The following is a summary of the Daqo New Energy Corp. (DQ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Daqo New Energy Corp reported a Q1 total production volume increase to 62,278 metric tons and a 2% decrease in production costs.

• The company generated $77 million in EBITDA and maintained a $2.7 billion cash balance.

• Revenue declined to $415.3 million, mainly due to decreases in average selling prices and polysilicon sales.

• Gross profit was $72 million, equating to a gross margin of 17.4%.

• The company's net income attributable to shareholders was $15.5 million.

Business Progress:

• The company predicts Q2 2024 production volumes to range between 60,000 and 63,000 metric tons.

• Production at the Inner Mongolia Phase 5B facility is slated to commence in Q2.

• For 2024, company-wide production volumes are projected to increase 40%-50% compared to 2023, up to 300,000 metric tons, a surge facilitated by an increase in N-type production.

• Despite a pause in expansion plans due to the solar market downturn, Daqo considers expansions beyond China, potentially in the U.S., Middle East, and Southeast Asia.

More details: Daqo New Energy IR

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