REC Silicon - First quarter 2025 results

08 May 2025 06:30 CEST

Oslo, Norway - May 8, 2025: REC Silicon ASA (REC Silicon or the Company)
reported first quarter 2025 revenues from continuing operations of USD 21.4
compared to USD 29.7 million in the fourth quarter of 2024. The Company also
reported an EBITDA loss from continuing operations of USD 4.6 million compared
to an EBITDA loss of USD 5.3 million in the prior quarter.

EBITDA from the Butte segment was USD 1.2 million for the first quarter of
2025 compared to USD 2.6 million for the fourth quarter of 2024. The decreased
EBITDA contribution is the result of a decrease in revenues driven by lower
sales price on silicon gases. Silicon gas sales volumes for the first quarter
ended at 560 MT compared to 543 MT during Q4 2024.

REC Silicon reported cash balances of USD 16.8 million on March 31, 2025,
compared to USD 10.3 million on December 31, 2024. As previously announced
during the quarter, the Company received an additional USD 40 million loan
from Hanwha International LLC, an affiliate of the Company's largest
shareholders.

"The Company was able to successfully implement the major restructuring
activities associated with the exit from the polysilicon business and the
shutdown of the Moses Lake facility. However, persistent challenges remain,
such as continued pressure on cash from interest payments and
lower-than-expected sales revenues for the quarter due to negative impacts
from existing tariffs, channel inventories, project delays, and demand
softness in key markets. These external factors are expected to continue to
impact revenues. The Company is taking all possible steps to mitigate the
impacts and continue to aggressively lower costs," said Kurt Levens, CEO of
REC Silicon.

For more information, please see the attached first quarter 2025 report and
presentation.
The Company will host a digital presentation of the results today at 8:00 a.m.
CEST. The presentation can be accessed at www.recsilicon.com or with the
following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250508_2/

Following the presentation, it will be opened for questions from the audience.
Webcast participants need to register to post questions.

The presentation and the following Q&A session will be in English.

Contacts
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Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com

About REC Silicon
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity silicon gases to the solar and electronics industries worldwide.
We combine over 40 years of experience and proprietary technology with the
needs of our customers. 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 disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-05-08 06:30 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

645630_REC Silicon - First quarter 2025 results.pdf
645630_REC Silicon Q1 2025 Presentation.pdf
645630_REC Silicon Q1 2025 Report.pdf