Daqo New Energy Names Xiaoyu Xu Deputy CEO

(RTTNews) - Daqo New Energy (DQ) announced the appointment of Xiaoyu Xu as Deputy Chief Executive Officer, effective October 30, 2024. Xiaoyu Xu has served as Investor Relations Director and Board Secretary since May 2023 and as a Director since November 2023. She previously worked at J.P. Morgan.

Separately, Daqo New Energy posted a third quarter net loss attributable to shareholders of $60.7 million, compared to a loss of $6.3 million in the third quarter of 2023. Loss per basic ADS was $0.92, compared to a loss of $0.09. Adjusted loss per basic ADS was $0.59 compared to adjusted earnings per basic ADS of $0.59.

Third quarter revenues were $198.5 million, compared to $484.8 million in the third quarter of 2023. Polysilicon production volume was 43,592 MT in the third quarter.

Daqo New Energy expects to produce approximately 31,000 MT to 34,000 MT of polysilicon during the fourth quarter of 2024. The company expects to produce approximately 200,000 MT to 210,000 MT of polysilicon for the full year of 2024.

Shares of Daqo New Energy are up 2% in pre-market trade on Wednesday.

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