5N Plus (TSE:VNP) has released an update.
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5N Plus Inc. announced a notable improvement in its 2023 financials, showcasing a record adjusted EBITDA of $38.3 million and a net earnings turnaround from a previous loss to $15.4 million profit for the fiscal year. The company attributes this success to its strategic focus on high-value products and long-term partnerships, which have fueled demand in key markets like renewable energy and space solar power. Despite a strategic exit from certain low-margin products, overall revenue grew by 7% in Q4 2023, driven by increased demand in the Specialty Semiconductors segment.
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