Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q4 2024 Earnings Presentation
17 slides from Daqo New Energy's earnings presentation, Feb 27, 2025
Slide 1: Q4 and Fiscal Year 2024 Results Presentation
February 27 2025 Q4 and Fiscal Year 2024 Results Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “antici
Slide 3: A leading manufacturer of high-purity polysilicon for the global solar PV industry
“A leading manufacturer of high-purity polysilicon for the global solar PV industry” 2
Slide 4: Management Remarks
Management Remarks Mr. Xiang Xu, Chairman and CEO of the Company, commented, “In 2024, we faced a challenging market environment with excess capacity in the solar PV industry leading to sharp price declines across the entire value chain. We proactively managed these difficulties by curtailing polysi
Slide 5: Management Remarks – Continued
Management Remarks – Continued “On the operational front, during the fourth quarter, the Company continued to operate at a lower utilization rate of 40%-50% of our nameplate capacity in light of weak market prices. The total production volume at our two polysilicon facilities for the quarter was 34,
Slide 6: Management Remarks – Continued (2)
Management Remarks – Continued (2) “Discussions on industry self-regulation measures have been ongoing since the fourth quarter. Meanwhile, the polysilicon market remained sluggish heading into the quarter as downstream customers continued drawing down accumulated inventory and coping with lower waf
Slide 7: Operational and Financial Highlights in Q4 2024
Operational and Financial Highlights in Q4 2024 • Total cash, short-term investments, bank note receivables and fixed term bank deposit balance was $2.2 billion at the end of Q4 2024, compared to $2.4 billion at the end of Q3 2024 • Polysilicon production volume was 34,236 MT in Q4 2024, compared to
Slide 8: Operational and Financial Highlights in FY2024
Operational and Financial Highlights in FY2024 • Polysilicon production volume was 205,068 MT in 2024, compared to 197,831 MT in 2023 • Polysilicon sales volume was 181,362 MT in 2024, compared to 200,002 MT in 2023 • Revenue was $1,029.1 million in 2024, compared to $2,307.7 million in 2023 • Gross
Slide 9: Polysilicon Facilities Update
Polysilicon Facilities Update Q4 2024 Key Figures Outlook ▪ Quarterly production volume: 34,236 MT ▪ Expected production volume in Q1 2025: ▪ Sales volume: 42,191 MT 25,000 ~ 28,000 MT ▪ Average selling prices: $4.62/kg ▪ Expected production volume in the full year of 2025: ▪ Average total productio
Slide 10: Polysilicon Manufacturing Overview
Polysilicon Manufacturing Overview Production Volume (MT) 64,961 61,01462,278 57,664 45,306 43,592 35,326 34,236 33,40133,70233,848 31,383 23,616 19,777 21,00820,18521,10221,684 18,09718,406 16,204 8,764 9,437 7,150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 20
Slide 11: Quarterly Polysilicon Sales Volume and ASPs
Quarterly Polysilicon Sales Volume and ASPs Polysilicon External Sales Volume 63,263 59,906 53,987 51,550 43,08242,10142,191 38,83937,545 33,126 25,284 23,18621,471 23,400 21,06021,183 19,10118,881 13,291 13,643 11,642 8,450 7,130 9,238 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 12: Income Statement Summary
Income Statement Summary ($ in millions, unless otherwise stated) Q4 2024 Q3 2024 Q4 2023 Revenues 195.4 198.5 476.3 Gross (loss)/profit (65.3) (60.6) 87.2 Gross margin (33.4)% (30.5)% 18.3% SG&A (29.4) (37.7) (39.0) Long-lived assets impairment (175.6) - - Allowance for expected credit loss (18.1)
Slide 13: Balance Sheet Summary
Balance Sheet Summary As of As of As of ($ in millions) 12/31/2024 9/30/2024 12/31/2023 Cash, cash equivalent and restricted cash 1,038.3 853.4 3,048.0 Accounts and notes receivables 55.2 84.5 116.4 Short-term investments 9.6 245.0 - Inventories 149.9 206.9 173.3 Fixed term deposit within one year 1
Slide 14: Cash Flow Summary
Cash Flow Summary Year ended Year ended ($ in millions) 12/31/2024 12/31/2023 Net (loss)/income (448.2) 652.9 Adjustments to reconcile net income to net cash provided by operating 565.5 305.4 activities Changes in operating assets and liabilities (555.1) 657.8 Net cash (used in)/provided by operatin
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands 3 months Ended Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023 Net (loss)/income (241,512) (76,930) 78,168 Income tax (benefit)/expense (48,973) (12,007) 18,352 Interest income, net (6,761) (1,604) (13,772) Depreciation & Amortization 60,740 56,218 45,455 EBITDA (non
Slide 16: Use of Non-GAAP financial measures
Use of Non-GAAP financial measures To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most di
Slide 17: Thank you!
@ DAQO NEW ENERGY Thank you!