DMC Global Reports Fourth Quarter Financial Results

Rhea-AI Summary

DMC Global (Nasdaq: BOOM) reported Q4 2025 results on Feb 23, 2026. Net debt fell 67% year‑over‑year to $18.7 million and total debt was down 28% to $52 million. Q4 sales were $143.5 million and adjusted EBITDA attributable to DMC was negative $(1.6) million, inclusive of ~$7 million in discrete DynaEnergetics charges.

Q4 operating cash flow was $15.2 million and free cash flow was $11.7 million; full‑year free cash flow rose 41% to $42.8 million. First‑quarter 2026 sales guidance: $132–$138 million with adjusted EBITDA $2–$4 million.

Positive

• Net debt reduced 67% to $18.7 million year‑over‑year
• Q4 operating cash flow of $15.2 million
• Q4 free cash flow of $11.7 million
• Full‑year 2025 free cash flow up 41% to $42.8 million
• NobelClad order backlog $62.6 million, up 28% year‑over‑year

Negative

• Q4 net loss attributable to DMC of $11.2 million including ~$7 million write‑offs
• Q4 adjusted EBITDA attributable to DMC negative $(1.6) million
• Arcadia Products Q4 sales down 5% year‑over‑year amid 12 months ABI declines
• DynaEnergetics paid >$10 million in tariffs in 2025, >$3 million in Q4
• NobelClad Q4 sales down 38% year‑over‑year

News Market Reaction – BOOM

-32.95% 2.9x vol

24 alerts

-32.95% News Effect

-26.4% Trough in 19 hr 23 min

-$88M Valuation Impact

$179M Market Cap

2.9x Rel. Volume

On the day this news was published, BOOM declined 32.95%, reflecting a significant negative market reaction. Argus tracked a trough of -26.4% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $88M from the company's valuation, bringing the market cap to $179M at that time. Trading volume was elevated at 2.9x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total debt: $52 million Net debt: $18.7 million Q4 2025 net sales: $143.5 million +5 more

8 metrics

Total debt $52 million Reduced 28% versus year-end 2024

Net debt $18.7 million Down 67% vs end of 2024; lowest since 2021 Arcadia acquisition

Q4 2025 net sales $143.5 million Consolidated fourth quarter 2025 sales, down 6% year-on-year

Q4 net loss attributable to DMC $11.2 million Includes ~$7 million in DynaEnergetics write-offs

Q4 operating cash flow $15.2 million Fourth quarter 2025 operating cash generation

2025 operating cash flow $53.5 million Full-year 2025, up 15% from 2024

Q1 2026 sales guidance $132–$138 million Management outlook for first quarter 2026 net sales

Q1 2026 adjusted EBITDA guidance $2–$4 million Expected adjusted EBITDA attributable to DMC for Q1 2026

Market Reality Check

Price: $6.39 Vol: Volume 333,821 is 55% abo...

high vol

$6.39 Last Close

Volume Volume 333,821 is 55% above the 20-day average of 215,861, indicating elevated interest into the earnings release. high

Technical Shares at $8.55 are trading above the 200-day moving average of $7.38, despite the latest quarterly loss and weaker EBITDA.

Peers on Argus

BOOM declined 1.61% while peers were mixed: NNBR -1.8%, TUSK -0.44%, FBYD -4.73%...

BOOM declined 1.61% while peers were mixed: NNBR -1.8%, TUSK -0.44%, FBYD -4.73%, RCMT slightly positive and AIRT flat. The pattern suggests a company-specific reaction to earnings rather than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Nov 04 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Q3 2025 earnings	Negative	-4.1%	Q3 2025 loss, soft sales and pressured margins across segments.
Aug 05	Q2 2025 earnings	Negative	-18.8%	Q2 2025 sales decline and mixed segment performance despite debt reduction.
May 01	Q1 2025 earnings	Positive	+14.4%	Q1 2025 positive net income and strong adjusted EBITDA with mixed segment trends.
Feb 24	Q4 2024 earnings	Positive	+9.0%	Q4 2024 adjusted EBITDA beat guidance despite weaker year-over-year sales.
Nov 04	Q3 2024 earnings	Negative	-6.0%	Q3 2024 loss driven by large goodwill impairment and sales declines.

Pattern Detected

Earnings releases have consistently produced price moves broadly aligned with the news tone, with an average move near flat but slightly negative.

Recent Company History

Across the last five earnings reports from Nov 2024 through Nov 2025, DMC has faced softening sales, margin pressure and periodic losses, often linked to tariffs and weak construction and energy markets. Earlier quarters in 2025 still generated positive net income and solid adjusted EBITDA, but trends turned more challenging by Q3 2025. The current Q4 2025 release continues this theme, with lower sales, negative adjusted EBITDA and ongoing macro headwinds in energy and building products.

Historical Comparison

-1.1% avg move · In the past five earnings releases, BOOM’s average move was about -1.09%. Today’s -1.61% reaction to...

earnings

-1.1%

Average Historical Move earnings

In the past five earnings releases, BOOM’s average move was about -1.09%. Today’s -1.61% reaction to Q4 2025 results is slightly larger but broadly consistent with that pattern.

Earnings since late 2024 show modestly declining sales, margin compression and rising tariff headwinds across Arcadia, DynaEnergetics and NobelClad, with adjusted EBITDA trending lower through 2025.

Market Pulse Summary

The stock dropped -33.0% in the session following this news. A negative reaction despite balance she...

Analysis

The stock dropped -33.0% in the session following this news. A negative reaction despite balance sheet progress fits prior patterns where BOOM sold off on challenging earnings. The quarter featured a $11.2M net loss, negative adjusted EBITDA and segment weakness tied to tariffs and soft end markets. With limited short-interest data here, risks center on continued margin pressure, macro uncertainty in energy and construction, and whether guidance for modest Q1 2026 EBITDA proves conservative or is revised.

Key Terms

adjusted EBITDA, EBITDA, free-cash flow, non-GAAP financial measures, +4 more

8 terms

adjusted EBITDA financial

"Adjusted EBITDA attributable to DMC* was negative $(1.6) million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

EBITDA financial

"EBITDA: defined as net income (loss) plus net interest, taxes..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

free-cash flow financial

"free-cash flow* was $11.7 million."

Free cash flow is the cash a business generates from its core operations after paying its everyday bills and the essential costs to maintain buildings, equipment, or other assets. For investors it matters because it shows how much true, spendable cash a company has to pay dividends, buy back stock, pay down debt, or invest in growth — like the leftover money in a household after paying rent and necessary repairs.

non-GAAP financial measures financial

"DMC also discloses certain non-GAAP financial measures that we use..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

tariffs regulatory

"DynaEnergetics also has been significantly impacted by tariffs since..."

Tariffs are taxes imposed by a government on goods imported from other countries. They increase the cost of those goods, which can lead to higher prices for consumers and impact international trade. For investors, tariffs matter because they can influence the profitability of companies, affect supply chains, and shift economic stability across different regions.

order backlog technical

"NobelClad ended the fourth quarter with an order backlog of $62.6 million..."

Order backlog is the total value or number of customer orders a company has received but not yet fulfilled or delivered. It acts like a queue at a busy restaurant: a healthy backlog signals steady future sales and revenue visibility, while a growing backlog can also warn of production bottlenecks, delayed cash collection, or rising costs — all important when assessing a company’s near-term performance and operational risks.

book-to-bill ratio financial

"Rolling 12-month bookings were $104.3 million, and the 12-month book-to-bill ratio was 1.12."

The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.

diluted net loss per share financial

"Diluted net loss per share attributable to DMC | $ | (0.59 | )..."

Diluted net loss per share measures how much of a company’s reported loss is attributable to each share after accounting for all potential shares that could exist if options, convertible bonds or other convertible instruments were turned into stock. Investors care because it shows the worst-case loss per share if ownership were spread thinner — like slicing a pie into more pieces, each existing share would bear a smaller portion of company value (or larger portion of the loss).

AI-generated analysis. Not financial advice.

• Total debt reduced 28% to $52 million versus year-end 2024, while net debt* reduced 67% to $18.7 million, the lowest level since the 2021 Arcadia Products acquisition
• Fourth quarter sales were $143.5 million
• Net loss attributable to DMC was $11.2 million, inclusive of approximately $7 million in discrete accounts receivable and inventory write-offs at DynaEnergetics, the Company's oilfield products business
• Adjusted EBITDA attributable to DMC* was negative $(1.6) million, inclusive of the above-described discrete charges at DynaEnergetics

BROOMFIELD, Colo., Feb. 23, 2026 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its fourth quarter ended December 31, 2025.

During the fourth quarter, DMC made significant progress strengthening its balance sheet, management’s primary objective for 2025. Net debt* was reduced by $11.4 million sequentially to $18.7 million, which was down 67% versus the end of 2024. The Company generated fourth quarter operating cash flow of $15.2 million, while free-cash flow* was $11.7 million. For the full year, operating cash flow was $53.5 million, up 15% from 2024, and free cash flow was $42.8 million, up 41% from 2024.

Fourth quarter consolidated sales were $143.5 million, a 6% decline from the 2024 fourth quarter and a 5% sequential decline. Adjusted EBITDA attributable to DMC, inclusive of approximately $7 million in discrete charges at DynaEnergetics, was negative ($1.6) million versus $10.4 million in the 2024 fourth quarter and $8.6 million in the 2025 third quarter. Certain of DynaEnergetics’ customers in North America’s unconventional oil and gas market have been negatively impacted by challenging conditions that include declining activity, highly competitive pricing and tariff driven input pressure, which collectively led to the accounts receivable charges.

Arcadia Products, DMC’s architectural building products business, reported fourth quarter sales of $57 million, down 5% year over year and 8% sequentially. The results reflect year-end seasonality, persistently high interest rates, and 12 consecutive months of declines in the Architectural Billings Index (ABI) across Arcadia Products’ core western U.S. market. During the quarter and into early 2026, deferrals of expected projects continued as high interest rates and elevated raw material and labor costs had a pronounced impact on activity. These conditions have led to a more competitive bidding environment that has pressured pricing. Average aluminum market prices increased 55% versus the 2024 fourth quarter and 12% sequentially, further pressuring results. Fourth quarter adjusted EBITDA attributable to DMC was $2.4 million, up from $2.2 million in the 2024 fourth quarter but down from $5.1 million in the prior quarter.

DynaEnergetics reported fourth quarter sales of $68.9 million, up 8% year over year and flat sequentially. Adjusted EBITDA, inclusive of approximately $7 million in discrete accounts receivable and inventory write offs, was negative ($2.7) million. Challenging conditions in DynaEnergetics’ core U.S. unconventional market persisted during the quarter, further pressuring certain of DynaEnergetics’ smaller customers. WTI crude prices fell nearly 10% sequentially, while the average number of frac crews declined by nearly 4% sequentially. In addition, severe price competition negatively impacted fourth quarter profitability. DynaEnergetics also has been significantly impacted by tariffs since they were imposed in February 2025, paying more than $3 million in tariffs and related duties during the fourth quarter and more than $10 million in calendar year 2025.

At NobelClad, DMC’s composite metals business, fourth quarter sales were $17.7 million, down 38% versus last year’s fourth quarter and down 15% sequentially. The declines reflect reduced bookings during the first half of 2025, with U.S. and reciprocal tariff actions contributing to significant uncertainty in NobelClad’s U.S. and international markets. Adjusted EBITDA was $2.1 million, down 64% versus the 2024 fourth quarter and up 1% from the previous quarter. The year-over-year decline principally reflects significantly lower sales volumes and a corresponding reduction in the absorption of fixed manufacturing overhead costs. NobelClad ended the fourth quarter with an order backlog of $62.6 million, up 28% from the end of the 2024 fourth quarter and up 10% sequentially. The year-over-year increase reflects the award of a record $25 million order during the second half of 2025 for an international petrochemical project.

“The fourth quarter saw a continuation of the severe macroeconomic challenges the oilfield and building products sectors faced throughout 2025,” said James O’Leary, president and CEO. “However, our exceptional DMC associates focused on what was within their control as we made significant progress strengthening DMC’s financial position. As a result, our net debt reached its lowest level since the Arcadia Products acquisition in 2021, despite challenging conditions across all our end markets.

“While near-term macroeconomic conditions remain highly challenged, certain of our businesses are exploring prospective avenues for growth that are complementary to their existing capabilities,” O’Leary added. “DynaEnergetics has begun exploring both the enhanced geothermal market and has expanded its efforts in certain emerging global shale markets. NobelClad is preparing for additional opportunities associated with the recently announced acceleration of the United States’ Naval readiness program. Meanwhile, all our businesses are evaluating additional tariff mitigation strategies and targeted cost reduction programs if business does not improve as 2026 progresses.”

Guidance

First quarter sales are expected to be in a range of $132 million to $138 million, with adjusted EBITDA attributable to DMC anticipated in a range of $2 million to $4 million. First quarter results will reflect the impact of severe weather across much of the United States that affected each of DMC’s businesses. In addition, many of the factors that negatively impacted the Company's fourth quarter and most of 2025 are expected to persist through at least the beginning of 2026. Management expects Arcadia Products will continue to be impacted by the broader factors weighing upon the construction sector, including persistently high interest rates, volatile and generally higher tariff-impacted input prices, and acute price competition. Project deferrals and generally lower activity in Arcadia Products’ core West Coast markets are expected to continue through at least the beginning of the year. DynaEnergetics' core North American unconventional market remains challenged by margin pressure from both a reduction in operating frac crews, which has led to a particularly difficult pricing environment, and higher input prices that have been inflated principally by tariffs. Lastly, while NobelClad expects improved performance for the full fiscal year, demand erosion following the imposition of tariffs in early 2025 – and the resulting impact on major orders – will result in a slow start to the year. This guidance does not contemplate recent changes in tariff policies or increases in oil prices. The above is heavily impacted by macroeconomic conditions, particularly in DMC’s core energy and construction markets, and is subject to change either upward or downward as these highly volatile inputs evolve in 2026.

Summary Fourth Quarter Results

	Three months ended												Change
(Amounts in 000’s, except Per Share Data)	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	143,531			$	151,532			$	152,374			(5	)%		(6	)%
Gross profit percentage		17.1	%			21.7	%			20.8	%
SG&A	$	29,645			$	25,950			$	25,126			14	%		18	%
Net loss	$	(11,859	)		$	(2,070	)		$	(1,156	)		473	%		926	%
Net (loss) income attributable to DMC	$	(11,164	)		$	(3,081	)		$	296			262	%		3,872	%
Diluted net loss per share attributable to DMC	$	(0.59	)		$	(0.10	)		$	(0.17	)		490	%		247	%
Adjusted net (loss) income attributable to DMC	$	(9,948	)		$	(1,629	)		$	1,754			511	%		667	%
Adjusted diluted net (loss) income per share	$	(0.50	)		$	(0.08	)		$	0.09			525	%		656	%
Adjusted EBITDA attributable to DMC	$	(1,551	)		$	8,564			$	10,382			(118	)%		(115	)%
Adjusted EBITDA before NCI allocation	$	61			$	11,972			$	11,876			(99	)%		(99	)%
Adjusted EBITDA before NCI allocation margin		—	%			7.9	%			7.8	%

Arcadia Products

	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	56,987			$	61,661			$	60,272			(8	)%		(5	)%
Gross profit percentage		21.7	%			28.7	%			22.4	%
Adjusted EBITDA attributable to DMC	$	2,419			$	5,111			$	2,243			(53	)%		8	%
Adjusted EBITDA before NCI allocation	$	4,031			$	8,519			$	3,737			(53	)%		8	%
Adjusted EBITDA before NCI allocation margin		7.1	%			13.8	%			6.2	%

DynaEnergetics

	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	68,855			$	68,946			$	63,675			—	%		8	%
Gross profit percentage		10.7	%			14.5	%			15.1	%
Adjusted EBITDA	$	(2,740	)		$	4,867			$	5,098			(156	)%		(154	)%
Adjusted EBITDA margin	(4.0		)%			7.1	%			8.0	%

NobelClad

	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	17,689			$	20,925			$	28,427			(15	)%		(38	)%
Gross profit percentage		27.4	%			24.9	%			30.5	%
Adjusted EBITDA	$	2,102			$	2,075			$	5,848			1	%		(64	)%
Adjusted EBITDA margin		11.9	%			9.9	%			20.6	%

• Rolling 12-month bookings were $104.3 million, and the 12-month book-to-bill ratio was 1.12.
  

Summary 2025 Results

	Twelve months ended							Change
	Dec 31, 2025				Dec 31, 2024				Year-on-year
Net sales	$	609,840			$	642,851			(5	)%
Gross profit percentage		22.2	%			23.4	%
SG&A	$	110,042			$	108,656			1	%
Net loss	$	(11,745	)		$	(151,960	)		(92	)%
Net loss attributable to DMC	$	(13,452	)		$	(94,452	)		(86	)%
Diluted net loss per share attributable to DMC	$	(0.90	)		$	(8.20	)		(89	)%
Adjusted net (loss) income attributable to DMC	$	(6,934	)		$	1,981			450	%
Adjusted diluted net (loss) income per share	$	(0.35	)		$	0.10			450	%
Adjusted EBITDA attributable to DMC	$	34,942			$	52,156			(33	)%
Adjusted EBITDA before NCI allocation	$	46,383			$	62,334			(26	)%
Adjusted EBITDA before NCI allocation margin		7.6	%			9.7	%

Conference call information
The conference call will begin today at 5 p.m. Eastern (3 p.m. Mountain) and will be accessible by dialing 877-407-5783 (or +1 201-689-8782 for international callers).

Investors are invited to listen to the webcast live via the Internet at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=GfofKixw

Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. The webcast also will be available on the Investor page of DMC’s website, located at: ir.dmcglobal.com. A replay of the webcast will be available for six months.

*Use of Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (GAAP), DMC also discloses certain non-GAAP financial measures that we use in operational and financial decision making. Non-GAAP financial measures include the following:

• EBITDA: defined as net income (loss) plus net interest, taxes, depreciation and amortization.
• Adjusted EBITDA: excludes from EBITDA stock-based compensation, restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance (as further described in the tables below).
• Adjusted EBITDA attributable to DMC Global Inc.: excludes the Adjusted EBITDA attributable to the 40% redeemable noncontrolling interest in Arcadia Products.
• Adjusted EBITDA for DMC business segments: defined as operating income (loss) plus depreciation, amortization, allocated stock-based compensation (if applicable), restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
• Adjusted net income (loss): defined as net income (loss) attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
• Adjusted diluted earnings per share: defined as diluted earnings per share attributable to DMC Global Inc. stockholders (exclusive of adjustment of redeemable noncontrolling interest) plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance.
• Net debt: defined as total debt less consolidated cash, cash equivalents and marketable securities per the Condensed Consolidated Balance Sheets.
• Free-cash flow: defined as cash flows from operating activities less net acquisitions of property, plant and equipment.

Management believes providing these additional financial measures is useful to investors in understanding DMC’s operating performance, excluding the effects of restructuring, impairment, and other nonrecurring charges, as well as its liquidity. Management typically monitors the business utilizing the above non-GAAP measures, in addition to GAAP results, to understand and compare operating results across accounting periods, and certain management incentive awards are based, in part, on these measures. The presence of non-GAAP financial measures in this report is not intended to suggest that such measures be considered in isolation or as a substitute for, or as superior to, DMC’s GAAP information, and investors are cautioned that the non-GAAP financial measures are limited in their usefulness.

Because not all companies use identical calculations, DMC’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company’s capital structure on its performance.

DMC is unable to reconcile its expected first quarter 2026 adjusted EBITDA attributable to DMC to the most directly comparable projected GAAP financial measure because certain information necessary to calculate such measure on a GAAP basis is unavailable or dependent on the timing of future events outside of DMC’s control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, DMC is unable to provide a reconciliation for expected adjusted EBITDA attributable to DMC without unreasonable efforts.

About DMC Global Inc.
DMC Global is an owner and operator of innovative, asset-light manufacturing businesses that provide unique, highly engineered products and differentiated solutions. DMC’s businesses have established leadership positions in their respective markets and consist of: Arcadia Products, a leading supplier of architectural building products; DynaEnergetics, which serves the global energy industry; and NobelClad, which addresses the global industrial infrastructure and transportation sectors. Based in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit: http://www.dmcglobal.com/.

Safe Harbor Language
Except for the historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including first quarter 2026 guidance on sales and adjusted EBITDA, the expectation that NobelClad's performance will improve for the full fiscal year, and the prospective growth avenues certain of our businesses are exploring, such as DynaEnergetics’ pursuit of opportunities in the enhanced geothermal and emerging global shale markets, and NobelClad’s pursuit of opportunities associated with the recently announced acceleration of the United States’ Naval readiness program. Such statements and information are based on numerous assumptions regarding present and future business strategies, the markets in which we operate, anticipated costs and the ability to achieve goals. Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results and performance to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: changes in global economic conditions, including tariffs or reciprocal tariffs; our ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; product pricing and margins; our ability to realize sales from our backlog and our ability to adjust our manufacturing and supply chain; fluctuations in customer demand; our ability to manage periods of growth and contraction effectively; general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timely receipt of government approvals and permits; the price and availability of metal and other raw materials; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; the impact of catastrophic weather events on our business and that of our customers; our ability to successfully integrate acquired businesses; the ability to remain an innovative leader in our fields of business; the costs and impacts of pending or future litigation or regulatory matters; changes to legislation, regulation or public sentiment related to our business and the industries in which our customers operate; the impacts of trade and economic sanctions or other restrictions imposed by the European Union, the United States or other countries; costs and risks associated with compliance with laws and regulations, including the United States Foreign Corrupt Practices Act and similar legislation; the availability and cost of funds; fluctuations in foreign currencies; actions of activist stockholders or others; the impact of our stockholder protection rights agreement, which includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable, as well as the other risks detailed from time to time in our SEC reports, including the annual report on Form 10-K for the year ended December 31, 2025. We do not undertake any obligation to release public revisions to any forward-looking statement, including, without limitation, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in Thousands, Except Share and Per Share Data) (unaudited)
	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
NET SALES	$	143,531			$	151,532			$	152,374			(5	)%		(6	)%
COST OF PRODUCTS SOLD		119,037				118,703				120,675			—	%		(1	)%
Gross profit		24,494				32,829				31,699			(25	)%		(23	)%
Gross profit percentage		17.1	%			21.7	%			20.8	%
COSTS AND EXPENSES:
General and administrative expenses		13,391				15,282				15,449			(12	)%		(13	)%
Selling and distribution expenses		16,254				10,668				9,677			52	%		68	%
Amortization of purchased intangible assets		4,763				4,764				5,278			—	%		(10	)%
Strategic review and related expenses		314				303				1,813			4	%		(83	)%
Restructuring expenses and asset impairments		902				1,202				178			(25	)%		407	%
Total costs and expenses		35,624				32,219				32,395			11	%		10	%
OPERATING (LOSS) INCOME		(11,130	)			610				(696	)		1,925	%		1,499	%
OTHER (EXPENSE) INCOME:
Other (expense) income, net		(178	)			(334	)			145			(47	)%		223	%
Interest expense, net		(1,351	)			(1,632	)			(1,918	)		(17	)%		(30	)%
LOSS BEFORE INCOME TAXES		(12,659	)			(1,356	)			(2,469	)		834	%		413	%
INCOME TAX (BENEFIT) PROVISION		(800	)			714				(1,313	)		212	%		(39	)%
NET LOSS		(11,859	)			(2,070	)			(1,156	)		473	%		926	%
Less: Net (loss) income attributable to redeemable noncontrolling interest		(695	)			1,011				(1,452	)		169	%		(52	)%
NET (LOSS) INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	(11,164	)		$	(3,081	)		$	296			262	%		3,872	%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	(0.59	)		$	(0.10	)		$	(0.17	)		490	%		247	%
Diluted	$	(0.59	)		$	(0.10	)		$	(0.17	)		490	%		247	%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		19,998,353				19,930,699				19,730,643			—	%		1	%
Diluted		19,998,353				19,930,699				19,730,643			—	%		1	%

Reconciliation to net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share

	Three months ended
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024
Net (loss) income attributable to DMC Global Inc. stockholders	$	(11,164	)		$	(3,081	)		$	296
Adjustment of redeemable noncontrolling interest		(638	)			1,018				(1,059	)
Deemed dividend		—				—				(2,500	)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	(11,802	)		$	(2,063	)		$	(3,263	)

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in Thousands, Except Share and Per Share Data) (unaudited)
	Twelve months ended								Change
	Dec 31, 2025				Dec 31, 2024				Year-on-year
NET SALES	$	609,840			$	642,851			(5	)%
COST OF PRODUCTS SOLD		474,587				492,282			(4	)%
Gross profit		135,253				150,569			(10	)%
Gross profit percentage		22.2	%			23.4	%
COSTS AND EXPENSES:
General and administrative expenses		61,252				61,401			—	%
Selling and distribution expenses		48,790				47,255			3	%
Amortization of purchased intangible assets		19,053				21,155			(10	)%
Goodwill impairment		—				141,725			(100	)%
Strategic review and related expenses		2,690				7,765			(65	)%
Restructuring expenses and asset impairments		3,578				2,526			42	%
Total costs and expenses		135,363				281,827			(52	)%
OPERATING LOSS		(110	)			(131,258	)		(100	)%
OTHER EXPENSE:
Other expense, net		(1,076	)			(1,068	)		1	%
Interest expense, net		(6,493	)			(8,664	)		(25	)%
LOSS BEFORE INCOME TAXES		(7,679	)			(140,990	)		(95	)%
INCOME TAX PROVISION		4,066				10,970			(63	)%
NET LOSS		(11,745	)			(151,960	)		(92	)%
Less: Net income (loss) attributable to redeemable noncontrolling interest		1,707				(57,508	)		103	%
NET LOSS ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	(13,452	)		$	(94,452	)		(86	)%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	(0.90	)		$	(8.20	)		(89	)%
Diluted	$	(0.90	)		$	(8.20	)		(89	)%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		19,912,020				19,667,673			1	%
Diluted		19,912,020				19,667,673			1	%

Reconciliation to net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share

	Twelve months ended
	Dec 31, 2025				Dec 31, 2024
Net loss attributable to DMC Global Inc. stockholders	$	(13,452	)		$	(94,452	)
Adjustment of redeemable noncontrolling interest		(4,439	)			(64,260	)
Deemed dividend		—				(2,500	)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	(17,891	)		$	(161,212	)

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
Arcadia Products
	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	56,987			$	61,661			$	60,272			(8	)%		(5	)%
Gross profit		12,340				17,717				13,493			(30	)%		(9	)%
Gross profit percentage		21.7	%			28.7	%			22.4	%
COSTS AND EXPENSES:
General and administrative expenses		5,224				5,998				8,237			(13	)%		(37	)%
Selling and distribution expenses		4,244				4,238				3,505			—	%		21	%
Amortization of purchased intangible assets		4,763				4,764				5,278			—	%		(10	)%
Restructuring expenses and asset impairments		—				132				118			(100	)%		(100	)%
Operating (loss) income		(1,891	)			2,585				(3,645	)		173	%		(48	)%
Adjusted EBITDA		4,031				8,519				3,737			(53	)%		8	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)			(3,408	)			(1,494	)		(53	)%		8	%
Adjusted EBITDA attributable to DMC Global Inc.	$	2,419			$	5,111			$	2,243			(53	)%		8	%

	Twelve months ended								Change
	Dec 31, 2025				Dec 31, 2024				Year-on-year
Net sales	$	246,208			$	249,763			(1	)%
Gross profit		66,668				67,025			(1	)%
Gross profit percentage		27.1	%			26.8	%
COSTS AND EXPENSES:
General and administrative expenses		25,171				30,881			(18	)%
Selling and distribution expenses		17,589				16,299			8	%
Amortization of purchased intangible assets		19,053				21,111			(10	)%
Goodwill impairment		—				141,725			(100	)%
Restructuring expenses and asset impairments		649				645			1	%
Operating income (loss)		4,206				(143,636	)		103	%
Adjusted EBITDA		28,602				25,446			12	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)			(10,178	)		12	%
Adjusted EBITDA attributable to DMC Global Inc.	$	17,161			$	15,268			12	%

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
DynaEnergetics
	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	68,855			$	68,946			$	63,675			—	%		8	%
Gross profit		7,377				9,976				9,604			(26	)%		(23	)%
Gross profit percentage		10.7	%			14.5	%			15.1	%
COSTS AND EXPENSES:
General and administrative expenses		2,560				2,416				2,634			6	%		(3	)%
Selling and distribution expenses		9,443				4,514				3,588			109	%		163	%
Restructuring expenses and asset impairments		—				57				60			(100	)%		(100	)%
Operating (loss) income		(4,626	)			2,989				3,322			255	%		239	%
Adjusted EBITDA	$	(2,740	)		$	4,867			$	5,098			(156	)%		(154	)%

	Twelve months ended								Change
	Dec 31, 2025				Dec 31, 2024				Year-on-year
Net sales	$	270,214			$	287,686			(6	)%
Gross profit		44,123				50,055			(12	)%
Gross profit percentage		16.3	%			17.4	%
COSTS AND EXPENSES:
General and administrative expenses		10,751				10,835			(1	)%
Selling and distribution expenses		22,207				21,128			5	%
Amortization of purchased intangible assets		—				44			(100	)%
Restructuring expenses and asset impairments		803				1,881			(57	)%
Operating income		10,362				16,167			(36	)%
Adjusted EBITDA	$	18,485			$	24,803			(25	)%

NobelClad

	Three months ended												Change
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Sequential			Year-on-year
Net sales	$	17,689			$	20,925			$	28,427			(15	)%		(38	)%
Gross profit		4,843				5,208				8,676			(7	)%		(44	)%
Gross profit percentage		27.4	%			24.9	%			30.5	%
COSTS AND EXPENSES:
General and administrative expenses		1,050				2,076				1,092			(49	)%		(4	)%
Selling and distribution expenses		2,514				1,870				2,534			34	%		(1	)%
Restructuring expenses and asset impairments		—				1,013				—			(100	)%		—	%
Operating income		1,279				249				5,050			414	%		(75	)%
Adjusted EBITDA	$	2,102			$	2,075			$	5,848			1	%		(64	)%

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
	Twelve months ended								Change
	Dec 31, 2025				Dec 31, 2024				Year-on-year
Net sales	$	93,418			$	105,402			(11	)%
Gross profit		24,741				33,811			(27	)%
Gross profit percentage		26.5	%			32.1	%
COSTS AND EXPENSES:
General and administrative expenses		5,169				4,299			20	%
Selling and distribution expenses		8,791				9,461			(7	)%
Restructuring expenses and asset impairments		1,224				—			100	%
Operating income		9,557				20,051			(52	)%
Adjusted EBITDA	$	13,992			$	23,226			(40	)%

DMC GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in Thousands)
										Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential			From year-end
	(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	$	31,898		$	26,412		$	14,289		21	%		123	%
Accounts receivable, net		93,697			105,629			103,361		(11	)%		(9	)%
Inventories		144,552			140,545			152,580		3	%		(5	)%
Prepaid expenses and other		16,224			14,051			18,792		15	%		(14	)%
Total current assets		286,371			286,637			289,022		—	%		(1	)%
Property, plant and equipment, net		127,358			128,110			129,276		(1	)%		(1	)%
Purchased intangible assets, net		155,051			159,814			174,104		(3	)%		(11	)%
Other long-term assets		67,051			69,582			78,935		(4	)%		(15	)%
Total assets	$	635,831		$	644,143		$	671,337		(1	)%		(5	)%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable	$	48,188		$	46,924		$	45,059		3	%		7	%
Contract liabilities		22,568			14,105			23,162		60	%		(3	)%
Accrued income taxes		4,289			5,357			7,574		(20	)%		(43	)%
Current portion of long-term debt		3,438			3,125			2,500		10	%		38	%
Other current liabilities		35,842			34,260			35,807		5	%		—	%
Total current liabilities		114,325			103,771			114,102		10	%		—	%
Long-term debt		47,206			53,409			68,318		(12	)%		(31	)%
Deferred tax liabilities		475			1,268			711		(63	)%		(33	)%
Other long-term liabilities		44,695			45,641			50,155		(2	)%		(11	)%
Redeemable noncontrolling interest		187,080			187,080			187,080		—	%		—	%
Stockholders’ equity		242,050			252,974			250,971		(4	)%		(4	)%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	$	635,831		$	644,143		$	671,337		(1	)%		(5	)%

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands) (unaudited)
	Three months ended												Twelve months ended
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024				Dec 31, 2025				Dec 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(11,859	)		$	(2,070	)		$	(1,156	)		$	(11,745	)		$	(151,960	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation		3,804				3,733				3,597				14,904				13,891
Amortization of purchased intangible assets		4,763				4,764				5,278				19,053				21,155
Amortization of deferred debt issuance costs		261				262				217				971				841
Stock-based compensation		1,166				1,360				1,799				5,542				6,902
Bad debt expense		5,058				329				(49	)			6,083				4,930
Deferred income taxes		238				(421	)			(515	)			231				4,219
Asset impairments		785				—				138				1,081				1,182
Goodwill impairment		—				—				—				—				141,725
Other		(365	)			(83	)			(1,242	)			540				(1,318	)
Change in working capital, net		11,343				10,732				3,744				16,874				5,029
Net cash provided by operating activities		15,194				18,606				11,811				53,534				46,596
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities		—				—				—				—				3,000
Proceeds from sales of marketable securities		—				—				—				—				9,619
Acquisition of property, plant and equipment		(5,560	)			(4,243	)			(5,684	)			(16,503	)			(17,284	)
Proceeds from property, plant and equipment reimbursements		2,043				1,894				587				5,725				993
Proceeds on sale of property, plant and equipment		—				20				3				47				103
Proceeds from settlement of note receivable		—				—				—				4,167				—
Net cash used in investing activities		(3,517	)			(2,329	)			(5,094	)			(6,564	)			(3,569	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on term loan		—				—				—				—				50,000
Repayments on term loan		(625	)			(625	)			(625	)			(2,500	)			(119,375	)
Borrowings on revolving loans		46,965				52,300				12,500				146,124				90,150
Repayments on revolving loans		(52,340	)			(53,918	)			(15,375	)			(164,145	)			(65,775	)
Payments of debt issuance costs		—				—				—				(650	)			(2,735	)
Distributions to redeemable noncontrolling interest holder		—				(145	)			(124	)			(6,400	)			(8,445	)
Payment of deemed dividend to noncontrolling interest holder		—				—				(2,500	)			—				(2,500	)
Net proceeds from issuance of common stock to employees and directors		—				—				—				—				132
Treasury stock purchases		(587	)			(15	)			(240	)			(1,165	)			(1,240	)
Net cash used in financing activities		(6,587	)			(2,403	)			(6,364	)			(28,736	)			(59,788	)
EFFECTS OF EXCHANGE RATES ON CASH		396				111				(575	)			(625	)			10
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,486				13,985				(222	)			17,609				(16,751	)
CASH AND CASH EQUIVALENTS, beginning of the period		26,412				12,427				14,511				14,289				31,040
CASH AND CASH EQUIVALENTS, end of the period	$	31,898			$	26,412			$	14,289			$	31,898			$	14,289

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
DMC Global EBITDA and Adjusted EBITDA
	Three months ended
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024
Net loss		(11,859	)			(2,070	)			(1,156	)
Interest expense, net		1,351				1,632				1,918
Income tax (benefit) provision		(800	)			714				(1,313	)
Depreciation		3,804				3,733				3,597
Amortization of purchased intangible assets		4,763				4,764				5,278
EBITDA		(2,741	)			8,773				8,324
Stock-based compensation		1,408				1,360				1,706
Strategic review and related expenses		314				303				1,813
Restructuring expenses and asset impairments		902				1,202				178
Other expense (income), net		178				334				(145	)
Adjusted EBITDA	$	61			$	11,972			$	11,876
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)			(3,408	)			(1,494	)
Adjusted EBITDA attributable to DMC Global Inc.	$	(1,551	)		$	8,564			$	10,382

	Twelve months ended
	Dec 31, 2025				Dec 31, 2024
Net loss	$	(11,745	)		$	(151,960	)
Interest expense, net		6,493				8,664
Income tax provision		4,066				10,970
Depreciation		14,904				13,891
Amortization of purchased intangible assets		19,053				21,155
EBITDA		32,771				(97,280	)
Stock-based compensation		5,748				6,530
Goodwill impairment		—				141,725
Strategic review and related expenses		2,690				7,765
Restructuring expenses and asset impairments		3,578				2,526
CEO transition expenses		520				—
Other expense, net		1,076				1,068
Adjusted EBITDA	$	46,383			$	62,334
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)			(10,178	)
Adjusted EBITDA attributable to DMC Global Inc.	$	34,942			$	52,156

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)

Adjusted Net (Loss) Income* and Adjusted Diluted Earnings per Share

*Net (loss) income attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest and deemed dividend for purposes of calculating earnings per share

	Three months ended December 31, 2025
	Amount				Per Share(1)
Net loss attributable to DMC Global Inc.*	$	(11,164	)		$	(0.56	)
Strategic review and related expenses, net of tax		314				0.01
Restructuring expenses and asset impairments, net of tax		902				0.05
As adjusted	$	(9,948	)		$	(0.50	)

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,998,353.

	Three months ended September 30, 2025
	Amount				Per Share(1)
Net loss attributable to DMC Global Inc.*	$	(3,081	)		$	(0.16	)
Strategic review and related expenses, net of tax		303				0.02
Restructuring expenses and asset impairments, net of tax		1,149				0.06
As adjusted	$	(1,629	)		$	(0.08	)

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,930,699.

	Three months ended December 31, 2024
	Amount			Per Share(1)
Net income attributable to DMC Global Inc.*	$	296		$	0.02
Strategic review and related expenses, net of tax		1,360			0.07
Restructuring expenses and asset impairments, net of tax		98			—
As adjusted	$	1,754		$	0.09

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,730,643.

	Twelve months ended December 31, 2025
	Amount				Per Share(1)
Net loss attributable to DMC Global Inc.*	$	(13,452	)		$	(0.68	)
Strategic review and related expenses, net of tax		2,690				0.13
Restructuring expenses and asset impairments, net of tax		3,308				0.17
Executive transition costs, net of tax		520				0.03
As adjusted	$	(6,934	)		$	(0.35	)

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,912,020.

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
	Twelve months ended December 31, 2024
	Amount				Per Share(1)
Net loss (income) attributable to DMC Global Inc.*	$	(94,452	)		$	(4.80	)
Goodwill impairment, net of tax		85,035				4.32
Strategic review and related expenses, net of tax		5,824				0.30
Restructuring expenses and asset impairments, net of tax		1,674				0.08
Establishment of income tax valuation allowance		3,900				0.20
As adjusted	$	1,981			$	0.10

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,667,673.

Segment Adjusted EBITDA

Arcadia Products

	Three months ended
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024
Operating (loss) income, as reported	$	(1,891	)		$	2,585			$	(3,645	)
Adjustments:
Depreciation		1,017				1,020				1,004
Amortization of purchased intangible assets		4,763				4,764				5,278
Stock-based compensation		142				18				982
Restructuring expenses and asset impairments		—				132				118
Adjusted EBITDA	$	4,031			$	8,519			$	3,737
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)			(3,408	)			(1,494	)
Adjusted EBITDA attributable to DMC Global Inc.	$	2,419			$	5,111			$	2,243

	Twelve months ended
	Dec 31, 2025				Dec 31, 2024
Operating income (loss), as reported	$	4,206			$	(143,636	)
Adjustments:
Depreciation		4,059				3,681
Amortization of purchased intangible assets		19,053				21,111
Stock-based compensation		635				1,920
Goodwill impairment		—				141,725
Restructuring expenses and asset impairments		649				645
Adjusted EBITDA	$	28,602			$	25,446
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)			(10,178	)
Adjusted EBITDA attributable to DMC Global Inc.	$	17,161			$	15,268

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
DynaEnergetics
	Three months ended
	Dec 31, 2025				Sep 30, 2025			Dec 31, 2024
Operating (loss) income, as reported	$	(4,626	)		$	2,989		$	3,322
Adjustments:
Depreciation		1,886				1,821			1,716
Restructuring expenses and asset impairments		—				57			60
Adjusted EBITDA	$	(2,740	)		$	4,867		$	5,098

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Operating income, as reported	$	10,362		$	16,167
Adjustments:
Depreciation		7,320			6,711
Amortization of purchased intangible assets		—			44
Restructuring expenses and asset impairments		803			1,881
Adjusted EBITDA	$	18,485		$	24,803

NobelClad

	Three months ended
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Operating income, as reported	$	1,279		$	249		$	5,050
Adjustments:
Depreciation		823			813			798
Restructuring expenses and asset impairments		—			1,013			—
Adjusted EBITDA	$	2,102		$	2,075		$	5,848

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Operating income, as reported	$	9,557		$	20,051
Depreciation		3,211			3,175
Restructuring expenses and asset impairments		1,224			—
Adjusted EBITDA	$	13,992		$	23,226

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
Free Cash Flow
	Three months ended
	Dec 31, 2025				Sep 30, 2025				Dec 31, 2024
Net cash provided by operating activities	$	15,194			$	18,606			$	11,811
Adjustments:
Acquisition of property, plant and equipment		(5,560	)			(4,243	)			(5,684	)
Proceeds from property, plant and equipment reimbursements		2,043				1,894				587
Proceeds on sale of property, plant and equipment		—				20				3
Free cash flow	$	11,677			$	16,277			$	6,717

	Twelve months ended
	Dec 31, 2025				Dec 31, 2024
Net cash provided by operating activities	$	53,534			$	46,596
Adjustments:
Acquisition of property, plant and equipment		(16,503	)			(17,284	)
Proceeds from property, plant and equipment reimbursements		5,725				993
Proceeds on sale of property, plant and equipment		47				103
Free cash flow	$	42,803			$	30,408

CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924

FAQ

How much did DMC (BOOM) reduce net debt in Q4 2025?

DMC reduced net debt to $18.7 million, a 67% decline versus year‑end 2024. According to the company, net debt fell sequentially by $11.4 million during the fourth quarter to reach the lowest level since the 2021 Arcadia acquisition.

What were DMC Global's (BOOM) Q4 2025 sales and adjusted EBITDA?

Q4 2025 consolidated sales were $143.5 million and adjusted EBITDA attributable to DMC was negative $(1.6) million. According to the company, that adjusted EBITDA includes roughly $7 million of discrete charges at DynaEnergetics.

What cash flow did DMC (BOOM) generate in Q4 and for full‑year 2025?

DMC generated Q4 operating cash flow of $15.2 million and Q4 free cash flow of $11.7 million. According to the company, full‑year operating cash flow was $53.5 million and free cash flow rose 41% to $42.8 million.

How did tariffs affect DynaEnergetics and DMC (BOOM) results in 2025?

Tariffs materially pressured results: DynaEnergetics paid more than $10 million in tariffs in 2025, including over $3 million in Q4. According to the company, tariffs increased input costs and contributed to margin pressure and discrete charges.

What guidance did DMC (BOOM) provide for Q1 2026?

DMC guided Q1 2026 sales of $132–$138 million with adjusted EBITDA attributable to DMC of $2–$4 million. According to the company, guidance factors in severe weather and expects many 2025 headwinds to persist into early 2026.

What is the status of NobelClad orders and outlook at DMC (BOOM)?

NobelClad ended Q4 with a backlog of $62.6 million, up 28% year‑over‑year, including a record $25 million international order. According to the company, backlog growth supports a cautious improvement outlook despite 2025 sales declines.