5N Plus (VNP) Q3 2025 earnings summary

Executive summary

• Achieved strongest quarterly revenue in a decade at $104.9 million in Q3 2025, a 33% year-over-year increase, driven by robust demand in terrestrial renewable energy, space solar power, and higher bismuth-based product pricing.

• Record quarterly Adjusted EBITDA of $29.1 million, up 86% year-over-year, with margin improving to 27.7% from 19.8% in Q3 2024.

• Adjusted gross margin reached $38.7 million (36.9% of sales), a record high.

• Net earnings reached $18.2 million, up from $6.4 million in Q3 2024.

• Leadership transition announced: Richard Perron appointed President, to become CEO in May 2026, with Gervais Jacques moving to Executive Chair.

Financial highlights

• Q3 2025 revenue increased 33% year-over-year to $104.9 million; year-to-date revenue reached $289.1 million.

• Adjusted EBITDA for Q3 2025 was $29.1 million (27.7% margin), up from $15.6 million (19.8% margin) in Q3 2024; year-to-date Adjusted EBITDA was $74.0 million.

• Adjusted gross margin for Q3 2025 was $38.7 million (36.9% of sales), up from $24.5 million (31.1%) in Q3 2024.

• Net debt reduced to $63.3 million as of September 30, 2025, with net debt-to-EBITDA ratio at 0.74x.

• Backlog at $357.5 million, representing 311 days of annualized revenue, up 14 days sequentially.

Outlook and guidance

• 2025 Adjusted EBITDA guidance raised to $85–$90 million, up from $65–$70 million, reflecting strong year-to-date performance and anticipated seasonality.

• Specialty semiconductors expected to maintain strong demand, especially from renewable energy and space solar power markets.

• Performance materials volumes expected to be slightly lower in late 2025, but margins to remain strong.

• Q4 expected to see lower EBITDA due to seasonality and accelerated maintenance, positioning for a strong 2026 start.

• 2026 guidance to be provided with Q4 results.