July 24, 2014 - REC ASA today announced its second quarter financial results.
Key highlights:
- Revenues of USD 175.8 million, up 0.2% from Q1 2014
- EBITDA of USD 21.1 million, including USD 7.4 million in property tax re-imbursement
- Closing cash balance of USD 97.1 million
- Solar panel cash cost in Q2 2014 is in line with Q1 2014 (excluding exceptional items)
- 232MW of module production, up 7.4% from Q1 2014
- REC's sales price for solar panels for Q2 2014 down with 1.5% from Q1 2014
- Agreement with SolarCity to supply minimum 100 MW and up to 240 MW
- Product scope is expanding to strengthen US market position
Martin Cooper, CEO of REC Solar ASA said: "REC's second quarter of 2014 was characterized by high sales volumes in Europe, softer market conditions in Japan and sales pipeline building up in the US market. The launch of our Peak Energy 72 series panels and our recently announced sales agreement with SolarCity demonstrate our ability to react quickly to market opportunities. REC is well positioned to capitalize on the market opportunities in the US market. We continue to have a strong focus on reducing our solar panel cash costs/watt to remain competitive. The furnace upgrade and module capacity expansion is progressing according to plan."
