Oslo, Norway -- May 11, 2023: REC Silicon ASA (REC Silicon or Company)
reported first quarter 2023 revenues of USD 29.1 million compared to USD 31.6
million in the fourth quarter of 2022. The Company also reported an EBITDA
loss of USD 23.0 million compared to an EBITDA loss of USD 23.6 million in the
prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment
of a loss of USD 3.4 million for the first quarter compared to a loss of USD
6.5 million for the fourth quarter. The improved EBITDA contribution is due
primarily to an increase in the volume of silicon gases sold.
Silicon gas sales volumes for the first quarter were 640 MT compared to 515 MT
during the prior quarter. Total polysilicon sales volumes for the first
quarter were 183 MT.
REC Silicon reported cash balances of USD 49.1 million on March 31, 2023,
compared to USD 105.3. million on December 31, 2022. The decrease in cash was
primarily a result of operating cash outflows of USD 28.9 million and capital
expenditures of USD 22.5 million.
"The semiconductor market is still struggling with excessive inventories which
is muting demand for our silicon gases. EBITDA for the quarter was negative,
although, slightly improved from last quarter. The Company is striving to
take action to improve EBITDA in the short term, however, such action will
take some time before impacting the bottom line. Restart activities for Moses
Lake are progressing well and are on schedule" said Kurt Levens, CEO.
For more information, please see the attached first quarter 2023 report and
presentation.
A presentation of the results will be held in person at 8:00 a.m. CEST at
Hotel Continental, Stortingsgata 24/26, Oslo, Norway.
A live webcast of the presentation can be accessed at www.recsilicon.com or
with the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230511_17/.
Webcast participants need to register to post questions.
Contacts
------------------------------------------------------------------------------
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
------------------------------------------------------------------------------
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 has been submitted pursuant to the Securities Trading Act ยง
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2023-05-11 07:00 CEST.