November 7, 2023 | Montréal, Québec
5N Plus Inc. (TSX:VNP) (“5N Plus” or the “Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the third quarter ended September 30, 2023 (“Q3 2023”). All amounts in this press release are expressed in U.S. dollars unless otherwise stated.
“We are pleased with our results year to date. Our commitment to improve our consolidated product mix, coupled with the successful implementation of our commercial excellence program, is reflected in the significant year-to-date increases in Adjusted EBITDA1 and Adjusted gross margin1, as well as our strong backlog1. While a timing shift resulted in a softer quarterly Adjusted EBITDA, we remain on track to meet our Adjusted EBITDA targets for this fiscal year – and next.
“As a leading supplier of ultra-high purity specialty semiconductor materials based outside of China, focused on cultivating long-term customer relationships, we are in a strong position heading into 2024, despite ongoing global uncertainty. The Company will continue to benefit from sustained demand from critical sectors of the economy, such as terrestrial renewable energy and space solar power. With our capacity expansion projects on schedule, our investments will enable us to meet contracted demand as the partner of choice in the market,” said Gervais Jacques, President and CEO of 5N Plus.
5N Plus introduced a revamped corporate logo and website with a clearer and more contemporary appearance to represent the 5N Plus of today. Both now better reflect the Company’s growth strategy and focus on specialty semiconductors and performance materials for critical growth markets.
“As we have shifted away from being a commodity metals business over the past several years towards a more value-added company focused on commercial excellence, it is important from a customer and investor perspective to ensure that our brand image and our website accurately communicate our growth strategy and emphasis on technology and innovation,” added Mr. Jacques.
Management continues to expect demand to remain strong in both the terrestrial renewable energy and space solar power markets under Specialty Semiconductors and in the health and pharmaceutical sector under Performance Materials.
Management is maintaining its previously disclosed Adjusted EBITDA guidance range of between $35 million and $40 million for FY 2023 and a projected Adjusted EBITDA range of between $45 million and $50 million for FY 2024.
1 See Non-IFRS Measures.
5N Plus will host a conference call on Wednesday, November 8, 2023 at 8:00 am Eastern Time to discuss results of the third quarter for fiscal 2023. 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::
A replay of the conference call will be available two hours after the event and until November 15, 2023. To access the recording, please dial 1-888-390-0541 and enter access code 526233.
5N Plus 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 Plus’s products to enable performance and sustainability in their own products. 5N Plus 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 Plus operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.
Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Forward‐looking information and statements are based on the best estimates available to the Company at the time and involve known and unknown risks, uncertainties or other factors that 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 Plus’ 2022 MD&A dated February 21, 2023 and note 10 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2023 and September 30, 2022 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 information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward‐looking information 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.
Chief Financial Officer
5N Plus Inc.