REC Silicon ASA reported third quarter revenues of USD 75.5 million, up from USD 61.4 million in the previous quarter. The corresponding EBITDA during the third quarter was USD 3.6 million compared to USD 1.3 million in the previous quarter.
The company reported a cash balance of USD 88.0 million on September 30, 2017. This represents an increase of USD 16.6 million compared to June 30, 2017.
Silicon gas sales volumes for the quarter exceeded expectations at 904 MT. Third quarter polysilicon production of 2,835MT was slightly below guidance given at the previous quarter.
FBR cash cost was better than expectations at $10.4/kg for the quarter which continues to demonstrate the company's successful efforts to reduce costs and maintain liquidity. Company CEO Tore Torvund commented "Our strong performance in both cash cost and cash balance shows that we are positioned to address our liquidity situation moving forward."
Progress on the Yulin joint venture plant continues as planned. The JV facility expects to start up the first silane unit and FBR reactors in Q4 2017. The second silane unit is scheduled to start up in Q1 2018. The company continues to negotiate the deferral of the remaining $169 million capital contributions until after 2018.