REC Silicon - Fourth quarter 2020 results Oslo Stock Exchange:REC

(MENAFN - GlobeNewsWire - Nasdaq) Oslo, Norway – February 19, 2021: REC Silicon ASA (REC Silicon) reported fourth quarter 2020 revenues of USD 36.0 million versus USD 30.3 million in the third quarter of 2020 and EBITDA of USD 1.9 million versus USD 17.9 million in the prior quarter. Third quarter EBITDA included a noncash adjustment of USD 16.0 million due to settlement of the property tax dispute announced on October 14, 2020.
REC Silicon reported a cash balance of USD 134.9 million on December 31, 2020 which is USD 99.0 million higher than September 30, 2020 due primarily to the private placement of equity for NOK 1 billion completed on October 14, 2020.
The Company reported EBITDA contributed by the semiconductor materials segment of USD 11.7 million for the fourth quarter compared to USD 7.3 million for the third quarter. This increase in EBITDA was driven by higher silicon gas sales volumes of 881 MT for the fourth quarter compared to 746 MT for the prior quarter. In addition, semiconductor grade polysilicon sales volumes increased by 76 MT to 250 MT compared to 174 MT in the prior quarter.

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