Daqo Inks High-Purity Polysilicon Supply Deal - Daqo New Energy (NYSE:DQ)

DAQO New Energy Corp's DQ subsidiaries Xinjiang Daqo and Inner Mongolia Daqo forged a five-year high-purity polysilicon supply agreement with Shuangliang Silicon Materials (Baotou) Co, Ltd, a subsidiary of Shuangliang Eco-Energy to supply its fast-growing solar wafer business.
The financial terms of the transaction remain undisclosed.
Xinjiang Daqo and Inner Mongolia Daqo will provide Shuangliang with 150,300 MT of high-purity mono-grade polysilicon from November 2022 to December 2027.
Daqo CEO Longgen Zhang commented, "We expect the demand for high-purity mono-grade polysilicon to remain strong, especially as the market gradually switches to the next generation of N-type technology. "
Daqo's second-quarter FY22 revenues were $1.24 billion, up from $441.4 million a year ago, beating the consensus of $1.15 billion.
EPS of $8.18 beat the consensus of $6.13.
Price Action: DQ shares traded higher by 3.08% at $52.20 in the premarket on the last check Friday.