Daqo New Energy reported Q3 2024 revenues of $198.5M, down from $219.9M in Q2, with a net loss of $60.7M. Production volume decreased to 43,592 MT from 64,961 MT QoQ due to facility maintenance and 50% utilization rate adjustment. Average selling price declined to $4.69/kg from $5.12/kg, while production cost rose to $6.61/kg from $6.19/kg.The company maintained strong liquidity with $853M cash, $245M short-term investments, and $1.2B fixed-term deposits. Despite challenging market conditions, Daqo achieved 75% N-type product mix and reduced cash cost to $5.34/kg. The company expects Q4 2024 production of 31,000-34,000 MT, bringing full-year guidance to 200,000-210,000 MT.Management noted that industry-wide production cuts helped stabilize prices after reaching bottom levels of RMB 35-40/kg. While polysilicon prices have rebounded slightly to RMB 38-43/kg, significant inventory levels persist. The company remains optimistic about long-term solar PV growth and believes current market downturn will lead to industry consolidation, with higher-cost manufacturers gradually exiting the market.

Daqo New Energy reported Q3 2024 revenues of $198.5M, down from $219.9M in Q2, with a net loss of $60.7M. Production volume decreased to 43,592 MT from 64,961 MT QoQ due to facility maintenance and 50% utilization rate adjustment. Average selling price declined to $4.69/kg from $5.12/kg, while production cost rose to $6.61/kg from $6.19/kg.The company maintained strong liquidity with $853M cash, $245M short-term investments, and $1.2B fixed-term deposits. Despite challenging market conditions, Daqo achieved 75% N-type product mix and reduced cash cost to $5.34/kg. The company expects Q4 2024 production of 31,000-34,000 MT, bringing full-year guidance to 200,000-210,000 MT.Management noted that industry-wide production cuts helped stabilize prices after reaching bottom levels of RMB 35-40/kg. While polysilicon prices have rebounded slightly to RMB 38-43/kg, significant inventory levels persist. The company remains optimistic about long-term solar PV growth and believes current market downturn will lead to industry consolidation, with higher-cost manufacturers gradually exiting the market.