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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
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About REC Silicon
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.
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