December 15th, 2015

Daqo New Energy Announces Unaudited Third Quarter 2020 Results

SHANGHAI, Nov. 23, 2020 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the third quarter of 2020.

Third Quarter 2020 Financial and Operating Highlights

  • Polysilicon production volume was 18,406 MT in Q3 2020, compared to 18,097 MT in Q2 2020
  • Polysilicon sales volume was 13,643 MT in Q3 2020, compared to 18,881 MT in Q2 2020
  • Polysilicon average total production cost(1) was $5.82/kg in Q3 2020, compared to $5.79/kg in Q2 2020
  • Polysilicon average cash cost(1) was $4.88/kg in Q3 2020, compared to $4.87/kg in Q2 2020
  • Polysilicon average selling price (ASP) was $9.13/kg in Q3 2020, compared to $7.04/kg in Q2 2020
  • Revenue was $125.5 million in Q3 2020, compared to $133.5 million in Q2 2020
  • Gross profit was $45.3 million in Q3 2020, compared to $22.7 million in Q2 2020. Gross margin was 36.0% in Q3 2020, compared to 17.0% in Q2 2020
  • Net income attributable to Daqo New Energy Corp. shareholders was $20.8 million in Q3 2020, compared to $2.4 million in Q2 2020
  • Earnings per basic American Depositary Share (ADS)(3) was $0.29 in Q3 2020, compared to $0.03 in Q2 2020
  • EBITDA (non-GAAP)(2) was $51.6 million in Q3 2020, compared to $26.8 million in Q2 2020. EBITDA margin (non-GAAP)(2) was 41.1% in Q3 2020, compared to 20.0% in Q2 2020
  • Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $25.2 million in Q3 2020, compared to $6.9 million in Q2 2020
  • Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $0.35 in Q3 2020, compared to $0.10 in Q2 2020

Three months ended

US$ millions

except as indicated otherwise

Sep 30,
2020

Jun 30,
2020

Sep 30,
2019

Revenues

125.5

133.5

83.9

Gross profit

45.3

22.7

18.1

Gross margin

36.0%

17.0%

21.5%

Income from operations

33.3

10.8

8.8

Net income attributable to Daqo New Energy Corp.
shareholders

20.8

2.4

5.0

Earnings per basic ADS ($ per ADS)(3)

0.29

0.03

0.07

Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders

25.2

6.9

9.5

Adjusted earnings per basic ADS (non-GAAP)(2)
($ per ADS) (3)

0.35

0.10

0.14

EBITDA (non-GAAP)(2) 

51.6

26.8

19.7

EBITDA margin (non-GAAP)(2)

41.1%

20.0%

23.5%

Polysilicon sales volume (MT) 

13,643

18,881

9,238

Polysilicon average total production cost ($/kg)(1)

5.82

5.79

6.97

Polysilicon average cash cost (excl. dep'n) ($/kg)(1)

4.88

4.87

5.85

 

Notes:

(1)  Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense, divided by the production volume in the period indicated.

(2)  Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release.

(3)  ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earnings per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

Management Remarks

Mr.Longgen Zhang, CEO of Daqo New Energy, commented, "During the third quarter of 2020, we successfully completed the annual maintenance and several technology improvement projects at our polysilicon manufacturing facilities. We resumed full production in August with excellent operational results. For the third quarter, we produced 18,406 MT of polysilicon among which approximately 97.7% was mono-grade. We continued our relentless drive to lower production cost and reached a record-low cost in Renminbi terms. During the third quarter, we completed our digital transformation project, with a fully digitized manufacturing system that allows us to continuously improve our process control and analyze our manufacturing data so as to achieve better results in system stability, manufacturing efficiencies, production cost and product quality in future. As our facilities are now running with increased efficiency, we expect to achieve a higher production volume of approximately 19,500-20,500 MT in the fourth quarter, with a potential cost reduction by approximately 3% as compared to the third quarter."

"During the quarter, polysilicon ASPs increased rapidly due to the quick recovery in solar PV demand from both domestic and foreign markets. Our ASP was $9.13/kg, a significant improvement from approximately $7.04/kg in the second quarter. With robust market demand for mono-grade polysilicon, we expect our ASP to improve meaningfully in the fourth quarter as compared to the third quarter. In recent weeks, because of strong solar module and installation demand, we began to see solar glass capacity shortage becoming a bottleneck for the solar industry and limiting module production. We expect the shortage of solar glass to ease over the coming months as additional solar glass capacity comes online. The temporary constraint on the industry's utilization rate will be removed which eventually will increase demand for polysilicon."

"Solar is now becoming one of the most competitive sources of energy, even compared to traditional power generation methods. Globally, we are seeing strong momentum around the world in adopting and implementing renewable energy policies that would strongly benefit the solar end market. Last month, Mr. Xi Jinping, President of China, announced China's initiative to scale up the national contributions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. We believe favorable policies benefiting solar will be implemented during the upcoming 14th five-year-plan, driving a substantial increase in solar installations in China. In addition, a growing number of countries and regions, including the most important economies in the world, have announced goals and plans to reduce carbon emission and widely adopt renewable energies. In particular, we are starting to see the trend of utility-scale solar generation combined with power storage providing base-load energy and replacing and displacing coal power plants. We believe this is the beginning of a long term trend of solar displacing traditional fossil-fuel based generation driven by both economics and renewable energy mandates. We are strongly committed to contributing our efforts as a raw material provider for mainstream solar PV modules and are fully confident we will benefit from this fast-growing market."

Outlook and guidance

The Company expects to produce approximately 19,500 to 20,500 MT of polysilicon and sell approximately 20,500 MT to 21,500 MT of polysilicon to external customers during the third quarter of 2020. For the full year of 2020, the Company expects to produce approximately 75,800 MT to 76,800 MT of polysilicon, inclusive of the impact of the Company's annual facility maintenance.

This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

Third Quarter 2020 Results

Revenues

Revenues were $125.5 million, compared to $133.5 million in the second quarter of 2020 and $83.9 million in the third quarter of 2019. The sequential decrease in revenues was primarily due to lower polysilicon sales volume despite higher ASP.

Gross profit and margin

Gross profit was $45.3 million, compared to $22.7 million in the second quarter of 2020 and $18.1 million in the third quarter of 2019. Gross margin was 36.0%, compared to 17.0% in the second quarter of 2020 and 21.5% in the third quarter of 2019. The increase in gross margin was primarily due to improvement in production costs and higher ASP.

Selling, general and administrative expenses

Selling, general and administrative expenses were $9.2 million, compared to $10.1 million in the second quarter of 2020 and $8.2 million in the third quarter of 2019. SG&A expenses during the quarter included $4.0 million in non-cash share-based compensation costs related to the Company's share incentive plan. 

Research and development expenses

Research and development (R&D) expenses were $1.7 million, compared to $2.0 million in the second quarter of 2020 and $1.2 million in the third quarter of 2019. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.

Income from operations and operating margin

As a result of the foregoing, income from operations was $33.3 million, compared to $10.8 million in the second quarter of 2020 and $8.8 million in the third quarter of 2019. Operating margin was 26.6%, compared to 8.1% in the second quarter of 2020 and 10.5% in the third quarter of 2019.

Interest expense

Interest expense was $5.4 million, compared to $6.7 million in the second quarter of 2020 and $2.6 million in the third quarter of 2019.

EBITDA (non-GAAP)

EBITDA (non-GAAP) was $51.6 million, compared to $26.8 million in the second quarter of 2020 and $19.7 million in the third quarter of 2019. EBITDA margin (non-GAAP) was 41.1%, compared to 20.0% in the second quarter of 2020 and 23.5% in the third quarter of 2019.

Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $20.8 million in the third quarter of 2020, compared to $2.4 million in the second quarter of 2020 and $5.0 million in the third quarter of 2019.

Earnings per basic ADS was $0.29 in the third quarter of 2020, compared to $0.03 in the second quarter of 2020, and $0.07 in the third quarter of 2019.

Financial Condition

As of September 30, 2020, the Company had $109.8 million in cash and cash equivalents and restricted cash, compared to $115.8 million as of June 30, 2020 and $68.2 million as of September 30, 2019. As of September 30, 2020, notes receivable balance was $1.9 million, compared to $8.2 million as of June 30, 2020 and $4.3 million as of September 30, 2019. As of September 30, 2020, total borrowings were $271.0 million, of which $140.0 million were long-term borrowings, compared to total borrowings of $264.8 million, including $116.9 million long-term borrowings, as of June 30, 2020 and total borrowings of $248.8 million, including $163.5 million long-term borrowings, as of September 30, 2019.

Cash Flows

For the nine months ended September 30, 2020, net cash provided by operating activities was $71.1 million, compared to $101.6 million in the same period of 2019.

For the nine months ended September 30, 2020, net cash used in investing activities was $80.3 million, compared to $202.3 million in the same period of 2019. The net cash used in investing activities in 2020 and 2019 was primarily related to the capital expenditures on our Phase 3B and 4A polysilicon projects.

For the nine months ended September 30, 2020, net cash provided by financing activities was $1.1 million, compared to $76.6 million in the same period of 2019.

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("US GAAP"), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company's operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, and the Company had removed this adjustment from the non-GAAP reconciling item since the fourth quarter of 2018, because as of the end of the third quarter of 2018, all of the polysilicon machinery and equipment had been either relocated to Xinjiang, disposed, or planned to be disposed of in due course. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS also exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on November 23, 2020 (9:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the earnings conference call are as follows:

Participant dial in (U.S. toll free):

+1-888-346-8982

Participant international dial in:

+1-412-902-4272

China mainland toll free:

4001-201203

Hong Kong toll free:

800-905945

Hong Kong local toll:

+852-301-84992

You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq201123.html

A replay of the call will be available 1 hour after the end of the conference through November 30, 2020.

The conference call replay numbers are as follows:

US Toll Free:

+1-877-344-7529

International Toll:

+1-412-317-0088

Canada Toll Free:

855-669-9568

Replay access code:

10149965

To access the replay using an international dial-in number, please select the link below.

https://services.choruscall.com/ccforms/replay.html
Participants will be required to state their name and company upon entering the call.

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world's lowest cost producers of high-purity polysilicon. Daqo's highly-efficient and technically advanced manufacturing facility currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the fourth quarter and the full year of 2020 and quotations from management in this announcement, as well as Daqo New Energy's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company's ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company's ability to lower its production costs; changes in the political and regulatory environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company's business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

 

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income

(US dollars in thousands, except ADS and per ADS data)







Three months ended

Nine months ended



Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019












Revenues


$125,529


$133,518


$83,909


$427,878


$231,072

Cost of revenues


(80,276)


(110,820)


(65,834)


(303,373)


(186,087)

Gross profit


45,253


22,698


18,075


124,505


44,985

Operating expenses











Selling, general and administrative
  expenses


 

(9,223)


 

(10,120)


 

(8,178)


 

(28,235)


 

(23,920)

Research and development expenses


(1,746)


(1,958)


(1,228)


(5,358)


(4,052)

Other operating (expense) / income


(954)


133


145


(1,036)


579

Total operating expenses


(11,923)


(11,945)


(9,261)


(34,629)


(27,393)

Income from operations


33,330


10,753


8,814


89,876


17,592

Interest expense


(5,438)


(6,653)


(2,551)


(18,378)


(6,461)

Interest income


200


368


193


719


775

Foreign exchange loss


-


-


-


-


(189)

Income before income taxes


28,092


4,468


6,456


72,217


11,717

Income tax expense


(6,193)


(2,037)


(1,561)


(14,574)


(3,652)

Net income from continuing operations


21,899


2,431


4,895


57,643


8,065

Income / (loss) from discontinued
operations, net of tax


 

-


 

(55)


 

88


 

(141)


 

1,370

Net income


21,899


2,376


4,983


57,502


9,435

Net income (loss) attributable to non-
  controlling interest


 

1,142


 

(7)


 

-


 

1,132


 

-

Net income attributable to Daqo New
  Energy Corp. shareholders


$20,757


$2,383


$4,983


$56,370


$9,435












Net income


21,899


2,376


4,983


57,502


9,435

Other comprehensive income / (loss):











Foreign currency translation adjustments


25,937


1,213


(21,337)


17,331


(20,594)

Total other comprehensive income / (loss)


25,937


1,213


(21,337)


17,331


(20,594)

Comprehensive income / (loss)


47,836


3,589


(16,354)


74,833


(11,159)

Comprehensive income / (loss)
  attributable to non-controlling interest


1,163


(6)


-


 

1,148


 

-

Comprehensive income / (loss)
  attributable to Daqo New Energy Corp.
  shareholders


 

 

$46,673


 

 

$3,595


 

 

$(16,354)


 

 

$73,685


 

 

$(11,159)












 Earnings per ADS* (GAAP)











- continuing operations


0.29


0.03


0.07


0.80


0.12

- discontinued operations


0.00


0.00


0.00


0.00


0.02

 Basic


0.29


0.03


0.07


0.80


0.14












- continuing operations


0.27


0.03


0.06


0.74


0.12

- discontinued operations


0.00


0.00


0.01


0.00


0.02

 Diluted


0.27


0.03


0.07


0.74


0.14

 

Weighted average ADS outstanding*











Basic


71,281,184


70,546,207


68,172,007


70,570,987


67,483,068

Diluted


76,626,371


76,270,603


75,755,443


76,398,480


69,631,876












*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary
shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earning
per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

 

 

 


Daqo New Energy Corp.

Unaudited Consolidated Balance Sheets

(US dollars in thousands)











Sep 30, 2020


Jun 30, 2020


Sep 30, 2019










ASSETS:








Current Assets:








Cash and cash equivalents


$70,150


$88,215


$26,985


Restricted cash


39,640


27,551


41,192


Accounts receivable, net


42


65


129


Notes receivable


1,908


8,163


4,294


Prepaid expenses and other current assets


12,972


13,476


24,176


Advances to suppliers


1,229


6,712


7,823


Inventories, net


53,640


26,824


21,023


Amount due from related parties


213


12


3,492


Current assets associated with discontinued operation


-


667


414


Total current assets


179,794


171,685


129,528


Property, plant and equipment, net


987,295


956,675


883,084


Prepaid land use right


29,815


28,826


21,030


Deferred tax assets


1,386


1,332


790


Investment in affiliate


658


633


625


Operating lease Right-of-use assets


137


153


211


Other non-current assets


147


-


-


Non-current asset associated with discontinued operation


-


181


6,804


TOTAL ASSETS


1,199,232


1,159,485


1,042,072










Current liabilities:








Short-term borrowings, including current portion of long-
  term borrowings


 

131,064


 

147,839


 

85,278


Accounts payable


19,739


18,833


20,070


Notes payable


62,128


49,143


62,287


Advances from customers-short term portion


17,544


23,500


21,218


Payables for purchases of property, plant and equipment


76,158


97,239


81,709


Accrued expenses and other current liabilities


16,616


18,262


12,071


Amount due to related parties


4,820


8,169


16,787


Income tax payable


7,314


4,414


3,437


Lease liabilities - short term portion


78


74


81


Current liabilities associated with discontinued operation


-


877


1,087


Total current liabilities


335,461


368,350


304,025


Long-term borrowings


139,967


116,911


163,519


Advance from customers – long term portion


1,266


1,132


9,092


Amount due to related parties - long term portion


10,897


16,247


15,387


Other long-term liabilities


21,157


20,067


20,876


Deferred tax liabilities


5,647


5,459


1,145


Lease liabilities – long term portion


-


-


74


Non-current liabilities associated with discontinued 
operation


-


-


-


TOTAL LIABILITIES


514,395


528,166


514,118


 

EQUITY:








Ordinary shares


36


36


35


Treasury stock


(1,749)


(1,749)


(1,749)


Additional paid-in capital


405,784


400,103


382,660


Accumulated gains


257,292


236,535


180,834


Accumulated other comprehensive loss


(2,622)


(28,538)


(33,826)


Total Daqo New Energy Corp.'s shareholders' equity


658,741


606,387


527,954


Non-controlling interest


26,096


24,932


-


Total equity


684,837


631,319


527,954


TOTAL LIABILITIES & EQUITY


1,199,232


1,159,485


1,042,072


 

 

 

Daqo New Energy Corp.

Unaudited Consolidated Statements of Cash Flows

(US dollars in thousands)



For the nine months ended Sep 30,



2020


2019


Operating Activities:






Net income


57,502


9,435


Less: (loss) / income from discontinued operations, net of tax


(141)


1,370


Net income from continuing operations


57,643


8,065


Adjustments to reconcile net income to net cash provided by operating activities


68,248


45,814


Changes in operating assets and liabilities


(54,722)


45,588


Net cash provided by operating activities-continuing operations


71,169


99,467


Net cash (used in) / provided by operation activities-discontinued operations


(50)


2,138


Net cash provided by operating activities


71,119


101,605








Investing activities:






Net cash used in investing activities-continuing operations


(80,147)


(204,067)


Net cash (used in) / provided by investing activities-discontinued operations


(195)


1,791


Net cash used in investing activities


(80,342)


(202,276)








Financing activities:






Net cash provided by financing activities – continuing operations


1,127


87,445


Net cash used in financing activities – discontinued operations


(64)


(10,843)


Net cash provided by financing activities


1,063


76,602








Non-cash transactions






Effect of exchange rate changes


2,656


(2,582)


Net (decrease) / increase in cash, cash equivalents and restricted cash


(5,504)


(26,651)


Cash, cash equivalents and restricted cash at the beginning of the period


115,294


95,120


Cash, cash equivalents and restricted cash at the end of the period


109,790


68,469


The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.



Sep 30, 2020


Sep 30, 2019

Cash and cash equivalents


70,150


27,277

Restricted cash


39,640


41,192

Total cash, cash equivalents, and restricted cash shown in the
statement of cash flows


109,790


68,469


 

 

 

Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)



Three months Ended

Nine months Ended



Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019

Net income


21,899


2,431


4,895


57,643


8,065

Income tax expense


6,193


2,037


1,561


14,574


3,652

Interest expense


5,438


6,653


2,551


18,378


6,461

Interest income


(200)


(368)


(193)


(719)


(775)

Depreciation & Amortization


18,289


16,004


10,878


51,568


32,524

EBITDA (non-GAAP)


51,619


26,757


19,692


141,444


49,927

EBITDA margin (non-GAAP)


41.1%


20.0%


23.5%


33.1%


21.6%

 

 


Three months Ended

Nine months Ended



Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019

Net income attributable to Daqo New Energy Corp.
  shareholders


 

20,757


 

2,383


 

4,983


 

56,370


 

9,435

Share-based compensation


4,478


4,491


4,476


13,430


13,436

Adjusted net income (non-GAAP) attributable to Daqo New
Energy Corp. shareholders


25,235


6,874


9,459


69,800


22,871

Adjusted earnings per basic ADS* (non-GAAP)


$0.35


$0.10


$0.14


$0.99


$0.34

Adjusted earnings per diluted ADS* (non-GAAP)


$0.33


$0.09


$0.12


$0.91


$0.33


*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary
shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earning
per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

 

Cision View original content:http://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-third-quarter-2020-results-301178820.html

SOURCE Daqo New Energy Corp.

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