UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-34602
DAQO NEW ENERGY CORP.
Unit 29D, Huadu Mansion, 838 Zhangyang Road,
Shanghai, 200122
The People’s Republic of China
(+86-21) 5075-2918
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (7): ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
DAQO
NEW ENERGY CORP. |
| |
|
| |
By: |
/s/ Xiang Xu |
| |
Name: |
Xiang Xu |
| |
Title: |
Chairman of the Board of Directors and Chief Executive Officer |
| Date:
August 3, 2023 |
|
Exhibit 99.1
Daqo New Energy Announces Unaudited Second Quarter
2023 Results
Shanghai, China—August 3, 2023—Daqo New
Energy Corp. (NYSE: DQ) ("Daqo New Energy," the "Company" or “we”), a leading manufacturer of high-purity
polysilicon for the global solar PV industry, today announced its unaudited financial results for the second quarter of 2023.
Second Quarter 2023 Financial and Operating Highlights
| · | Polysilicon production volume was 45,306 MT in Q2
2023, compared to 33,848 MT in Q1 2023 |
| · | Polysilicon sales volume was 51,550 MT in Q2 2023,
compared to 25,284 MT in Q1 2023 |
| · | Polysilicon average total production cost(1)
was $6.92/kg in Q2 2023, compared to $7.55/kg in Q1 2023 |
| · | Polysilicon average cash cost(1) was
$6.05/kg in Q2 2023, compared to $6.61/kg in Q1 2023 |
| · | Polysilicon average selling price (ASP) was $12.33/kg
in Q2 2023, compared to $27.83/kg in Q1 2023 |
| · | Revenue was $636.7 million in Q2 2023, compared
to $709.8 million in Q1 2023 |
| · | Gross profit was $258.9 million in Q2 2023, compared
to $506.7 million in Q1 2023. Gross margin was 40.7% in Q2 2023, compared to 71.4% in Q1 2023 |
| · | Net income attributable to Daqo New Energy Corp.
shareholders was $103.7 million in Q2 2023, compared to $278.8 million in Q1 2023 |
| · | Earnings per basic American Depositary Share (ADS)(3)
was $1.35 in Q2 2023, compared to $3.56 in Q1 2023 |
| · | Adjusted net income (non-GAAP)(2) attributable
to Daqo New Energy Corp. shareholders was $134.5 million in Q2 2023, compared to $310.2 million in Q1 2023 |
| · | Adjusted earnings per basic ADS(3) (non-GAAP)(2)
was $1.75 in Q2 2023, compared to $3.96 in Q1 2023 |
| · | EBITDA (non-GAAP)(2) was $230.0 million
in Q2 2023, compared to $490.2 million in Q1 2023. EBITDA margin (non-GAAP)(2) was 36.1% in Q2 2023, compared to 69.1% in Q1
2023 |
| | |
Three months ended | |
US$ millions
except as indicated otherwise | |
Jun. 30,
2023 | | |
Mar. 31,
2023 | | |
Jun. 30,
2022 | |
| Revenues | |
| 636.7 | | |
| 709.8 | | |
| 1,244.1 | |
| Gross profit | |
| 258.9 | | |
| 506.7 | | |
| 946.9 | |
| Gross margin | |
| 40.7 | % | |
| 71.4 | % | |
| 76.1 | % |
| Income from operations | |
| 213.9 | | |
| 463.8 | | |
| 927.6 | |
| Net income attributable to Daqo New Energy Corp. shareholders | |
| 103.7 | | |
| 278.8 | | |
| 627.8 | |
| Earnings per basic ADS(3) ($ per ADS) | |
| 1.35 | | |
| 3.56 | | |
| 8.36 | |
| Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders | |
| 134.5 | | |
| 310.2 | | |
| 630.3 | |
| Adjusted earnings per basic ADS(3) (non-GAAP)(2) ($ per ADS) | |
| 1.75 | | |
| 3.96 | | |
| 8.39 | |
| EBITDA (non-GAAP)(2) | |
| 230.0 | | |
| 490.2 | | |
| 955.4 | |
| EBITDA margin (non-GAAP)(2) | |
| 36.1 | % | |
| 69.1 | % | |
| 76.8 | % |
| Polysilicon sales volume (MT) | |
| 51,550 | | |
| 25,284 | | |
| 37,545 | |
| Polysilicon average total production cost ($/kg)(1) | |
| 6.92 | | |
| 7.55 | | |
| 7.26 | |
| Polysilicon average cash cost (excl. dep’n) ($/kg)(1) | |
| 6.05 | | |
| 6.61 | | |
| 6.51 | |
Notes:
| (1) | Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is
calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated.
Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation cost and non-cash share-based
compensation cost, divided by the production volume in the period indicated. |
| (2) | Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp.
shareholders and adjusted earnings per basic ADS on a non-GAAP basis to provide supplemental information regarding its financial performance.
For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures"
and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end
of this press release. |
| (3) | ADS means American Depositary Share. One (1) ADS represents five (5) ordinary shares. |
Management Remarks
Mr. Longgen Zhang of Daqo New Energy, commented,
“Efficient operation of our polysilicon facilities in the second quarter of 2023 resulted in a production volume of 45,306 MT, representing
an increase of 11,458 MT as compared to the previous quarter, as our Phase 5A 100,000 MT polysilicon project in Inner Mongolia reached
full production capacity in June. Our production cost decreased by 8.3% from Q1 to $6.92/kg, primarily due to improvements in manufacturing
efficiency, as well as a reduction in the cost of metallurgical-grade silicon. For the quarter, we generated $230 million in EBITDA with
strong operating cash flow and continued to maintain a strong balance sheet with no financial debt. At the end of the quarter, the Company
had a cash balance of $3.2 billion and a combined cash and bank note receivable balance of $4.0 billion.”
“With the addition of our new Inner Mongolia
Phase 5A facility, our total annual polysilicon nameplate capacity has expanded to 205,000 MT. For the third quarter, we expect total
polysilicon production volume to be approximately 55,000 MT to 57,000 MT, representing an increase of 21% to 26% as compared to Q2 2023.
Full year production is expected to be approximately 193,000 MT to 198,000 MT of polysilicon, representing an increase of 44% to 48% as
compared to 2022. In addition, based on our latest schedule, our new semiconductor-grade polysilicon project with 1,000 MT annual capacity
is expected to start pilot production by the end of September 2023. With our fully digitalized and highly automated production system
that optimizes operational efficiency, improves cost structure and further enhances product quality for the N-type polysilicon product,
we are confident that our Inner Mongolia project will further enhance the Company’s competitive edge.”
“The polysilicon industry experienced increased
challenges and substantial price volatility during the second quarter. As several new polysilicon facilities and new entrants finally
started production with some reaching full production in the first half of this year, the shortage of polysilicon of the past two years
came to an end. The increased supply ultimately led to relative oversupply and excess industry inventory. In an effort to gain market
shares with inferior-quality products, new entrants and some established industry players engaged in aggressive pricing. Expectations
of lower future pricing in the market led to delays and reductions of downstream customer orders, as well as aggressive pricing requests
by customers. The situation worsened significantly in the second half of May, as inventory reduction efforts by leading producers led
to a race to the bottom that saw polysilicon prices decline by approximately 70% at the end of the second quarter compared to Q1 levels.
In the second half of June, polysilicon prices reached bottom and customers began ordering aggressively at the lower prices. By mid-July,
we saw an approximately 15%-20% price recovery compared to the bottom reached in June. Recently, we have also seen an increase in the
ASP premium for N-type polysilicon with a meaningful increase in demand volume. We expect that this trend will further benefit us as
the industry transitions to next-generation N-type technology.”
“We shipped 53,502MT of polysilicon in Q2,
meaningfully more than our production level and a substantial increase over Q1 shipments. Polysilicon inventory at our original Xinjiang
facility decreased to less than a week’s production volume. As our facility in Inner Mongolia is newly established, its products
require customer qualification before we can ship meaningful volumes to customers, and the qualification process took longer than anticipated
due to market volatility during the period. At the end of the quarter, with customer orders on hand that covered all our inventory, we
had practically sold all shippable products. The customer qualification process for the products of our Inner Mongolia facility completed
successfully in July, and at the end of July, with brisk customer orders and demand, we had further reduced our polysilicon inventory
to a very healthy level of approximately one week of production across our two facilities.”
“For the second quarter we recorded approximately
$19.7 million in foreign exchange loss, or approximately $0.26 per ADS. Near the end of April, the Company received approximately RMB4.96
billion in cash dividends from its subsidiary Xinjiang Daqo, which was approximately $716.7 million based on the exchange rate on the
date the dividend funds were received. During the quarter, the Company converted approximately RMB1.85 billion to US dollars to fund our
share repurchase program. As the USD/CNY exchange rate fluctuated significantly during the months of May and June, and as required by
accounting standards, we recorded an unrealized foreign exchange loss primarily related to our quarter-end cash balance of RMB3.1 billion
held by the Company in an offshore account.”
“Regarding the Company’s share buyback
program, at the end of July, the Company had already repurchased 4.16 million ADSs for approximately $188.7 million under the current
program, with average cost of approximately $45.32 per ADS. Combined with the program completed in 2022, in aggregate, the Company has
already repurchased 6.0 million ADSs for approximately $308.6 million.”
“The continuous cost reduction in solar
PV products and the associated reduction in solar energy generation cost are expected to create substantial additional green energy demand,
which is likely to exceed most analysts’ expectations. It is generally expected that solar PV will eventually become one of the
most important energies to power the world. In addition, as solar PV technology keeps evolving, we believe that the increasing needs
for polysilicon of very high purity, such as our N-type polysilicon, will help differentiate us from our competitors. While most of our
competitors will likely struggle in the current market environment, Daqo New Energy has one of the best balance sheets in the industry
with no financial debt, and this will help us weather the current market environment successfully. We are optimistic that as the solar
end market continues to grow, and as our customers continue to expand capacity particularly for N-type solar products, prices will improve.
We will continue to maintain solid growth and capture the long-term benefits of the growing global solar PV market.”
Outlook and guidance
The Company expects to produce approximately 55,000MT
to 57,000MT of polysilicon during the third quarter of 2023. The Company expects to produce approximately 193,000MT to 198,000MT of polysilicon
for the full year of 2023, inclusive of the impact of the Company’s annual facility maintenance.
This outlook reflects Daqo New Energy’s current
and preliminary view as of the date of this press release and may be subject to changes. The Company’s ability to achieve these
projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.
Second Quarter 2023 Results
Revenues
Revenues were $636.7 million, compared
to $709.8 million in the first quarter of 2023 and $1,244.1 million in the second quarter of 2022. The decrease in revenues compared to
the first quarter of 2023 was primarily due to a decrease in ASP mitigated by an increase in sales volume.
Gross profit and margin
Gross profit was $258.9 million,
compared to $506.7 million in the first quarter of 2023 and $946.9 million in the second quarter of 2022. Gross margin was 40.7%, compared
to 71.4% in the first quarter of 2023 and 76.1% in the second quarter of 2022. The decrease in gross margin compared to the first quarter
of 2023 was primarily due to lower ASP, which was partially mitigated by lower production cost.
Selling, general and administrative expenses
Selling, general and administrative expenses were
$43.3 million, compared to $41.3 million in the first quarter of 2023 and $14.4 million in the second quarter of 2022. SG&A expenses
during the second quarter included $27.5 million in non-cash share-based compensation cost related to the Company’s share incentive
plans, compared to $28.0 million in the first quarter of 2023.
Research and development expenses
Research and development (R&D)
expenses were $2.2 million, compared to $1.9 million in the first quarter of 2023 and $2.7 million in the second quarter of 2022. Research
and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.
Foreign exchange loss
Foreign exchange loss was $19.7
million, compared to nil in the first quarter of 2023 and the second quarter of 2022. The significant volatility and fluctuation in the
USD/CNY exchange rate during this quarter resulted in an unrealized foreign exchange loss primarily related to our quarter-end cash balance
of RMB3.1 billion held by the Company in an offshore account.
Income from operations and operating margin
As a result of the abovementioned,
income from operations was $213.9 million, compared to $463.8 million in the first quarter of 2023 and $927.6 million in the second quarter
of 2022.
Operating margin was 33.6%, compared
to 65.3% in the first quarter of 2023 and 74.6% in the second quarter of 2022.
Net income attributable to Daqo New Energy
Corp. shareholders and earnings per ADS
As a result of the abovementioned,
net income attributable to Daqo New Energy Corp. shareholders was $103.7 million, compared to $278.8 million in the first quarter of 2023
and $627.8 million in the second quarter of 2022.
Earnings per basic American Depository
Share (ADS) was $1.35, compared to $3.56 in the first quarter of 2023, and $8.36 in the second quarter of 2022.
Adjusted income (non-GAAP) attributable to
Daqo New Energy Corp. shareholders and adjusted earnings per ADS(non-GAAP)
As a result of the aforementioned,
adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs,
was $134.5 million, compared to $310.2 million in the first quarter of 2023 and $630.3 million in the second quarter of 2022.
Adjusted earnings per basic American Depository Share
(ADS) was $1.75 compared to $3.96 in the first quarter of 2023, and $8.39 in the second quarter of 2022.
EBITDA(non-GAAP)
EBITDA (non-GAAP) was $230.0 million,
compared to $490.2 million in the first quarter of 2023 and $955.4 million in the second quarter of 2022. EBITDA margin (non-GAAP) was
36.1%, compared to 69.1% in the first quarter of 2023 and 76.8% in the second quarter of 2022.
Financial Condition
As of June 30, 2023, the Company had $3,169.7 million
in cash, cash equivalents and restricted cash, compared to $4,130.5 million as of March 31, 2023 and $3,284.3 million as of June 30, 2022.
As of June 30, 2023, the notes receivables balance was $798.5 million, compared to $791.3 million as of March 31, 2023 and $1,269.3 million
as of June 30, 2022. Notes receivables represent bank notes with maturity within six months.
Cash Flows
For the six months ended June 30,
2023, net cash provided by operating activities was $786.3 million, compared to $1,128.8 million in the same period of 2022.
For the six months ended June 30, 2023, net cash
used in investing activities was $495.7 million, compared to net cash used in investing activities of $80.3 million in the same period
of 2022. The net cash used in investing activities in the first half of 2023 was primarily related to the capital expenditures on the
Company’s polysilicon project in Baotou City, Inner Mongolia.
For the six months ended June 30, 2023, net cash
used in financing activities was $477.5 million, compared to net cash provided by financing activities of $1,579.3 million in the same
period of 2022. The net cash used in financing activities in the first half of 2023 was primarily related to $173.8 million in stock repurchases
and $303.6 million in dividend payment made by the Company’s Xinjiang Daqo subsidiary to its minority shareholders.
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 directly comparable GAAP measures including
earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable
to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP
measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different
reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in
conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information
to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses
these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic
decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures
are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP
measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information
prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may
be different from non-GAAP measures used by other companies.
The Company uses EBITDA, which represents earnings
before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted
net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to
share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management
excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation
provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies,
without the period-to-period variability created by share-based compensation.
A reconciliation of non-GAAP financial measures to
comparable US GAAP measures is presented later in this document.
Conference Call
The Company has scheduled a conference call
to discuss the results at 8:00 AM U.S. Eastern Time on August 3, 2023 (8:00 PM Beijing / Hong Kong time on the same day).
The dial-in details for the earnings conference
call are as follows:
Participant dial in (U.S. toll free): +1-888-346-8982
Participant international dial in: +1-412-902-4272
China mainland toll free: 4001-201203
Hong Kong toll free: 800-905945
Hong Kong local toll: +852-301-84992
Please dial in 10 minutes before the call
is scheduled to begin and ask to join the Daqo New Energy Corp. call.
You can also listen to the conference call
via Webcast through the URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=z300CxHq
A replay of the call will be available 1 hour
after the conclusion of the conference call through August 10, 2023. The dial in details for the conference call replay are as follows:
U.S. toll free: +1-877-344-7529
International toll: +1-412-317-0088
Canada toll free: 855-669-9658
Replay access code: 4139151
To access the replay through an international
dial-in number, please select the link below:
https://services.choruscall.com/ccforms/replay.html
Participants will be asked to provide their
name and company name upon entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo”
or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007,
the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into
ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 205,000 metric
tons and is one of the world's lowest cost producers of high-purity polysilicon.
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,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “guidance”
and similar statements. Among other things, the outlook for the third quarter and the full year of 2023 and quotations from management
in these announcements, as well as Daqo New Energy’s strategic and operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors
or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible
to predict accurately and many of which are beyond the Company’s control. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic
products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell
manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or
elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to lower its production
costs; and changes in political and regulatory environment. Further information regarding these and other risks is included in the reports
or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this
press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement,
except as required under applicable law.
Daqo New Energy Corp.
Unaudited Condensed Consolidated Statement of
Operations
(US dollars in thousands, except ADS and per ADS
data)
| | |
Three months ended | | |
Six months ended | |
| | |
Jun 30,
2023 | | |
Mar 31,
2023 | | |
Jun 30,
2022 | | |
Jun 30,
2023 | | |
Jun 30,
2022 | |
| Revenues | |
$ | 636,724 | | |
$ | 709,834 | | |
$ | 1,244,086 | | |
$ | 1,346,558 | | |
$ | 2,524,409 | |
| Cost of revenues | |
| (377,816 | ) | |
| (203,102 | ) | |
| (297,220 | ) | |
| (580,918 | ) | |
| (763,987 | ) |
| Gross profit | |
| 258,908 | | |
| 506,732 | | |
| 946,866 | | |
| 765,640 | | |
| 1,760,422 | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses | |
| (43,257 | ) | |
| (41,284 | ) | |
| (14,430 | ) | |
| (84,541 | ) | |
| (29,913 | ) |
| Research and development expenses | |
| (2,169 | ) | |
| (1,938 | ) | |
| (2,711 | ) | |
| (4,108 | ) | |
| (4,790 | ) |
| Other operating income/(expense) | |
| 385 | | |
| 292 | | |
| (2,143 | ) | |
| 677 | | |
| (1,205 | ) |
| Total operating expenses | |
| (45,041 | ) | |
| (42,930 | ) | |
| (19,284 | ) | |
| (87,972 | ) | |
| (35,908 | ) |
| Income from operations | |
| 213,867 | | |
| 463,802 | | |
| 927,582 | | |
| 677,668 | | |
| 1,724,514 | |
| Interest income/(expense), net | |
| 12,751 | | |
| 11,947 | | |
| (3,677 | ) | |
| 24,698 | | |
| (5,146 | ) |
| Foreign exchange loss | |
| (19,714 | ) | |
| - | | |
| - | | |
| (19,714 | ) | |
| - | |
| Investment income | |
| 8 | | |
| 13 | | |
| 34 | | |
| 21 | | |
| 1,529 | |
| Income before income taxes | |
| 206,912 | | |
| 475,762 | | |
| 923,939 | | |
| 682,673 | | |
| 1,720,897 | |
| Income tax expense | |
| (44,730 | ) | |
| (81,067 | ) | |
| (143,460 | ) | |
| (125,797 | ) | |
| (273,368 | ) |
| Net income | |
| 162,182 | | |
| 394,695 | | |
| 780,479 | | |
| 556,876 | | |
| 1,447,529 | |
| Net income attributable to non-controlling interest | |
| 58,459 | | |
| 115,891 | | |
| 152,662 | | |
| 174,350 | | |
| 283,871 | |
| Net income attributable to Daqo New Energy Corp. shareholders | |
$ | 103,723 | | |
$ | 278,804 | | |
$ | 627,817 | | |
$ | 382,526 | | |
$ | 1,163,658 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1.35 | | |
| 3.56 | | |
| 8.36 | | |
| 4.93 | | |
| 15.53 | |
| Diluted | |
| 1.34 | | |
| 3.52 | | |
| 8.18 | | |
| 4.89 | | |
| 15.17 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average ADS outstanding | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 76,762,451 | | |
| 78,298,405 | | |
| 75,119,100 | | |
| 77,526,150 | | |
| 74,915,182 | |
| Diluted | |
| 77,031,850 | | |
| 78,839,166 | | |
| 76,756,442 | | |
| 77,931,229 | | |
| 76,719,978 | |
Daqo New Energy Corp.
Unaudited Condensed Consolidated Balance Sheets
(US dollars in thousands)
| | |
Jun. 30, 2023 | | |
Mar. 31, 2023 | | |
Jun. 30, 2022 | |
| ASSETS: | |
| | | |
| | | |
| | |
| Current Assets: | |
| | | |
| | | |
| | |
| Cash, cash equivalents and restricted cash | |
| 3,169,724 | | |
| 4,130,549 | | |
| 3,284,251 | |
| Short-term investments | |
| 2,757 | | |
| 5,823 | | |
| 11,392 | |
| Notes receivable | |
| 798,463 | | |
| 791,346 | | |
| 1,269,314 | |
| Inventories | |
| 159,494 | | |
| 191,708 | | |
| 52,264 | |
| Other current assets | |
| 137,288 | | |
| 70,223 | | |
| 39,533 | |
| Total current assets | |
| 4,267,726 | | |
| 5,189,649 | | |
| 4,656,754 | |
| Property, plant and equipment, net | |
| 2,920,163 | | |
| 2,884,700 | | |
| 1,763,632 | |
| Prepaid land use right | |
| 94,606 | | |
| 80,221 | | |
| 38,196 | |
| Other non-current assets | |
| 42,532 | | |
| 35,672 | | |
| 25,549 | |
| TOTAL ASSETS | |
| 7,325,027 | | |
| 8,190,242 | | |
| 6,484,131 | |
| | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| - | | |
| 140,000 | | |
| - | |
| Accounts payable and notes payable | |
| 104,617 | | |
| 97,402 | | |
| 115,337 | |
| Advances from customers-short term portion | |
| 199,396 | | |
| 184,936 | | |
| 375,410 | |
| Payables for purchases of property, plant and equipment | |
| 256,278 | | |
| 266,164 | | |
| 94,113 | |
| Other current liabilities | |
| 152,956 | | |
| 252,400 | | |
| 250,805 | |
| Total current liabilities | |
| 713,247 | | |
| 940,902 | | |
| 835,665 | |
| Advance from customers – long term portion | |
| 128,842 | | |
| 160,267 | | |
| 95,647 | |
| Other non-current liabilities | |
| 31,722 | | |
| 105,792 | | |
| 42,850 | |
| TOTAL LIABILITIES | |
| 873,811 | | |
| 1,206,961 | | |
| 974,162 | |
| | |
| | | |
| | | |
| | |
| EQUITY: | |
| | | |
| | | |
| | |
| Total Daqo New Energy Corp.’s shareholders’ equity | |
| 4,866,541 | | |
| 5,063,463 | | |
| 4,050,213 | |
| Non-controlling interest | |
| 1,584,675 | | |
| 1,919,818 | | |
| 1,459,756 | |
| Total equity | |
| 6,451,216 | | |
| 6,983,281 | | |
| 5,509,969 | |
| TOTAL LIABILITIES & EQUITY | |
| 7,325,027 | | |
| 8,190,242 | | |
| 6,484,131 | |
Daqo New Energy Corp.
Unaudited Condensed Consolidated Statements
of Cash Flows
(US dollars in thousands)
| | |
For the six months ended
June 30, | |
| | |
2023 | | |
2022 | |
| Operating Activities: | |
| | | |
| | |
| Net income | |
$ | 556,876 | | |
$ | 1,447,529 | |
| Adjustments to reconcile net income to net cash provided by operating activities | |
| 139,052 | | |
| 67,106 | |
| Changes in operating assets and liabilities | |
| 90,373 | | |
| (385,807 | ) |
| Net cash provided by operating activities | |
| 786,301 | | |
| 1,128,828 | |
| | |
| | | |
| | |
| Investing activities: | |
| | | |
| | |
| Net cash used in investing activities | |
| (495,702 | ) | |
| (80,337 | ) |
| | |
| | | |
| | |
| Financing activities: | |
| | | |
| | |
| Net cash (used in)/provided by financing activities | |
| (477,477 | ) | |
| 1,579,279 | |
| | |
| | | |
| | |
| Effect of exchange rate changes | |
| (163,749 | ) | |
| (67,485 | ) |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | |
| (350,627 | ) | |
| 2,560,285 | |
| Cash, cash equivalents and restricted cash at the beginning of the period | |
| 3,520,351 | | |
| 723,966 | |
| Cash, cash equivalents and restricted cash at the end of the period | |
| 3,169,724 | | |
| 3,284,251 | |
Daqo New Energy Corp.
Reconciliation of non-GAAP financial measures
to comparable US GAAP measures
(US dollars in thousands)
| | |
Three months ended | | |
Six months ended | |
| | |
Jun 30, 2023 | | |
Mar 31, 2023 | | |
Jun 30, 2022 | | |
Jun 30, 2023 | | |
Jun 30, 2022 | |
| Net income | |
| 162,182 | | |
| 394,695 | | |
| 780,479 | | |
| 556,876 | | |
| 1,447,529 | |
| Income tax expense | |
| 44,730 | | |
| 81,067 | | |
| 143,460 | | |
| 125,797 | | |
| 273,368 | |
| Interest (income) expense, net | |
| (12,751 | ) | |
| (11,947 | ) | |
| 3,677 | | |
| (24,698 | ) | |
| 5,146 | |
| Depreciation & Amortization | |
| 35,835 | | |
| 26,399 | | |
| 27,765 | | |
| 62,234 | | |
| 56,124 | |
| EBITDA (non-GAAP) | |
| 229,996 | | |
| 490,214 | | |
| 955,381 | | |
| 720,209 | | |
| 1,782,167 | |
| EBITDA margin (non-GAAP) | |
| 36.1 | % | |
| 69.1 | % | |
| 76.8 | % | |
| 53.5 | % | |
| 70.6 | % |
| | |
Three months ended | | |
Six months ended | |
| | |
Jun 30, 2023 | | |
Mar 31, 2023 | | |
Jun 30, 2022 | | |
Jun 30, 2023 | | |
Jun 30, 2022 | |
| Net income attributable to Daqo New Energy Corp. shareholders | |
| 103,723 | | |
| 278,804 | | |
| 627,817 | | |
| 382,526 | | |
| 1,163,658 | |
| Share-based compensation | |
| 30,824 | | |
| 31,401 | | |
| 2,512 | | |
| 62,225 | | |
| 4,869 | |
| Adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders | |
| 134,547 | | |
| 310,205 | | |
| 630,329 | | |
| 444,751 | | |
| 1,168,527 | |
| Adjusted earnings per basic ADS (non-GAAP) | |
$ | 1.75 | | |
$ | 3.96 | | |
$ | 8.39 | | |
$ | 5.74 | | |
$ | 15.60 | |
| Adjusted earnings per diluted ADS (non-GAAP) | |
$ | 1.75 | | |
$ | 3.93 | | |
$ | 8.21 | | |
$ | 5.71 | | |
$ | 15.23 | |
For additional information, please contact:
Daqo New Energy Corp.
Investor Relations
Email: ir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178-1749-0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1 480-614-3004
Email: lbergkamp@christensencomms.com
Exhibit 99.2
Daqo New Energy Announces Leadership Changes
Shanghai, China—August 3, 2023—Daqo New
Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or “we”), a leading manufacturer of high-purity
polysilicon for the global solar PV industry, today announced its Chairman and Founder, Mr. Guangfu Xu, will step down from his position
as Chairman of the Board of Directors (the “Board), effective immediately, but will remain as a director on the Board. Meanwhile,
Mr. Longgen Zhang, after more than five years of dedicated service, will step down as Chief Executive Officer and a director of the Company
with immediate effect due to personal reasons.
Concurrently, the Company announced the appointment
of Mr. Xiang Xu as Chairman of the Board and Chief Executive Officer, effective immediately. Mr. Xiang Xu has strong expertise across
the solar industry and corporate management. He has been serving as a Director of the Company since its initial public offering and as
Vice Chairman of the Board since June 2022.
"I am grateful to have joined such a brilliant
team at Daqo New Energy on its journey to become a world-leading low-cost and high-purity polysilicon manufacturer. I am proud of all
the accomplishments we have achieved together. As the Company has been performing very well both operationally and financially, I believe
the time is right for me to step down from my position and spend more time with my family and pursue personal interests.", said Mr.
Longgen Zhang.
The Company’s Chairman of the Board and Chief
Executive Officer Xiang Xu said: “On behalf of our Board, I would like to thank Longgen for his tremendous contribution to the Company
over the last five years. He has been a highly valued member of our Board and has been instrumental in sharpening our strategy and leading
the Company to the next level. While we sincerely regret Longgen’s decision to leave, we fully understand and respect his decision.
We wish him all the best in his future endeavors. As the new Chairman and Chief Executive Officer, I will work closely with our board
members and management team to ensure a seamless leadership transition."
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ)
(“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV
industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who
further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 205,000 metric tons and is one of the world's lowest cost producers of high-purity
polysilicon.
For more information, please visit www.dqsolar.com.
For additional information, please contact:
Daqo New Energy Corp.
Investor Relations
Email: ir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensencomms.com
Daqo New Energy (NYSE:DQ)
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Daqo New Energy (NYSE:DQ)
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