EarningsQ2 2026 Earnings Report

Daqo New Energy (DQN) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:DQN Q2 2026 EPS Results

Actual EPS-$22.10

Consensus EPS-$10.50

Beat/MissMissed by -$11.60

One Year Ago EPS-$20.99

MX:DQN Q2 2026 Revenue Results

Actual Revenue$1.16B

Expected Revenue$974.61M

Beat/MissBeat by +$181.08M

YoY Revenue Growth-16.83%

Earnings Announcement Details

QuarterQ2 2026

Date08/20/2026

TimeBefore Open

Conference CallThursday, August 20, 2026

MX:DQN Upcoming Earnings

Daqo New Energy's next earnings date is estimated for November 2, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:DQN Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 20, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call conveyed a mix of encouraging operational and financial improvements versus significant industry headwinds. Management highlighted sequential revenue recovery, production above guidance, reduced inventory impairments, EBITDA and margin improvements, strong liquidity and strategic diversification into AIDC. Offsetting these positives are persistently weak polysilicon prices below costs, continued net losses, elevated industry inventories, and a large year-to-date operating cash burn; new initiatives (AIDC and semiconductor poly) are early-stage and carry timing/execution risk. Overall the improvements are meaningful but the company still faces substantial cyclical and liquidity risks until prices and market demand recover.

Company Guidance

The company guided third-quarter polysilicon production at approximately 40,000–45,000 metric tons and full‑year 2026 production at 160,000–180,000 metric tons (Q2 production was 43,675 mt, above prior guidance of 35,000–40,000, with nameplate utilization ~57%); sales volume rose sequentially to 15,190 mt from 4,482 mt with an ASP of $4.04/kg, total production cost of $5.95/kg and cash cost of $4.57/kg; market context includes N‑type spot prices down to RMB31–34/kg at end‑Q2 (quotations and some transactions exceeding ~RMB40/kg), an industry CPIA cost estimate of ~RMB50/kg (~RMB50,000/ton), industry H1 output of 538,000 mt (≈9.8% YoY change) and ~500k–600k mt of inventory, while forward/spot prices have rebounded >10% from recent lows; balance sheet liquidity is strong with zero debt and readily convertible assets of about $1.9 billion (cash ~$555M, short‑term investments $250M, notes receivable $71.7M, held‑to‑maturity $51M, fixed‑term deposits ≈$929M–$995M), and the company also plans to invest in AIDC power infrastructure (total project ~RMB6bn, first phase ~RMB2bn with prototypes by year‑end, initial sales in 2027 and ramp 2028–2030).

Resumed Sales and Strong Sequential Revenue Recovery

Revenue rose to $62.7M in Q2 2026 from $26.7M in Q1 2026, a sequential increase of ~135%, driven by resumption of sales in June and higher shipment volumes.

Production Above Guidance and Healthy Utilization

Total polysilicon production was 43,675 metric tons in Q2 2026, exceeding guidance of 35,000–40,000 metric tons. Nameplate capacity utilization was ~57% during the period.

Improving Profitability Trends (Sequential)

Gross loss improved to $82.7M from $139M in Q1 2026 (a ~40.5% reduction). Gross margin improved from negative 520% to negative 132% sequentially. EBITDA improved from negative $83M to negative $29M (~65% improvement).

Inventory Impairment and Cost Controls Improved

Inventory impairment provisions decreased sequentially from $98.9M to $55.7M (down ~44%). Total production cost was stable at $5.95/kg while cash cost edged down 0.4% to $4.57/kg.

Strong Liquidity and Zero Net Debt

Company reported zero debt and sizable readily convertible assets (~$1.9B total per management): cash ~$555M, short-term investments $250M, bank notes receivable $71.7M, held-to-maturity $51M, and substantial fixed-term deposits.

Strategic Diversification into AIDC Power Infrastructure

Signed investment to build an AIDC power infrastructure manufacturing base; total project potential investment RMB 6B with Phase 1 committed at RMB 2B. R&D team in place; initial products/prototypes expected by year-end and sales beginning in 2027, with ramp 2028–2030.

MX:DQN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 02, 2026	2026 (Q3)	-8.84 / -	-4.051	―
Aug 20, 2026	2026 (Q2)	-10.50 / -22.10	-20.992	-5.26% (-1.10)
Apr 29, 2026	2026 (Q1)	-5.03 / -24.12	-19.703	-22.43% (-4.42)
Feb 26, 2026	2025 (Q4)	-3.68 / -2.03	-49.902	95.94% (+47.88)
Oct 27, 2025	2025 (Q3)	-10.83 / -4.05	-16.941	76.09% (+12.89)
Aug 26, 2025	2025 (Q2)	-23.48 / -20.99	-33.33	37.02% (+12.34)
Apr 29, 2025	2025 (Q1)	-12.80 / -19.70	4.419	-545.83% (-24.12)
Feb 27, 2025	2024 (Q4)	-38.30 / -49.90	11.785	-523.44% (-61.69)
Oct 30, 2024	2024 (Q3)	-5.71 / -16.94	-1.657	-922.22% (-15.28)
Aug 26, 2024	2024 (Q2)	-12.80 / -33.33	24.675	-235.07% (-58.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed