Daqo New Energy Corp. (NYSE: DQ) filed its audited annual report on Form 20‑F for the fiscal year ended December 31, 2025. The filing, submitted to the U.S. Securities and Exchange Commission on April 20, 2026, contains the company’s consolidated financial statements, management discussion and analysis, and other required disclosures.
The report shows a net loss attributable to shareholders of $170.5 million for FY 2025, a sharp improvement from the $345.2 million loss reported in 2024. Revenue fell to $665.4 million, down 35% from $1,029.1 million in 2024, driven by lower sales volumes and a decline in average selling prices for polysilicon. Despite the revenue drop, EBITDA swung to a positive $1.7 million from a negative $337.4 million in 2024, reflecting tighter cost control and a more favorable product mix.
Gross margin for the year was –20.7%, unchanged from 2024, but the company posted a positive gross profit of $15.4 million in Q4 2025, compared with a $65.3 million loss in Q4 2024. Production volume fell to 123,652 MT from 205,068 MT in 2024, underscoring the continued overcapacity and price pressure in the polysilicon market.
For 2026, Daqo is guiding to produce 140,000–170,000 MT of polysilicon, signaling an expectation of improved demand or a stabilization of prices. Management highlighted China’s policy efforts to moderate the industry and the anticipated establishment of a minimum price floor, which could help support margins in the coming year.
CEO Xiang Xu said, "In 2025, … we significantly narrowed our losses during the year as compared to 2024." He added that the positive swing in EBITDA and the turnaround in operating cash flow were driven by disciplined cost management and a shift toward higher‑margin products. The company also noted ongoing risks related to Xinjiang‑specific U.S. forced‑labor rules and potential sanctions.
Analysts had expected a Q4 2025 EPS of –$0.26; Daqo reported –$0.11, beating expectations by $0.15. Revenue for the quarter missed analyst estimates of $264.73 million by $43.03 million, reflecting the broader market weakness. The company’s guidance for 2026, combined with the improved EBITDA and management’s focus on cost discipline, suggests a cautious but potentially positive outlook for the polysilicon sector.
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