Daqo makes polysilicon, the raw material that goes into solar panels—think of it as the flour for the solar industry's bread.
Money comes from selling polysilicon to solar manufacturers, but it's currently losing money: 2025 revenue was USD 0.67B with a gross loss of USD 0.14B, and margins have flipped from positive in 2023 to deeply negative.
Polysilicon production is capital-intensive and technically hard, but oversupply from competitors like GCL-Poly and Tongwei has crushed prices, eroding Daqo's cost advantage.
