REC Silicon ASA
OSE:RECSI
REC Silicon ASA
REC Silicon ASA is a holding company, which engages in the manufacture and trade of silicon materials. The company is headquartered in Lysaker, Akershus. The company went IPO on 2006-05-09. REC Silicon ASA is engaged in production of advanced silicon materials to customers in the solar and electronics industry. The company offers three types of products: solar grade polysilicon for production of solar panels; electronic grade polysilicon for semiconductor industry and green energy technologies; and silane gases for semiconductor industry, flat panel displays and thin film technologies. The firm uses three technologies: Siemens process, based on decomposition of silane and deposition of elemental silicon; Fluidized Bed Reactor (FBR) technology, aimed at production of polysilicon at lower cost; and REC Business System (RBS) to manufacture gas and liquid silicon molecules.
REC Silicon ASA is a holding company, which engages in the manufacture and trade of silicon materials. The company is headquartered in Lysaker, Akershus. The company went IPO on 2006-05-09. REC Silicon ASA is engaged in production of advanced silicon materials to customers in the solar and electronics industry. The company offers three types of products: solar grade polysilicon for production of solar panels; electronic grade polysilicon for semiconductor industry and green energy technologies; and silane gases for semiconductor industry, flat panel displays and thin film technologies. The firm uses three technologies: Siemens process, based on decomposition of silane and deposition of elemental silicon; Fluidized Bed Reactor (FBR) technology, aimed at production of polysilicon at lower cost; and REC Business System (RBS) to manufacture gas and liquid silicon molecules.
EBITDA Loss: REC Silicon reported a $3.7 million EBITDA loss from continuing operations for Q4 2025.
Financing Activity: The company closed $20 million in loans in Q4 and announced a fully underwritten rights issue to raise the NOK equivalent of $100 million in new equity.
Ongoing Cash Pressure: Cash balance at year-end was $7.3 million, with negative cash flow continuing from Moses Lake as the plant is kept ready for future recovery.
Market Conditions: Silicon gas sales remain range bound, with ongoing oversupply and uncertain timing for end market recovery, especially in semiconductor and PV segments.
Further Financing Needed: Management stated that without continued shareholder support or additional capital, REC Silicon does not have enough cash to meet debt service and operating needs in 2026.
