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Xinjiang Daqo New Energy (688303) investor relations material
Xinjiang Daqo New Energy Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 was RMB 188.54 million, down 79.22% year-over-year due to market price competition and slower shipments.
Net loss attributable to shareholders was RMB -8.01 billion, with losses widening from the prior year, mainly due to falling polysilicon prices and a large inventory write-down.
Polysilicon production increased 74.9% year-over-year to 43,402 tons, but sales volume dropped 84% to 4,482 tons.
Financial highlights
Operating income: RMB 188.54 million, down from RMB 907.25 million year-over-year.
Net loss: RMB -8.01 billion, compared to RMB -5.58 billion in Q1 2025.
Operating cash flow: RMB -1.25 billion, with adjusted cash flow (including bank acceptance bills) at RMB -1.01 billion.
Basic and diluted EPS: RMB -0.37, compared to RMB -0.26 year-over-year.
Gross margin severely impacted by higher unit costs and inventory write-downs.
Outlook and guidance
Full-year 2026 polysilicon production expected at 140,000–170,000 tons; Q2 guidance is 35,000–40,000 tons.
- Net loss narrowed 58.5% on 34.7% lower revenue, with strong cash and cost controls.688303
H2 202521 Apr 2026 - Revenue halved and net loss deepened as polysilicon prices plunged amid industry oversupply.688303
H2 202422 Dec 2025 - H1 2025 saw a 67.93% revenue drop and significant net loss amid polysilicon market downturn.688303
H1 202522 Dec 2025 - Q3 profit rebounded on higher polysilicon prices, but nine-month loss persisted amid lower sales.688303
Q3 202528 Oct 2025 - Q3 revenue plunged 60% and net loss deepened as polysilicon prices stayed depressed.688303
Q3 202413 Jun 2025 - Polysilicon price collapse led to a RMB 670 million net loss despite record output.688303
H1 202413 Jun 2025 - Q1 2025 saw a 69.6% revenue drop and RMB 558 million net loss amid polysilicon price collapse.688303
Q1 20256 Jun 2025
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