REC Silicon

Earnings Release • Feb 6, 2025

REC Silicon - Fourth Quarter and Full-Year 2024 Results

REC Silicon - Fourth Quarter and Full-Year 2024 Results

Oslo, Norway - February 6, 2025: REC Silicon ASA (REC Silicon or Company)

reported fourth quarter 2024 revenues from continuing operations of USD 29.7

compared to USD 32.8 million in the third quarter of 2024. The Company also

reported an EBITDA loss from continuing operations of USD 5.3 compared to an

EBITDA loss of USD 6.4 million in the prior quarter. The EBITDA figure for the

third quarter has been re-presented as a result of the Company's

discontinuation of the solar materials segment. EBITDA for the total

operations was negative USD 56.5 million during the quarter, compared with

negative USD 42.7 million in the previous quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of USD 2.6 million for the fourth quarter compared to USD 0.4 million for the

third quarter of 2024. The increased EBITDA contribution is the result of

maintenance activities and expenses that took place in the third quarter.

Silicon gas sales volumes for the fourth quarter were 543 MT compared to 515

MT during Q3 2024. Total polysilicon sales volumes for the fourth quarter were

377 MT, all related to the fulfillment of supply obligations following the

decision of discontinuation of the polysilicon production at the Butte

facility in February 2024.

REC Silicon reported cash balances of USD 10.3 million on December 31, 2024,

compared to USD 23.6 million on September 30, 2024. The decrease in cash was

primarily a result of cash outflows from operating activities at the Moses

Lake facility.

As previously announced, REC Silicon ceased production at the Moses Lake

facility on December 30, 2024, with the equipment involved in the production

of silicon gases maintained in a safe and recoverable mode allowing for a

restart with reasonable notice. REC Silicon is now transitioning to a

pure-play silicon gas producer, as the Company has a strong market position

for silane and silicon gases in the semiconductor, flat panel display and

solar PV industries.

"The fourth quarter was difficult for REC Silicon. Unfortunately, we had to

make the difficult decision to cease production at our Moses Lake facility to

maintain strategic optionality and flexibility while minimizing our near-term

operational costs," said Kurt Levens, CEO of REC Silicon.

"Though we no longer produce polysilicon, we remain a dominant player in the

market for silicon gases, where we have clear strength, product

differentiation, and opportunities to grow across a variety of end markets,

including semiconductors, flat panel display, solar PV, and silicon anode

materials. As we look towards 2025, we are focused on stabilizing the business

and securing long-term financing while maintaining and expanding our market

share, particularly in differentiated offerings. Most immediately we aim to

aggressively cut costs and streamline our operations to improve our

situation," Mr. Levens concluded.

For more information, please see the attached fourth quarter 2024 report and

presentation.

The Company will host a digital presentation of the results today at 8:00 a.m.

CET. The presentation can be accessed at www.recsilicon.com or with the

following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250206_1/

Following the presentation, it will be opened for questions from the audience.

Webcast participants need to register to post questions.

The presentation and the following Q&A session will be in English.

Contacts

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Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About REC Silicon

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REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity silicon gases to the solar and electronics industries worldwide.

We combine over 40 years of experience and proprietary technology with the

needs of our customers. 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 17. The information was submitted for publication at

2025-02-06 06:30 CET.