November 3, 2025 | Montréal, Québec
5N Plus Inc. (TSX: VNP) (“5N+” or “the Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the three-month period ended September 30, 2025 (“Q3 2025”). All amounts in this press release are expressed in U.S. dollars unless otherwise stated.
“This quarter marks another financial milestone for 5N+, with our strongest quarterly revenue in a decade, record Adjusted gross margin1 and quarterly Adjusted EBITDA1. These stellar results reflect our strong performance across strategic sectors, reinforced by our global sourcing and manufacturing capabilities and focus on high-growth and high-value markets. In what continues to be a complex environment, we are executing on our growth strategy with discipline, building on our unique advanced materials capabilities and market positioning as the trusted partner of choice,” said Gervais Jacques, Chief Executive Officer of 5N+.
“The increase in revenue, earnings and margins this quarter reflects the strong momentum and acceleration in demand we have experienced since the beginning of the year from the terrestrial renewable energy and space solar power sectors, as well as strong pricing for bismuth-based products. This outperformance has resulted in a further increase to our Adjusted EBITDA guidance for 2025, positioning us for a truly exceptional year from an earnings generation perspective,” said Richard Perron, President and Chief Financial Officer of 5N+.
Financial Highlights
- Revenue in Q3 2025 increased by 33% to $104.9 million, compared to $78.8 million in Q3 2024. The increase is primarily attributable to higher sales in the terrestrial renewable energy and space solar power sectors under Specialty Semiconductors, and higher bismuth-based product pricing under Performance Materials.
- Adjusted EBITDA in Q3 2025 increased by 86% to $29.1 million, compared to $15.6 million in Q3 2024, driven by higher volumes in the terrestrial renewable energy and space solar power sectors, and better prices over inflation for both space solar power and bismuth-based products.
- Adjusted gross margin increased by 58% to $38.7 million in Q3 2025, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 36.9% in Q3 2025, compared to 31.1% in Q3 2024.
- Net earnings in Q3 2025 were $18.2 million, compared to $6.4 million in Q3 2024.
- Backlog1 stood at $357.5 million, representing 311 days of annualized revenue as at September 30, 2025, 14 days higher than in the previous quarter.
- Net debt1 was $63.3 million as at September 30, 2025, compared to $100.1 million as at December 31, 2024, reflecting an increase in operating cashflows. The Company’s net-debt-to-EBITDA ratio1 stood at 0.74x as at September 30, 2025.
1These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.
CEO Succession Plan
On October 29,2025, the Company announced its CEO succession plan, with the appointment of Richard Perron as President, effective November 1, 2025, in addition to his role of CFO. Gervais Jacques will remain CEO until Mr. Perron assumes the role of President and CEO, effective May 31, 2026, at which time Mr. Jacques will become Executive Chairman of the Board.
Outlook
For the remainder of 2025, 5N+ anticipates demand under Specialty Semiconductors from the terrestrial renewable energy and space solar power markets to remain strong, as customers continue to secure advanced materials from trusted and reliable partners. Under Performance Materials, consistent with historical trends, volumes through the end of 2025 are expected to be slightly lower than compared to the first half of 2025, with margins continuing to benefit from the Company’s strategic global footprint and sourcing capabilities in the current volatile business environment.
Based on its financial performance in the first three quarters of the year, coupled with anticipated seasonality impact and other operational factors, Adjusted EBITDA guidance for 2025 has been revised upwards from a range of $65 to $70 million, last updated on August 4, 2025, to a range of $85 to $90 million.
Looking ahead, the Company will continue to remain prudent in an evolving geopolitical environment, including with regards to its impact on operating costs. As a preferred supplier of ultra-high-purity, high-quality products with a strong supply chain providing customers with a key strategic advantage, 5N+ is well-positioned to continue solidifying its leadership in key end markets through the end of 2025 and going into 2026.
Conference Call
5N+ will host a conference call on Tuesday, November 4, 2025, at 8:00 a.m. Eastern Daylight Time to discuss its 2025 third quarter financial results. All interested parties are invited to participate in the live broadcast on the Company’s website at www.5nplus.com.
To participate in the conference call:
- Toronto area: 1-289-819-1299
- Montreal area: 1-514-400-3794
- Toll‐Free: 1-800-990-4777
- Enter access code: 80130
A replay of the conference call will be available two hours after the event and until November 11, 2025. To access the recording, please dial 1-888-660-6345 and enter access code 80130.
About 5N+
5N+ is a leading global producer of specialty semiconductors and performance materials. The Company’s ultra‐pure materials often form the core element of its customers’ products. These customers rely on 5N+’s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company’s products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.
Forward‐Looking Statements
Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully and timely complete the realization of its backlog, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. A description of the risks affecting the Company’s business and activities appears under the heading “Risk and Uncertainties” of 5N+’s 2024 MD&A dated February 25, 2025 and note 10 of the unaudited condensed interim consolidated financial statements for the three-month and nine-month periods ended September 30, 2025 and September 30, 2024 available on SEDAR+ at www.sedarplus.ca.
Forward‐looking statements can generally be identified by the use of terms such as “may”, “should”, “would”, “believe”, “expect”, the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+.
The forward‐looking statements contained in this press release is made as of the date hereof and the Company has no obligation to publicly update such forward‐looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐looking statements. Forward-looking statements are presented in this press release for the purpose of assisting investors and others in understanding certain key elements of the Company’s expected financial results, as well as the Company’s objectives, strategic priorities and outlook, and in obtaining a better understanding of the Company’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Contact:
Richard Perron
President and Chief Financial Officer
5N Plus Inc.
514 856‐0644
invest@5nplus.com