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Daqo New Energy Announces Unaudited Third Quarter 2024 Results

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SHANGHAI, Oct. 30, 2024 /PRNewswire/ — 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 third quarter of 2024.

Third Quarter 2024 Financial and Operating Highlights

Polysilicon production volume was 43,592 MT in Q3 2024, compared to 64,961 MT in Q2 2024Polysilicon sales volume was 42,101 MT in Q3 2024, compared to 43,082 MT in Q2 2024Polysilicon average total production cost(1) was $6.61/kg in Q3 2024 compared to $6.19/kg in Q2 2024Polysilicon average cash cost(1) was $5.34/kg in Q3 2024, compared to $5.39/kg in Q2 2024Polysilicon average selling price (ASP) was $4.69/kg in Q3 2024, compared to $5.12/kg in Q2 2024Revenue was $198.5 million in Q3 2024, compared to $219.9 million in Q2 2024Gross loss was $60.6 million in Q3 2024, compared to $159.2 million in Q2 2024. Gross margin was -30.5% in Q3 2024, compared to -72.4% in Q2 2024Net loss attributable to Daqo New Energy Corp. shareholders was $60.7 million in Q3 2024, compared to $119.8 million in Q2 2024Loss per basic American Depositary Share (ADS) (3) was $0.92 in Q3 2024, compared to $1.81 in Q2 2024Adjusted net loss (non-GAAP) (2) attributable to Daqo New Energy Corp. shareholders was $39.4 million in Q3 2024, compared to $98.8 million in Q2 2024Adjusted loss per basic ADS(3) (non-GAAP) (2) was $0.59 in Q3 2024, compared to $1.50 in Q2 2024EBITDA (non-GAAP) (2) was –$34.3 million in Q3 2024, compared to –$144.9 million in Q2 2024. EBITDA margin (non-GAAP) (2) was -17.3% in Q3 2024, compared to -65.9% in Q2 2024

Three months ended

US$ millions

except as indicated otherwise

September.

30, 2024

June. 30,

2024

September.

30, 2023

Revenues

198.5

219.9

484.8

Gross (loss)/profit

(60.6)

(159.2)

67.8

Gross margin

(30.5 %)

(72.4 %)

14.0 %

(Loss)/income from operations

(98.0)

(195.6)

22.5

Net loss attributable to Daqo New Energy Corp.

shareholders

(60.7)

(119.8)

(6.3)

Loss per basic ADS(3) ($ per ADS)

(0.92)

(1.81)

(0.09)

Adjusted net (loss)/income (non-GAAP)(2)

attributable to Daqo New Energy Corp. shareholders

(39.4)

(98.8)

44.0

Adjusted (loss)/earnings per basic ADS(3) (non-

GAAP)(2) ($ per ADS) 

(0.59)

(1.50)

0.59

EBITDA (non-GAAP)(2)

(34.3)

(144.9)

70.2

EBITDA margin (non-GAAP)(2)

(17.3 %)

(65.9 %)

14.5 %

Polysilicon sales volume (MT) 

42,101

43,082

63,263

Polysilicon average total production cost ($/kg)(1)

6.61

6.19

6.52

Polysilicon average cash cost (excl. dep’n) ($/kg)(1)

5.34

5.39

5.67

 

Notes:

(1)     Production cost and cash cost only refer to production in our polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation cost and non-cash share-based compensation cost, 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. One (1) ADS represents five (5) ordinary shares.

Management Remarks

Mr. Xiang Xu, CEO of Daqo New Energy, commented, “Entering the third quarter, China solar industry’s market conditions remained challenging, exacerbated by the overall over-supply in the industry. Market selling prices continued to be below production costs for the majority of industry players throughout the entire value-chain. Although this caused Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed compared to the second quarter and we continued to maintain a strong and healthy balance sheet with no financial debt. At the end of the third quarter, we had a cash balance of $853 million, short-term investments of $245 million, bank note receivables of $83 million, and a fixed term bank deposit balance of $1.2 billion. To capitalize on higher interest rates compared to those of bank savings, we purchased short-term investments and fixed term bank deposits during the past two quarters. Overall, the company maintains strong liquidity with a balance of quick assets of $2.4 billion. These mainly consists of bank deposits or bank financial products that can be quickly converted to cash when necessary.

During the third quarter, we started maintenance of our facilities and adjusted our production utilization rate to 50% in light of weak market demand and to reduce our cash burn. The total production volume at our two polysilicon facilities for the quarter was 43,592 MT. Through continued investments in R&D and dedication to purity improvements at both facilities, our overall N-type product mix reached 75% during the quarter. Our Phase 5B, which started initial production in May and is still ramping up, reached 70% N-type in its product mix, strengthening our confidence in achieving 100% N-type by the end of next year. Despite lower utilization levels, we further reduced our cash cost to $5.34/kg, compared to $5.39/kg in the second quarter. However, unit production cost trended up 7% sequentially to an average of $6.61/kg, as a result of reduced production level which led to facility idle cost of approximately $0.55/kg.

“In light of the current market conditions, we expect our Q4 2024 total polysilicon production volume to be approximately 31,000 MT to 34,000 MT. As a result, we anticipate our full year 2024 production volume to be in the range of 200,000 MT to 210,000 MT.”

“During the third quarter, challenging market conditions forced more industry players to reduce production utilization rates and begin maintenance. Based on industry statistics, polysilicon supply in China decreased by 15% and 6% month-over-month in July and August, respectively, with the total polysilicon production volume falling below 130,000MT in August, the lowest year-to-date. This reduction eased inventory pressure with prices bottoming in the range of approximately RMB 35-40/kg. Despite relatively weak downstream wafer demand during the quarter, polysilicon prices stabilized after reaching their lowest level and have stopped declining. This price level was below the cash costs of even the tier-one players, and four consecutive months of cash losses have led all manufacturers to reassess their future strategy. In August and September, due to downstream customers’ effort to take advantage of low prices amid production cuts, polysilicon prices rebounded to approximately RMB 38-43/kg. However, industry polysilicon inventories remained significant at the end of the quarter. One month into the fourth quarter, the polysilicon industry is still rebalancing supply and demand and needs further production cuts and stronger end market demand to sustain a price recovery. The fourth quarter has historically seen strong new solar installations in China, and the aggressive stimulus packages unveiled in September and October to support the domestic economy might encourage investments from state-owned enterprises. In the medium to long-term, we believe the current low prices and market downturn will eventually result in a healthier market, as poor profitability, losses, and cash burn will lead to many industry players exiting the business, ultimately eliminating overcapacity and bringing the solar PV industry back to normal profitability and better margins.”

“This year is challenging for China’s solar PV industry. At this point, we may have reached a cyclical bottom but have yet to see a clear turning point in the market. As the price wars have undermined the healthy development of the industry, on October 14, the China Photovoltaic Industry Association (CPIA) convened a special conference attended by senior executives from major manufacturers in the industry, calling to strengthen self-discipline and reduce unbridled competition. While further details on promoting the sustainability of the industry still need to be discussed, we believe this is a positive signal toward market consolidation with higher-cost and inefficient manufacturers gradually phasing out capacity and exiting the business. On another positive note, on October 18, CPIA announced a “reference price” of RMB 0.68/W for modules, setting a floor for winning bids. On the demand side, new solar PV installations in China in the first nine months of 2024 reached 160.88GW, growing 24.8% year-over-year.”

“Overall, in the long-run, solar PV is expected to be one of the most competitive forms of power generation globally, and the continuous cost reductions in solar PV products and the resulting reductions in solar energy generation costs are expected to create substantial additional demand for solar PV. We are optimistic that we will capture the long-term benefits of the growing global solar PV market and maintain our competitive advantage by enhancing our higher-efficiency N-type technology and optimizing our cost structure through digital transformation and AI adoption. As one of the world’s lowest-cost producers with the highest quality N-type product, a strong balance sheet and no financial debt, we believe we are well positioned to weather the current market downturn and emerge as one of the leaders in the industry to capture future growth.”

Outlook and guidance

The Company 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, inclusive of the impact of the Company’s annual facility maintenance.

This outlook reflects Daqo New Energy’s current and preliminary view as of the date of this press release and may be subject to changes. The Company’s ability to achieve these projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.

Third Quarter 2024 Results

Revenues

Revenues were $198.5 million, compared to $219.9 million in the second quarter of 2024 and $484.8 million in the third quarter of 2023. The decrease in revenues compared to the second quarter of 2024 was primarily due to a decrease in the ASP as well as sales volume.

Gross (loss)/profit and margin

Gross loss was $60.6 million, compared to $159.2 million in the second quarter of 2024 and gross profit of $67.8 million in the third quarter of 2023. Gross margin was -30.5%, compared to -72.4% in the second quarter of 2024 and 14.0% in the third quarter of 2023. For the third quarter, the company recorded $80.9 million in inventory impairment expenses, compared to $108 million in the second quarter. The increase in gross margin was primarily due to the inventories subject to larger amount of inventory write-down in the second quarter were subsequently sold in the third quarter of 2024.

Selling, general and administrative expenses

Selling, general and administrative expenses were $37.7 million, compared to $37.5 million in the second quarter of 2024 and $89.7 million in the third quarter of 2023. SG&A expenses during the third quarter included $18.9 million in non-cash share-based compensation expense related to the Company’s share incentive plans, compared to $19.6 million in the second quarter of 2024 and $46.3 million in the third quarter of 2023.

Research and development expenses

Research and development (R&D) expenses were $0.8 million, compared to $1.8 million in the second quarter of 2024 and $2.8 million in the third quarter of 2023. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.

(Loss)/income from operations and operating margin

As a result of the abovementioned, loss from operations was $98.0 million, compared to $195.6 million in the second quarter of 2024 and income from operations of $22.5 million in the third quarter of 2023.

Operating margin was -49.4%, compared to -89.0% in the second quarter of 2024 and 4.6% in the third quarter of 2023.

Net (loss)/income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

As a result of the abovementioned, net loss attributable to Daqo New Energy Corp. shareholders was $60.7 million, compared to $119.8 million in the second quarter of 2024 and $6.3 million in the third quarter of 2023.

Loss per basic American Depository Share (ADS) was $0.92, compared to $1.81 in the second quarter of 2024, and $0.09 in the third quarter of 2023.

Adjusted (loss)/income (non-GAAP) attributable to Daqo New Energy Corp. shareholders and adjusted (loss)/earnings per ADS (non-GAAP)

As a result of the aforementioned, adjusted net loss (non-GAAP) attributable to Daqo New Energy Corp. shareholders, excluding non-cash share-based compensation costs, was $39.4 million, compared to $98.8 million in the second quarter of 2024 and adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders of $44.0 million in the third quarter of 2023.

Adjusted loss per basic American Depository Share (ADS) was $0.59 compared to $1.50 in the second quarter of 2024, and adjusted earnings per basic ADS of $0.59 in the third quarter of 2023.

EBITDA (non-GAAP)  

EBITDA (non-GAAP) was –$34.3 million, compared to –$144.9 million in the second quarter of 2024 and $70.2 million in the third quarter of 2023. EBITDA margin (non-GAAP) was -17.3%, compared to -65.9% in the second quarter of 2024 and 14.5% in the third quarter of 2023.

Financial Condition

As of September 30, 2024, the Company had $853.4 million in cash, cash equivalents and restricted cash, compared to $997.5 million as of June 30, 2024 and $3,280.8 million as of September 30, 2023. As of September 30, 2024, the notes receivables balance was $83 million, compared to $80.7 million as of June 30, 2024 and $275.8 million as of September 30, 2023. Notes receivables represent bank notes with maturity within six months.

Cash Flows

For the nine months ended September 30, 2024, net cash used in operating activities was $376.5 million, compared to net cash provided by operating activities of $1,497.4 million in the same period of 2023.

For the nine months ended September 30, 2024, net cash used in investing activities was $1,747.7 million, compared to net cash used in investing activities of $954.3 million in the same period of 2023. The net cash used in investing activities in the three quarters of 2024 was primarily related to the purchases of short-term investments and fixed term deposits, which amounted to $1.4 billion.

For the nine months ended September 30, 2024, net cash used in financing activities was $48.5 million, compared to net cash used in financing activities of $602.0 million in the same period of 2023. The net cash used in financing activities in the three quarters of 2024 was primarily related to dividend payment and share repurchases by a subsidiary of the Company.

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company’s results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company’s operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management’s use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company’s operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company’s core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on October 30, 2024 (8:00 PM Beijing / Hong Kong time on the same day).

The dial-in details for the earnings conference call are as follows:

Participant dial in (U.S. toll free): +1-888-346-8982

Participant international dial in: +1-412-902-4272

China mainland toll free: 4001-201203

Hong Kong toll free: 800-905945

Hong Kong local toll: +852-301-84992

Please dial in 10 minutes before the call is scheduled to begin and ask to join the Daqo New Energy Corp. call.

Webcast link:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=ezkSfxNd

A replay of the call will be available 1 hour after the conclusion of the conference call through November 6, 2024. The dial in details for the conference call replay are as follows:

U.S. toll free: +1-877-344-7529

International toll: +1-412-317-0088

Canada toll free: 855-669-9658

Replay access code: 9504502

To access the replay through an international dial-in number, please select the link below.

https://services.choruscall.com/ccforms/replay.html

Participants will be asked to provide their name and company name upon entering the call.

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 305,000 metric tons and is one of the world’s lowest cost producers of high-purity polysilicon.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “guidance” and similar statements. Among other things, the outlook for the fourth quarter and the full year of 2024 and quotations from management in these announcements, as well as Daqo New Energy’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to lower its production costs; and changes in political and regulatory environment. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statement of Operations

(US dollars in thousands, except ADS and per ADS data)

Three months ended

Nine months ended

Sep 30,

2024

Jun 30,

2024

Sep 30,

2023

Sep 30,

2024

Sep 30,

2023

 

Revenues

 

$ 198,496

 

$ 219,914

 

$ 484,839

 

$ 833,721

 

$ 1,831,397

Cost of revenues

(259,090)

(379,074)

(417,025)

(981,390)

(997,943)

Gross (loss)/profit

(60,594)

(159,160)

67,814

(147,669)

833,454

Operating expenses

Selling, general and administrative

  expenses

 

(37,727)

 

(37,526)

 

(89,697)

 

(113,686)

 

(174,238)

Research and development expenses

(813)

(1,836)

(2,758)

(4,187)

(6,866)

Other operating income/(expense)

1,092

2,903

47,112

2,389

47,789

Total operating expenses

(37,448)

(36,459)

(45,343)

(115,484)

(133,315)

(Loss)/income from operations

(98,042)

(195,619)

22,471

(263,153)

700,139

Interest income, net

1,604

8,730

13,832

22,603

38,529

Foreign exchange gain/(loss)

(752)

(1,406)

3,143

(2,427)

(16,571)

Investment income/(loss)

8,253

7,149

(165)

15,402

(143)

(Loss)/income before income taxes

(88,937)

(181,146)

39,281

(227,575)

721,954

Income tax benefit/(expense)

12,007

23,283

(21,438)

20,934

(147,236)

Net (loss)/income

(76,930)

(157,863)

17,843

(206,641)

574,718

Net (loss)/income attributable to non-

controlling interest

 

(16,206)

 

(38,083)

 

24,155

 

(41,608)

 

198,505

Net (loss)/income attributable to Daqo

New Energy Corp. shareholders

 

(60,724)

 

(119,780)

 

(6,312)

 

(165,033)

 

376,213

(Loss)/earnings per ADS

 

(0.92)

 

(1.81)

 

(0.09)

 

(2.50)

 

4.93

  Basic

  Diluted

(0.92)

(1.81)

(0.09)

(2.50)

4.89

 

Weighted average ADS outstanding

Basic

66,306,870

66,002,970

74,038,122

66,007,875

76,351,635

Diluted

66,306,870

66,002,970

74,152,055

66,007,875

76,665,986

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Balance Sheets

(US dollars in thousands)

Sep 30, 2024

Jun 30, 2024

Sep 30, 2023

ASSETS:

Current Assets:

Cash, cash equivalents and restricted cash

853,401

997,481

3,280,816

Short-term investments

244,982

219,469

2,749

Accounts and notes receivable

84,507

80,719

275,843

Inventories

206,877

191,969

129,067

Fixed term deposit within one year

1,215,165

1,168,032

Other current assets

292,610

272,404

150,633

Total current assets

2,897,542

2,930,074

3,839,108

Property, plant and equipment, net

3,903,436

3,781,330

3,237,803

Prepaid land use right

159,853

155,197

147,774

Fixed term deposit over one year

28,536

27,366

Other non-current assets

59,338

46,534

70,956

TOTAL ASSETS

7,048,705

6,940,501

7,295,641

Current liabilities:

 Accounts payable and notes payable

40,860

64,208

100,466

 Advances from customers-short term portion

56,240

59,015

252,262

 Payables for purchases of property, plant and

equipment

 

454,364

 

436,286

 

292,488

 Other current liabilities

77,597

82,086

165,102

Total current liabilities

629,061

641,595

810,318

 Advance from customers – long term portion

76,734

102,861

104,206

 Other non-current liabilities

18,489

18,012

33,526

TOTAL LIABILITIES

724,284

762,468

948,050

 

EQUITY:

Total Daqo New Energy Corp.’s shareholders’

  equity

 

4,705,832

 

4,593,003

 

4,733,218

Non-controlling interest

1,618,589

1,585,030

1,614,373

Total equity

6,324,421

6,178,033

6,347,591

TOTAL LIABILITIES & EQUITY

7,048,705

6,940,501

7,295,641

 

 

Daqo New Energy Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

(US dollars in thousands)

For the nine months ended September 30,

2024

2023

Operating Activities:

Net (loss)/income

$ (206,641)

$ 574,718

Adjustments to reconcile net income to net cash provided by

operating activities

 

395,599

 

235,283

Changes in operating assets and liabilities

(565,447)

687,435

Net cash (used in)/provided by operating activities

(376,489)

1,497,436

Investing activities:

Purchases of property, plant and equipment

(325,558)

(887,875)

Purchases of land use right

(10,089)

(77,220)

Purchase and redemption of short-term investments and fixed-term

deposits

 

(1,412,100)

 

10,805

Net cash used in investing activities

(1,747,747)

(954,290)

Financing activities:

Net cash used in financing activities

(48,498)

(602,006)

Effect of exchange rate changes

(21,821)

(180,675)

Net decrease in cash, cash equivalents and restricted cash

(2,194,555)

(239,535)

Cash, cash equivalents and restricted cash at the beginning of the

period

 

3,047,956

 

3,520,351

Cash, cash equivalents and restricted cash at the end of the period

853,401

3,280,816

 

 

Daqo New Energy Corp.

Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)

Three months ended

Nine months ended

Sep 30, 2024  

Jun 30, 2024  

Sep 30,  

2023  

Sep 30,  

2024  

Sep 30,  

2023  

Net (loss)/income

(76,930)

(157,863)

17,843

(206,641)

574,718

Income tax (benefit)/expense

(12,007)

(23,283)

21,438

(20,934)

147,236

Interest income, net

(1,604)

(8,730)

(13,832)

(22,603)

(38,529)

Depreciation & Amortization

56,218

44,958

44,765

147,845

106,999

EBITDA (non-GAAP)

(34,323)

(144,918)

70,214

(102,333)

790,424

EBITDA margin (non-GAAP)

(17.3 %)

(65.9 %)

14.5 %

(12.3 %)

43.2 %

Three months ended

Nine months ended

Sep 30, 2024  

Jun 30, 2024  

Sep 30,  

2023  

Sep 30,  

2024  

Sep 30,  

2023  

Net (loss)/income attributable to Daqo

    New Energy Corp. shareholders

(60,724)

(119,780)

(6,312)

(165,033)

376,213

Share-based compensation

21,312

20,963

50,287

62,850

112,696

Adjusted net (loss)/income (non-GAAP)

attributable to Daqo New Energy Corp.

shareholders

(39,412)

(98,817)

43,975

(102,183)

488,909

Adjusted (loss)/earnings per basic ADS

    (non-GAAP)

($0.59)

 

($1.50)

 

$0.59

($1.55)

 

$6.40

Adjusted (loss)/earnings per diluted

    ADS (non-GAAP)

($0.59)

 

($1.50)

 

$0.59

($1.55)

 

$6.38

 

View original content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-third-quarter-2024-results-302291146.html

SOURCE Daqo New Energy Corp.

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CreateAI Announces Results of 2024 Annual Meeting of Stockholders

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SAN DIEGO, Dec. 23, 2024 /PRNewswire/ — CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) (“CreateAI” or the “Company”), a global artificial intelligence technology company, today announced shareholder voting results for its annual meeting of stockholders held on December 20, 2024 (the “Annual Meeting”).

As of October 28, 2024, the record date for the Annual Meeting, there were a total of 232,618,399 shares of common stock outstanding and entitled to vote at the Annual Meeting, comprised of 208,618,399 shares of Class A Common Stock (each with one vote per share) and 24,000,000 shares of Class B Common Stock (each with ten votes per share). At the Annual Meeting, holders of 207,347,538 shares of common stock, representing 423,347,538 votes, entitled to vote at the meeting were represented in person or by proxy and, therefore, a quorum constituted of the majority of the voting power of the shares of common stock issued and outstanding and entitled to vote at the Annual Meeting was present.

The following is a brief description of each matter voted upon at the 2024 Annual Meeting and the numbers of votes cast for, withheld, or against, the number of abstentions, and the number of broker non-votes with respect to each other, as applicable.

1.     Election of six nominees to serve on the Board of Directors (the “Board”) for a term which will expire at the 2025 annual meeting of stockholders, or, if Proposal Two is adopted, to hold office until the annual meeting of stockholders in accordance with the class of director to which each nominee will be assigned. The following six directors were elected by the votes as indicated below.

 
 

For

 

Withheld

 

Broker Non-Votes

Cheng Lu

 

208,949,915

 

164,765,0191

 

49,632,604

Mo Chen

 

208,946,146

 

164,768,7881

 

49,632,604

James Lu

 

209,109,928

 

164,605,0061

 

49,632,604

Zhen Tao

 

209,158,316

 

164,556,6181

 

49,632,604

Albert Schultz

 

348,895,0191

 

24,819,915

 

49,632,604

Jianan Hao

 

209,021,652

 

164,693,2821

 

49,632,604

The totals above include the 240,000,000 votes represented by the Class B shares of Common Stock. 12,000,000 shares of Class B Common Stock (representing 120,000,00 votes) were voted “FOR” and 12,000,000 shares of Class B Common stock (representing 120,000,00 votes) were voted “WITHHELD” for each of the Directors other than Albert Schultz. All shares of Class B Common Stock were voted “FOR” the election of Albert Schultz. Excluding the 240,000,000 votes from the 24,000,000 shares of Class B Common Stock from the totals above, the 183,347,538 shares of Class A Common Stock were voted as indicated below.

 
 

For

 

Withheld

 

Broker Non-Votes

Cheng Lu

 

88,949,915

 

44,765,019

 

49,632,604

Mo Chen

 

88,946,146

 

44,768,788

 

49,632,604

James Lu

 

89,109,928

 

44,605,006

 

49,632,604

Zhen Tao

 

89,158,316

 

44,556,618

 

49,632,604

Albert Schultz

 

108,895,019

 

24,819,915

 

49,632,604

Jianan Hao

 

89,021,652

 

44,693,282

 

49,632,604

2.       Amendment to the Company’s Restated Certificate of Incorporation to classify the Board of Directors into three classes, with directors in each class to serve staggered three-year terms. Pursuant to the Restated Certificate of Incorporation, Proposal Two must receive the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, since directors representing two-thirds (2/3) of the total number of authorized directors have already approved. The amendment was not approved2 by the votes as indicated below:

For

 

Against1

 

Abstain

 

Broker Non-Votes

208,955,668

 

164,659,652

 

99,614

 

49,632,604

Because Proposal Two was not approved, the six directors elected pursuant to Proposal One will serve on the Board for a term which will expire at the 2025 annual meeting of stockholders.

3.       Ratification of the appointment of UHY LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The selection was ratified by the votes as indicated below:

For

 

Against1

 

Abstain

 

Broker Non-Votes

255,504,371

 

155,923,768

 

11,919,399

 

Note 1: Includes 120,000,000 votes of the 12,000,000 shares of Class B Common Stock held by White Marble LLC and White Marble International Limited (together, the “White Marble Entities”) controlled by Dr. Xiaodi Hou.

Note 2: The White Marble Entities have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that the voting agreement between White Marble and Mo Chen is invalid and White Marble, not Mo Chen, controls the vote. White Marble LLC v. Chen, C.A. No. 2024-1208-PAF (Del. Ch.) On December 13, 2024, the Court entered an order that allows the Company to hold the vote on Proposal Two, and ordered that if Proposal Two is not approved at the Annual Meeting but the Court determines in the Action that Mo Chen, not the White Marble Entities, control how the White Marble Entities’ Shares are voted, then the White Marble Entities’ shares shall be deemed to have been voted in favor of Proposal Two at the Annual Meeting and that such vote shall stand. The vote totals above include the votes of the shares held by the White Marble Entities as voted by the White Marble Entities. If the shares held by the White Marble entities reflected in the totals above are deemed to have been voted in favor of Proposal Two, the Proposal will have passed. Accordingly, if the Court rules in Mo Chen’s favor, Proposal Two will be deemed to have passed and the Company would be permitted to amend its Certificate of Incorporation to implement Proposal Two and each of the directors elected pursuant to Proposal One will serve on the Board until the annual meeting of stockholders in accordance with the class of director to which each nominee is assigned.

About CreateAI

CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, China, and Japan. The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what’s possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale.

Investor Relations Contact:
ICR for CreateAI
CreateAI.IR@icrinc.com

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SOURCE CreateAI Holdings Inc

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Rosica Communications Releases V2 of Thought Leadership Measurement Matrix™

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Beta Phase Concludes, Formerly Launching Market Influence Platform

FAIR LAWN, N.J., Dec. 23, 2024 /PRNewswire-PRWeb/ — Rosica Communications, a national PR agency specializing in education, animal health, nonprofits, and healthcare, has completed beta-testing of its comprehensive tool for assessing thought leadership, now called the Thought Leadership Measurement Matrix™. This innovative tool utilizes a unique, weighted algorithm to measure and analyze 20 marketing, online, and public relations factors or activities that impact thought leadership and influence industry reputation and standing.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities.”

This PR thought leadership measurement system provides both qualitative and quantitative assessments of an organization’s market influence, pinpointing strengths and uncovering opportunities for advancing thought leadership. After nearly two years of development and retaining an analytics specialist and mathematician in 2024 to advance its thought leadership scoring tables, Rosica’s Thought Leadership Measurement Matrix™ is now ready for prime time. Formerly launched by Rosica as the “Thought Leadership Index,” this is the only tool that thoroughly measures 20 distinct variables affecting thought leadership. It allows organizations to gauge their leadership presence through an in-depth analysis of performance indicators, SEO, content marketing (owned media), speaking engagements, website traffic and user experience (UX), and influencer or KOL advocacy.

“Completing the beta phase with our clients created insights that shaped the final PR and thought leadership measurement platform we’re now officially introducing. The Thought Leadership Measurement Matrix™ is the most comprehensive tool available to measure earned, owned, social, and paid media, plus a number of additional online and traditional marketing, PR, and communications activities that move the needle for organizations to impact of their thought leadership,” said Chris Rosica, CEO and president of Rosica Communications.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities. This tool doesn’t just measure visibility, it quantifies influence, helping organizations not only get noticed but also become recognized leaders in their industries,” said Analytics Specialist Dan Scheuermann.

For more information, visit http://www.rosica.com

Media Contact

Micah Carroll, Rosica Communications, 201-843-5600, micah@rosica.com, www.Rosica.com

View original content to download multimedia:https://www.prweb.com/releases/rosica-communications-releases-v2-of-thought-leadership-measurement-matrix-302338568.html

SOURCE Rosica Communications

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KORE Announces NYSE Acceptance of Plan to Regain Listing Compliance

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ATLANTA, Dec. 23, 2024 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the “Acceptance Letter”) from the New York Stock Exchange (the “NYSE”) that the NYSE has accepted the Company’s previously-submitted plan (the “Plan”) to regain compliance with the NYSE’s continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders’ equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the “Plan Period”) to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company’s business. 

The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company’s receipt of such notification from the NYSE does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.

Cautionary Note on Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “guidance,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected progress with the Company’s compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company’s common stock on the NYSE. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE’s business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, including the acquisition of Twilio’s IoT business, changes in the assumptions underlying KORE’s expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE’s future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE’s expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

KORE Investor Contact:

Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324

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SOURCE KORE Group Holdings, Inc.

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