Daqo New Energy(DQ)2024-02-27 16:00Production and Sales - Polysilicon production volume reached 61,014 MT in Q4 2023, up from 57,664 MT in Q3 2023[2] - Full year 2023 polysilicon production volume was 197,831 MT, a 47.8% increase from 133,812 MT in 2022[4] - The company expects Q1 2024 polysilicon production volume to be approximately 60,000 MT to 62,000 MT[12] - The anticipated full year 2024 production volume is projected to be between 280,000 MT and 300,000 MT, representing a 40% to 50% increase from 2023[12] Revenue and Profitability - Revenue for Q4 2023 was $477.1 million, a decrease from $484.8 million in Q3 2023[3] - Revenue for the full year 2023 was $2,308.5 million, down from $4,608.4 million in 2022 due to lower average selling prices[4] - Full year 2023 revenues were $2,308.5 million, a decrease from $4,608.4 million in 2022, primarily due to lower polysilicon average selling prices (ASPs)[20] - Gross profit increased to $87.2 million in Q4 2023, compared to $67.8 million in Q3 2023, with a gross margin of 18.3%[3] - Gross profit for 2023 was $920.7 million, down from $3,407.9 million in 2022, with a gross margin of 39.9% compared to 74.0% in 2022[22] - EBITDA (non-GAAP) for 2023 was $918.6 million, a decrease from $3,150.7 million in 2022, with an EBITDA margin of 39.8% compared to 68.4% in 2022[28] Net Income - Net income attributable to shareholders was $44.9 million in Q4 2023, a significant recovery from a net loss of $6.3 million in Q3 2023[3] - Net income attributable to Daqo New Energy Corp. shareholders was $44.9 million in Q4 2023, compared to a net loss of $6.3 million in Q3 2023 and a loss of $332.7 million in Q4 2022[17] - Adjusted net income (non-GAAP) for 2023 was $554.7 million, down from $2,122.3 million in 2022, with adjusted earnings per basic ADS at $7.42 compared to $27.97 in 2022[27] - Adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders was $65,954 thousand for the three months ended December 31, 2023, compared to $43,975 thousand in the previous quarter[55] Cash Flow and Financial Position - The company generated approximately $1.6 billion in operating cash flow for 2023, maintaining a cash balance of $3.0 billion[7] - Net cash provided by operating activities for 2023 was $1,610.9 million, a decrease from $2,462.7 million in 2022, primarily due to lower revenues and gross margin[31] - Cash, cash equivalents, and restricted cash at the end of the period were $3,047,956 thousand, down from $3,520,351 thousand at the beginning of the period[51] - As of December 31, 2023, the company had $3,048.0 million in cash and cash equivalents, down from $3,520.4 million a year earlier[29] Expenses - Selling, general and administrative (SG&A) expenses were $39.0 million in Q4 2023, down from $89.7 million in Q3 2023 and $44.0 million in Q4 2022[15] - Research and development (R&D) expenses increased to $3.3 million in Q4 2023 from $2.8 million in Q3 2023 and $2.7 million in Q4 2022, focusing on quality improvements and N-type product research[16] Operational Performance - Income from operations was $83.3 million in Q4 2023, significantly up from $22.5 million in Q3 2023 but down from $623.1 million in Q4 2022, with an operating margin of 17.5%[17] - Total current liabilities increased to $851,087 thousand as of December 31, 2023, compared to $810,318 thousand in the previous quarter[46] - Total assets decreased to $7,441,524 thousand as of December 31, 2023, from $7,594,096 thousand a year earlier[48] - The company’s total liabilities stood at $1,001,625 thousand as of December 31, 2023, compared to $948,050 thousand in the previous quarter[46] Shareholder Returns - The company repurchased 14.55 million ADSs for approximately $491 million as part of its $700 million share buyback program[10]