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REC Silicon
REC Silicon (RECSI) investor relations material
REC Silicon Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 EBITDA loss from continuing operations was $3.7 million, with revenues of $20.1 million, up from $16.9 million in Q3 2025, driven by higher silicon gas and polysilicon sales volumes.
Board proposed a fully underwritten rights issue to raise NOK equivalent of $100 million in new equity, subject to EGM approval.
Closed $20 million in loans in Q4, with subsequent extension of a $110 million short-term loan and an additional $10 million loan in January 2026.
Geopolitical issues, oversupply, and policy uncertainty continue to impact sales channels, factory utilization, and demand.
Permanent shutdown of granular polysilicon operations at Moses Lake was completed, with ongoing costs now reported as continuing operations.
Financial highlights
Q4 2025 revenues: $20.1 million, up 19.3% from Q3 2025, but down from $29.6 million in Q4 2024.
Q4 2025 EBITDA: loss of $3.7 million, improved from a $7.2 million loss in Q3 2025.
Cash balance at December 31, 2025: $7.3 million, down $2.7 million during Q4.
Nominal debt at December 31, 2025: $491.1 million; net debt: $483.8 million.
Q4 2025 net loss from total operations: $17.3 million, including a $4.5 million impairment at Butte and a $2.4 million gain from discontinued operations.
Outlook and guidance
Silicon gas shipment target for Q1 2026 remains in the 500–600 MT range.
Ongoing need for additional financing and support, especially from the major shareholder.
Market conditions expected to remain challenging due to low-cost supply from China, slow customer ramp-ups, and policy/trade uncertainties.
Need for additional funding post-rights issue
Moses Lake path to full operation
Specific segments driving market recovery
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Next REC Silicon earnings date
Q1 20267 May, 2026
REC Silicon
Next REC Silicon earnings date
Q1 20267 May, 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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