REC Silicon - First Quarter 2026 Results

Summary by AI ^BETAClose X

REC Silicon reported first quarter 2026 revenues of USD 19.5 million, a slight decrease from USD 20.1 million in the prior quarter, alongside an EBITDA loss of USD 3.8 million, widening from USD 3.7 million. While the Butte segment EBITDA improved to USD 2.2 million, silicon gas sales volumes fell to 515 MT with a price decrease, impacting Butte revenues. The company's cash balance decreased to USD 5.2 million, though USD 8.4 million was raised through new loans. Importantly, REC Silicon successfully completed a post-quarter rights issue raising NOK 972.6 million to repay advance payments, existing debt, and fund general corporate purposes, which will aid in its transition to a silicon gases-focused entity.

Disclaimer*

Oslo, Norway - May 7, 2026: REC Silicon ASA (REC Silicon or the Company) reported first quarter 2026 revenues from continuing operations of USD 19.5 million compared to USD 20.1 million in the fourth quarter of 2025. The Company also reported an EBITDA loss from continuing operations of USD 3.8 million compared to an EBITDA loss of USD 3.7 million in the prior quarter.

EBITDA from the Butte segment was USD 2.2 million during the quarter compared to USD 1.6 million in the previous quarter.

Silicon gas sales volumes for the quarter totaled 515 MT, down from 540 MT in the previous quarter. Combined with a 0.3% decrease in sales price and lower polysilicon volumes, Butte revenues decreased by 3.1% compared to the fourth quarter of 2025.

REC Silicon reported cash balances of USD 5.2 million on March 31, 2026, compared to USD 7.3 million on December 31, 2025. In the first quarter, net cash inflows from financing activities totaled USD 8.4 million primarily from USD 10.0 million in new loans.

Post quarter end, the company closed a rights issue raising gross proceeds of NOK 972.6 million for the repayment of advance payments related to a long-term offtake contract, repayment of existing debt facilities, in addition to funding of general corporate purposes and operational expenses.

"REC Silicon is pleased that the rights issue is complete and is appreciative of the support from shareholders especially the Company’s largest shareholder Anchor AS, for its willingness to fully underwrite the completed rights issue. With the proceeds, the Company will reduce some debt and have cash available for operations during the transition to a silicon gases-focused company. Operationally, we continue our focus on reducing costs while simultaneously working opportunities to increase revenue” said Kurt Levens, CEO of REC Silicon.

For more information, please see the attached first quarter 2026 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://qcnl.tv/p/dFm7JAlH-uRP0ZtZHWgjcw

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.