DAQO New Energy Corp. reported a substantial year-over-year revenue decline of approximately 35% in Q1 2026 alongside a narrowing of operating losses, signaling potential stabilization after extended solar market headwinds. The company remains a key polysilicon producer within China’s capital-intensive photovoltaic materials industry, facing structural challenges including foreign exchange exposure, regulatory constraints on dividend repatriation, and sustained profitability pressures. Capacity expansion and technology upgrades underpin growth prospects, although global solar demand volatility and pricing competition temper near-term outlooks. DAQO’s strong liquidity position affords operational flexibility while ongoing execution of cost controls and market navigation will be critical.