5N Plus (VNP) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered a strong start, with revenue rising 33% year-over-year to $117.9 million, driven by higher volumes in Specialty Semiconductors and improved pricing in Performance Materials.

• Adjusted EBITDA increased 41% to $29.2 million, reflecting strong operational execution and favorable market conditions.

• Net earnings reached $17.8 million ($0.20/share), up from $9.6 million ($0.11/share) in Q1 2025.

• Backlog stood at $434.4 million, representing 336 days of annualized revenue, up 68 days year-over-year but 17 days lower sequentially.

• Leadership transition: Gervais Jacques moves to Executive Chair, Richard Perron becomes CEO, and Alban Fournier joins as CFO.

Financial highlights

• Revenue reached $117.9 million, up from $88.9 million in Q1 2025.

• Adjusted gross margin rose 36% to $41.4 million (35.1% of sales), up from 34.2% last year.

• Adjusted EBITDA: $29.2 million, up from $20.8 million; EBITDA: $32.0 million, up from $20.0 million.

• Net earnings: $17.8 million, up from $9.6 million in Q1 2025.

• Net debt increased to $74.7 million from $50.3 million at year-end 2025.

Outlook and guidance

• Full-year adjusted EBITDA guidance maintained at $100–$105 million, with a more balanced contribution expected across quarters.

• Specialty semiconductors expected to sustain strong demand, supported by long-term contracts and backlog, especially in renewable energy and space solar power.

• Performance Materials pricing expected to normalize over the year, though Q1 outperformed expectations.

• Ongoing focus on productivity, capacity expansion, and external growth opportunities amid rising costs.

• Backlog of $434.4 million provides visibility into future revenues, though backlog days declined sequentially.