REC Silicon

Earnings Release • Feb 23, 2023

(CORR) REC Silicon Fourth quarter 2022 results

(CORR) REC Silicon Fourth quarter 2022 results

Updated release with correct link to webcast

Moses Lake, Washington USA -- February 23, 2023: REC Silicon ASA (REC Silicon)

reported fourth quarter 2022 revenues of USD 31.6 million compared to USD 36.7

million in the third quarter of 2022. The Company also reported an EBITDA loss

of USD 23.6 million compared to an EBITDA loss of USD 13.8 million in the

prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment

of a loss of USD 6.5 million for the fourth quarter compared to a loss of USD

5.3 million for the third quarter. The decrease in EBITDA is due primarily to

the continuation of record high energy costs and associated decrease in

polysilicon production combined with lower shipments of Silicon Gases.

Silicon gas sales volumes for the third quarter were 515 MT compared to 586 MT

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

302 MT and polysilicon inventories decreased by 49 MT.

REC Silicon reported cash balances of USD 105.3 million on December 31, 2022,

compared to USD 146.8 million on September 30, 2022. The decrease in cash was

primarily a result of operating cash outflows of USD 22.2 million and

investing cash outflows of USD 22.7 million.

"The financial results for Q4 2022 highlighted some key areas where we need to

accelerate our progress in inflationary input cost mitigation, however the

market related weakness in Silicon Gas shipments does not dampen the longer

term outlook and opportunity related to the Semiconductor, Renewable Energy

and Energy Storage macro trends. We continue to put in place the necessary

high-quality investments so we can fully participate in the recovery once it

develops and in Moses Lake, we have completed additional key steps towards

re-starting our High Purity Granular Polysilicon capacity and securing our

cash flows. We are still on schedule to start the plant later this year."

says Kurt Levens, CEO of REC Silicon.

For more information, please see the attached fourth quarter 2022 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 and the following Q&A session will be in English.

To join the videoconference, use the following link.

https://channel.royalcast.com/landingpage/hegnarmedia/20230223_1/

Audiocast participants need to register to post questions.

Contacts

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Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About Us

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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 disclosure under the Norwegian Securities

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

2023-02-23 07:48 CET.