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High materiality8/10

Q2 2026: Daqo's Loss Narrows but Structural Margin Still Negative

Aug 20, 2026, 6:33 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Despite a revenue uptick and reduced losses, Q2 shows large gross losses and negative EBITDA; ASP collapse and inventory impairments weigh on near-term sentiment. Ongoing regulatory and policy shifts in China could be a longer-term positive, but the stock is likely pressured until a clearer earnings inflection appears.

AI summary

What happened, with direct paths to the underlying reporting

Daqo New Energy posted Q2 2026 revenue of $62.7M with a narrowed loss, though gross margin remained negative due to inventory impairment. The company resumed June sales, lifting revenue and reducing losses while maintaining about $1.9B in liquidity. Management guided 3Q polysilicon output of 40–45k MT and full-year production of 160–180k MT, while pursuing AI data-center infrastructure opportunities to diversify earnings.

Q2 2026 revenue: $62.7M; gross loss $82.7M, margin -132%.
Polysilicon sales jumped to 15,190 MT; ASP $4.04/kg, down from $5.96.
Balance sheet remains ultra-strong with ~1.9B liquidity and zero debt.
Guidance: 3Q production 40k–45k MT; full-year 160k–180k MT; AIDC diversification planned.

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