REC Silicon

Earnings Release • Aug 17, 2022

REC Silicon - Second quarter 2022 results

REC Silicon - Second quarter 2022 results

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.