Daqo Q2 2026 slides: sequential recovery amid pricing pressure
Daqo New Energy Corp. (NYSE:DQ) reported its Q2 2026 results on August 20, 2026, indicating a challenging market environment with sequential improvement. The company's revenue was $62.7 million, resulting in a net loss of $81.2 million or $1.20 per ADS. Despite missing analyst expectations, Daqo's shares surged over 7% to $15.06 due to investors' focus on its recovery, inventory management, and robust balance sheet.
The company's sequential growth was driven by a 135% increase in revenue and a threefold surge in polysilicon sales volume to 15,190 MT. Gross loss narrowed significantly from $139.4 million to $82.7 million, while operating losses contracted from $150.8 million to $98.1 million. Production facilities maintained steady output, with polysilicon production reaching 43,675 MT.
Cost performance remained strong, with flat total production costs and declining cash costs. The solar PV polysilicon market faced continued pricing pressure, with prices falling from RMB 35-37/kg in Q1 to RMB 31-34/kg in Q2. New national standards and industry initiatives aimed at stabilizing prices and promoting value differentiation are expected to bring positive changes in the market.
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