Q1 2022 REC Silicon ASA Earnings Call Transcript
Good morning, welcome to REC Silicon's First Quarter 2022 Earnings Release Presentation. I'm James May, the CEO of REC Silicon. And today, I have with me Douglas Moore, our CFO, who will review the company's financial performance during the first quarter. I will then cover the remaining topics on our agenda this morning.
As you can see, we were reporting revenues of $34.6 million for the first quarter of 2022. This represents a decline of approximately $8.6 million compared to the fourth quarter of 2021. This decline is the result of lower polysilicon shipment volumes, which decreased from 481 metric tons in the fourth quarter to 267 metric tons in the current quarter. This decline is a result of 2 occurrences.
First, we accelerated shipments with semiconductor-grade polysilicon into the fourth quarter of 2021, about 65 metric tons, which resulted in relatively lower polysilicon shipment volumes during the first quarter. And then secondly, we have normal seasonal fluctuations, which generally result in lower first quarter sales volumes
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