REC Silicon

Earnings Release • May 8, 2025

REC Silicon - First quarter 2025 results

REC Silicon - First quarter 2025 results

Oslo, Norway - May 8, 2025: REC Silicon ASA (REC Silicon or the Company)

reported first quarter 2025 revenues from continuing operations of USD 21.4

compared to USD 29.7 million in the fourth quarter of 2024. The Company also

reported an EBITDA loss from continuing operations of USD 4.6 million compared

to an EBITDA loss of USD 5.3 million in the prior quarter.

EBITDA from the Butte segment was USD 1.2 million for the first quarter of

2025 compared to USD 2.6 million for the fourth quarter of 2024. The decreased

EBITDA contribution is the result of a decrease in revenues driven by lower

sales price on silicon gases. Silicon gas sales volumes for the first quarter

ended at 560 MT compared to 543 MT during Q4 2024.

REC Silicon reported cash balances of USD 16.8 million on March 31, 2025,

compared to USD 10.3 million on December 31, 2024. As previously announced

during the quarter, the Company received an additional USD 40 million loan

from Hanwha International LLC, an affiliate of the Company's largest

shareholders.

"The Company was able to successfully implement the major restructuring

activities associated with the exit from the polysilicon business and the

shutdown of the Moses Lake facility. However, persistent challenges remain,

such as continued pressure on cash from interest payments and

lower-than-expected sales revenues for the quarter due to negative impacts

from existing tariffs, channel inventories, project delays, and demand

softness in key markets. These external factors are expected to continue to

impact revenues. The Company is taking all possible steps to mitigate the

impacts and continue to aggressively lower costs," said Kurt Levens, CEO of

REC Silicon.

For more information, please see the attached first quarter 2025 report and

presentation.

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

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

following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20250508_2/

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 is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-05-08 06:30 CEST.