Daqo New Energy Reports Strong Q4 & FY25 Recovery, Swings to Positive EBITDA and Operating Cash Flow

summarizeSummary

Daqo New Energy announced unaudited Q4 and full-year 2025 results, showing a significant financial turnaround with narrowed net losses, a swing to positive full-year EBITDA and operating cash flow, and record-low production costs.

check_boxKey Events

• Significant Financial Turnaround

  Full-year 2025 net loss narrowed to $170.5 million from $345.2 million in 2024, with EBITDA swinging to a positive $1.7 million from a negative $337.4 million.

• Positive Operating Cash Flow

  The company generated $56.1 million in positive operating cash flow for 2025, a major reversal from a $435.4 million outflow in 2024.

• Record-Low Production Costs

  Q4 2025 polysilicon cash cost reached a new record low of $4.46/kg, demonstrating enhanced operational efficiency.

• Strong Liquidity and Market Outlook

  Ended 2025 with $2.27 billion in highly liquid assets and provided optimistic 2026 production guidance (140,000-170,000 MT), supported by favorable industry policies.

auto_awesomeAnalysis

This filing signals a strong recovery for Daqo New Energy, driven by improving market conditions and effective cost management. The company significantly narrowed its net losses and achieved positive EBITDA and operating cash flow for the full year 2025, a substantial improvement from the previous year's deep losses. Record-low production costs and increasing utilization rates highlight operational efficiency. The positive outlook for 2026 production, coupled with favorable government policies in China supporting the solar PV industry, positions the company for continued growth. Investors should monitor the sustained recovery in polysilicon prices and the company's ability to meet its 2026 production guidance.