5N Plus (VNP) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue grew 35% year-over-year to $391.1 million, driven by higher volumes in Specialty Semiconductors and improved pricing in Performance Materials, with Q4 2025 revenue up 44% to $102.0 million compared to Q4 2024.

• Adjusted EBITDA for FY 2025 rose 73% to $92.4 million, exceeding guidance, with Q4 2025 Adjusted EBITDA up 48% to $18.5 million, reflecting strong demand in terrestrial renewable energy and space solar sectors.

• Net earnings for FY 2025 reached $50.6 million, up from $14.7 million in FY 2024; basic earnings per share were $0.57, up from $0.17.

• Backlog at year-end stood at $394.9 million, representing 353 days of annualized revenue, up 42 days sequentially, indicating strong future sales visibility.

• Specialty Semiconductors excelled in renewable energy and space solar sectors, supported by multi-year supply agreements and capacity expansions.

Financial highlights

• Full year 2025 revenue increased 35% year-over-year to $391.1 million; Q4 2025 revenue was $102.0 million, up 44% from Q4 2024.

• Adjusted gross margin rose 44% to $131.8 million, with a margin of 33.7% of sales; Performance Materials achieved 42.4% margin.

• Adjusted EBITDA grew 73% to $92.4 million, with FY 2025 margin at 23.6%, up from 18.4% in FY 2024.

• Net debt reduced from $100.1 million to $50.3 million, with a net debt to EBITDA ratio of 0.54 at year-end.

• Basic earnings per share for FY 2025 were $0.57, up from $0.17 in FY 2024.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance is $100–$105 million, with higher contribution expected in the second half due to contract release timing.

• Revenue growth is expected to outpace EBITDA growth in 2026, with margin pressure anticipated from rising input and operating costs.

• Demand in Specialty Semiconductors projected to remain strong, supported by trends in solar energy, AI, and space applications.

• Performance Materials demand expected to align with GDP growth, but margins for bismuth-based products are anticipated to normalize.

• Backlog at year-end stood at $394.9 million, representing 353 days of annualized revenue, up 42 days sequentially.