5N Plus Reports 2023 Second Quarter Financial Results
Q2 2023 Highlights:
- Revenue in Q2 2023 reached $59.1 million, compared to $72.4 million for the same period last year. The decrease is primarily attributable to the Company’s strategic exit from the manufacturing of low‐margin extractive and catalytic products in the second half of 2022.
- In Q2 2023, EBITDA was $17.5 million, compared to $6.7 million in Q2 2022. The $10.8 million increase is mainly explained by litigation and restructuring income of $9.0 million received from the previous shareholder of AZUR SOLAR Space GmbH (“AZUR”) as per stipulations of the share purchase agreement.
- Adjusted EBITDA in Q2 2023 reached $10.8 million, compared to $8.6 million for the same period last year, an increase of 26%, with Specialty Semiconductors increasing by 27% to $8.1 million, due to higher demand and Performance Materials increasing by 12% to $6.2 million due to a more favourable product mix.
- Adjusted gross margin in Q2 2023 was 32.9%, compared to 22.4% in Q2 2022.
- On June 30, 2023, the backlog represented 289 days of annualized revenue, 17 dayslower than the previous quarter due to the quarterly realization of yearly contracts under Performance Materials and 149 days higher than the same period last year primarily due to the demand for terrestrial renewable energy and space solar power.
- Net debt stood at $73.4 million as at June 30, 2023, compared to $78.3 million as at December 31, 2022, representing a decrease of $4.9 million.