Cygni Energy Commissions 4.8 GWh BESS Gigafactory in Hyderabad

NTPC Renewable Energy Issues EPC Tender for 56 MW Floating Solar Project

SECI Tenders BoS Package for 200 MW Solar Project in Madhya Pradesh

RECPDCL Tenders Intrastate Transmission Line for 400 kV Substation in Karnataka

Chidambaranar Port Authority Floats Tender for 6 MW Wind Project

Indian Oil to Invest ₹10.86 Billion in Subsidiary for 4.3 GW Renewables Portfolio

Jharkhand Floats EPC Tender for 50 MW Solar Projects

Commercial and Industrial Businesses Can Earn 20-25% ROI by Switching to Solar

Daqo New Energy’s Revenue Plunges 70% in Q1 2025 as Sales Drop

Daily News Wrap-Up: MIEPL Wins SECI’s 4.12 MW Solar Auction


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79102.mp3?version=1746163459">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>China-based photovoltaic-grade polysilicon manufacturer <a href="http://www.dqsolar.com/Index.php" target="_blank" rel="noopener">Daqo New Energy Corporation</a> reported a revenue of $123.9 million in the first quarter (Q1) of 2025, a 70% decrease from $415.3 million in the same period last year.</p>
<p>The revenue decline was primarily attributed to a decrease in sales volume.</p>
<p>“In Q1 2025, the solar PV industry faced significant challenges. Overcapacity persisted, and polysilicon prices stayed below cash cost levels. Although this caused Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed, and we maintained a strong, healthy balance sheet with no financial debt,” said Anita Zhu, Deputy Chief Executive Officer, Daqo.</p>
<p>Sales volume dropped to 28,008 MT, down from 42,191 MT in Q4 2024. Similarly, production volume fell from 34,236 MT in Q4 2024 to 24,810 MT in Q1 2025.</p>
<p>“Total production volume at our two polysilicon facilities for the quarter was slightly below our guidance range of 25,000 metric tons to 28,000. However, sales volume reached 28,008 metric tons, exceeding production and enabling us to reduce inventory to a healthier level,” Zhu said.</p>
<p>He added, “We&#8217;ve seen that the overall industry utilization rate is currently at around 40% to 50%. And we actually haven&#8217;t seen any companies completely exiting the market. Most of them are either lowering their utilization rate or undergoing this temporary shutdown.”</p>
<p>Xiang Xu, CEO of Daqo New Energy, commented, “In light of the current market conditions, we expect our total polysilicon production volume in the second quarter of 2025 to be approximately 25,000 MT to 28,000 MT. As a result, we anticipate our full year 2025 production volume to be in the range of 110,000 MT to 140,000 MT.”</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79103 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png" alt="daqo " width="602" height="248" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo-300x124.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo-600x247.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p>The company’s net loss saw a 60% year-over-year (YoY) decline from $180.2 million to $71.8 million in Q1 of 2025.</p>
<p>In Q1, Daqo reported negative earnings before interest, taxes, depreciation, and amortization of $48.4 million. The company’s earnings per share loss stood at $0.80, compared to $0.55 in the same period last year.</p>
<p>As of March 31, 2025, the company had $791.9 million in cash, cash equivalents, and restricted cash, compared to $1,038.3 million as of December 31, 2024, and $2,689.3 million as of March 31, 2024.</p>
<p>“In total, our quick assets, readily convertible into cash if needed, stood at $2.15 billion, providing us with ample liquidity. With no financial debt, our solid financial position gives us the confidence that we will remain strategically resilient and well-positioned to overcome the current market downturn,” added Xu.</p>
<p>The solar industry continued to show promising prospects, with China’s new solar installations reaching a capacity of 59.71 GW in Q1, a 30.5% YoY growth.</p>
<p>“Looking ahead, Daqo New Energy is well-positioned to capitalize on the long-term growth in the global solar PV market and strengthen its competitive edge by enhancing its higher-efficiency N-type technology and optimizing its cost structure through digital transformation and AI adoption,” said Xu.</p>
<p>The company is also expecting improved profitability and healthier margins.</p>
<p>Xu also stated, “Given the relatively high level of polysilicon inventory held by wafer manufacturers, price increases have yet to materialize in the polysilicon segment fully. Polysilicon prices remained stable at approximately RMB37 (~$5.09)-42 (~$5.78)/kg throughout the quarter. In the medium to long-term, however, we believe current low prices and the market downturn will eventually result in a healthier and more sustainable industry.”</p>
<p>Xu believes that future prices will remain at the current levels due to policy changes in February. He said, “We expect the price level to remain at the current range before the policy cutoff date of May 31st, especially because we expect strong April and May demand at around 55 gigawatts to 65 gigawatts, translating to a total demand of around 125,000. We maintain cautious and expect pricing to be relatively suppressed at the low price range of RMB35 to RMB40 per kilogram throughout the remainder of 2025.”</p>
<p><strong>Guidance for Q2 2025</strong></p>
<p>The company expects to produce approximately 25,000 MT to 28,000 MT of polysilicon during Q2 2025.</p>
<p>It is also expected to produce approximately 110,000 MT to 140,000 MT of polysilicon in the entire 2025 period.</p>
<p>In Q4 2024, Daqo <a href="https://www.mercomindia.com/daqos-q4-2024-revenue-drops-as-polysilicon-asps-fall" target="_blank" rel="noopener">reported</a> a 1.56% YoY drop in revenue to $195.4 million in Q4 2024 from $198.5 million.</p>
<p>The company also <a href="https://www.mercomindia.com/daqo-q2-2024-revenue" target="_blank" rel="noopener">saw</a> a significant decline in revenue to $219.9 million in Q2 2024 due to a drop in polysilicon prices below production costs.</p>



					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/05/amazon_polly_79093.mp3?version=1746160647">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported a 27% revenue increase in Q1 2025 to $32.5 million, against the expected $31.27 million, from $25.5 million in the same quarter the previous year.</p>
<p>Net loss of $2.5 million was reported in the first quarter (Q1) of 2025, a 65.4% year-over-year (YoY) improvement from $72.3 million.</p>
<p>Earnings per share (EPS) came in at -$0.15, exceeding the expected -$0.19.</p>
<p>Doran Hole, Chief Financial Officer and Executive Vice President, Stem, said, “The first quarter of 2025 showed strong execution of our strategic initiatives and demonstrates that we are steering Stem in the right long-term direction.”</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $4.6 million, a 62.2% YoY improvement from $12.2 million. The improved EBITDA was driven by margin expansion and continued operating cost discipline.</p>
<p>The company ended Q1 2025 with $58.6 million in cash and cash equivalents compared to $56.3 million at the end of Q4 2024.</p>
<p>Driven by increased solar bookings, Stem’s contracted annual recurring revenue increased 7% quarter-over-quarter to $69.0 million from $64.5 million.</p>
<p>Non-generally accepted accounting principles (GAAP) gross profit margin improved by 46% compared to a 24% improvement in Q1 2024.  “We achieved strong GAAP and non-GAAP gross margins, driven by the strength of our high-margin software, services, and edge device offerings. We achieved another positive milestone this quarter by generating positive cash flow from operations for the first time in our history,” said Hole.</p>
<p>At the end of Q1 2025, Stem’s contracted backlog was $25.3 million, and bookings were $34.5 million.</p>
<p>Arun Narayanan, CEO, Stem, said, “Utility-scale deployments are much larger than C&amp;I, and our market share in this segment is modest, presenting significant growth opportunities. We are seeing momentum in the utility-scale (deployments), with nearly triple the bookings in the first quarter compared to the same period last year. We are also investing in growing our software deployment presence in international markets.”</p>
<p>“Our renewed focus on PowerTrack is driving software revenue growth, and we have taken decisive action to optimize our cost structure and enhance our software development capabilities. Our recently announced targeted workforce reductions are consistent with our software-focused strategy and are expected to generate approximately $30 million in annual cash cost savings, including $24 million expected to benefit this year,” he said.</p>
<p>The company recently announced a reduction of its global workforce of approximately 27% as part of the broader efforts to prioritize investments in software, reduce operating costs, increase efficiency, drive profitable growth, and increase stockholder value.</p>
<p>In Q1 2025, Stem’s storage operating assets under management (AUM) decreased 11% sequentially to 1.6 GWh due to the removal of PowerBidder Pro contracts. Its storage operating AUM of 1.6 GWh rose 100% YoY. The company’s solar operating AUM increased 8% to 32.4 GW, driven by system activations.</p>
<p><strong>Outlook for 2025 </strong></p>
<p>Stem expects to earn revenues between $125 million and $175 million in 2025. It also expects its non-GAAP gross margin to be between 30% and 40%.</p>
<p>The company’s adjusted EBITDA is projected to range between negative $10 million and positive $5 million. The year-end annual recurring revenue is expected to range from $55 million to $65 million.</p>
<p>“Regarding our adjusted EBITDA and operating cash flow outlook, we are on track to meet our targets.  We have recently undergone significant organizational changes, including a difficult but necessary 27% reduction in our workforce,” said Hole.</p>
<p>Stem <a href="https://www.mercomindia.com/reduced-battery-sales-plunge-stems-q4-revenue-by-67" target="_blank" rel="noopener">reported</a> a revenue of $55.8 million in Q4 2024, a 67% YoY decrease from $167.4 million.</p>


Lower Operating Costs, Bookings Drive Stem’s Q1 2025 Revenue Up 27%

q1-2025

Get the most relevant India solar and clean energy news.

RECENT POSTS