Daqo New Energy reports Q1 adjsuted EPS (80c) vs. ($2.56) last year

Reports Q1 revenue $123.9M, consensus $195.4M. Xiang Xu, CEO of Daqo New Energy (DQ), commented, “In the Q1, the solar PV industry continued to face significant challenges. Overcapacity persisted, and polysilicon prices stayed below cash cost levels. Although this caused Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed sequentially and we continued to maintain a strong and healthy balance sheet with no financial debt. As of March 31 the Company had a cash balance of $792M, short-term investments of $168M, bank notes receivables of $63M, and a fixed term bank deposit balance of $1.1B. In total, our quick assets, readily convertible into cash if needed, stood at $2.15B, providing us with ample liquidity. With no financial debt, our solid financial position gives us the confidence that we will remain strategically resilient and well positioned to overcome the current market downturn.”