Welcome to REC Silicon Q1 2026 presentation. My name is Kurt Levens, I'm the CEO, and I'm here with Jack Yun, our CFO. We will cover the usual highlights, updates, a brief financial review, discuss our strategic development and financing activities, and then close it out with a summary of the quarter. EBITDA from continuing operations was negative $3.8 million. Silicon gas sales are notably different across different demand segments. Market and growth outlook is heavily dependent upon completion of new capital project and the specific application. We finalized a $10 million short-term loan from Anker AS, subsequently completed a equity raise, and made a repayment for a polysilicon prepayment due to the supply agreement. Gas sales continue in the same range. However, we are starting to see favorable mix effects towards more differentiated and higher value offerings.
The flip side is that we are still dealing with oversupply and high volume commoditized markets, where prices are lower and demand exists in unfavorable geographies for us as a U.S. supplier. This results in losing some of the positive effects of increased volume. Butte revenues were down slightly quarter-over-quarter and year-over-year. Moses Lake segment had a one-off effect due to a utility tax refund. Butte EBITDA slightly increased both quarter-over-quarter and year-over-year. Part of the positive cost reduction contributor is from lower input costs, particularly those that are normally seasonal relative to what we've come to expect. Additionally, completed capital project designed to use less of a particular feedstock is proving to perform as intended. As of the end of the quarter, we had a cash balance of $5.2 million.
As noted previously, we also closed on an additional $10 million loan. Nominal net debt is at $496.3 million, an increase over the previous quarter. You can see, we still have a maturity profile in 2026 of loans that we are continuing to work on. Our best action continues to be a focus on short-term activities to improve our financial position and sustainability. The mid to long-term plan remains, in fact. Significant timing and execution risk continues, particularly for the acceptance and ramp of new technologies. In spite of all of our activities as outlined, our reality is that we still do not have sufficient available cash to meet debt service and other anticipated operating cash flow requirements for this year, and will require additional financing from our largest shareholder or other sources.
We completed our fully underwritten rights issue subsequent to quarter end. Post-transaction, Anker AS holds 93% of total shares. The request for investigation pursuant to Section 5-25 of the Public Limited Companies Act was received, and the court has set a deadline of May 7 as a last day to submit briefing, after which the court will render its decision. Additionally, the subpoena issued by a U.S. court for the delivery of certain information, REC Silicon continues to comply with the court process. Gas demand is improving in higher end applications and differentiated molecules. However, baseline higher volume commoditized silane applications and their weakness and oversupply are more than offsetting the benefits. Q2 volumes are expected to be similar to our recent past trend. We will continue to focus on the basic building blocks of cost, increased revenues, and what we can control.
Additionally, we will continue discussions and work in the remaining loans maturing in 2026. Thank you, and have a good day. We'll now take some questions.
Okay. Moving to submitted questions. First question is, has there been any production in Moses Lake during the first quarter of 2026?
No.
The next question we have is, why is REC Silicon looking to purchase land surrounding the Butte plant that was to be purchased by a data center? Is the purpose of REC to expand REC Silicon?
Okay. I'll just talk first of all in general. We don't comment on anything in particular as a matter of policy regarding, you know, what may or may not be happening until such time as it actually happens. I can say that we are in no position right now as a company for expansion activities.
There are no other submitted questions at this time.
All right. Well, with that then we will close this out. Currently we're on the books for August 8th, the next time. Thank you, and have a good day