REC Silicon

Earnings Release • Nov 15, 2023

REC Silicon - Third quarter 2023 results

REC Silicon - Third quarter 2023 results

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 §

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

at 2023-11-15 07:00 CET.