Moses Lake, Washington USA - August 17, 2022: REC Silicon ASA (REC Silicon)
reported second quarter 2022 revenues of USD 45.0 million compared to USD 34.6
million in the first quarter of 2022. The Company also reported an EBITDA loss
of USD 1.1M compared to EBITDA of USD 3.6 million in the prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment
of USD 7.5 million for the second quarter compared to USD 10.7 million for the
first quarter. The decrease in EBITDA is due primarily to higher energy costs
compared to the first quarter of 2022.
Silicon gas sales volumes for the second quarter were 852 MT compared to 764 MT
during the prior quarter. Total polysilicon sales volumes for the quarter were
471 MT and polysilicon inventories decreased by 81 MT.
REC Silicon reported cash balances of USD 173.0 million on June 30, 2022
compared to USD 204.0 million on March 31, 2022. The decrease in cash was
primarily a result of operating cash outflows of USD 17.6 million and capital
expenditures of USD 12.8 million.
"The recently passed Inflation Reduction Act is expected to drive large scale
investments to develop a robust solar supply chain in the United States. REC
Silicon's US based manufacturing facilities are ideally positioned to ensure
that the objectives of this landmark legislation are realized. In addition, the
passage of this legislation underpins REC Silicon's decision to restart 100
percent of our FBR production. Efforts are well underway to restart our Moses
Lake facility and we plan to achieve first production during Q4 2023." said
James A. May II, CEO.
For more information, please see the attached second quarter 2022 report and
presentation.
The company will host conference call to present the results at 8:00am CET.
Following the presentation, it will be opened for questions from the audience.
The presentation and the following Q&A session will be in English.
To join the videoconference, use the following link.
https://channel.royalcast.com/landingpage/hegnarmedia/20220817_11/
Audiocast participants need to register to post questions.
For further information, please contact:
Douglas J. Moore, Chief Financial Officer
Phone: +1 509 989 0749
Email: douglas.moore@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics industries
worldwide. We combine over 30 years of experience and proprietary technology
with the needs of our customers, with annual production capacity of more than
20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on
the Oslo Stock Exchange (ticker: RECSI), the Company is headquartered in
Lysaker, Norway.
For more information, go to: www.recsilicon.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.