Daqo New Energy (NYSE:DQ), a leading manufacturer of high-purity polysilicon for the global solar PV industry, reported a challenging fiscal year 2025 as the sector grapples with persistent oversupply and depressed pricing.
For the full year, the company recorded a net loss attributable to shareholders of $170.5 million on total revenue of $665.4 million.
The fourth quarter showed signs of operational stabilization despite the difficult macro environment.
Revenue for the three months ended December 31, 2025, reached $221.7 million, yielding a gross profit of $15.4 million.
While the company still posted a quarterly net loss of $7.3 million, its non-GAAP EBITDA for the full year remained narrowly positive at $1.7 million, reflecting the company’s ability to maintain low-cost production even at the bottom of the cycle.
Daqo’s primary competitive advantage remains its balance sheet.
The company ended 2025 with $2.27 billion in cash, cash equivalents, and liquid assets.
This significant liquidity cushion allows the manufacturer to continue its technology upgrades and capacity maintenance without the immediate pressure of external financing, a luxury many smaller peers in the solar supply chain currently lack.
Looking ahead, Daqo is positioning itself for a potential volume recovery in 2026.
The company issued full-year production guidance of 140,000 to 170,000 metric tons (MT) of polysilicon.
For the first quarter of 2026, it expects production to land between 35,000 and 40,000 MT.