REC Silicon

Earnings Release • Oct 24, 2018

REC Silicon - Third Quarter 2018 Results

REC Silicon - Third Quarter 2018 Results

Fornebu, Norway - October 24, 2018: REC Silicon ASA (REC Silicon) reported third

quarter 2018 revenues of USD 43.7 million, down from USD 58.9 million in the

previous quarter. The corresponding EBITDA during the third quarter was a loss

of USD 6.1 million compared to a loss of USD 9.6 million in the previous

quarter.  Polysilicon sales volume for the quarter was 1,113 MT, a 46.4 percent

decrease from the second quarter, while inventory increased by 503 MT.

REC Silicon reported a cash balance of USD 41.0 million on September 30, 2018.

This represents a decrease of USD 1.4 million compared to June 30, 2018. Cash

outflows from operations was USD 1.7 million for the quarter.

Silicon gas sales volumes for the third quarter were 865 MT, a decrease of 5.8

percent compared to the second quarter. Silane gas prices were 1.3 percent

higher than second quarter. Third quarter semiconductor polysilicon production

was 296 MT, in line with guidance of 300 MT.

FBR facility in Moses Lake continued operated at approximately 25 percent

throughout the third quarter. FBR production was 1,170 MT, compared to 2,027 MT

during the second quarter when the facility operated at approximately 50 percent

capacity during May and for part of June. Lower volumes resulted in higher FBR

cash costs which were USD 15.1/kg compared to guidance of USD 15.9/kg.

For more information, please see the attached third quarter 2018 report and

presentation.

Morning Program:

The company will give a presentation at 8:00 am CET today at Høyres Hus

Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in

English.

A live webcast of the presentation can be accessed at www.recsilicon.com or with

the following link: http://webtv.hegnar.no/presentation.php?webcastId=97451338

It will also be possible to listen to the presentation through a conference

call.

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

one of the following numbers:

Norway Dial-in (Tollfree/Freephone): 800 17131

Norway, Oslo (Dial-in Local): +47 2350 0187

United Kingdom (Dial-in Tollfree/Freephone): 0800 279 4827

United Kingdom (Local Dial-in Local): +44 (0)330 336 9401

United States (Los Angeles Dial-in Local): +1 323-794-2558

United States/Canada (Dial-in Tollfree/Freephone): 800-289-0459

Other international: +44 (0)330 336 9401

Please provide confirmation code 8177504 and state your name, company and

country of residence.

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 Fornebu,

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.