Daqo New Energy’s (DQ) Plans to Enhance N-Type Technology as Net Loss Narrows

Daqo New Energy Corp. (NYSE:DQ) is one of the best wind power and solar stocks to buy according to analysts. On August 26, the company reiterated that it faced significant challenges in the second quarter as market prices across the solar value chain declined due to overcapacity and high inventory levels.

Daqo New Energy’s (DQ) Plans to Enhance N-Type Technology as Net Loss Narrows

While the company posted a net loss of $76.5 million, or $1.14 per share, it represented a significant improvement from a net loss of $119.8 million, or $1.81 per share, reported in the same quarter last year. The company also posted an adjusted loss per share of $0.86, an improvement from the $1.50 loss reported in the same quarter the previous year. Revenue in the quarter totaled $75.2 million, a significant drop from $219.9 million delivered in the same quarter last year.

Amid the disappointing results, the solar PV industry continues to show strong long-term prospects that Daqo Energy plans to capitalize on. The company plans to strengthen its competitive edge by enhancing higher-efficiency N-type technology while also optimizing its cost structure.

“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 are confident in our ability to weather the current market downturn, capitalize on market recovery, and emerge as a leader in the industry positioned to capture future growth,” said Mr. Xiang Xoom, CEO.

Daqo New Energy Corp. (NYSE:DQ) is a leading manufacturer of high-purity polysilicon, the essential raw material for solar PV products like wafers, cells, and modules. It also maintains activities in the wind power industry, providing electrical equipment, converter stations, and complete lifecycle services for wind power generation systems.

While we acknowledge the potential of DQ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DQ and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.