REC Silicon (RECSI) Q4 2025 earnings summary

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.