Daqo New Energy Corp.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-170.5M | $-345.2M | $429.5M | $1.82B | $748.9M | $129.2M | $29.5M | $38.1M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $236.7M | $206.4M | $148.9M | $107.1M | $77.4M | $68.7M | $47.4M | $27.7M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $55.8M | $71.8M | $141.9M | $307.4M | $10.1M | $17.9M | $17.9M | $13.8M |
| Net Cash from Operating Activities | $49.7M | $-435.4M | $1.62B | $2.46B | $639.0M | $209.7M | $181.0M | $95.6M |
| Investing Activities | ||||||||
| Capital Expenditures | $173.0M | $358.8M | $1.11B | $1.21B | $498.5M | $118.3M | $279.0M | $143.1M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-134.2M | $-1.48B | $-1.20B | $-998.4M | $-781.9M | $-118.5M | $-261.8M | $-164.7M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | $5.0M | $485.9M | $124.9M | — | — | — | — |
| Net Cash from Financing Activities | $-850.0K | $-47.4M | $-795.4M | $1.47B | $736.2M | $-95.5M | $102.3M | $86.7M |
| Net Change in Cash | $-58.1M | $-2.01B | $-472.4M | $2.80B | $605.6M | $3.1M | $20.2M | $22.5M |
| Free Cash Flow | $-123.3M | $-794.3M | $505.3M | $1.26B | $140.5M | $91.4M | $-98.1M | $-47.5M |