Reports Revenue Growth and Sequential Margin Improvement;
Expects to Achieve High End of Adjusted EBITDA1 Guidance Range
Q3 revenue increased 30% to $136.4 million, bringing YTD revenue to $376.6 millionQ3 Adjusted gross margin[1] increased 10% to $42.8 million or 31.4% of revenue1, bringing YTD Adjusted gross margin to $121.2 million or 32.2% of revenueQ3 Adjusted EBITDA increased 7% to $31.1 million, bringing YTD Adjusted EBITDA to $86.8 millionExpects to achieve high end of full-year Adjusted EBITDA guidance range of between $100 and $105 million
MONTREAL, Nov. 2, 2026 /CNW/ — 5N Plus Inc. (TSX: VNP) (“5N+” or “the Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the third quarter ended September 30, 2026 (“Q3 2026”). All amounts are expressed in U.S. dollars unless otherwise stated.
“Higher volumes in both segments supported revenue and Adjusted EBITDA growth in Q3 2026, while adjusted gross margin remained robust and improved sequentially, despite input cost pressures. We continue to operate at high capacity and to ramp additional production to support customer demand, while operating in a complex environment. We are pleased to be on track to achieve the high end of our full-year 2026 Adjusted EBITDA guidance range,” said Richard Perron, President and Chief Executive Officer of 5N+.
Mr. Perron added: “In the context of high operating demands, we remain focused on delivering on customer commitments, executing capacity expansion projects and improving productivity to achieve further economies of scale. This includes advancing recently announced gallium arsenide (GaAs) production and facility expansion plans at St. George, Utah, to support growing demand across defence, space solar, medical imaging and industrial sensing applications. Together, all our ongoing initiatives support our long-term growth strategy across key markets, building on our differentiated market position and Western manufacturing base.”
Financial Highlights
Revenue in Q3 2026 increased by 30% to $136.4 million, compared to $104.9 million in Q3 2025, primarily reflecting higher volumes in Specialty Semiconductors and Performance Materials.Adjusted EBITDA in Q3 2026 increased by 7% to $31.1 million, compared to $29.1 million in Q3 2025, driven by higher volumes in both segments.Adjusted gross margin in Q3 2026 increased by 10% to $42.8 million, compared to Q3 2025. Adjusted gross margin as a percentage of revenue was 31.4% in Q3 2026, compared to 36.9% in Q3 2025, primarily due to anticipated normalization of the margin under Performance Materials.Net earnings were $12.3 million in Q3 2026, compared to $18.2 million in Q3 2025.Backlog1 stood at $447.3 million, representing 299 days of annualized revenue as at September 30, 2026, 14 days lower than in the previous quarter and 12 days lower than as at September 30, 2025.Net debt1 was $32.4 million as at September 30, 2026, compared to $50.3 million as at December 31, 2025, while the Company’s net-debt-to-EBITDA ratio1 stood at 0.31x as at September 30, 2026.
____________
1
These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.
Outlook
The Company continues to benefit from favourable long-term fundamentals and structural expansion across its key end markets in Specialty Semiconductors and from the resilience of its Performance Materials segment.
As the geopolitical and economic backdrop continues to evolve, the Company expects to continue operating in a complex environment with rising cost pressures across its businesses and normalizing margin conditions in Performance Materials. To help mitigate cost pressures and improve operational efficiency, the Company remains focused on disciplined execution of its productivity initiatives and capacity expansion plans to achieve economies of scale.
Based on its strong nine-month performance and anticipated and contracted demand through the end of year, the Company is reaffirming its full-year 2026 Adjusted EBITDA guidance of between $100 million and $105 million, and expects to achieve the high end of its guidance.
Supported by its competitive market positioning and expertise, including its Western manufacturing base and focus on value-added products, strong customer relationships and commercial discipline, 5N+ is well positioned to continue executing its long-term growth strategy as a critical supplier to critical industries.
Conference Call
5N+ will host a conference call on Tuesday, November 3, 2026, at 8:00 a.m. (EST) to discuss its third quarter 2026 financial results. All interested parties are invited to participate in the live broadcast on the Company’s website at www.5nplus.com.
To participate in the conference call:
Dial-in: 1 800 990-4777 (toll-free), 1 289 819-1299 (Toronto) or 1 514 400-3794 (Montréal)Access code: 04970
A playback will be available two hours after the event at 1 888 660-6345, access code 04970, until November 10, 2026.
About 5N+
5N+ is a leading global producer of specialty semiconductors and performance materials. The Company’s ultra‐pure materials often form the core element of its customers’ products. These customers rely on 5N+’s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company’s products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.
Forward‐Looking Statements
Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully complete the realization of its backlog in a timely manner, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. A description of the risks affecting the Company’s business and activities appears under the heading “Risk and Uncertainties” of 5N+’s 2025 MD&A dated February 24, 2026 available on SEDAR+ at www.sedarplus.ca.
Forward‐looking statements can generally be identified by the use of terms such as “may”, “should”, “would”, “believe”, “expect”, the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+.
The forward‐looking statements contained in this press release are made as of the date hereof and the Company has no obligation to publicly update such forward‐looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐looking statements. Forward-looking statements are presented in this press release for the purpose of assisting investors and others in understanding certain key elements of the Company’s expected financial results, as well as the Company’s objectives, strategic priorities and outlook, and in obtaining a better understanding of the Company’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
For the three and nine-month periods ended September 30
(in thousands of United States dollars, except per share information) (unaudited)
Three months
Nine months
2026
2025
2026
2025
$
$
$
$
Revenue
136,387
104,895
376,638
289,094
Cost of sales
97,420
69,857
266,567
197,637
Selling, general and administrative expenses
10,285
8,944
30,962
25,203
Other expenses (income), net
10,259
(635)
4,506
4,941
117,964
78,166
302,035
227,781
Operating earnings
18,423
26,729
74,603
61,313
Financial expense
Interest on long-term debt
1,279
1,908
4,662
5,914
Imputed interest and other interest expense
409
385
1,348
1,449
Foreign exchange loss (gain)
340
(522)
587
(1,333)
2,028
1,771
6,597
6,030
Earnings before income taxes
16,395
24,958
68,006
55,283
Income tax expense (recovery)
Current
6,099
5,526
24,416
13,603
Deferred
(2,053)
1,256
(6,192)
(1,296)
4,046
6,782
18,224
12,307
Net earnings
12,349
18,176
49,782
42,976
Basic earnings per share
0.14
0.20
0.55
0.48
Diluted earnings per share
0.14
0.20
0.55
0.48
Net earnings are completely attributable to equity holders of 5N Plus Inc.
5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of United States dollars) (unaudited)
September 30
2026
December 31
2025
$
$
Assets
Current
Cash
46,543
59,573
Accounts receivable
68,029
50,470
Inventories
212,572
163,727
Income tax receivable
3,667
1,874
Derivative financial assets
–
19,593
Other current assets
10,748
6,938
Total current assets
341,559
302,175
Property, plant and equipment
110,121
99,634
Right-of-use assets
26,557
28,275
Intangible assets
21,054
23,117
Goodwill
11,657
12,062
Deferred tax assets
12,246
6,795
Other assets
4,930
3,072
Total non-current assets
186,565
172,955
Total assets
528,124
475,130
Liabilities
Current
Trade and accrued liabilities
87,510
79,096
Income tax payable
26,574
13,966
Derivative financial liabilities
11,804
–
Current portion of deferred revenue
19,745
12,834
Current portion of lease liabilities
2,253
2,170
Current portion of long-term debt
1,260
1,233
Total current liabilities
149,146
109,299
Long-term debt
77,647
108,604
Deferred tax liabilities
4,673
5,173
Employee benefit plan obligations
10,983
12,745
Lease liabilities
25,999
27,983
Deferred revenue
9,208
11,545
Other liabilities
706
817
Total non-current liabilities
129,216
166,867
Total liabilities
278,362
276,166
Equity
249,762
198,964
Total liabilities and equity
528,124
475,130
Non‐IFRS Measures
Backlog represents the expected orders the Company has received, but has not yet executed, and that are expected to translate into sales within the next twelve months, expressed in dollars and estimated in number of days not to exceed 365 days. Bookings represent orders received during the period considered, expressed in number of days, and calculated by adding revenue to the increase or decrease in backlog for the period considered, divided by annualized year revenue. 5N+ uses backlog to provide an indication of expected future revenue in days, and bookings to determine its ability to sustain and increase its revenue.
EBITDA means net earnings (loss) before interest expenses, income tax expense (recovery), depreciation and amortization. 5N+ uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
EBITDA is reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q3 2026
Q3 2025
YTD 2026
YTD 2025
$
$
$
$
Net earnings
12,349
18,176
49,782
42,976
Interest on long-term debt, imputed interest and other interest expense
1,688
2,293
6,010
7,363
Income tax expense
4,046
6,782
18,224
12,307
Depreciation and amortization
4,608
4,495
13,512
12,947
EBITDA
22,691
31,746
87,528
75,593
EBITDA margin is defined as EBITDA divided by revenue.
Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasurement of financial instrument, impairment (reversal of impairment) of non-current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.
Adjusted EBITDA and Adjusted EBITDA margin are reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q3 2026
Q3 2025
YTD 2026
YTD 2025
$
$
$
$
Revenue
136,387
104,895
376,638
289,094
Operating expenses
(117,964)
(78,166)
(302,035)
(227,781)
Operating earnings
18,423
26,729
74,603
61,313
Share-based compensation expense (recovery)
7,587
(2,512)
(2,117)
(1,926)
ERP implementation costs
283
343
689
659
Litigation and restructuring costs
159
–
159
–
Loss on remeasurement of financial instrument
–
–
–
1,000
Depreciation and amortization
4,608
4,495
13,512
12,947
Adjusted EBITDA
31,060
29,055
86,846
73,993
Adjusted EBITDA margin
22.8 %
27.7 %
23.1 %
25.6 %
Adjusted operating expenses means operating expenses before impairment of inventories, share-based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasurement of financial instrument, impairment (reversal of impairment) of non-current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted operating expenses to calculate Adjusted EBITDA. 5N+ believes it is a meaningful measure of the operating performance of its ongoing business. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
Adjusted operating expenses are reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q3 2026
Q3 2025
YTD 2026
YTD 2025
$
$
$
$
Operating expenses
117,964
78,166
302,035
227,781
Share-based compensation (expense) recovery
(7,587)
2,512
2,117
1,926
ERP implementation costs
(283)
(343)
(689)
(659)
Litigation and restructuring costs
(159)
–
(159)
–
Loss on remeasurement of financial instrument
–
–
–
(1,000)
Depreciation and amortization
(4,608)
(4,495)
(13,512)
(12,947)
Adjusted operating expenses
105,327
75,840
289,792
215,101
Adjusted net earnings (loss) means the net earnings (loss) before the effect of impairment of inventory, share-based compensation expense (recovery), ERP implementation costs, loss (gain) on disposal of property, plant and equipment, loss (gain) on remeasurement of financial instrument, impairment (reversal of impairment) of non-current assets and litigation and restructuring costs (income), net of the related income tax expense (recovery). 5N+ uses adjusted net earnings (loss) because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of unusual expenses or income. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
Basic adjusted earnings (loss) per share means adjusted net earnings (loss) divided by the basic weighted average number of outstanding shares. 5N+ uses basic adjusted earnings (loss) per share because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of unusual expenses or income. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.
Adjusted net earnings (loss) and Basic adjusted earnings (loss) per share are reconciled to the most comparable IFRS measures:
(in thousands of U.S. dollars, except per share amounts and number of shares)
Q3 2026
Q3 2025
YTD 2026
YTD 2025
$
$
$
$
Net earnings
12,349
18,176
49,782
42,976
Basic earnings per share
$0.14
$0.20
$0.55
$0.48
Reconciling items:
Share-based compensation expense (recovery)
7,587
(2,512)
(2,117)
(1,926)
ERP implementation costs
283
343
689
659
Litigation and restructuring costs
159
–
159
–
Loss on remeasurement of financial instrument
–
–
–
1,000
Income tax (recovery) expense on taxable items above
(2,086)
575
378
337
Adjusted net earnings
18,292
16,582
48,891
43,046
Basic weighted average number of shares
89,935,323
89,073,847
89,745,491
89,057,751
Basic adjusted earnings per share
$0.20
$0.19
$0.54
$0.48
Adjusted gross margin is a measure used to monitor the sales contribution after paying cost of sales, excluding depreciation and inventory impairment charges. 5N+ also expressed this measure in percentage of revenue by dividing the adjusted gross margin value by the total revenue.
Adjusted gross margin is reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q3 2026
Q3 2025
YTD 2026
YTD 2025
$
$
$
$
Total revenue
136,387
104,895
376,638
289,094
Cost of sales
(97,420)
(69,857)
(266,567)
(197,637)
Gross margin
38,967
35,038
110,071
91,457
Depreciation included in cost of sales
3,829
3,703
11,163
10,657
Adjusted gross margin
42,796
38,741
121,234
102,114
Adjusted gross margin percentage
31.4 %
36.9 %
32.2 %
35.3 %
Net debt is calculated as total debt less cash. Any introduced IFRS 16 reporting measures in reference to lease liabilities are excluded from the calculation. 5N+ uses this measure as an indicator of its overall financial position.
The net debt to EBITDA ratio is defined as net debt divided by the trailing 12 months EBITDA.
Total debt and Net debt are reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
As at September 30, 2026
As at December 31, 2025
$
$
Bank indebtedness
–
–
Long-term debt including current portion
78,907
109,837
Lease liabilities including current portion
28,252
30,153
Subtotal Debt
107,159
139,990
Lease liabilities including current portion
(28,252)
(30,153)
Total Debt
78,907
109,837
Cash
(46,543)
(59,573)
Net Debt
32,364
50,264
SOURCE 5N Plus Inc.
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