REC Silicon (RECSI) Status Update summary

Operational progress and process improvements

• Successfully mitigated a key impurity issue, enabling product to meet market standard specifications and customer requirements.

• Implemented process changes, including bypassing certain areas and adjusting operating parameters, to optimize quality.

• First shipment of ultra-high purity polysilicon delayed to mid-October for final customer qualification, with product samples sent for evaluation.

• Plant restart and ramp-up have been rapid, with construction activities complete and full production targeted by year-end.

• Facility is now producing commercial volumes, focusing on continuous quality improvement and optimization.

Financial outlook and funding

• EBITDA guidance range remains unchanged despite specification adjustments.

• Cash position is being monitored, with additional financing options under evaluation if needed.

• Prepayment from customer expected around first shipment, supporting near-term liquidity.

Quality, specification, and market positioning

• Product now meets market standard and contractual obligations, with a roadmap to exceed original specifications.

• Focus remains on PV-grade polysilicon, with ambitions for semiconductor-grade in the future.

• High purity is seen as a competitive advantage, especially amid global oversupply.

• Product quality is aligned with market standards, with ongoing efforts for continuous improvement.

• REC Silicon is positioned to supply ultra-high purity polysilicon to the US solar value chain and provide silane gas for the battery industry.