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REC Silicon - Second quarter 2020 results

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Oslo, Norway – July 23, 2020: REC Silicon ASA (REC Silicon) reported second quarter 2020 revenues of USD 31.0 million versus USD 24.7 million in first quarter of 2020 and EBITDA of USD 2.9 million versus USD 1.0 million in the prior quarter.

REC Silicon reported a cash balance of USD 31.6 million on June 30, 2020 which is USD 1.3 million higher than March 31, 2020.

Silicon gas sales volumes for the first quarter were 831 MT compared to 730 MT during the prior quarter. Average silane gas prices declined by 7.6% compared to the first quarter of 2020.

Polysilicon sales volumes for the quarter were 385 MT and polysilicon inventories decreased by 151 MT.

“I’m pleased with the financial and operational results of our semiconductor business at the Butte plant despite the challenges caused by Covid-19. Delays in the implementation of the Phase 1 Trade Agreement with China continue, for the moment, to delay the restart of the Moses Lake plant. However, I am optimistic that outside of China market opportunities for Moses Lake in the solar and battery industries will be accelerated by Covid-19 relief policies and global decarbonization trends that are rapidly picking up pace,” says Tore Torvund, CEO of REC Silicon.

For more information, please see the attached second quarter 2020 report and presentation.

The company will host conference call to present the results at 8:00am CEST. Following the presentation, it will be opened for questions from the audience.

The presentation will be in English.

The event will be available as video- and audiocasts.

To join the videoconference, use the following link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_OWZkZTk5NmMtNDkzNS00M2RlLWJlMjctNmUxNjhiYWMyZWZj%40thread.v2/0?context=%7b%22Tid%22%3a%22d02701f9-3b23-4b3f-8fce-29ed54632bf8%22%2c%22Oid%22%3a%220e4769c3-7b47-4dbd-a752-df8039f73395%22%2c%22IsBroadcastMeeting%22%3atrue%7d

To join the event via audiocast, use one of the following access numbers. Please make sure to dial in 5-10 minutes prior to the scheduled start time.

Norway: +47 2195 6342
Sweden: +46 8 1241 0952
United Kingdom: +44 203 769 6819
United States: +1 646 787 0157
Participant code for all countries: 260196

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: REC), the Company is headquartered in Fornebu, 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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