Oslo, Norway -- February 7, 2024: REC Silicon ASA (REC Silicon or Company)
reported fourth quarter 2023 revenues of USD 40.5 million compared to USD 34.8
million in the third quarter of 2023. The Company also reported an EBITDA loss
of USD 31.2 million compared to an EBITDA loss of USD 17.8 million in the
prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment
of USD 1.1 million for the fourth quarter compared to USD 6.1 million for the
third quarter. The lower EBITDA contribution is primarily due to a one-time
employee retention tax credit that was realized in the third quarter,
increased employee costs, and an inventory write down in the fourth quarter.
Silicon gas sales volumes for the fourth quarter were 832 MT compared to 754
MT during the prior quarter. Total polysilicon sales volumes for the fourth
quarter were 182 MT.
REC Silicon reported cash balances of USD 170.9 million on December 31, 2023,
compared to USD 121.7 million on September 30, 2023. The increase in cash was
primarily a result of cash inflows from the sale proceeds of the Company's
shares in its Yulin JV.
"The fourth quarter of 2023 was impactful for the company in two positive and
material ways. First, production commenced at the Moses Lake facility. Second,
the company closed on the sale of its interest in the Yulin JV for over $136
million which has strengthened the company's financial position, increased our
focus and provided the flexibility to take advantage of future opportunities
as they arise. Both of these key events were achieved in the manner that we
previously disclosed to the market and our other stakeholders. The financial
results for the quarter were weak, however, the company continues to work
towards our first shipments of our high purity granular polysilicon from Moses
Lake and completing the projects in Butte that give us capacity leverage and
places us in a position to capture increased silicon gas opportunities that
come with the anticipated improvement in the semiconductor market, the
advancement of volume production of silicon anode materials and eventually IRA
driven Solar PV Cell production" said Kurt Levens, CEO.
For more information, please see the attached fourth quarter 2023 report and
presentation.
A presentation of the results will be held in person at 8:00 a.m. CET at
Stortingsgata Kurs og Konferanse (Høyres Hus), Stortingsgata 20, Oslo, Norway.
Following the presentation, it will be opened for questions from the audience.
The presentation and the following Q&A session will be in English.
A live webcast of the presentation can be accessed at www.recsilicon.com or
with the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20240208_10/
Webcast participants need to register to post questions.
Contacts
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Jack Yun
CFO, REC Silicon
jack.yun@recsilicon.com
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 is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-02-08 07:00 CET.