.13% | -70.38% | 178.86% | 340% | 170.31% | -8.83% | -33.39% | 57.46% | 72.36% | -4.09% | 140.47% | -190.11% | -164.84% | -36% | 134.73% | 49.91% | 73780.9% | - |
| D&A (Non-Cash Add-back) | 181.73M | 240.12M | 208.59M | 148.89M | 107.1M | 77.37M | 68.69M | 47.42M | 22.62M | 27.58M | 33.8M | 31.36M | 28.01M | 52.25M | 37.37M | 35.48M | 30.75M | 16.09M | 7.82M | 0 |
| EBIT | -283.31M | -270.24M | -388.47M | 783.43M | 3.04B | 1.05B | 187.85M | 47.48M | 84.55M | 128.55M | 61.29M | 27.36M | 32.3M | -200.47M | -87.58M | 52.75M | 95.59M | 36.64M | 27.33M | 0 |
| Net Interest Income | 26.65M | 33.09M | 30.22M | 52.3M | 14.47M | -20.48M | -25.73M | -9.41M | -9.53M | -15.8M | -12.57M | -12.68M | -15.33M | -19.2M | -14.42M | -7.41M | -9.31M | -6.25M | -3.76M | 0 |
| Interest Income | 26.65M | 33.17M | 30.22M | 52.3M | 14.47M | 0 | 907K | 983K | 1.24M | 464.51K | 149.26K | 494K | 324K | 150K | 990K | 1.9M | 544K | 214.32K | 115.08K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 20.48M | 26.63M | 10.4M | 10.76M | 16.26M | 12.72M | 13.17M | 15.65M | 19.35M | 15.41M | 9.66M | 9.88M | 6.46M | 3.87M | 0 |
| Other Income/Expense | 33.84M | 33.12M | 46.03M | 35.04M | -23.87M | -23.77M | -25.73M | -9.6M | -7.69M | -15.8M | -12.56M | -12.04M | -15.39M | -19.21M | -57.09M | -26.12M | -9.89M | -6.25M | -3.76M | 0 |
| Pretax Income | -275.81M | -237.12M | -518.06M | 818.47M | 3.02B | 1.03B | 162.13M | 37.89M | 73.79M | 111.19M | 51.28M | 14.19M | 16.65M | -219.82M | -102.99M | 35.63M | 81.99M | 30.18M | 23.45M | -47.54K |
| Pretax Margin % | -48.49% | -35.63% | -50.34% | 35.47% | 65.46% | 61.21% | 24% | 10.82% | 24.47% | 31.51% | 22.38% | 7.79% | 9.12% | -201.67% | -118.58% | 13.93% | 33.78% | 27.14% | 41.61% | - |
| Income Tax | -30.44M | -21.09M | -69.91M | 165.59M | 537.11M | 162.81M | 28.18M | 9.62M | 11.72M | 17.33M | 7.36M | 1.14M | 15.65M | 1.27M | 10.25M | 714K | 12.84M | 240.28K | 1.6M | 0 |
| Effective Tax Rate % | 11.04% | 8.89% | 13.49% | 20.23% | 17.8% | 15.84% | 17.38% | 25.4% | 15.88% | 15.59% | 14.35% | 8.02% | 94.02% | -0.58% | -9.96% | 2% | 15.66% | 0.8% | 6.83% | 0% |
| Net Income | -187.34M | -170.51M | -345.21M | 429.55M | 1.82B | 748.92M | 129.19M | 29.52M | 38.13M | 92.84M | 43.49M | 12.96M | 16.65M | -70.94M | -111.93M | 33.32M | 68.57M | 30.84M | 21.53M | -47.54K |
| Net Margin % | -32.94% | -25.63% | -33.55% | 18.61% | 39.49% | 44.61% | 19.12% | 8.44% | 12.64% | 26.31% | 18.98% | 7.12% | 9.12% | -65.09% | -128.87% | 13.03% | 28.26% | 27.73% | 38.19% | - |
| Net Income Growth % | 56.67% | 50.61% | -180.37% | -76.4% | 142.99% | 479.69% | 337.58% | -22.56% | -58.94% | 113.46% | 235.71% | -22.18% | 123.47% | 36.62% | -435.89% | -51.4% | 122.38% | 43.25% | 45375.81% | - |
| Net Income (Continuing) | -245.38M | -216.08M | -448.15M | 652.89M | 2.48B | 864.85M | 133.95M | 28.26M | 61.8M | 97.68M | 41.21M | 13.05M | 16.65M | -221.09M | -113.25M | 40.77M | 72.49M | 29.94M | 21.85M | -47.54K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -141K | 1.26M | 0 | 0 | 2.71M | 0 | 0 | 0 | 2.4M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.5B | 1.51B | 1.5B | 1.69B | 1.8B | 501.87M | 31.79M | 515K | 0 | 2.79M | 1.63M | 1.3M | 0 | 0 | 138.77M | 140.85M | 132.94M | 128M | 49.01M | 0 |
| EPS (Diluted) | -2.77 | -2.55 | -5.20 | 5.75 | 23.55 | 9.75 | 1.70 | 0.42 | 0.60 | 1.70 | 0.80 | 0.25 | 0.39 | -2.05 | -3.20 | 4.75 | 11.60 | 7.25 | 4.15 | -0.01 |
| EPS Growth % | 57.23% | 50.96% | -190.43% | -75.58% | 141.54% | 473.53% | 304.76% | -30% | -64.71% | 112.5% | 220% | -35.9% | 119.02% | 35.94% | -167.37% | -59.05% | 60% | 74.7% | - | - |
| EPS (Basic) | - | -2.55 | -5.20 | 5.75 | 24.00 | 10.15 | 1.80 | 0.43 | 0.60 | 1.75 | 0.85 | 0.25 | 0.40 | -2.05 | -3.20 | 4.75 | 11.60 | 7.25 | 5.40 | -0.01 |
| Diluted Shares Outstanding | 67.67M | 67.55M | 66.16M | 74.96M | 77.29M | 76.75M | 75M | 69.99M | 65.1M | 54.59M | 52.96M | 52.28M | 42.27M | 34.61M | 35.14M | 7.03M | 5.63M | 4.17M | 5.19M | 5.19M |
| Basic Shares Outstanding | 67.67M | 67.55M | 66.13M | 74.72M | 75.87M | 73.87M | 71.02M | 67.91M | 62.34M | 53.01M | 52.35M | 51.6M | 41.27M | 34.61M | 34.77M | 7.03M | 4.71M | 4M | 4M | 4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Polysilicon price collapse
As indicated by recent financial disclosures, DQ's revenue has plummeted by 78.4% year-over-year in 2026Q1, highlighting the severe impact of collapsing average selling prices for polysilicon on the company's top-line performance as the industry struggles with persistent oversupply and weakening demand from downstream wafer manufacturers.
The sharp decline in revenue suggests that the company's pure-play exposure to commodity silicon pricing leaves it highly vulnerable to market-wide supply gluts. Investors should monitor whether the current volume-based strategy can eventually offset the sustained pricing pressure, though current trends indicate a significant loss of market momentum.
According to the latest quarterly data, DQ's gross margin has deteriorated into negative territory at -5.2%, signaling that the current market price for polysilicon has fallen below the company's total production cost, a trend that warrants close investigation regarding the sustainability of its current manufacturing operations.
The shift from positive margins in early 2024 to deep losses suggests that the company's cost-leadership moat is being severely tested by industry-wide price wars. This margin compression implies that the company is currently unable to cover its fixed costs, necessitating a potential industry-wide capacity rationalization to restore profitability.
Based on reported income statements, DQ's operating margin has collapsed to -5.6% in 2026Q1, demonstrating that the company's high fixed-cost structure is failing to scale effectively as revenue declines, thereby amplifying the negative impact of the current industry downturn on the firm's bottom-line profitability.
The inability to reduce SG&A and other overheads in proportion to the revenue drop suggests that the company is struggling to adjust its cost base to the new, lower-price reality. This lack of operational flexibility may continue to weigh on earnings until the polysilicon market reaches a definitive price floor.
Financial filings reveal that despite a substantial cash position, the company's persistent negative net income of -$88.4 million in 2026Q1 raises concerns about the long-term viability of its current business model if the polysilicon price environment does not show signs of a meaningful recovery soon.
While the company's cash reserves provide a temporary buffer, the ongoing cash burn suggests that the firm is effectively subsidizing its operations through its balance sheet. Investors should remain cautious, as the current trajectory may lead to further asset impairments or a forced reduction in capital expenditure if the market remains depressed.
Quick answers to the most common questions about buying DQ stock.
For fiscal year 2025, Daqo New Energy Corp. (DQ) reported total revenue of $665.4M.
Daqo New Energy Corp. (DQ) reported a net loss of $170.5M for the fiscal year ending 2025.
Daqo New Energy Corp. (DQ) reported an operating income of $-270.2M, resulting in an operating profit margin of -40.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Daqo New Energy Corp. (DQ) generated $-137.9M in gross profit for the year, representing a gross profit margin of -20.7%. This demonstrates the company's core pricing power and production efficiency.