Shares of Daqo New Energy surged 2.6% to $14.41 in early trading on Tuesday, paring some of the steep declines seen over the prior three months.
The solar wafer manufacturer had fallen more than 20% since mid-May, trading near its 52-week low of $11.38 at the session’s open. The advance followed the release of second-quarter results that showed a sequential rebound in revenue, even as the company posted a larger-than-anticipated loss.
Daqo reported a loss per American Depositary Share of $1.20, exceeding the Wall Street consensus of a $0.53 loss. Revenue totaled $62.7 million, down 17% year-over-year and missing analyst forecasts by roughly 45%. The company attributed the decline to weaker pricing and reduced shipments. Despite the shortfall, revenue more than doubled from the prior quarter’s $26.7 million, signaling a partial recovery from the first quarter’s slump.
Management highlighted an ongoing share repurchase program authorized for up to $100 million through December 2026, which has provided support to the stock. The program follows multiple price-target reductions from major banks in late July, reflecting investor concerns over near-term profitability in the solar sector.
The broader market showed little upward momentum, with the S&P 500 down 0.3%, the Nasdaq falling 0.5%, and the Dow Jones Industrial Average declining 0.6% during the same period.
