REC Silicon’s Revenue Up by 26% YoY With $45 Million in Q2 2022

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REC Silicon, a leading producer of advanced silicon materials, posted a revenue of $45 million in the second quarter (Q2) of the calendar year (CY) 2022, up 20% from $34.6 million in the previous quarter.

The revenue increased by 26% compared to the $35.6 million recorded in the same period last year.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of $1.1 million for the quarter, which was a decline of 69% compared to $3.6 million in the last quarter. The loss was attributed to lower EBITDA contributions from the semiconductor segment, specifically increased costs associated with energy and raw materials.

The company reported an EBITDA of $7.5 million contributed by the semiconductor materials segment during the quarter, down by 30% compared to $10.7 million in Q1 2022. The decrease was due to higher electricity prices during the quarter.


REC Silicon reported a cash balance of $173 million at the end of Q2 against $204 million at the end of Q1. Cash outflows of $17.6 million and capital expenditure of $12.8 million resulted in a decrease in cash balance.

Total polysilicon sales volumes increased by 204 metric tons (MT) to 471 MT in the second quarter of 2022 compared to 267 MT during the first quarter of 2022. Semiconductor-grade polysilicon sales volumes increased by 146 MT to 333 MT. Solar grade polysilicon sales volumes increased by 58 MT to 137 MT.

Semiconductor grade polysilicon sales volumeAverage polysilicon prices for the second quarter increased by 5.8% compared to the prior quarter. Average prices for individual semiconductor grades increased by 2.7% compared to the prior quarter. Average prices for solar-grade polysilicon increased by 25.6% compared to the prior quarter.

Total polysilicon production volume for the second quarter was 390 MT compared to 372 MT for the first quarter of 2022.

Polysilicon prices finished the quarter at $37.5/kg, an increase of approximately 9% over the first quarter. New wafer capacity continued to outpace new polysilicon capacity, and prices were not negatively impacted as installation demand remained strong.

In 2020, REC Silicon and Violet Energy Corporation joined hands to develop an integrated domestic solar manufacturing supply chain. REC Silicon had invested over $1.7 billion in a facility employing its proprietary silane gas-based fluidized bed reactor for granular polysilicon.