5N Plus Reports 2023 First Quarter Financial Results

May 3, 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 first quarter  of fiscal 2023 (“Q1 2023”) ended March 31, 2023. All amounts in this press release are expressed in U.S. dollars unless otherwise stated.

Semiconductors, resulting from sustained demand from the terrestrial renewable energy and solar space power markets. The Company’s first quarter performance was also supported by a 70% increase in Adjusted EBITDA under Performance Materials, which now benefits from an improved product mix following the Company’s exit from the manufacturing of low margin extractive and catalytic products in the second half of 2022.

Looking ahead, management remains very optimistic about the near-term outlook for the Company and, in particular, for its Specialty Semiconductors segment. 5N Plus remains a partner of choice that works with the world’s leading companies to support critical technology advancements, both on earth and in space.

Q1 2023 Highlights and Subsequent Events

  • Revenue in Q1 2023 reached $55.3 million, compared to $64.4 million for the same period last year. The decrease is primarily attributable to the Company’s exit from the manufacturing of low margin extractive and catalytic products in the second half of 2022. 
  • Adjusted EBITDA in Q1 2023 reached $8.8 million, compared to $5.6 million for the same period last year, an increase of 56%, with Specialty Semiconductors increasing by 27% to $7.2 million, supported by higher demand, and Performance Materials increasing by 70% to $4.5 million, impacted by a more favourable product mix.
  • Adjusted gross margin1 in Q1 2023 was 29.8%, compared to 21.9% in Q1 2022.
  • On March 31, 2023, the backlog1 represented 306 days of annualized revenue, 53 days higher than the previous quarter and 110 days higher than the same period last year. The increase is attributable to favourable negotiations of long-term contracts.
  • Net debt1 stood at $79.6 million on March 31, 2023, slightly higher than the $78.3 million at the end of fiscal 2022.
  • On April 14, 2023, 5N Plus confirmed its role in the European Space Agency’s mission to Jupiter and NASA’s intention to employ AZUR’s solar cells in its future mission to Jupiter.

On April 26, 2023, the Company announced its plans to increase AZUR’s production capacity by 30% over the course of 2023 and 2024, through productivity improvements, the installation of new equipment and the commissioning of co-investment equipment.

“Despite a complex global environment, 5N Plus continues to capitalize on its momentum as a partner of choice in high-growth and value-added end markets, as reflected in our solid Adjusted EBITDA1 and margin performance, as well as our record backlog1. We continue to secure long-term commercial partnerships and are increasing our production capacity to meet our extensive pipeline of contracted work under Specialty Semiconductors. At the same time, we are also seeing the positive margin impact of our improved product mix under Performance Materials. As such, we remain highly optimistic in our outlook in our target markets and confident in our ability to meet our financial objectives for FY 2023 and FY 2024,” said Gervais Jacques, President and CEO of 5N Plus.

1 See Non-IFRS Measures


Management remains focused on building on its momentum to reap the full potential of its strategy by meeting customer demand in value‐added markets and for products that offer high-growth potential and superior margins. The Company continues to expect strong demand in its target markets, including terrestrial renewable energy and space solar power under Specialty Semiconductors and in the health and pharmaceutical sector under Performance Materials.

Management maintains its previously disclosed Adjusted EBITDA guidance range of between $35 million and $40 million for FY 2023, with a higher contribution expected to be generated in the second half of the year, and a projected Adjusted EBITDA range of between $45 million and $50 million for FY 2024.

Conference Call

5N Plus will host a conference call on Thursday, May 4, 2023 at 8:00 am Eastern Time to discuss results of the first 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:

  • Toronto area:          416-764-8659
  • Toll‐Free:                  1-888-664-6392
  • Enter access code:  77601730

A replay of the conference call will be available two hours after the event and until May 11, 2023. To access the recording, please dial 1-888-390-0541 and enter access code 601730.

2023 Virtual-only Annual Meeting of Shareholders

5N Plus Inc. will also hold its annual general meeting of shareholders on May 4, 2023 in virtual format only.

About 5N Plus Inc.

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.

Forward‐Looking Statements

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-month periods ended March 31, 2023 and March 31, 2022 available on www.sedar.com.

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.


Richard Perron
Chief Financial Officer
5N Plus Inc.
(514) 856-0644