Rec Silicon had a result before depreciation and amortization, EBITDA, of minus 31.5 million dollars in the first quarter of 2024. It is down from a loss of 23 million in the same period last year.
The turnover came in at 42.1 million dollars in the quarter and sent the operating profit to minus 36.8 million dollars. The result before tax ended with a loss of 40.5 million dollars.
Cash on hand decreased by $69.8 million to $101.1 million mainly due to the resumption of the prestigious Moses Lake project.
The company now expects the first delivery from the facility at the end of the second quarter of 2024. In the past, the company has adjusted expectations from only at the end of the first quarter or early in the second quarter, to during the second quarter.
– We were disappointed that we did not meet our first delivery date target, and we absolutely remain focused on this important goal for our company, our shareholders, our customers and the realignment of the manufacturing value chain back to the US, comments the CEO, Kurt Levens.
The company still maintains that the plant will be in full operation by the end of the year.
“Further write-downs and provisions are likely to be required if the facility does not reach full capacity,” the report states.
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Tags: Procrastinating Finansavisen
