Technology
Daqo New Energy Announces Unaudited Third Quarter 2024 Results
Published
2 months agoon
By
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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Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
Published
36 minutes agoon
December 24, 2024By
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.
Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.
Purpose, Innovation, and Partnerships
Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.
Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.
Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:
The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.
Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.
Deepening Bonds: Key Web3 Ecosystems and Communities
Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.
These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.
“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.
“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.
In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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SOURCE Bybit
Technology
Yu Liu, Vice President of Baijiayun, to Attend 2024 Jixin AIGC Summit for Exploring New Industry Landscape
Published
36 minutes agoon
December 24, 2024By
BEIJING, Dec. 24, 2024 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (NASDAQ: RTC), a one-stop AI video solution provider, today announced that it will attend the 2024 AIGC Summit soon.
Recently, the 2024 AIGC Summit, hosted by “Jixin”, a venture capital and industry research media that focuses on industrial AI, is about to kick off. As an outstanding enterprise representative that has successfully implemented AI technology in various industries, Baijiayun has been invited to attend. Yu Liu, the vice president of Baijiayun, will share unique insights at the summit to promote industry communication and progress.
This summit focuses on the in-depth application of AIGC technology in vertical scenarios, aiming to analyze the strategies, practices and successful experiences of AI going global, grasp the pulse of the development of the times, build a more open and win-win AIGC industrial ecosystem on a global scale, and open a new chapter for the future.
As an important participant in the AIGC field, Baijiayun has achieved remarkable results in technological innovation and application implementation. Vice President Yu Liu has been deeply involved in many core businesses and strategic decisions during the development of the company and has rich experience and profound insights in the application practice of AIGC technology. His attendance at this summit is expected to bring the latest achievements and innovative ideas of Baijiayun in vertical scenario applications and international market expansion, providing valuable references and inspirations for industry colleagues, further stimulating the innovation vitality and development momentum of the industry, and promoting the AIGC industry to a new peak. Many industry insiders are looking forward to this summit with full anticipation. It is believed that with the joint efforts of all parties, a clear and promising blueprint for the future development of the AIGC industry will be drawn.
For investor and media enquiries, please contact:
Company Contact:
Ms. Fangfei Liu
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: ir@baijiayun.com
View original content:https://www.prnewswire.com/news-releases/yu-liu-vice-president-of-baijiayun-to-attend-2024-jixin-aigc-summit-for-exploring-new-industry-landscape-302338871.html
SOURCE Baijiayun Group Ltd
Technology
My China Story: Technology Brings the World Together for a Chinese New Year
Published
2 hours agoon
December 24, 2024By
BEIJING, Dec. 24, 2024 /PRNewswire/ — As the Spring Festival approaches, many are preparing for their holiday travels abroad. While the excitement of spontaneous trips is undeniable, one of the biggest hurdles travelers face is language barriers. However, iFlytek‘s innovative translation device promises to make communication effortless, helping you navigate any language challenges with ease.
Known for its sleek and compact design, iFlytek’s smart translation gadget offers an elegant black, business-style exterior, a moderate size, and a lightweight build. It’s the ideal travel companion, fitting easily into your pocket without weighing you down. Whether you’re heading to a city getaway or a remote adventure, this device ensures that language is never an obstacle.
The device boasts impressive capabilities, supporting translations in 84 languages online and 16 languages offline. Whether you’re traveling to Japan, South Korea, France, Germany, or the Middle East, this device handles it all. Even in remote locations—such as secluded mountain temples or isolated islands—the offline translation feature ensures you won’t be left speechless. The device also offers specialized vocabulary for specific fields, making translations more precise and professional.
With its intuitive interface, the gadget is easy to use—just a tap, and you’re ready to communicate. This makes it a perfect tool for travelers who want to ensure a smooth and enjoyable experience while abroad.
But what lies behind this innovative device? How did it come to life? To learn more about its development and functionality, we are following a Russian journalist as he visits iFlytek’s headquarters for an exclusive look at this remarkable “gadget” and uncover the story behind its creation.
Stay tuned as we explore the technology that’s revolutionizing the way we connect across cultures.
View original content to download multimedia:https://www.prnewswire.com/news-releases/my-china-story-technology-brings-the-world-together-for-a-chinese-new-year-302338865.html
SOURCE “My China Story” International Short Video Competition Organizing Committee
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
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