REC Silicon ASA (0FS8) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the RAC silicon third quarter 2025 results presentation. My name is Kurt Levins. I'm the CEO and with me is Jack Hume, our CFO. Today we're going to give our usual highlights and updates as well as a financial review and then spend a few slides on our strategic direction as well as summarizing where we're at right now. Our restructuring efforts continue, and we will have an approximate 10% reduction in force in Q4 of this year. Our Moses Lake optionality costs are starting to stabilize near a lower run rate level. There are some incremental reductions that will continue, and we expect it to continue to lower quarter over quarter for the foreseeable future. There are still more opportunities in Butte for reduction in terms of our cost structure, and we are continuing to identify and actualize on those projects. Our markets are mixed right now. aggressive China supply in some segments, and delays across new end-user capacity continue. We finalized additional loans from Hanwha International and continue discussions on further short and long-term financing options. Trade actions are still creating uncertainty, as well as shifts in some of our siloing gas markets. And in the quarter, the mandatory offer for shares is completed with Anchor AS assuming 60.2% ownership in REC Silicon. We're still operating in the range that we had indicated last time. And we expect Q4 to be similar from a volume perspective to potentially marginally better. There's some pickup in our non-silane silicon gases, primarily driven by our DCSMCS offerings and the markets that they serve. PV outside of China continues to remain weak. PV cell production outside of China continues to remain weak. And utilization is low, and new projects are being pushed out. Our EBITDA was...