Oslo, Norway, February 19, 2021: REC Silicon ASA (REC Silicon) reported fourth quarter 2020 revenue of $ 36.0 million vs. $ 30.3 million in third quarter 2020 and EBITDA of 1.9 million USD vs. USD 17.9 million in the previous quarter. Third quarter EBITDA included a non-cash adjustment of $ 16.0 million due to the settlement of the property tax litigation announced on October 14, 2020.
REC Silicon reported a cash balance of $ 134.9 million as at December 31, 2020, $ 99.0 million higher than September 30, 2020 mainly due to the private placement of equity for NOK 1 billion made on October 14, 2020.
The Company reported EBITDA contributed by the Semiconductor Materials segment of $ 11.7 million for the fourth quarter, compared to $ 7.3 million for the third quarter. This increase in EBITDA was driven by higher silicon gas sales volumes of 881 MT in the fourth quarter compared to 746 MT in the previous quarter. In addition, semiconductor grade polycrystalline silicon sales volumes increased from 76 MT to 250 MT compared to 174 MT in the previous quarter.
Once again, the company posted consistent financial results for the fourth quarter. The semiconductor market has recovered from the weakness of Covid-19 and the demand for REC Silicons semiconductor silicon gas and polysilicon is expected to be stronger until 2021. At the same time, we see that the PV market continues to grow strongly and will require additional polysilicon capacity to meet anticipated demand. This is very encouraging for our ambition to establish a low carbon solar value chain in the EU and US to support these attractive solar markets. At the same time, we have made progress in discussions with the battery companies regarding the use of silane to make more efficient batteries, so I am very optimistic about our efforts to build a profitable portfolio to restart our plant from 1, $ 7 billion at Moses Lake. will be successful, said Tore Torvund, CEO of REC Silicon.
For more information, please see the attached Fourth Quarter 2020 Report and Presentation.
The company will host a conference call to present the results at 8:00 am CET. After the presentation, it will be open to questions from the public. The presentation will be in English.
To join the videoconference, use the following link.
Audiocast participants must register to ask questions.
REC Silicon will also host a conference call later the same day at 3:00 p.m. (CET). To join the event by audio broadcast, use one of the following access numbers. Please make sure to dial 5-10 minutes before the scheduled start time.
Norway: +47 2350 0296
Sweden: +46 8 5065 3942
United Kingdom: +44 330 336 9411
United States: +1 646 828 8193
Participant code for all countries: 8033046
For more information, please contact:
James A. May II, Chief Financial Officer
Telephone: +1 509 989 1023
Email: [email protected]
Nils O. Kjerstad
Telephone: +47 9135 6659
Email: [email protected]
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, supplying high purity polysilicon and silicon gas to solar and electronics industries around the world. We combine over 30 years of experience and proprietary technology with the needs of our customers, with an annual production capacity of over 20,000 tonnes of polysilicon from our two US-based manufacturing facilities. Listed on the Oslo Stock Exchange (ticker: REC), the company is based in Lysaker, Norway.
For more information, visit: www.recsilicon.com
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.
REC Silicon Q4 2020 presentation
REC Silicon Q4 2020 Report
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