REC Silicon ASA (REC Silicon) reported second quarter revenues of USD 61.4 million, up from USD 57.5 million in the previous quarter. The corresponding EBITDA during the second quarter was USD 1.3 million compared to USD 4.6 million in the previous quarter.
The company reported a cash balance of USD 71.4 million on June 30, 2017. This represents a decrease of USD 9.5 million compared to March 31, 2017.
Silicon gas sales volumes for the quarter were in line with expectations at 808 MT. Second quarter polysilicon production of 2,960 MT was slightly below guidance given at the previous quarter.
FBR cash cost was in line with expectations at $11.0/kg for the quarter which demonstrates the company’s successful efforts to reduce costs and maintain liquidity.
Progress on the Yulin joint venture plant continues as planned. The JV facility expects to start up the first silane unit and FBR reactors in Q4 2017. The second silane unit is scheduled to start up in Q1 2018. The company continues to negotiate the deferral of the remaining $169 million capital contributions until after 2018. Tore Torvund, company CEO commented “It’s exciting to see the progress on the Yulin plant as preparations are underway to start the first silane unit of this state of the art high purity FBR polysilicon plant.”
About REC Silicon
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: REC), the Company is headquartered in Fornebu, Norway.