REC’s Q3 update left many unanswered questions. The company’s near-term capital need is obvious, and we are uncertain as to whether a short-term bridge loan from Hanwha will solve “everything”. In a best case scenario, 2025 now looks be a transition year characterized by streamlining of operations and costs (i.e., we don’t necessarily rule out one or two quarters with negative FCF once plateau production has been reached). Although further Hanwha-supported bank financing would be welcome, REC’s ....
