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REC Silicon (RECSI) investor relations material
REC Silicon Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Aug, 2025
Executive summary
Q2 2025 revenues were $19.9M, with positive EBITDA of $4.9M, supported by a $13.1M lease modification gain; cost reduction and restructuring efforts continue at Moses Lake and Butte.
Trade actions, tariffs, and market access concerns are creating significant demand uncertainty and delaying expansion opportunities.
Additional financing was received post-quarter, but further funding is still required to meet operational and debt service needs.
Anchor AS completed a voluntary offer for 43.94% of shares and launched a mandatory offer after surpassing the 33.3% threshold.
Ongoing legal investigations and compliance with court processes in Norway and the US.
Financial highlights
Q2 2025 revenues were $19.9M, with a 1.8% increase in silicon gas sales volume from Q1; EBITDA was $4.9M, with a 24.4% margin.
Moses Lake segment contributed $9.6M in EBITDA, including a $13.1M gain from lease modifications; Butte segment EBITDA was ($0.3M) due to lower ASPs and planned maintenance.
Cash balance at June 30, 2025, was $8.3M, down $5.5M from Q1; interest payments totaled $7.2M.
Net debt at quarter-end was $447.0M; nominal net debt was $447.3M.
H1 2025 revenues were $41.2M, down from $78.3M in H1 2024, mainly due to the polysilicon exit.
Outlook and guidance
Sequential cost reductions are expected to continue through year-end.
Q3 2025 silicon gases shipment target is 550-600 MT; silicon gas sales projected to grow in H2 2025, led by semiconductor and FPD segments.
PV cell production and battery anode market expected to remain soft due to tariffs, oversupply, and policy delays.
Focus remains on increasing revenues and controlling costs amid challenging market conditions.
Beyond Hanwha, what other financing options explored?
Why no polysilicon restart at Butte or Moses Lake?
Explain Moses Lake $13.1M other income.
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Next REC Silicon earnings date
Q3 20256 Nov, 2025
Next REC Silicon earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
REC Silicon engineers, manufactures, and sells silicon materials for the solar and electronics industries. The company offers polysilicon, silicon gas, and upgrade products to the solar and electronics industries. It also provides polysilicon to the producers of upstream silicon wafers or ingots.
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