RECSI - Q2 2023
REC Silicon - Second quarter 2023 results
Oslo, Norway – August 15, 2023: REC Silicon ASA (REC Silicon or Company) reported second quarter 2023 revenues of USD 36.7 million compared to USD 29.1 million in the first quarter of 2023. The Company also reported an EBITDA loss of USD 8.5 million compared to an EBITDA loss of USD 23.0 million in the prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment of USD 10.1 million for the second quarter compared to a loss of USD 3.4 million for the first quarter. The improved EBITDA contribution is due primarily to an increase in the volume of silicon gases sold, an increase in the ASP of semiconductor grade polysilicon and seasonally favorable electricity costs.
Silicon gas sales volumes for the second quarter were 849 MT compared to 640 MT during the prior quarter. Total polysilicon sales volumes for the second quarter were 184 MT.
REC Silicon reported cash balances of USD 15.0 million on June 30, 2023, compared to USD 49.1 million on March 31, 2023. The decrease in cash was primarily a result of operating cash outflows of USD 22.4 million and capital expenditures of USD 42.2 million.
“The demand for our products from the semiconductor market appears to be approaching a stabilized bottom, however excessive inventories of some gases and materials still need to be removed from the value chain. We continue to monitor the situation and look towards a potential recovery in the 2024 time period. Despite these headwinds, EBITDA for the quarter, although negative, was significantly improved from last quarter. The Moses Lake restart is targeted for November 1st and all efforts are progressing well, on budget and are on schedule. More information is expected to be released soon concerning the Moses Lake Polysilicon offtake contract and our latest financing efforts” said Kurt Levens, CEO.
For more information, please see the attached second quarter 2023 report and presentation.
The company will host a live webcast to present the results at 8:00am CET. The webcast of the presentation can be accessed at www.recsilicon.com or with the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20230815_2/
Following the presentation, it will be opened for questions from the audience. The presentation and the following Q&A session will be in English.
Audiocast participants need to register to post questions.
Contacts
Jack Yun
CFO
Email: jack.yun@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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 has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2023-08-15 07:00 CEST.
Attachments
REC Silicon Q2 2023 Report
REC Silicon Q2 2023 Presentation
Oslo, Norway – August 15, 2023: REC Silicon ASA (REC Silicon or Company) reported second quarter 2023 revenues of USD 36.7 million compared to USD 29.1 million in the first quarter of 2023. The Company also reported an EBITDA loss of USD 8.5 million compared to an EBITDA loss of USD 23.0 million in the prior quarter.
The Company reported EBITDA contributed by the semiconductor materials segment of USD 10.1 million for the second quarter compared to a loss of USD 3.4 million for the first quarter. The improved EBITDA contribution is due primarily to an increase in the volume of silicon gases sold, an increase in the ASP of semiconductor grade polysilicon and seasonally favorable electricity costs.
Silicon gas sales volumes for the second quarter were 849 MT compared to 640 MT during the prior quarter. Total polysilicon sales volumes for the second quarter were 184 MT.
REC Silicon reported cash balances of USD 15.0 million on June 30, 2023, compared to USD 49.1 million on March 31, 2023. The decrease in cash was primarily a result of operating cash outflows of USD 22.4 million and capital expenditures of USD 42.2 million.
“The demand for our products from the semiconductor market appears to be approaching a stabilized bottom, however excessive inventories of some gases and materials still need to be removed from the value chain. We continue to monitor the situation and look towards a potential recovery in the 2024 time period. Despite these headwinds, EBITDA for the quarter, although negative, was significantly improved from last quarter. The Moses Lake restart is targeted for November 1st and all efforts are progressing well, on budget and are on schedule. More information is expected to be released soon concerning the Moses Lake Polysilicon offtake contract and our latest financing efforts” said Kurt Levens, CEO.
For more information, please see the attached second quarter 2023 report and presentation.
The company will host a live webcast to present the results at 8:00am CET. The webcast of the presentation can be accessed at www.recsilicon.com or with the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20230815_2/
Following the presentation, it will be opened for questions from the audience. The presentation and the following Q&A session will be in English.
Audiocast participants need to register to post questions.
Contacts
Jack Yun
CFO
Email: jack.yun@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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 has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2023-08-15 07:00 CEST.
Attachments
REC Silicon Q2 2023 Report
REC Silicon Q2 2023 Presentation
MorganKane
06.09.2023 kl 09:41
1173
Ser også, igjen svart på hvitt og nøyaktig som fortalt på q2 at prisen blir bestemt av flere indexer. Både innenfor og utenfor Kina. I tillegg. I TILLEGG. Så kommer det en premium for at dette er "Low carbon amerikansk produsert". Dette har Recsi tidligere sagt at markedet gladelig betaler 3usd/kg ekstra for. Og i tillegg til dette igjen så kommer 3usd/kg fra Inflation reduction act. Det blir altså spotpris (basert på flere indexer innenfor og utenfor Kina) pluss 6usd/kg. Minst. Dette blir fantastisk.
Redigert 06.09.2023 kl 09:41
Du må logge inn for å svare
Takeoff'
06.09.2023 kl 09:41
1168
Ser du har fått nytt kursmål på 52,5 og tror jaggu du kan få rett i dette fremover. Vi ser Sila og andre etablere seg i ML og det er jo neppe uten grunn:))
MorganKane
06.09.2023 kl 09:46
1119
Ja,
Med den veksten som er i silisium anodematerialer så er dette en no-brainer. Spesielt liker jeg ekstremt godt at Levens har tatt over sjefsstillingen. Ingenting feil med James May, men Levens er mye mer "hands on". Og har betydelig mer kompetanse på det ingeniørmessige og tekniske. Kort fortalt føler jeg meg veldig trygg på at han vil levere. Også på videre vekst. Og da vil 52,5 komme relativt raskt
Med den veksten som er i silisium anodematerialer så er dette en no-brainer. Spesielt liker jeg ekstremt godt at Levens har tatt over sjefsstillingen. Ingenting feil med James May, men Levens er mye mer "hands on". Og har betydelig mer kompetanse på det ingeniørmessige og tekniske. Kort fortalt føler jeg meg veldig trygg på at han vil levere. Også på videre vekst. Og da vil 52,5 komme relativt raskt
Redigert 06.09.2023 kl 09:47
Du må logge inn for å svare
Null
06.09.2023 kl 09:57
1019
mine aksjer er mer vedt enn i går, så om det er å tjene så har jeg det.
De er forøvrig ikke tilsalgs på dette nivået.....
Men om du mener hadre salg på kort oppgang har jeg ikke tjent penger
Som jeg har skrevet en annen plass her så vil 18,1 i dag på lukking være ok for meg.
Gap har jeg pr nå ikke tro på skal lukkes
Men hva tror zizzy?
De er forøvrig ikke tilsalgs på dette nivået.....
Men om du mener hadre salg på kort oppgang har jeg ikke tjent penger
Som jeg har skrevet en annen plass her så vil 18,1 i dag på lukking være ok for meg.
Gap har jeg pr nå ikke tro på skal lukkes
Men hva tror zizzy?
zizzy
06.09.2023 kl 10:07
921
Jeg har skrevet tidligere at det bare er oppkjøp, inntekter, utbytte eller notering i us som kommer til å få denne til en høyere stabil aksjekurs. Den kommer til å hoppe litt som i dag på nyheter, men faller fort tilbake igjen.