5N Plus Reports 2023 Third Quarter Financial Results

• Revenue in Q3 2023 reached $62.9 million, compared to $66.4 million for the same period last year. The slight decrease is primarily attributable to the Company’s exit from the manufacturing of extractive and catalytic products in the second half of 2022, largely compensated by increased demand in Specialty Semiconductors.
• Adjusted EBITDA in Q3 2023 was $9.6 million, compared to $9.1 million for the same period last year. Adjusted EBITDA was $29.3 million YTD 2023, compared to $23.3 million YTD 2022.
• Adjusted gross margin YTD 2023 was 29.1%, compared to 22.9% YTD 2022.
• On September 30, 2023, the backlog represented 284 days of annualized revenue, 5 days lower than the previous quarter, and 92 days higher than the same period last year, primarily due to demand for terrestrial renewable energy and space solar power.
• Net debt stood at $78.6 million as at September 30, 2023, compared to $78.3 million as at December 31, 2022.