MOSES LAKE — REC Silicon operating revenue dropped substantially in 2025 when compared with 2024, according to the company’s annual report released March 25. The company reported $78.2 million in operating revenue in 2025, compared with $140.8 million in 2024.  

What that means for the company’s facility on East Wheeler Road is still to be determined. It was shut down in late 2024.  

“(The shutdown) was due to persistent quality issues and uncertain resolution paths that plagued the Moses Lake polysilicon product,” wrote Kurt Levens, REC chief executive officer, in the report. “However, the silane facilities were placed in a safe-shutdown condition so that a future restart would be possible if silane market conditions and high-volume demand opportunities were to materialize.” 

For now, the company’s facility in Moses Lake remains closed.  

“There are no changes to the Moses Lake facility that have been previously announced by the company,” said Chuck Sutton, vice president of polysilicon sales and government relations, in an earlier email. 

REC Silicon did cut some of its losses in 2025, with its “earnings before interest, taxes, depreciation and amortization” losses at $8.5 million in 2025 compared to a loss of $17.9 million in 2024. The EBITDA measures money generated from a company’s core business activities, while excluding the effects of financing, taxes and non-cash accounting measures.  

REC Silicon produces silicon gas at its facility in Butte, Montana. Sales decreased by about 14.3% between 2024 and 2025.  

The company’s largest shareholder is Hanwha, based in South Korea, which owns about 60% of REC’s shares through its subsidiaries. Because of its financial position, REC received $90 million in loans from Hanwa in 2025, the report said. 

REC Silicon announced a new stock offer earlier this year with the goal of raising about $100 million. The stocks are “fully underwritten,” which means that the underwriters have agreed to buy a lot of the stock. That allows the company to raise the money, even if the stock price falls.   

“We continue to work on our short-term and long-term financing,” Sutton said. “This equity raise will assist in that process by paying back some of our current debt, along with supporting working capital and operational needs.” 

While in some ways the company’s financial picture has improved, Levens said there’s still work to do. 

“We have made tangible progress in reducing fixed costs and stabilizing operations, but further work remains to stabilize our financial position,” he said. “The reality is the company still faces mid- to long-term liquidity challenges.”