5N Plus Reports 2023 First Quarter Financial Results
- 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 margin in Q1 2023 was 29.8%, compared to 21.9% in Q1 2022.
- On March 31, 2023, the backlog 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 debt 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.