Daqo New Energy reports Q2 adjusted EPS $1.75 vs. $3.96 last year

Reports Q2 revenue $636.7M vs. $709.8M last year. Longgen Zhang of Daqo New Energy, commented, “Efficient operation of our polysilicon facilities in the second quarter of 2023 resulted in a production volume of 45,306 MT, representing an increase of 11,458 MT as compared to the previous quarter, as our Phase 5A 100,000 MT polysilicon project in Inner Mongolia reached full production capacity in June. Our production cost decreased by 8.3% from Q1 to $6.92/kg, primarily due to improvements in manufacturing efficiency, as well as a reduction in the cost of metallurgical-grade silicon. For the quarter, we generated $230 million in EBITDA with strong operating cash flow and continued to maintain a strong balance sheet with no financial debt. At the end of the quarter, the Company had a cash balance of $3.2B and a combined cash and bank note receivable balance of $4.0B.”