REC Silicon

Report Publication Announcement • Feb 18, 2022

REC Silicon - Fourth quarter 2021 results

REC Silicon - Fourth quarter 2021 results

New York, USA - February 18, 2022: REC Silicon ASA (REC Silicon) reported fourth

quarter 2021 revenues of USD 43.2 million compared to USD 36.2 million in the

third quarter of 2021. The Company also reported an EBITDA loss of USD 0.4M

compared to a loss USD 3.7 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 9.3 million for the fourth quarter compared to USD 1.8 million in the

third quarter. Third quarter results included the impact of delayed restart

following a planned maintenance outage to mitigate the effects of high

electricity prices. The increase in EBITDA contribution is primarily the result

of higher production volumes of intermediate products and lower electricity

prices during the quarter.

Silicon gas sales volumes for the fourth quarter were 750 MT compared to 728 MT

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

481 MT and polysilicon inventories decreased by 168 MT.

REC Silicon reported cash balances of USD 110.5 million on December 31, 2021

compared to USD 126.3 million on September 30, 2021.

"Fourth quarter events clearly demonstrate that REC Silicon's strategic plan is

coming together. REC Silicon financial position has been substantially improved

due to Hanwha Solutions' investment. REC Silicon's low cost, high quality

granular solar grade polysilicon will become a key component in ensuring the

success of a PV supply chain in the United States. At the same time,

opportunities in silicon anode battery materials are beginning to materialize.

These events are expected to result in a firm plan to restart operations in

Moses Lake, Washington, " said James A. May II, CEO.

For more information, please see the attached fourth quarter 2021 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 will be in English. To join the videoconference, use the

following link.

https://channel.royalcast.com/landingpage/hegnarmedia/20220218_9/

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.

Audiocast participants need to register to post questions.