Daqo New Energy(US:DQ) Zhi Tong Cai Jing·2026-02-26 15:34Core Viewpoint - Daqo New Energy (DQ.US) reported a significant stock price drop of over 6%, closing at $23.5, primarily due to disappointing revenue figures despite a slight earnings beat [1] Financial Performance - The company's Q4 2025 non-GAAP earnings per American Depositary Share (ADS) were -$0.11, exceeding market expectations by $0.14 [1] - Revenue for the quarter was $221.7 million, reflecting a year-over-year growth of 13.5%, but falling short of market expectations, contributing to stock price pressure [1] Operational Insights - Daqo's polysilicon production increased to 42,181 tons for the quarter, showing significant growth compared to Q3 [1] - However, sales volume decreased to 38,167 tons, down from 42,406 tons in the previous quarter, indicating fluctuations in downstream demand and inventory reduction [1] - The average total production cost improved to $5.83 per kilogram, with cash costs dropping to $4.46 per kilogram, which helps mitigate pressure from price volatility [1] - The average selling price (ASP) for polysilicon was $5.83 per kilogram, showing a slight increase quarter-over-quarter [1] Future Outlook - The company projects Q1 2026 production to be between 35,000 to 40,000 tons, with an annual production forecast of 140,000 to 170,000 tons [1] - Despite the positive signals from cost reductions and production increases, investor confidence in short-term profit improvement remains cautious due to uncertainties in industry supply-demand dynamics and price recovery [1]