Daqo New Energy Faces Tough Q2 with Net Losses

Daqo New Energy (DQ) has released an update.

Daqo New Energy Corp. reported a challenging second quarter in 2024, with a significant decrease in revenue to $219.9 million and a shift from a profit of $15.5 million in Q1 to a net loss of $119.8 million. The downturn was attributed to falling market prices for solar products, leading to a gross loss and a negative gross margin. Despite this, the company maintained a strong balance sheet and continued production at its Inner Mongolia facility, contributing to a slight increase in total production volume.

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