Ankündigung • Apr 27
REC Silicon ASA, Annual General Meeting, Jun 30, 2026 REC Silicon ASA, Annual General Meeting, Jun 30, 2026. Ankündigung • Apr 08
REC Silicon ASA has completed a Follow-on Equity Offering in the amount of NOK 972.603 million. REC Silicon ASA has completed a Follow-on Equity Offering in the amount of NOK 972.603 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,078,000,000
Price\Range: NOK 0.2385
Transaction Features: Rights Offering Ankündigung • Feb 10
REC Silicon ASA has filed a Follow-on Equity Offering in the amount of NOK 972.603 million. REC Silicon ASA has filed a Follow-on Equity Offering in the amount of NOK 972.603 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,078,000,000
Price\Range: NOK 0.2385
Discount Per Security: NOK 0.016695
Transaction Features: Rights Offering Ankündigung • Jun 25
Rec Silicon ASA Approves Appointment of New Board REC Silicon ASA at its AGM held on June 25, 2025, approved the appointment of new board consists of John Adams (chair), Karina Fossmark, Jane Power, Jens Ulltveit-Moe and Mike Kerschen. Ankündigung • May 23
Water Street Capital Issues Open Letter to Shareholders of REC Silicon On May 23, 2025, Water Street Capital, Inc announced that it has issued a letter to REC Silicon ASA's shareholders announcing its intention to vote against what it believes to be a significantly undervalued proposal from Hanwha Solutions Corporation, REC Silicon's largest shareholder, to purchase all shares of the Company. Water Street stated that it intends to call an Extraordinary General Meeting to investigate the circumstances that led to the termination of Hanwha's 10-year purchase contract with the Company in December 2024 to acquire all polysilicon from its Moses Lake facility and expressed its plan to nominate new directors to the Company's Board at its upcoming Annual General Meeting. Ankündigung • Apr 28
Hanwha Group Intends to Delist REC Silicon ASA Hanwha Group has reached a rescue deal to fully acquire troubled Norwegian silicon materials REC Silicon ASA via an offer valuing the target company at NOK 925 million (USD 88.7m/EUR 78.1m). Following the transaction, Hanwha intends to delist the firm. The offer is subject to an acceptance level allowing the bidder to secure over 90% of REC. Ankündigung • Apr 25
Hanwha Solutions Corporation (KOSE:A009830) and Hanwha Corporation (KOSE:A000880) announces the agreement to acquire an remaining 66.67% stake in REC Silicon ASA (OB:RECSI) for approximately NOK 620 million. Hanwha Solutions Corporation (KOSE:A009830) and Hanwha Corporation (KOSE:A000880) announces the agreement to acquire an remaining 66.67% stake in REC Silicon ASA (OB:RECSI) for approximately NOK 620 million on April 24, 2025. A cash consideration valued at NOK 2.2 per share will be paid by Hanwha Solutions Corporation and Hanwha Corporation. The Offeror has received pre-commitments to accept the Offer from Hanwha Corporation and Hanwha Solutions Corporation, who together hold Shares representing approximately 33.33% of the Shares as at the date of this announcement. The Offer will be subject to conditions, including but not limited to the Offer being accepted to such extent that the Offeror becomes the owner of Shares representing more than 90% of the Shares and voting rights in the Company. If as a result of the Offer, the Offeror acquires and holds more than 90% of all Shares representing more than 90% of the voting rights in the Company, the Offeror will have the right and intends to carry out a compulsory acquisition of the remaining Shares. Also, if, as a result of the Offer or otherwise, the Offeror holds a sufficient majority of the Shares, the Offeror intends to propose that the general meeting of the Company passes a resolution to apply to de-list the Shares from the Oslo Stock Exchange. The Offer will be financed by liquidity resources available to the Offeror. The Offer is not subject to any conditions as to financing or due diligence. The Board of REC Silicon has unanimously resolved that it recommends the Shareholders to accept the Offer. The Board believes the terms of the Offer are in the best interests of the Company and the Shareholders as a whole based on an assessment of various factors, including but not limited. The Offeror's obligation to launch the Offer is subject to the following conditions, which are for the sole benefit of the Offeror and may be waived, in whole or in part, by the Offeror: (i) The Pre-Acceptances remain valid and in full force; (ii) No breach of the Transaction Agreement; and (iii) That the conditions for completion of the Offer (the "Closing Conditions") shall not have been made impossible to satisfy and the Closing Conditions (ii) to (viii) below shall remain fulfilled at all times. The initial offer period in the Offer will commence following publication of the Offer Document and is expected to last for 20 business days (the "Offer Period"), subject to any extensions by the Offeror (one or more times and at its sole discretion) up to a maximum offer period of up to 10 weeks.
DNB Markets, a part of DNB Bank ASA is acting as financial advisor and receiving agent and Advokatfirmaet Wiersholm AS is acting as legal advisor to the Offeror. Arctic Securities AS is acting as financial advisor and Advokatfirmaet Schjødt AS is acting as legal advisor to the Company. In making its recommendation, the Board has received a fairness opinion from Arctic Securities AS, as an independent third party, concluding that the Offer is fair from a financial point of view. Reported Earnings • Mar 31
Full year 2024 earnings released: US$0.25 loss per share (vs US$0.23 profit in FY 2023) Full year 2024 results: US$0.25 loss per share (down from US$0.23 profit in FY 2023). Revenue: US$140.8m (flat on FY 2023). Net loss: US$104.3m (down 209% from profit in FY 2023). Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in the United Kingdom are expected to grow by 25%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 56% per year, which means it is significantly lagging earnings. Board Change • Mar 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Renate Oberhoffer-Fritz is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Ankündigung • Jan 02
REC Silicon ASA Ceasing of Production at Moses Lake, Washington Facility and Transitioning to Pure-Play Silicon Gas Producer REC Silicon ASA announced that it is ceasing production at its Moses Lake, Washington facility. Production of polysilicon will be discontinued at the Moses Lake facility, while equipment involved in production of silicon gases will be maintained in a safe and recoverable mode that incurs minimal interim costs, allowing the unit to restart with reasonable notice. This will give the Company the flexibility to capitalize on future customer demand for Silicon Anode or other gases while minimizing near-term operational costs. This announcement follows the Company's decision to shut down polysilicon production at its Butte, Montana facility in February 2024. Once the shutdown process at the Moses Lake facility is complete, REC Silicon will have completely discontinued the production of polysilicon at both facilities. Moving forward, REC Silicon will focus its business efforts on silicon gases where the Company has clear strength, market positioning, and product differentiation. The Company is prioritizing driving costs out of its silicon gas assets and optimizing production, with a goal to return to profitability. Production Issues at the Moses Lake Facility: The shutdown of the Moses Lake facility follows numerous, previously disclosed efforts to improve the level of some key impurities that resulted primarily from the post-reactor product finishing and handling systems. Initiatives included changing contact materials, procedures, operating conditions and parameters, passivation measures and bypassing equipment; and bringing in third-party resources to assist in evaluating and mitigating the situation. However, the Company was unsuccessful in its attempts to fully rectify the issues and ultimately received an unsuccessful qualification test, as announced on December 17, 2024. After further discussion with its customer, the customer is not able to wait any longer for delivery of product that consistently meets the requirements at the correct levels and can be delivered at the needed volumes. There are currently no other customers in the USA and limited customers outside of China, all of which are not options at this time due to product quality, market and contract conditions and timing of potential need. The Company and its customer are therefore now in advanced discussions regarding the cancellation of its contract, including the elimination of any penalties and a deferral of the repayment of the initial pre-payment. The company will provide more information as it is available. REC Silicon immediately began a review of strategic options to address financial and operational challenges, including additional operational adjustments, contractual re-negotiations, financing options, and other mitigative actions. That review has yielded the following conclusions: Given the high fixed costs involved in operating the facility and uncertainty related to the timing and quantifiable success of further improvements in its product handling process, as well as the available customer base, a shutdown of the Moses Lake facility is the best way to maintain strategic optionality and financial flexibility. The Company sought additional financing options for support during this period of transition and to fund the shutdown process and the Company announced that it is in advanced discussions with its largest shareholder regarding a potential short-term loan. In keeping with its long relationships and significant continuing presence in the semiconductor materials supply chain, the company will execute the shutdown in a manner that balances the best interests of all stakeholders. The Company expects the shutdown of the Moses Lake facility to start immediately and could take about three months and that the workforce in Moses Lake, along with some other employees who support the Moses Lake business line, will be reduced accordingly. The Company will provide additional information to impacted stakeholders as it becomes available. Ankündigung • Dec 23
REC Silicon ASA, Annual General Meeting, May 08, 2025 REC Silicon ASA, Annual General Meeting, May 08, 2025. New Risk • Dec 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.07b (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-US$67m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$272m). Market cap is less than US$100m (kr1.07b market cap, or US$95.4m). Reported Earnings • Nov 12
Third quarter 2024 earnings released: US$0.13 loss per share (vs US$0.06 loss in 3Q 2023) Third quarter 2024 results: US$0.13 loss per share (further deteriorated from US$0.06 loss in 3Q 2023). Revenue: US$33.8m (down 2.9% from 3Q 2023). Net loss: US$52.6m (loss widened 112% from 3Q 2023). Revenue is forecast to grow 58% p.a. on average during the next 3 years, compared to a 31% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. New Risk • Sep 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Negative equity (-US$15m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-US$245m). Reported Earnings • Aug 09
Second quarter 2024 earnings released: US$0.12 loss per share (vs US$0.03 loss in 2Q 2023) Second quarter 2024 results: US$0.12 loss per share (further deteriorated from US$0.03 loss in 2Q 2023). Revenue: US$37.7m (up 2.7% from 2Q 2023). Net loss: US$50.7m (loss widened 245% from 2Q 2023). Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr8.93, the stock trades at a trailing P/E ratio of 14.1x. Average forward P/E is 7x in the Semiconductor industry in Europe. Total loss to shareholders of 47% over the past three years. Board Change • Jun 25
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Renate Oberhoffer-Fritz is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Ankündigung • May 15
REC Silicon ASA Announces Board Appointments REC Silicon ASA at its annual general meeting held on 14 May 2024, announced the following are elected as board members for a period until the annual general meeting of2025: Jooyong Chung (Deputy Chair), Vivian Bertseka and Robert Neuhauser. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: US$0.07 (vs US$0.21 loss in FY 2022) Full year 2023 results: EPS: US$0.07 (up from US$0.21 loss in FY 2022). Revenue: US$141.1m (down 4.5% from FY 2022). Net income: US$30.5m (up US$117.4m from FY 2022). Profit margin: 22% (up from net loss in FY 2022). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr10.02, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 21x in the Semiconductor industry in Europe. Total loss to shareholders of 40% over the past three years. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: US$0.07 (vs US$0.21 loss in FY 2022) Full year 2023 results: EPS: US$0.07 (up from US$0.21 loss in FY 2022). Revenue: US$141.1m (down 4.5% from FY 2022). Net income: US$30.5m (up US$117.4m from FY 2022). Profit margin: 22% (up from net loss in FY 2022). Revenue is forecast to grow 61% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. New Risk • Nov 20
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$12m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$12m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-US$181m). Reported Earnings • Nov 17
Third quarter 2023 earnings released: US$0.06 loss per share (vs US$0.07 loss in 3Q 2022) Third quarter 2023 results: US$0.06 loss per share (improved from US$0.07 loss in 3Q 2022). Revenue: US$34.8m (down 5.2% from 3Q 2022). Net loss: US$24.8m (loss narrowed 13% from 3Q 2022). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Ankündigung • Sep 21
REC Silicon ASA(OB:RECSI) dropped from Oslo OBX Total Return Index REC Silicon ASA has been removed from Oslo OBX Index Reported Earnings • Aug 16
Second quarter 2023 earnings released: US$0.03 loss per share (vs US$0.06 loss in 2Q 2022) Second quarter 2023 results: US$0.03 loss per share (improved from US$0.06 loss in 2Q 2022). Revenue: US$36.7m (down 18% from 2Q 2022). Net loss: US$14.7m (loss narrowed 38% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released: US$0.08 loss per share (vs US$0.02 loss in 1Q 2022) First quarter 2023 results: US$0.08 loss per share (further deteriorated from US$0.02 loss in 1Q 2022). Revenue: US$29.1m (down 16% from 1Q 2022). Net loss: US$34.4m (loss widened 295% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • May 11
Forecast to breakeven in 2024 The analyst covering REC Silicon expects the company to break even for the first time. New forecast suggests the company will make a profit of US$41.0m in 2024. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Buying Opportunity • Apr 04
Now 21% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be kr21.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 13% in a year. Earnings is forecast to grow by 16% in the next year. Reported Earnings • Mar 27
Full year 2022 earnings released: US$0.21 loss per share (vs US$0.12 loss in FY 2021) Full year 2022 results: US$0.21 loss per share (further deteriorated from US$0.12 loss in FY 2021). Revenue: US$147.8m (up 3.2% from FY 2021). Net loss: US$86.9m (loss widened 100% from FY 2021). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 36% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 10
Now 23% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be kr23.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 13% in a year. Earnings is forecast to grow by 16% in the next year. Reported Earnings • Feb 24
Full year 2022 earnings released: US$0.21 loss per share (vs US$0.12 loss in FY 2021) Full year 2022 results: US$0.21 loss per share (further deteriorated from US$0.12 loss in FY 2021). Revenue: US$147.8m (up 3.2% from FY 2021). Net loss: US$86.9m (loss widened 100% from FY 2021). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 46% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Feb 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be kr18.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 18% in a year. Earnings is forecast to grow by 9.9% in the next year. Reported Earnings • Nov 17
Third quarter 2022 earnings released: US$0.07 loss per share (vs US$0.04 loss in 3Q 2021) Third quarter 2022 results: US$0.07 loss per share (further deteriorated from US$0.04 loss in 3Q 2021). Revenue: US$36.7m (up 1.4% from 3Q 2021). Net loss: US$28.6m (loss widened 74% from 3Q 2021). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Renate Oberhoffer-Fritz is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Renate Oberhoffer-Fritz is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: US$0.06 loss per share (vs US$0.015 loss in 2Q 2021) Second quarter 2022 results: US$0.06 loss per share (down from US$0.015 loss in 2Q 2021). Revenue: US$45.0m (up 26% from 2Q 2021). Net loss: US$23.6m (loss widened 337% from 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 44% growth forecast for the Semiconductor industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 28
First quarter 2022 earnings released: US$0.02 loss per share (vs US$0.02 loss in 1Q 2021) First quarter 2022 results: US$0.02 loss per share (vs US$0.02 loss in 1Q 2021). Revenue: US$34.6m (up 23% from 1Q 2021). Net loss: US$8.70m (loss widened 1.2% from 1Q 2021). Over the next year, revenue is forecast to grow 10%, compared to a 59% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Audun Stensvold is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 28
Full year 2021 earnings released: US$0.12 loss per share (vs US$0.16 loss in FY 2020) Full year 2021 results: US$0.12 loss per share (up from US$0.16 loss in FY 2020). Revenue: US$143.2m (up 17% from FY 2020). Net loss: US$43.5m (loss narrowed 6.9% from FY 2020). Over the next year, revenue is forecast to grow 37%, compared to a 90% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 19
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.12 loss per share (up from US$0.16 loss in FY 2020). Revenue: US$143.2m (up 17% from FY 2020). Net loss: US$43.5m (loss narrowed 6.9% from FY 2020). Revenue exceeded analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 36%, compared to a 91% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Feb 18
Forecast to breakeven in 2023 The analyst covering REC Silicon expects the company to break even for the first time. New forecast suggests the company will make a profit of US$44.0m in 2023. Average annual earnings growth of 93% is required to achieve expected profit on schedule. Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be US$19.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% per annum over the last 3 years. Earnings per share has grown by 89% per annum over the last 3 years. Reported Earnings • Oct 21
Third quarter 2021 earnings released: US$0.055 loss per share (vs US$0.11 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$36.2m (up 20% from 3Q 2020). Net loss: US$16.4m (down 153% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering REC Silicon expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$34.4m in 2023. Average annual earnings growth of 82% is required to achieve expected profit on schedule. Reported Earnings • Jul 23
Second quarter 2021 earnings released: US$0.01 loss per share (vs US$0.14 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$35.6m (up 15% from 2Q 2020). Net loss: US$5.40m (loss narrowed 87% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2021 earnings released: US$0.02 loss per share (vs US$0.04 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$28.1m (up 14% from 1Q 2020). Net loss: US$8.60m (loss narrowed 18% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 29
Full year 2020 earnings released: US$0.16 loss per share (vs US$0.47 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$122.1m (down 24% from FY 2019). Net loss: US$46.7m (loss narrowed 63% from FY 2019). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 21
Full year 2020 earnings released: US$0.16 loss per share (vs US$0.47 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$122.1m (down 24% from FY 2019). Net loss: US$46.7m (loss narrowed 63% from FY 2019). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 2.8%. Over the next year, revenue is expected to shrink by 5.4% compared to a 16% growth forecast for the Semiconductor industry in the United Kingdom. Is New 90 Day High Low • Feb 08
New 90-day high: kr21.92 The company is up 96% from its price of kr11.16 on 10 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr54.24 per share. Is New 90 Day High Low • Jan 08
New 90-day high: kr18.08 The company is up 208% from its price of kr5.87 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr44.77 per share. Is New 90 Day High Low • Dec 12
New 90-day high: kr12.76 The company is up 204% from its price of kr4.19 on 11 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr66.09 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of US$65.6m, with losses narrowing by 27% from the prior year. Total revenue was US$117.8m over the last 12 months, down 34% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 3.4% at US$30.2m. Revenue is forecast to grow 15% over the next year, compared to a 12% growth forecast for the Semiconductor industry in the United Kingdom. Recent Insider Transactions • Oct 24
Chairman of the Board recently bought kr355k worth of stock On the 15th of October, Annette Beate Wacknitz Justad bought around 30k shares on-market at roughly kr11.82 per share. This was the largest purchase by an insider in the last 3 months. This was Annette Beate Wacknitz's only on-market trade for the last 12 months. 
