Daqo New Energy Corp. reported its financial results for the second quarter of 2025, highlighting continued challenges in the solar PV industry due to industry overcapacity and high inventory levels, which led to declining market prices across the solar value chain. The company recorded both operating and net losses for the quarter. Despite these challenges, Daqo New Energy maintained a robust balance sheet with no financial debt. As of June 30, 2025, the company reported a cash balance of $599 million, short-term investments of $419 million, and bank notes receivables of $49 million. In the first half of 2025, net cash used in investing activities was primarily related to the purchase of short-term investments and fixed term deposits. The net cash used in financing activities amounted to $32,000, a significant decrease from $43 million in the same period of 2024. The company also utilizes non-GAAP financial measures such as EBITDA and EBITDA margin, along with adjusted net income and adjusted earnings per ADS, which exclude costs related to share-based compensation to provide a clearer measure of its core performance.