Daqo New Energy reports Q4 & FY2023 financial results

Daqo anticipates a polysilicon output of approximately 60,000MT to 62,000MT for the first quarter of 2024. (Image Credit: SOLARbytes).

Daqo New Energy Corp. has released its Q4 and full year 2023 results.

The company targets approximately 280,000MT to 300,000MT of polysilicon production in 2024, factoring in annual facility maintenance. (Image Credit: SOLARbytes).

For Q4 2023, polysilicon production and sales increased by 5.9% and 6.0%, respectively, reaching 61,014 MT and 59,906 MT. Q4 revenues decreased slightly by 1.6% to USD 477.1 million compared to USD 484.8 million in Q3 2023. Gross profit improved by 28.4%, totaling $87.2 million, up from $67.8 million in Q3 2023. Its polysilicon production increased to 197,831 MT in 2023, from 133,812 MT in 2022. Polysilicon sales saw a growth of 50.5% from 2022, reaching 200,002 MT. Annual revenues witnessed a decline of 49.9%, totaling $2,308.5 million in 2023, down from $4,608.4 million in 2022. Gross profit for the year amounted to $920.7 million, reflecting a 73.0% decrease from 2022.