REC Silicon ASA reported fourth quarter 2017 revenues of USD 78.0 million, up slightly from USD 75.5 million in the previous quarter. The corresponding EBITDA during the fourth quarter was USD 10.3 million compared to USD 3.6 million in the previous quarter.
The company reported a cash balance of USD 104.5 million on December 31, 2017. This represents an increase of USD 16.6 million compared to September 30, 2017.
Silicon gas sales volumes for the quarter were 969MT representing an 8% increase over guidance. Fourth quarter polysilicon production of 2,616MT was broadly in line with guidance given during the previous quarter earnings release.
The company continued to exceed FBR cash cost expectations with a quarterly cash cost of $10.4/kg for the fourth quarter.
Production at the Yulin JV started in December 2017 as planned. The first silane unit and associated FBR and Siemens reactors are in operation. Construction of the second silane unit is near complete and will be started during the second quarter of 2018. Production is expected to increase throughout the first half of 2018 with designed production levels to be achieved by year end.
Tore Torvund, REC Silicon CEO commented, "With the previously announced financing arrangement of the JV along with our recent strong performance, the company is well positioned to address its 2018 debt obligations."