Oslo, Norway -- November 15, 2023: REC Silicon ASA (REC Silicon or Company)
reported third quarter 2023 revenues of USD 34.8 million compared to USD 36.7
million in the second quarter of 2023. The Company also reported an EBITDA
loss of USD 17.8 million compared to an EBITDA loss of USD 8.5 million in the
prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment
of USD 6.1 million for the third quarter compared to USD 10.1 million for the
second quarter. The lower EBITDA contribution is due primarily to a decrease
in silicon gas sales volumes.
Silicon gas sales volumes for the third quarter were 754 MT compared to 849 MT
during the prior quarter. Total polysilicon sales volumes for the third
quarter were 199 MT.
REC Silicon reported cash balances of USD 121.7 million on September 30, 2023,
compared to USD 15 million on June 30, 2023. The increase in cash was
primarily a result of cash inflows from additional term debt of USD 140
million and USD 30 million prepayment received from Hanwha Q Cells.
"We are focused on improving our underlying operational position despite the
continuing weakness in the Semiconductor segment and Solar PV market. Our
underlying EBITDA from our Semiconductor materials has improved markedly
compared to the same quarter last year when the industry entered the slump. We
are poised well to benefit once the market recovers. Our outstanding, diligent
and tenacious team has ensured that we began the restart process of the Moses
Lake facility in line with our previous communications. Progress is ongoing in
accordance with previously disclosed plans and within budget. The Company
anticipates that the first silicon production will occur this month and the
first shipments of product will occur in Q1 2024." said Kurt Levens, CEO.
For more information, please see the attached third quarter 2023 report and
presentation.
A live webcast of the presentation can be accessed at www.recsilicon.com or
with the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20231115_6/
Webcast participants need to register to post questions.
Contacts
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Jack Yun
CFO
Email: jack.yun@recsilicon.co
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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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 2023-11-15 07:00 CET.