Technology
5N Plus Reports 2023 Fourth Quarter and Annual Financial Results
Published
8 months agoon
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Record reported Adjusted EBITDA1 of $38.3 million in FY 2023Adjusted gross margin1 of 29.0% for FY 2023Net earnings of $2.3 million in Q4 2023 and $15.4 million in FY 2023Net debt to EBITDA ratio1 of 1.69x as at December 31, 2023
MONTRÉAL, Feb. 27, 2024 /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 fourth quarter of fiscal 2023 (“Q4 2023”) and fiscal year (“FY 2023”) ended December 31, 2023. All amounts in this press release are expressed in U.S. dollars unless otherwise stated.
“For FY 2023, we delivered record reported Adjusted EBITDA and significant margin expansion, while sustaining a strong backlog1. Our performance across these key performance indicators is proof that our strategy – focused on commercial excellence, value-added products and long-term partnerships – is delivering tangible results, while also enabling us to provide increased visibility on our near-term growth path.
“Records are made to be broken and it is our objective to do just that in the coming years. We are confident in our approach and, as reflected in our guidance for 2024 and 2025, we expect to be able to keep levelling up our performance. We will continue to leverage our unique position as a trusted partner for ultra-high purity specialty semiconductors and performance materials, and to capitalize on growing demand in critical end markets like terrestrial renewable energy and space solar power,” said Gervais Jacques, President and CEO of 5N+.
Q4 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.Net debt1 was $73.8 million as at December 31, 2023, compared to $78.3 million as at December 31, 2022.
_____________________________
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
In Specialty Semiconductors, 5N+ continues to benefit from its unique position as the leading global supplier of ultra-high purity semiconductor compounds outside China, with extensive expertise and a favourable global footprint resulting in a reliable supply chain. The Company’s products can be found in a wide range of technologies used in critical applications and everyday products.
Growing demand remains the rule in Specialty Semiconductors end markets, particularly in terrestrial renewable energy and space solar power. This positions 5N+ well to capitalize on future opportunities in these high-growth sectors, as well as other markets, including defense, security and medical imaging, and through its long-term partnerships with key customers.
Management expects growth in the Performance Materials segment to be primarily derived from health and pharmaceutical products, which provide high profitability and predictable cashflows. Additional long-term opportunities are expected to stem from product expansion or development initiatives, including through partnerships.
Furthermore, management continues to seek opportunities to increase operational efficiency, while exploring potential acquisitions and partnerships to enhance its own organic growth and leadership market position.
With the visibility afforded to management as a result of the solid execution of its business strategy over the last few years, its improved product mix and strong backlog, management is committed to sustaining its trajectory with respect to Adjusted EBITDA growth and margin improvements. To that end, management is maintaining its previously disclosed projected Adjusted EBITDA range for FY 2024 to be between $45 million and $50 million and expects Adjusted EBITDA for FY 2025 to be between $50 million and $55 million, supported by organic growth.
To meet these objectives, 5N+ will continue to execute on its value-added focused strategy and commercial excellence program, leveraging its competitive advantages stemming from its unique positioning both from a geographic and expertise standpoint. As a trusted partner in the development and manufacturing of critical specialty semiconductors and performance materials with a customer-centric mentality, the Company will also continue methodically investing in its production capacity to serve high-growth markets and strategic global customers.
Conference Call
5N+ will host a conference call on Wednesday, February 28, 2024, at 8:00 am Eastern Time to discuss fourth quarter and annual results for fiscal 2023. 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:
Toronto area: 416-764-8659Toll‐Free: 1-888-664-6392Enter access code: 94847778
A replay of the conference call will be available two hours after the event and until March 6, 2024. To access the recording, please dial 1-888-390-0541 and enter access code 847778.
About 5N Plus Inc.
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 and timely complete the realization of its backlog, 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 the Company’s 2023 MD&A dated February 27, 2024, available on 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 is 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.
5N PLUS INC.
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Years ended December 31
(in thousands of United States dollars, except per share information)
2023
2022
$
$
Revenue
242,371
264,223
Cost of sales
184,833
215,715
Selling, general and administrative expenses
29,410
28,565
Other expenses (income), net
756
32,997
214,999
277,277
Operating earnings (loss)
27,372
(13,054)
Financial expenses
Interest on long-term debt
8,262
5,466
Imputed interest and other interest expense (income)
572
(274)
Foreign exchange and derivative (gain) loss
(136)
42
8,698
5,234
Earnings (loss) before income taxes
18,674
(18,288)
Income tax expense (recovery)
Current
6,674
6,865
Deferred
(3,399)
(2,154)
3,275
4,711
Net earnings (loss)
15,399
(22,999)
Basic earnings (loss) per share
0.17
(0.26)
Diluted earnings (loss) per share
0.17
(0.26)
Net earnings (loss) are completely attributable to equity holders of 5N Plus Inc.
5N PLUS INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of United States dollars)
December 31
2023
December 31
2022
$
$
Assets
Current
Cash and cash equivalents
34,706
42,691
Accounts receivable
33,437
32,872
Inventories
105,850
86,254
Income tax receivable
1,672
5,488
Derivative financial assets
591
–
Other current assets
5,707
19,857
Total current assets
181,963
187,162
Property, plant and equipment
84,600
77,951
Right-of-use assets
29,290
30,082
Intangible assets
29,304
31,563
Goodwill
11,825
11,825
Deferred tax assets
8,261
6,002
Other assets
4,959
3,400
Total non-current assets
168,239
160,823
Total assets
350,202
347,985
Liabilities
Current
Trade and accrued liabilities
37,024
40,200
Income tax payable
4,535
8,780
Current portion of deferred revenue
13,437
11,730
Current portion of lease liabilities
1,811
2,136
Current portion of long-term debt
25,000
–
Total current liabilities
81,807
62,846
Long-term debt
83,500
121,000
Deferred tax liabilities
5,284
6,959
Employee benefit plan obligations
13,393
11,643
Lease liabilities
28,328
28,266
Deferred revenue
5,629
2,354
Other liabilities
3,669
2,141
Total non-current liabilities
139,803
172,363
Total liabilities
221,610
235,209
Equity
128,592
112,776
Total liabilities and equity
350,202
347,985
Non‐IFRS Measures
EBITDA means net earnings (loss) before interest expenses, income tax (recovery) expense, 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)
Q4 2023
Q4 2022
FY 2023
FY 2022
$
$
$
$
Net earnings (loss)
2,284
(8,146)
15,399
(22,999)
Interest on long-term debt, imputed interest and other interest expense
2,129
716
8,834
5,192
Income tax (recovery) expense
(734)
(292)
3,275
4,711
Depreciation and amortization
4,057
4,051
16,110
17,732
EBITDA
7,736
(3,671)
43,618
4,636
Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), litigation and restructuring costs (income), impairment of non-current assets, loss on disposal of property, plant and equipment, loss on divestiture of subsidiary, loss on disposal of assets held for sale, 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 revenues.
Adjusted EBITDA is reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q4 2023
Q4 2022
FY 2023
FY 2022
$
$
$
$
Revenues
65,063
61,042
242,371
264,223
Operating expenses
(61,023)
(69,261)
(214,999)
(277,277)
Operating earnings (loss)
4,040
(8,219)
27,372
(13,054)
Share-based compensation expense (recovery)
414
(171)
1,432
999
Litigation and restructuring costs (income)
458
3,210
(8,314)
3,823
Impairment of non-current assets
64
–
672
12,478
Loss on disposal of property, plant and equipment
–
–
1,051
–
Loss on divestiture of subsidiary
–
7,834
–
7,834
Loss on disposal of assets held for sale
–
–
–
216
Depreciation and amortization
4,057
4,051
16,110
17,732
Adjusted EBITDA
9,033
6,705
38,323
30,028
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 revenues by dividing the gross margin value by the total revenue.
Adjusted gross margin is reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
Q4 2023
Q4 2022
FY 2023
FY 2022
$
$
$
$
Total revenue
65,063
61,042
242,371
264,223
Cost of sales
(49,677)
(47,909)
(184,833)
(215,715)
Gross margin
15,386
13,133
57,538
48,508
Depreciation included in cost of sales
3,189
3,155
12,656
14,208
Adjusted gross margin
18,575
16,288
70,194
62,716
Adjusted gross margin percentage
28.5 %
26.7 %
29.0 %
23.7 %
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 revenues to the increase or decrease in backlog for the period considered, divided by annualized year revenues. 5N+ uses backlog to provide an indication of expected future revenues in days, and bookings to determine its ability to sustain and increase its revenues.
Net debt is calculated as total debt less cash and cash equivalents. 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 EBITDA.
Total debt and Net debt are reconciled to the most comparable IFRS measure:
(in thousands of U.S. dollars)
As at December 31, 2023
As at December 31, 2022
$
$
Bank indebtedness
–
–
Long-term debt including current portion
108,500
121,000
Lease liabilities including current portion
30,139
30,402
Subtotal Debt
138,639
151,402
Lease liabilities including current portion
(30,139)
(30,402)
Total Debt
108,500
121,000
Cash and cash equivalents
(34,706)
(42,691)
Net Debt
73,794
78,309
SOURCE 5N Plus Inc.
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Additionally, as an Oracle Partner Network Member since 2023, EVERSANA is committed to investing and growing its drug safety management capabilities and is now promoted by Oracle to global customers for our pharmacovigilance and implementation services.
Both milestones reinforce EVERSANA’s continued growth in drug safety management capabilities and the role it plays in commercialization success.
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Complimenting Technology Solutions with New Global Support Model with Leading Skilled Workforce
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EVERSANA® is a leading independent provider of global services to the life sciences industry. The company’s integrated solutions are rooted in the patient experience and span all stages of the product life cycle to deliver long-term, sustainable value for patients, prescribers, channel partners and payers. The company serves more than 650 organizations, including innovative start-ups and established pharmaceutical companies, to advance life sciences solutions for a healthier world. To learn more about EVERSANA, visit eversana.com or connect through LinkedIn and X.
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Matt Braun
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E-mail: matt.braun@eversana.com
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2024 ASCAP Lab “AI and the Business of Music” Challenge Teams Revealed
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Upcoming ASCAP VERSED Podcast Explores Benefits of Teams’ Music Industry Tools
NEW YORK, Oct. 10, 2024 /PRNewswire/ — The ASCAP Lab, ASCAP’s innovation initiative, announces the cohort for the 2024 AI and the Business of Music Challenge. The ASCAP Lab Challenge brings together the society’s senior strategy, operations and legal experts; key ASCAP writer, composer and publisher members; and some of the most promising music tech entrepreneurs and early-stage startups in an effort to shape how artificial intelligence(AI) tools can benefit music creators. This year’s ASCAP Lab Challenge explored commercial solutions enabled by AI that can transform music industry workflows, business processes and data exchanges.
To highlight the 2024 ASCAP Lab Challenge teams, VERSED: The ASCAP Podcast will debut “The ASCAP Lab Gets Down to Business with AI” on October 24. The episode will feature this year’s entrepreneurs explaining their innovations and how the industry can leverage these advances. ASCAP composer and producer Gregg Lehrman (trailers for Avatar, Inglourious Basterds) will share his experience as one of the mentors for the Challenge teams and as a startup founder himself.
Launched in 2020, the annual ASCAP Lab Challenge is an accelerator program, operated in partnership with the NYC Media Lab led by the NYU Tandon School of Engineering, that provides selected startups and university teams with mentorship and small grants to develop and expand upon their emerging technologies during the 12-week program. The ASCAP Lab works closely with each selected team to optimize its product development for the music creator community. It is one way in which the ASCAP Lab explores the intersection of technology, art and business to drive value for music creators and users.
ASCAP Chief Strategy and Digital Officer Nick Lehman said: “ASCAP’s creator-first, future-forward commitment makes it imperative for us to embrace technology while simultaneously protecting the rights of creators. The dialogue, understanding and relationships that the ASCAP Lab Challenge creates with the music startup community enable us to drive progress for the industry and deliver on this commitment.”
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Music Tomorrow: Analytics tools that monitor and boost artists’ algorithmic performance on streaming platforms, using AI for advanced audience insights and automation that improve an artist’s content discoverability, listener engagement and team efficiency. https://www.music-tomorrow.com/
RoEx: AI-driven tools for multitrack mixing, mastering, audio cleanup and quality control, designed to streamline and enhance the last steps of the creative process by delivering a professional and balanced mix with ease. http://www.roexaudio.com
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Wavelets AI: Tools for artists, labels, copyright holders, content distributors and DSPs that help reduce IP infringement by detecting AI vocals in music. https://wavelets.ai/
This year’s ASCAP Lab Challenge program expands upon the 2023 Challenge, which focused on startups utilizing AI for making and experiencing music. The story of the 2023 Challenge is captured in an ASCAP Lab-produced documentary short “Prelude in AI Major: Crafting a Creator-First Future for AI.” The film takes an in-depth look at the 2023 Challenge teams and how they leveraged AI to build innovative tools for making and experiencing music, informed by their own backgrounds as composers and musicians. ASCAP mentors, including songwriter and composer members, shared their experiences guiding the teams in developing their technologies and exploring the copyright implications of their work.
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About ASCAP
The American Society of Composers, Authors and Publishers (ASCAP) is a membership association of more than one million songwriters, composers and music publishers, and represents some of the world’s most talented music creators. In 2023, ASCAP reported record-high financial results of $1.737 billion in revenues and $1.592 billion available in royalty distribution monies to its members. Over the last eight years, ASCAP has delivered a 7% compound annual growth rate for total revenues, and an 8% compound annual growth rate for total royalty distributions to members. Founded and governed by songwriters, composers and publishers, it is the only performing rights organization in the U.S. that operates on a not-for-profit basis. ASCAP licenses a repertory of over 20 million musical works to hundreds of thousands of businesses that use music, including streaming services, cable television, radio and satellite radio and brick and mortar businesses such as retail stores, hotels, clubs, restaurants and bars. ASCAP collects the licensing fees; identifies, matches and processes trillions of performances every year; and returns nearly 90 cents of every dollar back to its members as royalties. The ASCAP blanket license offers an efficient solution for businesses to legally perform ASCAP music while respecting the right of songwriters and composers to be paid fairly. ASCAP puts music creators first, advocating for their rights and the value of music on Capitol Hill, driving innovation that moves the industry forward, building community and providing the resources and support that creators need to succeed in their careers. Learn more and stay in touch at www.ascap.com, on X and Instagram @ASCAP and on Facebook.
About the NYC Media Lab
The NYC Media Lab connects media and technology companies with both NYU Tandon and industry affiliates to drive innovation, entrepreneurship and talent development. Our interdisciplinary community of innovators from industry and academia allows our network to gain valuable insights, explore the potential of emerging technology and address the challenges and opportunities created by the rapidly evolving digital media landscape. Learn more at engineering.nyu.edu/nyc-media-lab.
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SCOTTSDALE, Ariz., Oct. 10, 2024 /PRNewswire/ — Cyber Enviro-Tech Inc. (CETI) (OTCQB: CETI) CETI, is pleased to announce a partnership with its shareholder-based subsidiary, CETI Axenic (CAX), to pursue opportunities in the commercial laundry business. This industry, which consumes over 1.7 trillion gallons of water annually at a cost exceeding $3.5 billion, currently recycles only about 32% of the water used. With CETI’s innovative water remediation systems, recycling rates can increase to over 90%, resulting in potential annual savings of more than $1 billion.
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“We were pleased to be approached by a small group of CETI’s shareholders who believe in our products and processes enough to drive deployment of our technologies into their respective industries. This will allow us to focus on our current markets while providing ancillary revenues to CETI. Such revenues include a licensing fee along with a revenue sharing arrangement between both companies,” said Kim D. Southworth, co-founder and CEO of Cyber Enviro-Tech, Inc.
CETI remains committed to advancing sustainable, efficient water remediation technologies and solutions for cleaning industrial wastewater and is currently focused on contaminated crude oil and sludge, consistently prioritizing cost-effective, environmentally responsible practices.
ABOUT CYBER ENVIRO-TECH, INC. CETI is an international eco-conscious, oil/sludge, water and soil remediation Company. Using bio remedial material and other proprietary equipment and processes, we are able to extract and eliminate many hazardous waste materials found in today’s oil, industrial wastewater and soil. CETI has designed safe, cost-effective remediation systems including 4th Industrial Revolution technologies. This would include machine learning, artificial intelligence, the cloud, SCADA, etc., along with the application of our non-chemical, bio remedial material. Our core business model is focused on cleaning oil/sludge ponds, storage tanks, oil spills, mining and other soil remediation projects and all bodies of contaminated industrial wastewater.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals, and commercialization of the Company’s products, or any of the Company’s proposed services, systems, services, licensing arrangements, joint ventures, partnerships, or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company’s development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s general failure to effectively implement the Company’s business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856
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