EL7.AI
StocksMedium•2 November 2026•
3 min read

5N Plus Revenue Jumps 30% to $136.4 Million in Third Quarter

Key Facts

1Third-quarter revenue rose 30% to $136.4 million from $104.9 million a year earlier.
2Adjusted EBITDA increased 7% to $31.1 million.
3Adjusted gross margin fell to 31.4% from 36.9% in the year-earlier quarter.
4Backlog was $447.3 million, equivalent to 299 days of annual revenue.
5The company expects to reach the high end of its 2026 adjusted EBITDA guidance of $100 million to $105 million.

5N Plus reported results on November 2 for the third quarter ended September 30, with revenue of $136.4 million, up 30% from the same period last year. The company said revenue growth mainly reflected higher volumes in its Specialty Semiconductors and Performance Materials segments. Adjusted EBITDA rose 7% to $31.1 million, compared with $29.1 million a year earlier. The company also attributed the improvement to higher volumes in the two segments. Revenue and adjusted operating earnings growth came as quarterly net income fell to $12.3 million from $18.2 million in the third quarter of 2025.

Revenue for the nine months ended September 30 was $376.6 million, while adjusted EBITDA reached $86.8 million. The figures underpin the company’s expectation of achieving the high end of its annual guidance range, according to its results announcement. In the third quarter, adjusted gross profit increased 10% to $42.8 million. But its margin on revenue was 31.4%, down from 36.9% in the year-earlier period. The company attributed the decline mainly to the expected normalization of margins in the Performance Materials segment, with CEO Richard Perron saying the margin remained resilient and improved from the previous quarter despite input-cost pressures.

Perron said higher volumes in both segments supported revenue and adjusted earnings during the quarter, while plants operated at high capacity levels and increased output to meet demand. The company’s products serve applications including renewable energy, security, aerospace, pharmaceuticals, medical imaging and industry. In September, the company announced it had been selected for a $7.3 million grant from the U.S. Department of War to establish domestic production of gallium arsenide components used in defense applications. It said U.S. defense contractors rely on foreign suppliers because no qualified domestic source for these photovoltaic components is currently available. The project aims to establish a qualified U.S. source at the company’s facility in St. George, Utah.

5N Plus plans to expand its St. George facility by about 50%, adding space for manufacturing and product development and supporting defense, space solar, medical imaging and industrial sensing applications. The company said the new space would allow it to install additional equipment and improve workflow, alongside a gradual increase in engineers, materials scientists and production capacity. Construction was expected to begin in the third quarter of 2026 and be completed in the second half of 2027. On the demand side, backlog was $447.3 million on September 30, equivalent to 299 days of annual revenue. Backlog coverage fell 14 days from the previous quarter and 12 days from its level on September 30, 2025.

The company reaffirmed its 2026 adjusted EBITDA guidance range of $100 million to $105 million and said it expects to reach the high end. It tied its forecast to performance in the first nine months and demand expected and contracted through year-end. On the balance sheet, net debt was $32.4 million on September 30, compared with $50.3 million on December 31, 2025, while net debt to adjusted EBITDA was 0.31 times. The company is scheduled to hold a call to discuss its third-quarter results on November 3, 2026, at 8:00 a.m. Eastern Time. Its shares trade on the Toronto Stock Exchange under the symbol VNP.