REC Silicon ASA (RECSI.OL) Stock Analysis & Winston Score

REC Silicon ASA is a Norwegian company that makes polysilicon, which is an ultra-pure form of silicon used to build solar panels and semiconductors. Its main customers are solar energy manufacturers and electronics companies that need high-purity silicon as a raw material. The company operates production facilities in the United States and has historically been one of the few Western producers of this material. REC Silicon earns revenue by selling polysilicon and silane gas under long-term supply contracts and spot market sales. The company has faced serious financial pressure in recent years, partly because cheap Chinese polysilicon flooded global markets and undercut its pricing power, which explains its negative operating margins today. A key growth driver is the potential revival of its Moses Lake, Washington facility, which could benefit from U.S. policies pushing for domestic solar supply chains — but restarting that plant at scale requires significant capital and reliable customer commitments that are not yet fully secured.