Daqo New Energy (DQ.US), a leading manufacturer of high-purity polysilicon for the photovoltaic industry, announced its unaudited financial results for the third quarter of 2025 on the evening of October 27, Beijing time.

Key financial highlights include: - **Revenue**: Q3 2025 revenue reached approximately $244.6 million, a significant increase from $75.2 million in Q2 2025 and up 23% year-over-year compared to $198.5 million in Q3 2024. - **Stock Performance**: Shares surged over 11% in pre-market trading following the strong earnings report.

**Operational Highlights**: - **Cash Position**: As of Q3 2025, the company held $2.21 billion in cash, short-term investments, bank notes receivables, and time deposits, up from $2.06 billion at the end of Q2 2025. - **Production**: Polysilicon output rose to 30,650 metric tons in Q3 2025, compared to 26,012 metric tons in Q2 2025. - **Sales Volume**: Polysilicon sales skyrocketed 134% quarter-over-quarter to 42,406 metric tons in Q3 2025, up from 18,126 metric tons in Q2 2025. - **Costs**: Average total production cost per kilogram declined to $6.38 in Q3 2025 from $7.26 in Q2 2025, while cash cost per kilogram dropped to $4.54 from $5.12. - **Pricing**: The average selling price (ASP) for polysilicon improved to $5.80 per kilogram in Q3 2025, up from $4.19 in Q2 2025.

**Profitability Metrics**: - **Gross Profit**: Q3 2025 gross profit stood at $9.7 million, a sharp turnaround from a gross loss of $81.4 million in Q2 2025. Gross margin improved to 3.9% from -108.3%. - **Net Loss**: Net loss attributable to shareholders narrowed to $14.9 million in Q3 2025, compared to $76.5 million in Q2 2025. Basic loss per ADS was $0.22, down from $1.14 in the prior quarter. - **Non-GAAP Performance**: Adjusted net income attributable to shareholders under non-GAAP measures was $3.7 million in Q3 2025, reversing a $57.9 million loss in Q2 2025. Adjusted basic earnings per ADS were $0.05, compared to a loss of $0.86 in Q2. - **EBITDA**: Adjusted EBITDA under non-GAAP measures was $45.8 million in Q3 2025, a significant improvement from a loss of $48.2 million in Q2. EBITDA margin rose to 18.7% from -64.0%.