Xinjiang Daqo New Energy (688303) Q1 2026 earnings summary

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.