REC Silicon - Second quarter 2022 results

2022-08-17 07:00:00

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.

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