Daqo earnings for the third quarter of 2026 showed revenue falling 20.6% from a year earlier, even as sales exceeded analyst estimates. The Chinese polysilicon manufacturer reported revenue of $194.2 million and a non-GAAP loss of $0.78 per share on October 27.

Key Takeaways

  • Revenue exceeded analyst estimates by $132.3 million, while the non-GAAP loss per share missed expectations by $0.30.
  • The non-GAAP EBITDA margin improved from the previous quarter but remained negative.

Daqo earnings show mixed results against estimates

The quarterly revenue decline was measured against the same period a year earlier. Despite that drop, the $194.2 million result came in above analyst estimates.

The adjusted per-share loss was worse than analysts expected. Non-GAAP earnings exclude certain items from the accounting measure, and the available figures do not specify those adjustments.

Margin improved but remained below zero

Daqo’s non-GAAP EBITDA margin improved to negative 4.7% from negative 46.8% in the previous quarter. The margin remained negative, indicating that adjusted EBITDA was still below zero.

The company manufactures high-purity polysilicon, a raw material used by the photovoltaic solar industry, at facilities in Xinjiang and Inner Mongolia.

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