$DQ

DAQO NEW ENERGY CORP.

CIK:0001477641|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Revenues	$ 665,415	$ 1,029,080	$ 2,307,695
Cost of revenues	(803,266)	(1,242,012)	(1,387,045)
Gross profit (loss)	(137,851)	(212,932)	920,650
Operating expenses:
Selling, general and administrative expenses	(118,224)	(143,089)	(213,241)
Research and development expenses	(2,584)	(4,559)	(10,116)
Long-lived assets impairment		(175,627)
Allowance for expected credit loss	18,497	18,072
Other operating income (expense), net	6,921	(9,813)	86,137
Total operating expenses, net	(132,384)	(351,160)	(137,220)
Income (expense) from operations	(270,235)	(564,092)	783,430
Interest income, net	9,029	30,223	52,302
Exchange (loss) gain	31	(2,378)	(17,367)
Investment income	24,058	18,186	109
Income (loss) before income taxes	(237,117)	(518,061)	818,474
Income tax (expense) benefit	21,034	69,907	(165,588)
Net income (loss)	(216,083)	(448,154)	652,886
Net income (loss) attributable to non-controlling interest	(45,569)	(102,939)	223,341
Net income (loss) attributable to Daqo New Energy Corp. ordinary shareholders	$ (170,514)	$ (345,215)	$ 429,545
Net earnings (losses) per ordinary share
Basic-ordinary shares	$ (0.51)	$ (1.04)	$ 1.15
Diluted-ordinary shares	$ (0.51)	$ (1.04)	$ 1.15
Ordinary shares used in calculating earnings (losses) per ordinary share
Basic-ordinary shares	336,756,038	330,800,038	373,586,004
Diluted-ordinary shares	336,756,038	330,800,038	374,817,676

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ (216,083)	$ (448,154)	$ 652,886
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	55,817	71,790	141,918
Depreciation of property, plant and equipment	236,672	206,358	148,889
Amortization of prepaid land use rights	3,359	3,318	2,368
Loss on disposal of property plant and equipment	2,286	18,913	4,379
Inventory write-down	21,523	81,398	4,519
Fair value change of short-term investments	(1,363)	(29)	(110)
Long-lived assets impairment		175,627
Allowance for expected credit loss	18,497	18,072
Others	2,417	(7,346)	3,396
Changes in operating assets and liabilities:
Notes receivable	(76,280)	58,861	987,481
Prepaid expenses and other current assets	(29,128)	(81,466)	(136,182)
Advances to suppliers	(10,788)	3,570	(13,543)
Inventories	(34,344)	(62,583)	(13,079)
Amounts due from related parties	43	60	(88)
Accounts payable	(863)	(64,826)	13,365
Notes payable to third parties	98,777	4,155
Accrued expenses and other current liabilities	4,317	(38,318)	24,874
Income tax payable	(508)	(88,119)	(126,117)
Advances from customers	696	(191,311)	(7,338)
Amounts due to related parties	38	137	(50)
Deferred government subsidies	(140)	(538)	(547)
Deferred taxes	(24,898)	(91,962)	(70,079)
Others	(381)	(3,030)	(900)
Net cash provided by (used in) operating activities	49,666	(435,423)	1,616,042
Investing activities:
Purchases of property, plant and equipment	(173,011)	(358,828)	(1,110,738)
Purchases of land use rights		(10,091)	(76,102)
Proceeds from disposal of land use rights			3,955
Purchase of short-term investments	(2,796,200)	(2,082,454)
Redemption of short-term investments	2,714,036	2,069,285	13,701
Purchase of fixed-term deposit	(1,818,257)	(2,121,240)	(26,771)
Redemption of fixed term deposit	1,939,204	1,022,548
Net cash used in investing activities	(134,228)	(1,480,780)	(1,195,955)
Financing activities:
Proceeds from bank borrowings			140,000
Repayment of bank borrowings			(140,000)
Proceeds from options exercised		57	4
Payments for repurchase of common shares		(5,003)	(485,931)
Dividend payment of the Subsidiary		(35,843)	(303,658)
Payments for repurchase of shares by the Subsidiary	(850)	(7,649)	(36,204)
Proceeds from exercise of the Subsidiary's stock options		1,082	30,391
Net cash used in financing activities	(850)	(47,356)	(795,398)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	27,355	(46,048)	(97,084)
Net decrease in cash, cash equivalents and restricted cash	(58,057)	(2,009,607)	(472,395)
Cash, cash equivalents and restricted cash at the beginning of the year	1,038,349	3,047,956	3,520,351
Cash, cash equivalents and restricted cash at the end of the year	980,292	1,038,349	3,047,956
Cash and cash equivalents	856,054	1,006,536	3,038,827
Restricted cash	124,238	31,813	9,129
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	980,292	1,038,349	3,047,956
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest			4,719
Income taxes paid	4,343	102,496	289,529
Supplemental schedule of non-cash investing activities:
Purchases of property, plant and equipment included in the ending balance of payables	278,957	409,472	421,024
Purchase of property, plant and equipment included in the ending balance of amounts due to related parties - short-term portion	$ 744	$ 6,028	$ 6,492

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 856,054	$ 1,006,536
Restricted cash	124,238	31,813
Notes receivable	135,504	55,153
Short-term investments	113,979	9,619
Prepaid expenses and other current assets	303,057	280,876
Advances to suppliers	21,869	10,401
Inventories	169,103	149,939
Fixed term deposit within one year	972,358	$ 1,087,210
Amounts due from related parties- short-term portion	$ 15
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current assets	$ 2,696,177	$ 2,631,547
Property, plant and equipment, net	3,399,055	3,499,210
Prepaid land use rights, net	155,576	152,869
Deferred tax assets	113,454	84,596
Amounts due from related parties- long-term portion	$ 2	$ 545
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Fixed term deposit over one year	$ 63,212	$ 27,636
Other non-current assets	21,849	21,840
TOTAL ASSETS	6,449,325	6,418,243
Current liabilities:
Accounts payable	26,628	26,448
Notes payable	103,035	6,822
Advances from customers - short-term portion	48,786	37,192
Payables for purchases of property, plant and equipment	278,957	406,743
Accrued expenses and other current liabilities	39,071	33,309
Amounts due to related parties - short-term portion	$ 5,133	$ 10,210
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Income tax payable	$ 12	$ 511
Total current liabilities	501,622	521,235
Advances from customers - long-term portion	13,208	21,484
Deferred government subsidies	17,661	17,114
Deferred tax liabilities	519	544
Total liabilities	533,010	560,377
Commitments and contingencies (Note 13)
Ordinary shares
$0.0001 par value 500,000,000 shares authorized as of December 31, 2024 and 2025; 421,521,162 shares issued and 333,759,632 shares outstanding as of December 31, 2024; 426,092,214 shares issued and 338,330,684 shares outstanding as of December 31, 2025	42	42
Additional paid-in capital	2,464,548	2,408,799
Retained earnings	2,812,659	2,983,173
Accumulated other comprehensive loss	(252,910)	(413,210)
Treasury shares, at cost (87,761,530 shares as of December 31, 2024 and 2025)	(617,612)	(617,612)
Total Daqo New Energy Corp. shareholders' equity	4,406,727	4,361,192
Non-controlling interest	1,509,588	1,496,674
Total shareholders' equity	5,916,315	5,857,866
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 6,449,325	$ 6,418,243