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of USD 8.5 million compared to an EBITDA loss of USD 23.0 million in the prior
quarter.
The Company reported EBITDA contributed by the semiconductor materials segment
of USD 10.1 million for the second quarter compared to a loss of USD 3.4
million for the first quarter. The improved EBITDA contribution is due
primarily to an increase in the volume of silicon gases sold, an increase in
the ASP of semiconductor grade polysilicon and seasonally favorable
electricity costs.
Silicon gas sales volumes for the second quarter were 849 MT compared to 640
MT during the prior quarter. Total polysilicon sales volumes for the second
quarter were 184 MT.
REC Silicon reported cash balances of USD 15.0 million on June 30, 2023,
compared to USD 49.1 million on March 31, 2023. The decrease in cash was
primarily a result of operating cash outflows of USD 22.4 million and capital
expenditures of USD 42.2 million.
“The demand for our products from the semiconductor market appears to be
approaching a stabilized bottom, however excessive inventories of some gases
and materials still need to be removed from the value chain. We continue to
monitor the situation and look towards a potential recovery in the 2024 time
period. Despite these headwinds, EBITDA for the quarter, although negative,
was significantly improved from last quarter. The Moses Lake restart is
targeted for November 1st and all efforts are progressing well, on budget and
are on schedule. More information is expected to be released soon concerning
the Moses Lake Polysilicon offtake contract and our latest financing efforts”
said Kurt Levens, CEO.
For more information, please see the attached second quarter 2023 report and
presentation.
The company will host a live webcast to present the results at 8:00am CET. The
webcast of the presentation can be accessed at www.recsilicon.com or with the
following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230815_2/
Following the presentation, it will be opened for questions from the audience.
The presentation and the following Q&A session will be in English.
Audiocast participants need to register to post questions.
Contacts
Jack Yun
CFO
Email: jack.yun@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2023-08-15 07:00 CEST.
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