Daqo New Energy Corp. (DQ) ("Daqo New Energy), a leading manufacturer of high-purity polysilicon for the global solar PV industry, announced its unaudited financial results for the fourth quarter and
fiscal year of 2022.
Fourth Quarter 2022 Financial and Operating Highlights
- Polysilicon production volume was 33,702 MT in Q4 2022, compared to 33,401 MT in Q3 2022
- Polysilicon sales volume was 23,400 MT in Q4 2022, compared to 33,126 MT in Q3 2022
- Polysilicon average total production cost(1) was $7.69/kg in Q4 2022, compared to $6.82/kg in Q3 2022
- Polysilicon average cash cost(1) was $6.78/kg in Q4 2022, compared to $6.06/kg in Q3 2022
- Polysilicon average selling price (ASP) was $37.41/kg in Q4 2022, compared to $36.44/kg in Q3 2022
- Revenue was $864.3 million in Q4 2022, compared to $1,219.7 million in Q3 2022
- Gross profit was $668.9 million in Q4 2022, compared to $978.6 million in Q3 2022. Gross margin was 77.4% in Q4 2022, compared to 80.2% in Q3 2022
- Net income attributable to Daqo New Energy Corp. shareholders was $372.9 million in Q4 2022, compared to $323.4 million in Q3 2022
- Earnings per basic American Depositary Share (ADS)(3) was $4.78 in Q4 2022, compared to $4.28 in Q3 2022
- Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $403.3 million in Q4 2022, compared to $590.4 million in Q3 2022
- Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $5.17 in Q4 2022, compared to $7.81 in Q3 2022
- EBITDA (non-GAAP)(2) was $648.5 million in Q4 2022, compared to $720.0 million in Q3 2022. EBITDA margin (non-GAAP)(2) was 75.0% in Q4 2022, compared to 59.0% in Q3 2022
Full Year 2022 Financial and Operating Highlights
- Polysilicon production volume was 133,812 MT in 2022, compared to 86,587 MT in 2021
- Polysilicon sales volume was 132,909 MT in 2022, compared to 75,356 MT in 2021
- Revenue was $4,608.3 million in 2022, compared to $1,678.8 million in 2021
- Gross profit was $3,407.9 million in 2022, compared to $1,097.2 million in 2021. Gross margin was 74.0% in 2022, compared to 65.4% in 2021
- Net income attributable to Daqo New Energy Corp. shareholders was $1,860.0 million in 2022, compared to $748.9 million in 2021. Earnings per basic ADS was $24.51 in 2022, compared to $10.14 in 2021
- EBITDA (non-GAAP)(2) was $3,150.7 million in 2022, compared to $1,132.8 million in 2021. EBITDA margin (non-GAAP)(2) was 68.4% in 2022, compared to 67.5% in 2021
- Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $2,162.5 million in 2022, compared to $759.0 million in 2021
- Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $28.50 in 2022, compared to $10.28 in 2021
