REC Silicon – Fourth Quarter 2021 Results

PVTIME – February 18, 2022: REC Silicon ASA (REC Silicon) reported fourth quarter 2021 revenues of USD 43.2 million compared to USD 36.2 million in the third quarter of 2021. The Company also reported an EBITDA loss of USD 0.4M compared to a loss USD 3.7 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment of USD 9.3 million for the fourth quarter compared to USD 1.8 million in the third quarter. Third quarter results included the impact of delayed restart following a planned maintenance outage to mitigate the effects of high electricity prices. The increase in EBITDA contribution is primarily the result of higher production volumes of intermediate products and lower electricity prices during the quarter.

Silicon gas sales volumes for the fourth quarter were 750 MT compared to 728 MT during the prior quarter. Total polysilicon sales volumes for the quarter were 481 MT and polysilicon inventories decreased by 168 MT.

REC Silicon reported cash balances of USD 110.5 million on December 31, 2021 compared to USD 126.3 million on September 30, 2021.

“Fourth quarter events clearly demonstrate that REC Silicon’s strategic plan is coming together. REC Silicon financial position has been substantially improved due to Hanwha Solutions’ investment. REC Silicon’s low cost, high quality granular solar grade polysilicon will become a key component in ensuring the success of a PV supply chain in the United States. At the same time, opportunities in silicon anode battery materials are beginning to materialize. These events are expected to result in a firm plan to restart operations in Moses Lake, Washington, “ said James A. May II, CEO.

For more information, please see the attached fourth quarter 2021 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 will be in English. To join the videoconference, use the following link.