REC Silicon

Earnings Release • May 27, 2022

REC Silicon - First quarter 2022 results

REC Silicon - First quarter 2022 results

Moses Lake, Washington USA - May 27, 2022: REC Silicon ASA (REC Silicon)

reported first quarter 2022 revenues of USD 34.6 million compared to USD 43.2

million in the fourth quarter of 2021. The Company also reported an EBITDA of

USD 3.6M compared to a loss USD 0.4 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 10.7 million for the first quarter compared to 9.3 million for the fourth

quarter. The increase in EBITDA is due primarily to higher product sales prices

and lower electricity costs compared to the fourth quarter of 2021.

Silicon gas sales volumes for the fourth quarter were 764 MT compared to 750 MT

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

267 MT and polysilicon inventories increased by 103 MT.

REC Silicon reported cash balances of USD 204.0 million on March 31, 2022

compared to USD 110.5 million on December 31, 2021. The increase in cash was a

result of the placement of equity of USD 109.5 million associated with the

investment by Hanwha Solutions Corporation completed on January 19, 2022.

"Today, REC Silicon is announcing plans to restart production in Moses Lake,

Washington. We expect to realize first production during the fourth quarter of

2023 and reach full capacity utilization during 2024. The restart of production

is a direct result of Hanwha's commitment to REC Silicon. We look forward to a

close relationship with Hanwha that allows REC Silicon access to Hanwha's

strength and experience to unlock the value of REC Silicon's unique position

with respect to solar energy materials, battery materials opportunities, and

semiconductor markets. We are currently discussing supplying Hanwha Solutions

with polysilicon and Hanwha Corporation with silane gas. These arrangements

would allow REC Silicon the opportunity to focus on manufacturing excellence and

to enhance market solutions through product development," said James A. May II,

CEO of REC Silicon.

For more information, please see the attached first 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/20220527_3/

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.