Rec Silicon falls after Q1 results

Rec Silicon ASA

10/05/2024 09:35

** Shares in Rec Silicon  RECSI.OL  fall 4.2% after the
Norway-based producer of advanced silicon material posted its Q1
results amid polysilicon delivery delays, higher Moses Lake
reopening costs, and unease over its Q1 cash position
    ** Reports Q1 EBITDA loss of $31.5 million vs loss of $31.2
million in prior quarter
    ** Sparebank 1 Markets analyst Jonas Fremming notes that the
results were as expected, points out "soft communication" from
the company raising investor concern about its increased
expenses and cash reserves
    ** "Likely some investors are questioning the cash
position; $101 mln in cash as of Q1 2024, and Q1 FCF of negative
$62 million," he says  
    ** Fremming highlights the absence of news regarding silane
gas opportunities for Moses Lake facility and a 10% increase in
reopening costs as key factors pressuring the company's shares
on Friday
    ** Including the session's decline, stock down 29.32% YTD
    ​

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))