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5N Plus

TSX | VNP Industrials
21 Mar 2024

5N Plus Uploaded a News Release
March 21, 2024

5N+ Patents Uniquely Positioned to Expedite First-to-Market Commercialization of Vertical GaN-on-Si Power Devices

5N Plus Inc. announced that it is officially launching the commercialization rights for its portfolio of gallium nitride on silicon (GaN-on-Si) patents that will take semiconductors and power switching technology to the next level. These key patents can enable the rapid prototype development and first-to-market commercialization of novel vertical GaN-on-Si power devices by companies operating in the High-Power Electronics (HPE), Electric Vehicles (EV) and Artificial Intelligence (AI) server sectors.

27 Feb 2024

5N Plus Uploaded a Earnings Report
February 27, 2024

5N Plus Reports 2023 Fourth Quarter and Annual Financial Results

Q4-23 and FY 2023 Highlights:

  • Revenue in Q4 2023 reached $65.1 million, compared to $61.0 million for the same period last year. The 7% increase is primarily attributable to higher demand in the Specialty Semiconductors segment, offset by lower revenue in the Performance Materials segment following the strategic exit from the manufacturing of low-margin extractive and catalytic products in 2022.
  • Net earnings in Q4 2023 were $2.3 million compared to a net loss of $8.1 million in Q4 2022. Net earnings in FY 2023 were $15.4 million compared to a net loss of $23.0 million in FY 2022.
  • Adjusted EBITDA in Q4 2023 was $9.0 million, a 35% increase over the $6.7 million for the same period last year. Adjusted EBITDA was $38.3 million in FY 2023, a 28% increase compared to $30.0 million in FY 2022.
  • Adjusted gross margin in FY 2023 was 29.0%, compared to 23.7% in FY 2022.
  • On December 31, 2023, the backlog represented 292 days of annualized revenue, 8 days higher than the previous quarter and 39 days higher than the same period last year, primarily due to increasing demand in both terrestrial renewable energy and space solar power.
20 Feb 2024

5N Plus Uploaded a Corporate Update
February 20, 2024

5N Plus Announces Q4 2023 Results Conference Call

5N Plus Inc. (TSX:VNP) will release its fourth quarter 2023 results after markets close on Tuesday, February 27, 2024 and will host a conference call the next morning, Wednesday, February 28, 2024 with financial analysts to discuss the results.

  • Wednesday, February 28, 2024 at 8:00 a.m. (ET)
  • Webcast available in the “Investors Center” section of www.5nplus.com
  • Dial-in: 1-888-664-6392 (toll-free) or 416-764-8659 (Canada)
  • Access code: 94847778

A playback will be available two hours after the event at 1-888-390-0541, access code 847778, until March 6, 2024.

21 Dec 2023

Arrowhead published an Equity Research Report on 5N Plus
December 21, 2023

5N Plus (TSX: VNP) Research Report

Arrowhead is updating its coverage on 5N Plus Inc. (“5N Plus”, “VNP”, or “the company”) with a fair value of CAD 4.4 per share in the low-bracket scenario and CAD 5.2 per share in the high-bracket scenario (share price on December 21, 2023: CAD 3.60), using the Discounted Cash Flow (DCF) methodology.

  • VNP’s wholly owned subsidiary, AZUR SPACE Solar Power GmbH (AZUR), supplied triple junction solar cells to RayGen, an Australian solar and storage company, for its flagship power plant in Carwarp, Victoria (Australia). AZUR’s high-efficiency solar cells served as a key component for RayGen’s proprietary solar technology, enabling RayGen to provide energy on a large scale with minimal environmental impact.
  • 5N Plus’ revenue came in at USD 62.9 mn in Q3 2023 as compared with USD 66.4 mn in Q3 2022, a decline of c. 5.1% on a Year-on-Year (YoY) basis. Adjusted EBITDA stood at USD 9.6 mn, showing a 5.5% YoY increase YoY, with adjusted EBITDA margin increasing to 15.3% from 13.7% in Q3 2022. It reported a net profit of USD 1.5 mn during the quarter, compared with a net loss of USD 7 mn YoY. The net debt stood at USD 78.6 mn at the end of Q3 2023, compared with USD 78.3 mn at the end of FY 2022.
  • Specialty Semiconductors’ revenue stood at USD 41.8 mn in Q3 2023, compared with 32.0 mn in Q3 2022, an increase of 30.6% YoY. This increase was driven by higher demand in strategic sectors such as space solar power and terrestrial renewable energy. Adjusted EBITDA for the quarter decreased to USD 4.7 mn in Q3 2023 due to the shift in AZUR’s revenue contribution from Q3 to Q4.
  • Performance Materials segment generated revenue of USD 21.2 mn, as compared with USD 34.4 mn in Q3 2022, due to the company’s strategic exit from the manufacturing of low-margin extractive and catalytic products in H2 2022 and divestiture of its Tilly, Belgium operations in Q4 2022. Adjusted EBITDA stood at USD 6.6 mn in Q3 2023, a 30% increase on a YoY basis, with adjusted EBITDA margin at 31% for the quarter as compared with 15% in Q3 2022.
  • Revenue from the Americas stood at USD 30.8 mn in Q3 2023, of which USD 28.8 mn was contributed by the US operations. Revenue from Europe was at USD 23.4 mn, compared with USD 26.6 mn in Q3 2022, with Germany being the highest contributor with revenue at USD 14.7 mn for the quarter.
8 Nov 2023

5N Plus Uploaded a News Release
November 8, 2023

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.
31 Oct 2023

5N Plus Uploaded a News Release
October 31, 2023

5N Plus to Release Third Quarter 2023 Results on November 7, 2023

Highlights:

  • Wednesday, November 8, 2023 at 8:00 a.m. (ET)
  • Webcast available in the “Investors Center” section of www.5nplus.com
  • Dial-in: 1-888-664-6392 (toll-free) or 416-764-8659 (Canada)
  • Access code: 21526233
5 Sep 2023

5N Plus Uploaded a News Release
September 5, 2023

5N Plus Proud to Help Power the World’s Largest Next-Generation Long Duration Energy Storage Project

Highlights:

  • 5N Plus, through its subsidiary AZUR SPACE Solar Power GmbH, supplied triple junction solar cells that are integral to the world’s largest and most efficient next-generation long-duration solar energy storage project. These cells play a crucial role in converting sunlight into cost-effective and environmentally friendly electricity.
  • The project marks a historic milestone in collaboration with long-time partner RayGen, a pioneer in solar power technology and renewable energy storage. The Carwarp power plant in Victoria, Australia, was officially inaugurated on August 31, 2023, boasting impressive capabilities of 4 MW solar generation and 2.8 MW / 50 MWh energy storage capacity.
5 Sep 2023

Arrowhead published an Equity Research Report on 5N Plus
September 5, 2023

5N Plus (TSX: VNP) Research Report

Highlights:

  • Arrowhead is updating its coverage on 5N Plus with a fair value bracket of CAD 4.2 to CAD 5.1 (share price on September 05, 2023: CAD 3.6) based on the Discounted Cash Flow (DCF) method.
  • In Q2 2023, the company’s revenue amounted to USD 59.1 mn, showing a decline compared with the USD 72.4 mn recorded in Q2 2022. This reduction can largely be attributed to the company’s decision to discontinue manufacturing low-margin extractive and catalytic products, a strategic move implemented in the latter half of 2022, and the related divestiture of its Tilly, Belgium, operations in Q4 2022. Adjusted Gross margin stood at 32.9%, the strongest performance in a decade. The increase was mainly attributed to the favorable product mix, strategic initiatives undertaken last year in the form of a commercial excellence program and strategic exit from the low-margin business. The EBITDA for the quarter stood at USD 17.5 mn, compared with USD 6.7 mn in Q2 2022, primarily attributed to the litigation and restructuring income of USD 9.0 mn. The Consolidated EBITDA margin stood at 29.7%, compared with 9.3% in Q2 2022. Also, the adjusted EBITDA reported during the quarter stood at USD 10.8 mn, compared with USD 8.6 mn in Q2 2022, an increase of 26.3% year-on-year (YoY), with a Consolidated Adjusted EBITDA margin of 18.4% as compared with 11.9% in Q2 2022. The Controlled cost structures helped the company post a strong bottom line, where the Selling, General, and Administrative (SG&A) expenses stood at USD 7.6 mn, compared with USD 7.4 mn in Q2 2022. This resulted in a net profit of USD 10.1 mn, compared to a net loss of USD 2.1 mn in Q2 2022. The strong financial performance helped the Company to pay down debt, with Net debt getting reduced by USD 4.9 mn since the beginning of the year and USD 6.2 mn compared with Q1 2023, resulting in a net debt of USD 73.4 mn, compared with a net debt of USD 78.3 mn reported in Q2 2022.
  • The revenue from the Specialty Semiconductors division stood at USD 36.3 mn, compared with USD 30.6 mn in Q2 2022, an increase of 18.5% YoY, while the adjusted gross margin for the quarter stood at 31.9%, compared with 27.7% in Q2 2022. The Performance Materials division experienced a decline in revenue due to the company’s strategic decision to exit the low-margin extractive and catalytic products in the latter half of 2022 and the sale of its Tilly, Belgium, business in Q4 2022. The revenue during Q2 2023 stood at USD 22.8 mn, compared with USD 41.7 mn in Q2 2022. However, the adjusted gross margin for the quarter stood at 36.6%, compared with 18.9% in Q2 2022.
  • The company stated that its ongoing capacity expansion programs have been progressing as planned and include an increase in output capacity at AZUR by 30% by 2024 and an increase in production capacity for renewable energy applications by 35% in 2023 and 100% in 2024, combined with key customer capacity expansion plans. The Company is also in the advanced stages of securing additional complex feeds and secondary streams to recover critical minerals for its recycling and refining capacity at its Montreal plant.
  • 5N Plus has a strong outlook underpinned by unprecedented demand in target end markets (including terrestrial renewable energy and space solar power under Specialty Semiconductors and in the health and pharmaceutical sector under the Performance Material division), an improved product mix and the effectiveness of its commercial excellence program. As a leading supplier of ultra‐high-purity specialty semiconductor materials outside of China and a leader in critical metal recovery, the Company remains uniquely positioned to continue benefiting from strong demand in critical and high‐growth industry sectors, such as space solar power and terrestrial renewable energy. It has maintained its previously disclosed adjusted EBITDA guidance range of USD 35 – 40 mn for FY 2023 and a projected adjusted EBITDA range of USD 45 – 50 mn for FY 2024.
  • Chandrayaan-3, powered by the solar cell technology developed by 5N Plus’s subsidiary, AZUR SPACE Solar Power GmbH (“AZUR”), was employed in the latest lunar exploration mission by the Indian Space Research Organization (ISRO), where AZUR supplied the 3G30 solar cells for the propulsion module (758W), the lander (738W) and the rover (50W).
11 Aug 2023

5N Plus Uploaded a News Release
August 11, 2023

5N Plus Solar Cells Powering Chandrayaan-3

Highlights:

  • AZUR Tech Powers Chandrayaan-3: AZUR SPACE Solar Power’s advanced 3G30 solar cells drive India’s Chandrayaan-3 lunar mission, energizing travel, landing, and surface exploration.
  • Breakthrough Efficiency in Space: AZUR’s 3G30 solar cells enable Chandrayaan-3’s success, delivering unprecedented end-of-life efficiencies for the propulsion module, lander, and rover.
1 Aug 2023

5N Plus Uploaded a News Release
August 1, 2023

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.

Industries

  • Industrials

5N Plus is a leading global producer of engineered materials and specialty chemicals with integrated recycling and refining assets to manage the sustainability of its business model. The Company is headquartered in Montreal, Québec, Canada and operates R&D, manufacturing and commercial centers in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to manufacture products which are used as enabling precursors by its customers in a number of advanced electronics, optoelectronics, pharmaceutical, health, renewable energy and industrial applications. Many of the materials produced by 5N Plus are critical for the functionality and performance of the products and systems produced by its customers, many of whom are leaders within their industry.

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