REC Silicon ASA reported fourth quarter 2018 revenues of USD 48.9 million, compared to 43.7 million in the third quarter. The corresponding EBITDA during the quarter was a loss of USD 3.8 million compared to a loss of USD 6.1 million in the previous quarter. Polysilicon sales volume for the quarter was 1,270 MT compared to 658 MT in the prior quarter, while inventory decreased by 26 MT.
REC Silicon reported a cash balance of USD 31.8 million on December 31, 2018. This represents a decrease of USD 9.2 million compared to September 30, 2018. Cash outflows from operations was USD 8.7 million for the quarter which included interest payments of USD 6.3 million.
Silicon gas sales volumes for the fourth quarter were 920 MT compared to guidance of 850 MT. Silane gas prices decreased by 1.6 percent compared to the third quarter. Fourth quarter semiconductor polysilicon production was 313 MT compared to guidance of 340 MT.
The FBR facility in Moses Lake continued to operate at approximately 25 percent. FBR production was 1,209 MT in line with guidance of 1,190 MT. FBR cash costs were USD 14.6/kg compared to guidance of USD 15.3/kg.
REC Silicon's Board of Directors will consider a 2-month curtailment of production at the facility in Moses Lake near March 1, 2019 to reduce FBR inventories. At that time, REC Silicon's Board will consider whether trade negotiations between the United States and China are likely to result in REC regaining access to the China market for solar grade polysilicon and the overall outlook for the polysilicon market. A decision to temporarily curtail production at Moses Lake will not result in a workforce reduction. Customer demand will be met through the sale of REC Silicon's existing inventories.