5N Plus Reports Third Quarter 2022 Financial Results

Q3 2022 Highlights:

• Revenue in Q3 2022 increased by 31%, reaching $66.4 million, compared to $50.8 million for the same period last year, supported by higher demand in Specialty Semiconductors, as well as pharmaceutical and health in Performance Materials
• Adjusted EBITDA in Q3 2022 reached $9.1 million, compared to $5.5 million for the same period last year. Adjusted EBITDA increased by $2.5 million under Specialty Semiconductors and $1.7 million under Performance Materials, despite the impact of inflation, supported by a favorable product mix.
• The Company recorded an initial non‐cash impairment of $7.1 million on non‐current assets in Q3 2022 upon winding down its low‐margin lead‐based product manufacturing activities in Tilly, Belgium
• On September 30, 2022, the backlog represented 192 days of annualized revenue, 52 days higher than the previous quarter. The increase in the backlog is attributable to favorable negotiations of long‐term contracts under Specialty Semiconductors, confirming the near‐term growth potential in renewable energy and space applications
• Net debt stood at $83.3 million on September 30, 2022, down from $89.6 million at the end of last quarter
• On September 29, 2022, 5N Plus announced it had successfully renewed and increased its multi‐year agreement with First Solar for the supply of semiconductor materials associated with the manufacturing of thin‐film photovoltaic (PV) modules. It is the largest award to date and expected to increase 5N Plus volumes by 35% in 2023 and by more than 100% in 2024, in line with First Solar’s own growth plans