Kurt Levens
President & CEO

Welcome to REC Silicon Q1 2026 presentation. My name is Kurt Levens, I'm the CEO. And I'm here with Jack Yun, our CFO.

We will cover the usual highlights and updates, a brief financial review, discuss our strategic development and financing activities and then close it out with a summary of the quarter.

EBITDA from continuing operations was negative $3.8 million. Silicon Gas sales are notably different across different demand segments. Market and growth outlook is heavily dependent upon completion of new capital project and the specific application. We finalized $10 million short-term loan from Anchor AS, subsequently completed an equity raise. And made a repayment for polysilicon prepayment due to the supply agreement.

Gas sales continue in the same range. However, we are starting to see favorable mix effects towards more differentiated and higher value offerings. The flip side is that we are still dealing with oversupply and high-volume commoditized markets, where prices are lower and demand exists in unfavorable geographies for us as a U.S. supplier. This results in losing some of the positive effects of increased volume.

[ Butte ] revenues were down slightly quarter-on-quarter and year-on-year. Moses Lake segment had a one-off effect due to a utility tax refund. Butte EBITDA slightly increased both quarter-on-quarter and year-on-year. Part of the positive cost reduction contributor is from lower input costs, particularly those that are normally seasonal relative to what we've come to expect. Additionally, completing capital project designed to use less of a particular feedstock is proving to perform as intended.

As of the end of the quarter, we had a cash balance of $5.2 million. As noted previously, we also closed on