REC Silicon reports on 3rd quarter

OSLO, Norway — REC Silicon announced the results of their third quarter of the fiscal year on Nov. 15. The company, which has a large re-opening and expanding facility in Moses Lake, is reporting revenues of $34.8 million in its third quarter compared to $36.7 million in the second.

“We are focused on improving our underlying operational position despite the continuing weakness in the semiconductor segment and solar PV market. Our underlying EBITDA from our semiconductor materials has improved markedly compared to the same quarter last year when the industry entered the slump. We are poised well to benefit once the market recovers,” said REC CEO Kurt Levens. 

The company reported that silicon gas sales volumes for the third quarter were 754 million tons compared with 849 metric tonnes during the second quarter. The total polysilicon sales volumes for the third quarter were 199 MT.

The company reported cash balances of $121.7 million on September 30, compared with $15 million on June 30. The increase in cash was primarily a result of inflows from additional term debt of $140 million and $30 million repayment received from Hanwha Q Cells.

Progress is happening at the Moses Lake facility, Levens said. 

“Our outstanding, diligent and tenacious team has ensured that we began the restart process of the Moses Lake facility in line with our previous communications. Progress is ongoing in accordance with previously disclosed plans and within budget. The company anticipates that the first silicon production will occur this month and the first shipments of product will occur in Q1 2024.” he said.