5N Plus Inc. Reports 2024 Second Quarter Financial Results

• Revenue in Q2 2024 increased by 26% to $74.6 million, compared to $59.1 million in Q2 2023, primarily driven by strong growth under Specialty Semiconductors.
• Adjusted EBITDA in Q2 2024 increased by 24% to $13.5 million, compared to $10.8 million in Q2 2023, driven by higher volume from the terrestrial renewable energy and space solar power sectors, and better prices over inflation.
• Adjusted gross margin increased by 20% to reach $23.4 million in Q2 2024, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 31.3%, compared to 32.9% in Q2 2023, impacted by a less favourable product mix under Performance Materials.
• Net earnings in Q2 2024 were $4.8 million, compared to $10.1 million in Q2 2023 which was positively impacted by a non-recurrent litigation and restructuring income.
• Backlog stood at $245.0 million, representing 300 days of annualized revenue as at June 30, 2024, 12 days higher than the previous quarter and 11 days higher than the same period last year, primarily due to the timing of contract signings and renewals.
• Net debt¹ was $91.1 million as at June 30, 2024, compared to $73.8 million as at December 31, 2023, reflecting an increase in working capital¹ and planned capital expenditures in the first half of 2024 under Specialty Semiconductors. The Company’s net-debt-to-EBITDA ratio¹ stood at 2.15x as at June 30, 2024.