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REC Silicon (RECSI) investor relations material
REC Silicon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 EBITDA was -$7.2M, reflecting ongoing market and operational challenges, with a 10% workforce reduction announced in Q4 as part of restructuring.
Revenues for Q3 2025 were $16.9M, down from $19.9M in Q2 2025, mainly due to lower sales volumes of silicon gases and polysilicon.
Anchor AS (Hanwha) completed a mandatory offer, increasing ownership to 60.2%.
Markets remain pressured by aggressive low-cost Chinese supply, trade policy uncertainty, and delays in US and global semiconductor, PV, and silicon anode projects.
Financial highlights
Q3 2025 revenues were $16.9M, with an EBITDA margin of -42.7% and a net loss of $14.0M.
Cash balance at September 30, 2025, was $10.0M, up $1.7M during the quarter.
Net debt stood at $464.1M, with total debt of $423.2M and lease liabilities of $50.9M.
Cash flows from operating activities were negative $16.6M in Q3 2025.
Capital expenditures for Q3 2025 were $0.6M, focused on process improvements in Butte.
Outlook and guidance
Q4 2025 silicon gases shipment target is 550-600 MT, with volumes expected to be similar or marginally better than Q3.
Ongoing focus on cost discipline, asset monetization, and securing additional funding.
Additional financing and comprehensive restructuring of $420M term loans maturing in 2026 are under evaluation.
Profitability pressure is expected to persist, requiring disciplined cost management and a leaner operational model.
Plan for $420M debt maturing in 2026?
Timeline for noncore asset monetization
Update on silicon anode battery market delays
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Next REC Silicon earnings date
Q4 20256 Feb, 2026
Next REC Silicon earnings date
Q4 20256 Feb, 2026
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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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