Oslo, Norway – May 11, 2023: REC Silicon ASA (REC Silicon or Company) reported first quarter 2023 revenues of USD 29.1 million compared to USD 31.6 million in the fourth quarter of 2022. The Company also reported an EBITDA loss of USD 23.0 million compared to an EBITDA loss of USD 23.6 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment of a loss of USD 3.4 million for the first quarter compared to a loss of USD 6.5 million for the fourth quarter. The improved EBITDA contribution is due primarily to an increase in the volume of silicon gases sold.

Silicon gas sales volumes for the first quarter were 640 MT compared to 515 MT during the prior quarter. Total polysilicon sales volumes for the first quarter were 183 MT.

REC Silicon reported cash balances of USD 49.1 million on March 31, 2023, compared to USD 105.3. million on December 31, 2022. The decrease in cash was primarily a result of operating cash outflows of USD 28.9 million and capital expenditures of USD 22.5 million.

“The semiconductor market is still struggling with excessive inventories which is muting demand for our silicon gases. EBITDA for the quarter was negative, although, slightly improved from last quarter. The Company is striving to take action to improve EBITDA in the short term, however, such action will take some time before impacting the bottom line. Restart activities for Moses Lake are progressing well and are on schedule” said Kurt Levens, CEO.

For more information, please see the attached first quarter 2023 report and presentation.

A presentation of the results will be held in person at 8:00 a.m. CEST at Hotel Continental, Stortingsgata 24/26, Oslo, Norway.

A live webcast of the presentation can be accessed at www.recsilicon.com or with the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20230511_17/.

Webcast participants need to register to post questions.