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					</table><p>Chinese photovoltaic-grade polysilicon manufacturer <a href="http://www.dqsolar.com/" target="_blank" rel="noopener">Daqo New Energy Corporation</a> posted revenue of $1.24 billion in the second quarter (Q2), a year-over-year (YoY) rise of 182% from $441.4 million in Q2 2021.</p>
<p>Daqo’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $955.4 million in Q2, a YoY leap of 207% from $311.7 million in the same period last year. The EBITDA margin for the period was 76.8%, compared to 64.6% in Q1 and 70.6% in the same period last year.</p>
<p>The net income attributable to the company’s shareholders was $627.8 million, a YoY spike of 170% from $232.1 million. Daqo’s earnings per basic American Depository Share stood at $8.36, a YoY rise of 165% from $3.15.</p>
<p>The company’s polysilicon production volume totaled 35,326 MT, a quarter-over-quarter (QoQ) surge of 13% from 31,383 MT produced in the previous quarter. However, Daqo’s polysilicon sales volume dropped QoQ by 3.33% to 37,545 MT compared to 38,839 MT in the previous quarter.</p>
<p>The polysilicon average selling price (ASP) was $33.08/kg in Q2, compared to $32.76/kg in Q1.</p>
<p>Longgen Zhang, CEO of Daqo New Energy, commented, “Our sequential improvements in gross profit and gross margin were primarily driven by a 28% reduction in our polysilicon production cost. With higher manufacturing efficiency and better economy of scale, we reduced our per unit electricity cost and depreciation cost by 7% and 13% in RMB terms quarter-over-quarter, respectively. In addition, our metallurgical–grade silicon cost in the second quarter was reduced by 37% as compared to the first quarter.”</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/08/Polysilicon-sales-volume.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-39483 size-full" src="https://mercomindia.com/wp-content/uploads/2022/08/Polysilicon-sales-volume.png" alt="Polysilicon sales volume" width="580" height="402" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Polysilicon-sales-volume.png 580w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Polysilicon-sales-volume-300x208.png 300w" sizes="(max-width: 580px) 100vw, 580px" /></a>The total income of Daqo New Energy from operations stood at $927.6 million, a YoY increase of 217% from $292.4 million in last year’s same quarter. The company posted an operating margin of 74.6% for the quarter compared to 62.2% in Q1 and 66.3% in the same period last year.</p>
<p>Daqo’s gross profit for Q2 was $946.9 million, a YoY leap of 212% from $303.2 million last year, while the gross margin was 76.1% compared to 63.5% in the previous quarter and 68.7% in Q2 2021. The company attributed lower production costs and higher ASPs to the gross profit and margin surge.</p>
<p>Net cash accumulated by Daqo New Energy from operating activities for the first six months (1H) ending June 30 totaled $1.12 billion, a YoY increase of 155% from $442.3 million.</p>
<p>Daqo used $80.3 million in investing activities during 1H, down YoY by 69% from $255.4 million last year. The company said that the use of the cash in 1H of this financial year was primarily due to capital expenditures on the company’s 100,000 MT polysilicon project in Baotou City, Mongolia, which was partially offset by a $265 million redemption of short-term investments.</p>
<p>“In the first half of 2022, despite a 53.4% increase in production volumes in China over the same period of 2021, polysilicon was still a drag on the entire solar PV manufacturing value chain and capacity expansion was meaningfully slower than in the downstream sectors. Challenges in getting energy consumption approvals, long construction times, and delayed ramp-up times, as well as the operational inexperience of new players, make polysilicon one of the sectors with the highest entry barriers and slowest expansion growth in the solar PV manufacturing value chain. We expect this imbalance to continue for a while and help our sector greatly benefit from the robust market demand,” added Zhang.</p>
<p>The company <a href="https://mercomindia.com/daqo-reports-a-yoy-revenue-surge-of-399-in-q1-2022/" target="_blank" rel="noopener">posted</a> revenue of $1.28 billion in the first quarter (Q1), a YoY growth of 399% from $256.1 million in Q1 2021.</p>
<p>Earlier this year, Mercom reported that in 2021, China <a href="https://mercomindia.com/china-exports-modules-2021/" target="_blank" rel="noopener">exported</a> 100 GW of solar modules, overcoming the challenges posed by the Covid-19 pandemic. The country deployed 55 GW of new solar installations last year while maintaining an annual output growth rate of 50-60%.</p>


Daqo New Energy’s Revenue Surges 182% YoY to $1.24 Billion in Q2 2022


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					</table><p><a href="https://www.sunnova.com/" target="_blank" rel="noopener">Sunnova</a>, a U.S.-based residential solar company, recorded revenue of $147 million in the second quarter (Q2), a year-over-year (YoY) leap of 121% from ~$67 million last year.</p>
<p>The company attributed the revenue surge to an increase in the number of solar energy systems in service and revenue from the sale of inventory since April.</p>
<p>Sunnova incurred a net loss of $9.7 million during the quarter, compared to a net loss of $66.3 million in the same period last year.</p>
<p>The company posted an Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of $39.7 million, a YoY spike of 32% compared to $30.1 million in the same period last year. Sunnova stated that the surge was mainly due to the customer growth rate increasing faster than the expenses.</p>
<p>Sunnova’s operating expenses for Q2 totaled $149.7 million, a YoY rise of 85% from $81 million in the same period last year.</p>
<p>The company said it had 225,000 customers by the end of Q2, an increase of 40%, with 17,300 new customer additions in the quarter. Sunnova’s battery storage penetration rate was 14.2%, up from 8.9% in the previous year’s Q2.</p>
<p><strong>1H financial results</strong></p>
<p>Sunnova posted revenue of $212.7 million for the first half (1H) ending June 30, a YoY increase of 97% from $107.8 million last year.</p>
<p>Sunnova incurred a net loss of $30.3 million in 1H, compared to a net loss of $90.3 million in the same period in 2021.</p>
<p>Adjusted EBITDA was $52.2 million for the initial six months, a YoY leap of 22% from $42.9 million in the last year’s first half. The company said the increase was due to a faster increase in its customer base.</p>
<p>The total operating expenses for 1H amounted to $249.6 million, a YoY spike of 72% from $145 million in 1H 2021. By 1H 2022, Sunnova had total cash of $364 million.</p>
<p>The company has set a target of 85,000-89,000 customer additions for the current financial year and an EBITDA target of $117 million-$137 million.</p>
<p>Sunnova had <a href="https://mercomindia.com/sunnova-records-increase-revenue-q1-2022/" target="_blank" rel="noopener">posted</a> a 59% YoY increase in revenue for Q1 totaling $65.7 million, compared to $41.3 million in Q1 2021. The company added 89,700 customers last year, thrice the number of customer additions in the previous fiscal.</p>
<p>Last October, Sunnova <a href="https://mercomindia.com/daily-news-wrap-up-sunnova-chargepoint-solar-ev-charging/" target="_blank" rel="noopener">partnered</a> with electric vehicle charging operator ChargePoint to offer its customers EV charging solutions. By bundling a solar system and an EV charger in a single purchase, the company allows consumers to appropriately size and install the right energy solutions.</p>


Residential Solar Firm Sunnova’s Revenue Surges 121% YoY to $147 Million in Q2 2022

<p>Chinese module supplier, <a href="https://en.longi-silicon.com/" target="_blank" rel="noopener noreferrer">LONGi Solar</a>, has released its financial results for the year 2019 and Q1 2020.</p>
<p>In 2019, the company’s revenue from operations increased by 49.62% annually to reach ¥32.89 billion  (~$4.76 billion). Net profit attributable to shareholders increased by 106.41% to ¥5.28 billion (~$763.45 million).</p>
<p>According to the company, the annual monocrystalline silicon wafer sales increased by 139.17%, reaching 4.702 billion pieces in 2019. The sale of cells and modules increased by 23.43% at 7.394 GW in 2019. The overseas shipments reached 4.991 GW, accounting for 67% of the total sales and reflecting an increase of 154.59% YoY.</p>
<p>Its production capacity for monocrystalline silicon wafers reached 42 GW, while monocrystalline modules reached 14 GW as of 2019.</p>
<p>In 2019, LONGi had invested 5.1% of its revenue from operations, amounting to ¥1.677 billion($242.48 million) into R&amp;D, focusing on improving the efficiency of its cells and modules.</p>
<p>Coming to 2020, in the first quarter (Q1) of the year, the company’s revenue from operations totaled to ¥8.59 billion (~$1.2 billion), showing year-over-year growth of 50.6%. The company had a net profit of ¥1.86 billion  (~$267.4 million), showing an increase of 205.07% compared to the corresponding quarter last year. As of March 2020, the total asset value of the company reached ¥63.15 billion (~$8.9 billion).</p>
<p>Bifacial module shipment reached 5 GW during the quarter, ranking first in the world, the company statement noted. LONGi has added 702 patents as of Q1 2020.</p>
<p>LONGi aims to reach a target of 75 GW in monocrystalline silicon wafer production and 30 GW in monocrystalline module production in 2020.</p>
<p>In March, LONGi Solar <a href="https://mercomindia.com/longi-solar-acquire-solar-cell-module-manufacturer/" target="_blank" rel="noopener noreferrer">announced</a> a framework agreement to acquire solar cell and module manufacturer Ningbo Jiangbei Yize New Technology for ¥1.78 billion (~$252.8 million). LONGi’s net profit stood at ¥2.01 billion ($296.46 million) in this period. The company attributed its performance to the “significant” growth in its overseas business because of its focus on monocrystalline modules.</p>
<p>In December 2019, LONGi <a href="https://mercomindia.com/longi-supply-solar-modules-adani-green-by-2020/" target="_blank" rel="noopener noreferrer">entered</a> into a strategic partnership with Adani Green Energy, to supply 1.2 GW of its new generation HiMO4 solar modules by 2020.</p>


LONGi Solar Posts 50.6% YoY Revenue Growth in Q1 2020

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