REC’s revenues fell to NKr1.28bn ($220m) in the first quarter – down 24% sequentially, and a far cry from the NKr2.14bn it took in during the same period a year ago.
The drop came amid a 4% quarter-on-quarter price decrease for its modules, and a 9% drop for its polysilicon.
REC’s top line was also negatively impacted by its decision in January to “temporarily” mothball its Siemens-based polysilicon production in the US state of Washington, which has become uncompetitive in the face of ferocious price declines across the polysilicon market.
REC
