Welcome to our dedicated page for Daqo New Energy news (Ticker: DQ), a resource for investors and traders seeking the latest updates and insights on Daqo New Energy stock.
Daqo New Energy Corp (NYSE: DQ) is a global leader in high-purity polysilicon manufacturing for solar photovoltaic systems, powering sustainable energy solutions through vertical integration and advanced R&D. This page provides investors and industry stakeholders with centralized access to official announcements, financial disclosures, and strategic developments shaping the solar PV sector.
Track press releases covering quarterly earnings, production capacity expansions, and technological innovations in N-type polysilicon technology. Stay informed about supply chain partnerships, sustainability initiatives, and market positioning updates critical to understanding DQ's role in renewable energy transition.
Key updates include manufacturing efficiency milestones, quality certifications, and responses to solar industry dynamics. All content is sourced directly from company communications to ensure reliability, with contextual analysis of how developments impact the broader clean energy landscape.
Bookmark this page for streamlined access to Daqo New Energy's latest progress in cost-competitive polysilicon production and downstream solar module manufacturing. Check regularly for updates reflecting the company's commitment to driving solar adoption through material science leadership.
Daqo New Energy Corp. (NYSE: DQ) reported its unaudited financial results for Q2 2024. Polysilicon production reached 64,961 MT, an increase from 62,278 MT in Q1 2024, but sales volume decreased to 43,082 MT from 53,987 MT in Q1 2024. The average selling price (ASP) dropped to $5.12/kg from $7.66/kg in Q1 2024, resulting in a revenue decline to $219.9 million from $415.3 million.
Gross loss amounted to $159.2 million, compared to a gross profit of $72.1 million in Q1 2024. The net loss attributable to shareholders was $119.8 million, a stark contrast to the net income of $15.5 million in Q1 2024. The loss per ADS was $1.81, down from earnings of $0.24 in Q1 2024. EBITDA was -$144.9 million, with a margin of -65.9%.
Despite the downturn in the solar market, Daqo maintained a strong balance sheet with $997 million in cash and $1.1 billion in cash and bank note receivables. The company initiated production at the Phase 5B polysilicon project, contributing 12% to the total production volume.
Daqo adjusted its production outlook for Q3 2024 to 43,000-46,000 MT and for the full year to 210,000-220,000 MT, reflecting current market conditions. The company believes the industry downturn will eventually lead to market consolidation and healthier profitability.
Daqo New Energy Corp. (NYSE: DQ), a leading manufacturer of high-purity polysilicon for the global solar PV industry, has announced plans to release its unaudited financial results for the second quarter of 2024 on August 26, 2024, before U.S. markets open. The company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on the same day.
The earnings conference call will be accessible via toll-free and international dial-in numbers, with options for participants from China mainland and Hong Kong. A webcast link is also provided for those who prefer to join online. A replay of the call will be available for one week after the conclusion of the conference.
Daqo New Energy Corp. (NYSE: DQ), a leading manufacturer of high-purity polysilicon for the global solar PV industry, has announced a $100 million share repurchase program. The program, approved by the board of directors, will run from July 22, 2024, to June 30, 2025. The company is authorized to repurchase its own issued and outstanding ordinary shares or American depositary shares (ADSs) through various means, including open-market purchases and block trades.
The repurchase program will be primarily funded through potentially available cash and existing cash balance. Daqo New Energy's CEO, Xiang Xu, stated that this program reflects the company's confidence in its business development amid the industry downcycle and its commitment to creating shareholder value. The timing, number, and prices of shares repurchased will depend on market conditions and regulatory restrictions.
Daqo New Energy Corp. (NYSE: DQ) has provided an update on a litigation event involving its subsidiary Xinjiang Daqo. The case stems from a contract dispute with Xinjiang Xian'an New Materials Co., and Xinjiang Dengbo New Energy Co., , who previously provided silicon core processing services to Xinjiang Daqo. The first instance court's verdict has ordered Xinjiang Daqo to:
1. Affirm termination of the business cooperation agreement as of December 31, 2023
2. Compensate the plaintiffs RMB3.06 million for losses from rents and employee salaries
3. Pay RMB100,000 in attorney fees
The court rejected claims for consequential losses. As the appeal period is still open, the final impact on Xinjiang Daqo remains uncertain pending the final verdict.
Daqo New Energy Corp. (NYSE: DQ) released its 2023 Environmental, Social and Governance (ESG) report on July 9, 2024, highlighting significant achievements in corporate governance, innovation, employee rights, environmental sustainability, and social responsibility.
Key accomplishments include substantial investments in R&D, with a 107% year-over-year increase in patent applications, and an average of 70 hours of anti-fraud training per employee. The company also completed 13 process audits, achieving 100% efficiency in risk rectification.
On the environmental front, Daqo New Energy decreased water consumption intensity by 11.53%, increased recycled water usage by 41.49%, and reduced comprehensive energy consumption density by 0.23%. Socially, they contributed RMB2.251 million to community projects. The company's commitment to green and sustainable development aims to align with industry trends and improve environmental value.
Daqo New Energy Corp. submitted its annual report on Form 20-F for the fiscal year 2023 to the SEC. The report includes audited consolidated financial statements ending on December 31, 2023. Shareholders can access the report on the SEC's website or the company's investor relations section. Hard copies are available upon request.
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