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Correction: REC Silicon - Second quarter 2021 results

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Oslo, Norway – July 22, 2021: REC Silicon ASA (REC Silicon) reported second quarter 2021 revenues of USD 35.6 million versus USD 28.0 million in the first quarter of 2021 and EBITDA of USD 7.9 million versus USD 4.0 million in the prior quarter. EBITDA during the second quarter included the forgiveness of USD 8.3 million in loans guaranteed by the US government under the C.A.R.E.S. Act.

The Company reported EBITDA contributed by the semiconductor materials segment of USD 11.5 million for the second quarter compared to USD 10.8 million for the first quarter. Second quarter results included other income of USD 4.5 million related to the forgiveness of a loan provided by the US government under the C.A.R.E.S. Act which has been recognized as grant income. Excluding this item, EBITDA decreased by USD 3.8 million. This decrease can primarily be attributed to lower EBITDA contribution from the semiconductor materials segment due to higher electricity prices, lower production to avoid high electricity prices, higher costs due to the acceleration of planned maintenance, and lower quality product due to an interruption of manufacturing caused by a lightning strike.

Silicon gas sales volumes for the second quarter were 819 MT compared to 781 MT during the prior quarter. Total polysilicon sales volumes for the quarter were 485 MT and polysilicon inventories decreased by 157 MT.

REC Silicon reported a cash balance of USD 123.6 million on June 30, 2021 compared to USD 131.5 million on March 31, 2021.

“The demand for semiconductor polysilicon and silicon gases continued to strengthen over the last quarters and this trend is projected to continue. Overseas shipping limitations have affected the timing for some order fulfillments.

REC Silicon’s negotiations with several Silicon Anode companies continue to progress, but agreements have not yet been reached. REC Silicon is exploring opportunities created by President Biden’s renewable energy agenda to utilize its proven FBR technology to provide low-cost, low-carbon polysilicon for the solar value chain. A US solar value chain will support the transition to renewable energy, create high-paying manufacturing jobs in the US, and result in the restart of the REC Silicon Moses Lake facility,” said Tore Torvund, CEO.

For more information, please see the attached first quarter 2021 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 will be in English. To join the videoconference, use the following link. https://channel.royalcast.com/landingpage/hegnarmedia/20210722_1/

Audiocast participants need to register to post questions.

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: RECSI), the Company is headquartered in Lysaker, 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.

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