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Daqo New Energy Announces Unaudited Second Quarter 2021 Results Aug 18 , 2021 Shanghai , China - August 18 , 2021 - 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 second quarter of 2021 . Second Quarter 2021 Financial and Operating Highlights • Polysilicon production volume was 21,102 MT in Q2 2021 , compared to 20,185 MT in Q1 2021 Polysilicon average total production cost ( 1 ) was $ 6.31 / kg in Q2 2021 , compared to $ 6.29 / kg in Q1 2021 • Polysilicon sales volume was 21,060 MT in Q2 2021 , compared to 21,471 MT in Q1 2021 • Polysilicon average cash cost ( 1 ) was $ 5.41 / kg in Q2 2021 , compared to $ 5.37 / kg in Q1 2021 • . • Polysilicon average selling price ( ASP ) was $ 20.81 / kg in Q2 2021 , compared to $ 11.90 / kg in Q1 2021 Revenue was $ 441.4 million in Q2 2021 , compared to $ 256.1 million in Q1 2021 Gross profit was $ 303.2 million in Q2 2021 , compared to $ 118.9 million in Q1 2021. Gross margin was 68.7 % in Q2 2021 , compared to 46.4 % in Q1 2021 • 2021 • Net income attributable to Daqo New Energy Corp. shareholders was $ 232.1 million in Q2 2021 , compared to $ 83.2 million in Q1 Earnings per basic American Depositary Share ( ADS ) ( 3 ) was $ 3.15 in Q2 2021 , compared to $ 1.13 in Q1 2021 EBITDA ( non - GAAP ) ( 2 ) was $ 311.7 million in Q2 2021 , compared to $ 128.1 million in Q1 2021. EBITDA margin ( non - GAAP ) ( 2 ) was 70.6 % in Q2 2021 , compared to 50.0 % in Q1 2021 • Adjusted net income ( non - GAAP ) ( 2 ) attributable to Daqo New Energy Corp. shareholders was $ 234.5 million in Q2 2021 , compared to $ 86.2 million in Q1 2021 Adjusted earnings per basic ADS ( 3 ) ( non - GAAP ) ( 2 ) was $ 3.18 in Q2 2021 , compared to $ 1.18 in Q1 2021 Three months ended US $ millions except as indicated otherwise Jun 30 , 2021 Mar 31 , 2021 Jun 30 , 2020 Revenues Gross profit 441.4 256.1 133.5 303.2 118.9 22.7 Gross margin 68.7 % 46.4 % 17.0 % Income from operations 292.4 109.2 10.8 Net income attributable to Daqo New Energy Corp. 232.1 83.2 2.4 shareholders Earnings per basic ADS ( 3 ) ( $ per ADS ) 3.15 1.13 0.03 Adjusted net income ( non - GAAP ) ( 2 ) attributable to Daqo New Energy Corp. shareholders 234.5 86.2 6.9 Adjusted earnings per basic ADS ( 3 ) ( non - GAAP ) ( 2 ) ( $ 3.18 1.18 0.10 per ADS ) EBITDA ( non - GAAP ) ( 2 ) 311.7 128.1 26.8 EBITDA margin ( non - GAAP ) ( 2 ) 70.6 % 50.0 % 20.0 % Polysilicon sales volume ( MT ) 21,060 21,471 18,881 Polysilicon average total production cost ( $ / kg ) ( 1 ) 6.31 6.29 5.79 Polysilicon average cash cost ( excl . dep'n ) ( $ / kg ) ( 1 ) 5.41 5.37 4.87 Notes : ( 1 ) Production cost and cash cost only refer to production in our polysilicon facilities in Xinjiang . 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 basic 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 have been retrospectively adjusted to reflect the change for all periods presented .