REC Silicon

Earnings Release • May 10, 2024

REC Silicon - First quarter 2024 results

REC Silicon - First quarter 2024 results

Oslo, Norway -- May 10, 2024: REC Silicon ASA (REC Silicon or Company)

reported first-quarter 2024 revenues of USD 42.1 million compared to USD 40.5

million in the fourth quarter of 2023. The Company also reported an EBITDA

loss of USD 31.5 million compared to an EBITDA loss of USD 31.2 million in the

prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 2.8 million for the first quarter compared to USD 1.1 million for the

fourth quarter of the prior year. The higher EBITDA contribution was

positively affected by increased silicon gas volumes, higher silicon gas and

polysilicon sales and lack of the one-time costs that existed in the fourth

quarter of 2023. However, seasonally high electricity prices, inventory

adjustments and product delivery pushouts dampened the results.

Silicon gas sales volumes for the first quarter were 850 MT compared to 832 MT

during the prior quarter. Total polysilicon sales volumes for the first

quarter were 181 MT.

REC Silicon reported cash balances of USD 101.1 million on March 31, 2024,

compared to USD 170.9 million on December 31, 2023. The decrease in cash was

primarily a result of cash outflows from restarting activities at the Moses

Lake facility.

"We made a lot of progress in Q1 2024 and had some challenges. The Moses Lake

facility has demonstrated successful achievement of most of the key purity

targets, we continued to bring on reactor and product handling capacity and

silane has been running stably. We were disappointed that we did not reach our

targeted first delivery date and remain absolutely focused on this key

milestone for our company, our shareholders, our customer and the re-shoring

of the manufacturing value chain to the USA. Our transition process in Butte

is still on track and Semiconductor silicon gas segments volumes are starting

to recover as we see spot volumes associated with Chinese markets exhibit

price and demand volatility. Discussions with silicon anode materials

producers continue and some are expected to reach a resolution this year. We

will continue to have challenges as our company transitions this year and we

will continue to anticipate, adapt and resolve as they manifest. As I have

said before, we have the right products, in the right place, at the right

time. We are poised for success as we move through this period", said Kurt

Levens, CEO.

For more information, please see the attached first-quarter 2024 report and

presentation.

The company will host a digital presentation of the results today at 8:00 a.m.

CEST. The presentation can be accessed at www.recsilicon.com or with the

following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20240510_2/

Following the presentation, it will be opened for questions from the audience.

Webcast participants need to register to post questions.

The presentation and the following Q&A session will be in English.

Contacts

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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 §

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2024-05-10 07:00 CEST.