REC Silicon ASA (OTCPK:RNWEF)
$ 0.38 0.01108 (3%) Market Cap: 159.97 Mil Enterprise Value: 203.57 Mil PE Ratio: 0 PB Ratio: 0 GF Score: 54/100
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Q3 2023 REC Silicon ASA Earnings Call Transcript

Nov 15, 2023 / 07:00AM GMT
Release Date Price: $1.31 (+4.80%)
William Kurtis Levens
REC Silicon ASA - President & CEO

Good morning. My name is Kurt Levens. I'm the CEO of REC Silicon. I'd like to welcome you to the third quarter 2023 results presentation.

Highlights for the third quarter. I think first and foremost, I'd like to point out that we started up our Moses Lake plant as we had previously communicated. And currently, all is on schedule and budget, and we plan to have first silicon in November.

Revenues were $34.8 million. Our EBITDA was negative $17.8 million. Market-wise, while Solar PV is still -- was still strong in terms of installation, the supply of components into Solar PV is undergoing a situation with a little too much inventory at this time.

Semiconductor market is stable, I think, off of the lows that we saw at the end of last year into the beginning of this year, and we see potential for a second half recovery in 2024.

We were able to complete our high-purity granular polysilicon offtake, as announced previously, with a very high-quality offtake counterparty, Hanwha QCells. And we were able to get our

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