+
REC Silicon Reports 2Q 2024 Revenue Up Slightly to $37.7 Million
ECONOMY & POLICY

REC Silicon Reports 2Q 2024 Revenue Up Slightly to $37.7 Million

REC Silicon, a polysilicon manufacturer based in Norway, reported a revenue of $37.7 million for the second quarter (Q2) of 2024, marking a modest increase of 2.7 per cent from $36.7 million in Q2 2023. The company experienced an EBITDA loss of $38.2 million, primarily attributed to startup costs related to the Moses Lake facility. This loss represents a significant year-over-year (Y-o-Y) increase of 349 per cent compared to the $8.5 million loss recorded in Q2 2023.

The net loss before tax reached $50.7 million, reflecting a 244 per cent Y-o-Y increase from the $14.7 million loss in the same period last year. The company faced difficulties due to oversupply in the photovoltaic industry and trade actions impacting silane volumes.

During the quarter, the cash balance fell by $63.5 million, ending at $37.6 million as of June 30, 2024, largely due to capital expenditures related to the Moses Lake restart. The nominal net debt rose to $313.9 million, reflecting the decrease in cash and changes in lease liabilities.

Operationally, the restart of the Moses Lake facility led to higher costs, affecting the company?s financial performance. This facility is anticipated to reach full production capacity by 2024. Additionally, polysilicon production at the Butte facility was halted at the end of the quarter. Sales volumes for silicon gas declined by 23 per cent compared to the first quarter of 2024, despite a 16.5 per cent increase in prices.

REC Silicon is benefiting from US government initiatives, including the CHIPS Act, which supports domestic manufacturing and aims to shield against Chinese imports.

REC Silicon, a polysilicon manufacturer based in Norway, reported a revenue of $37.7 million for the second quarter (Q2) of 2024, marking a modest increase of 2.7 per cent from $36.7 million in Q2 2023. The company experienced an EBITDA loss of $38.2 million, primarily attributed to startup costs related to the Moses Lake facility. This loss represents a significant year-over-year (Y-o-Y) increase of 349 per cent compared to the $8.5 million loss recorded in Q2 2023. The net loss before tax reached $50.7 million, reflecting a 244 per cent Y-o-Y increase from the $14.7 million loss in the same period last year. The company faced difficulties due to oversupply in the photovoltaic industry and trade actions impacting silane volumes. During the quarter, the cash balance fell by $63.5 million, ending at $37.6 million as of June 30, 2024, largely due to capital expenditures related to the Moses Lake restart. The nominal net debt rose to $313.9 million, reflecting the decrease in cash and changes in lease liabilities. Operationally, the restart of the Moses Lake facility led to higher costs, affecting the company?s financial performance. This facility is anticipated to reach full production capacity by 2024. Additionally, polysilicon production at the Butte facility was halted at the end of the quarter. Sales volumes for silicon gas declined by 23 per cent compared to the first quarter of 2024, despite a 16.5 per cent increase in prices. REC Silicon is benefiting from US government initiatives, including the CHIPS Act, which supports domestic manufacturing and aims to shield against Chinese imports.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?