Daqo New Energy Reports Q1 Revenue of $26.7M

Reports Q1 revenue $26.7M vs. $221.7M last year. Xiang Xu, CEO of Daqo New Energy, commented, "In the Q1 market sentiment across the solar PV industry remained cautious amid seasonal softness and elevated inventory levels. It was further exacerbated by rising module prices, driven by higher silver, aluminum, and glass costs, which led to a market slowdown in China. Geopolitical tensions in the Middle East also weighed on end-market demand in the region. Against this backdrop, persistent industry overcapacity continued to exert downward pressure on polysilicon prices, resulting in quarterly operating and net losses. Notwithstanding these headwinds, we continued to maintain a robust and healthy balance sheet with zero debt. As of March 31, 2026, we held a cash balance of $559.4M, short-term investments of $288.3M, bank notes receivables of $20.8M, held-to-maturity investments of $50.3M, and a fixed term bank deposit balance of $1.1B. In total, these assets that can be converted into cash stood at $2.0B, providing us with ample liquidity. This solid financial position gives us the confidence and strategic flexibility to navigate the current market downturn."