REC Silicon

Earnings Release • May 11, 2023

REC Silicon - First quarter 2023 results

REC Silicon - First quarter 2023 results

Oslo, Norway -- May 11, 2023: REC Silicon ASA (REC Silicon or Company)

reported first quarter 2023 revenues of USD 29.1 million compared to USD 31.6

million in the fourth quarter of 2022. The Company also reported an EBITDA

loss of USD 23.0 million compared to an EBITDA loss of USD 23.6 million in the

prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of a loss of USD 3.4 million for the first quarter compared to a loss of USD

6.5 million for the fourth quarter. The improved EBITDA contribution is due

primarily to an increase in the volume of silicon gases sold.

Silicon gas sales volumes for the first quarter were 640 MT compared to 515 MT

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

quarter were 183 MT.

REC Silicon reported cash balances of USD 49.1 million on March 31, 2023,

compared to USD 105.3. million on December 31, 2022. The decrease in cash was

primarily a result of operating cash outflows of USD 28.9 million and capital

expenditures of USD 22.5 million.

"The semiconductor market is still struggling with excessive inventories which

is muting demand for our silicon gases. EBITDA for the quarter was negative,

although, slightly improved from last quarter. The Company is striving to

take action to improve EBITDA in the short term, however, such action will

take some time before impacting the bottom line. Restart activities for Moses

Lake are progressing well and are on schedule" said Kurt Levens, CEO.

For more information, please see the attached first quarter 2023 report and

presentation.

A presentation of the results will be held in person at 8:00 a.m. CEST at

Hotel Continental, Stortingsgata 24/26, Oslo, Norway.

A live webcast of the presentation can be accessed at www.recsilicon.com or

with the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20230511_17/.

Webcast participants need to register to post questions.

Contacts

------------------------------------------------------------------------------

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About Us

------------------------------------------------------------------------------

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 2023-05-11 07:00 CEST.