REC Silicon

Earnings Release • Feb 19, 2021

REC Silicon - Fourth quarter 2020 results

REC Silicon - Fourth quarter 2020 results

Oslo, Norway - February 19, 2021: REC Silicon ASA (REC Silicon) reported fourth

quarter 2020 revenues of USD 36.0 million versus USD 30.3 million in the third

quarter of 2020 and EBITDA of USD 1.9 million versus USD 17.9 million in the

prior quarter. Third quarter EBITDA included a noncash adjustment of USD 16.0

million due to settlement of the property tax dispute announced on October

14, 2020.

REC Silicon reported a cash balance of USD 134.9 million on December 31, 2020

which is USD 99.0 million higher than September 30, 2020 due primarily to the

private placement of equity for NOK 1 billion completed on October 14, 2020.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 11.7 million for the fourth quarter compared to USD 7.3 million for the

third quarter. This increase in EBITDA was driven by higher silicon gas sales

volumes of 881 MT for the fourth quarter compared to 746 MT for the prior

quarter. In addition, semiconductor grade polysilicon sales volumes increased by

76 MT to 250 MT compared to 174 MT in the prior quarter.

"Once again, the Company has reported consistent financial results for the

fourth quarter. The Semiconductor market has recovered after the Covid-19

weakness and the demand for REC Silicon's semiconductor silicon gas and

polysilicon are expected to be stronger through 2021. At the same time, we see

that the PV market continues its strong growth and will require additional

polysilicon capacity to meet anticipated demand. This is very encouraging for

our ambition to establish a "low carbon solar value chain" in the EU and the US

to support these attractive solar markets. At the same time, we have made

progress in the discussions with battery companies concerning the use of Silane

in making a more efficient batteries, so I am very optimistic that our effort to

build a profitable portfolio to restart our USD 1.7 billion plant in Moses Lake

will be successful," said Tore Torvund, CEO of REC Silicon.

For more information, please see the attached fourth quarter 2020 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/20210219_1/

Audiocast participants need to register to post questions.

REC Silicon will also host a conference call later the same day at 3:00 p.m.

(CET). To join the event via audiocast, use one of the following access numbers.

Please make sure to dial in 5-10 minutes prior to the scheduled start time.

Norway: +47 2350 0296

Sweden: +46 8 5065 3942

United Kingdom: +44 330 336 9411

United States: +1 646 828 8193

Participant code for all countries: 8033046

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Email: james.may@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: REC), 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.