REC Silicon ASA (0FS8) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, and welcome to the fourth quarter 2025 presentation. My name is Kurt Levins. I'm the CEO of RAC Silicon, and I'm joined by Jack Yoon, our CFO. Today, we're going to go through the usual highlights and updates, find out your review, and then spend some time on strategic development, and recent financing activities, followed by a summary of the high points of the quarter. Our EBITDA loss from continuing operations was $3.7 million in this quarter. Silicon gas sales still remain relatively range bound, although some segments are now starting to exhibit recovery. We closed on $20 million in loans in Q4, and additional subsequent financial events in 26, such as extension of $110 million for short-term loans, additional $10 million loan in January, and earlier this week, a proposed fully underwritten rights issue to raise the NOC equivalent of $100 million in new equity. Gas shipments were higher than in Q3. However, shipments still remain in the 500 to 600 range that we have been in for the past six quarters or so. Unfortunately, the same conditions have persisted for the past year and a half. Regional shifts in demand on some of our standard products, combined with oversupply in some of those markets. Additionally, pushouts of new end market capacity and cancellations of some projects. Our increase in revenues in Q3, primarily driven by volume increases in gases and our mixed effects coming from an ASP increase attributable to a higher amount of our higher value products and higher value markets that we sell into. The highest This resulted in the highest EBITDA contribution of 2025, and a higher contribution than was in Q3 of 25. We ended the year with a cash balance of $7.3 million, and we borrowed $20 million in the Q4 period. In addition to that, we had ...