REC Silicon - First quarter 2022 results
Moses Lake, Washington USA - May 27, 2022: REC Silicon ASA (REC Silicon)
reported first quarter 2022 revenues of USD 34.6 million compared to USD 43.2
million in the fourth quarter of 2021. The Company also reported an EBITDA of
USD 3.6M compared to a loss USD 0.4 million in the prior quarter.

The Company reported EBITDA contributed by the semiconductor materials segment
of USD 10.7 million for the first quarter compared to 9.3 million for the fourth
quarter. The increase in EBITDA is due primarily to higher product sales prices
and lower electricity costs compared to the fourth quarter of 2021.

Silicon gas sales volumes for the fourth quarter were 764 MT compared to 750 MT
during the prior quarter. Total polysilicon sales volumes for the quarter were
267 MT and polysilicon inventories increased by 103 MT.

REC Silicon reported cash balances of USD 204.0 million on March 31, 2022
compared to USD 110.5 million on December 31, 2021. The increase in cash was a
result of the placement of equity of USD 109.5 million associated with the
investment by Hanwha Solutions Corporation completed on January 19, 2022.

"Today, REC Silicon is announcing plans to restart production in Moses Lake,
Washington. We expect to realize first production during the fourth quarter of
2023 and reach full capacity utilization during 2024. The restart of production
is a direct result of Hanwha's commitment to REC Silicon. We look forward to a
close relationship with Hanwha that allows REC Silicon access to Hanwha's
strength and experience to unlock the value of REC Silicon's unique position
with respect to solar energy materials, battery materials opportunities, and
semiconductor markets. We are currently discussing supplying Hanwha Solutions
with polysilicon and Hanwha Corporation with silane gas. These arrangements
would allow REC Silicon the opportunity to focus on manufacturing excellence and
to enhance market solutions through product development," said James A. May II,
CEO of REC Silicon.