Daqo New Energy(DQ) - 2023 Q1 - Quarterly Report

Production and Capacity - Polysilicon production volume reached 33,702 MT in Q4 2022, up from 33,401 MT in Q3 2022[2] - The company expects to produce approximately 31,000 MT to 32,000 MT of polysilicon in Q1 2023 and 190,000 MT to 195,000 MT for the full year 2023[9] - The company plans to complete construction of its Phase 5A 100,000 MT polysilicon capacity expansion project by June 2023[8] - The company has a total polysilicon nameplate capacity of 105,000 metric tons, positioning it as one of the world's lowest cost producers[32] Financial Performance - Revenue for Q4 2022 was $864.3 million, a decrease from$1,219.7 million in Q3 2022[3] - Full year 2022 revenue was $4,608.3 million, a 175$1,678.8 million in 2021[4] - Revenues for 2022 were $4,608.3 million, a significant increase from$1,678.8 million in 2021, driven by higher polysilicon ASPs and sales volume[17] - Revenues for the year ended December 31, 2022, were $4,608,349, a significant increase from$1,678,793 in 2021, representing a growth of 174%[36] Profitability - Gross profit in Q4 2022 was $668.9 million, with a gross margin of 77.4$3,407.9 million with a gross margin of 74.0%, up from 65.4% in 2021, attributed to increased sales volume and ASPs[18] - Net income attributable to shareholders was $372.9 million in Q4 2022, compared to$323.4 million in Q3 2022[3] - Net income for the year ended December 31, 2022, reached $2,519,777, compared to$864,847 in 2021, marking an increase of 191%[42] - The adjusted net income attributable to Daqo New Energy Corp. shareholders for the year ended December 31, 2022, was $2,162,453, compared to$759,001 in 2021, indicating a growth of 185%[45] Earnings and Margins - Adjusted net income (non-GAAP) for Q4 2022 was $403.3 million, down from$590.4 million in Q3 2022[3] - Adjusted net income (non-GAAP) was $2,162.5 million, with adjusted earnings per basic ADS of$28.50, compared to $10.28 in 2021[21] - EBITDA (non-GAAP) for Q4 2022 was$648.5 million, with an EBITDA margin of 75.0%[3] - EBITDA for the year ended December 31, 2022, was $3,150,732, up from$1,132,796 in 2021, representing an increase of 178%[44] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2022, totaled $3,520.4 million, an increase from$724.0 million at the end of 2021[24] - Net cash provided by operating activities was $2,466.9 million, significantly higher than$639.0 million in the same period of 2021[25] - The company reported a net cash provided by operating activities of $2,466,927 for the year ended December 31, 2022, compared to$638,989 in 2021, indicating a significant increase of 286%[42] - The company’s total assets as of December 31, 2022, were $7,592,982, compared to$3,343,651 at the end of 2021, showing a growth of 127%[38] Shareholder Returns - Net income attributable to shareholders was $1,860.0 million, compared to$748.9 million in 2021, resulting in earnings per basic ADS of $24.51, up from$10.14[21] - Basic earnings per ADS for the year ended December 31, 2022, were $24.51, compared to$10.14 in 2021, reflecting an increase of 142%[36] - The total equity of Daqo New Energy Corp. increased to $6,644,744 as of December 31, 2022, from$2,663,830 in 2021, marking a growth of 149%[39] Future Outlook - The company plans to discuss its future outlook and operational strategies in a conference call scheduled for February 28, 2023[30]