DMC Global Reports Third Quarter Financial Results

Third-quarter sales and adjusted EBITDA attributable to DMC exceeded the high end of management’s forecast.

Rhea-AI Summary

DMC Global (Nasdaq: BOOM) reported third-quarter sales of $172.8 million, with all three businesses posting higher adjusted operating earnings year over year. Sales rose 14% year over year and 10% sequentially. Net income attributable to DMC was $9.7 million, or $0.59 per diluted share, versus a $3.1 million loss, or $0.10 per share, a year earlier.

Adjusted EBITDA attributable to DMC, a non-GAAP earnings measure, rose 59% year over year to $13.6 million excluding tariff refunds; including refunds, it was $19.0 million. Arcadia and NobelClad sales increased, while DynaEnergetics sales fell 3%. Net debt was $13.7 million, its lowest since the December 2021 Arcadia acquisition. DMC expects fourth-quarter sales of $154 million to $164 million and adjusted EBITDA attributable to DMC of $10 million to $13 million, reflecting seasonal moderation and operating headwinds.

27 points · 1 major

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0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointNet income attributable to DMC of $9.7 million reversed a $3.1 million year-earlier loss.
• Moderate pointThird-quarter sales of $172.8 million rose 14% year over year and 10% sequentially.
• Moderate pointAdjusted EBITDA attributable to DMC excluding refunds of $13.6 million rose 59% annually and 48% sequentially.
• Moderate pointGross margin of 26.9% increased from 21.7% a year earlier and 21.9% sequentially.
• Moderate pointNet debt of $13.7 million reached its lowest level since the December 2021 Arcadia acquisition.
• Moderate pointArcadia sales of $76.9 million rose 25% year over year and 14% sequentially.
• Moderate pointArcadia adjusted EBITDA attributable to DMC of $6.8 million rose 32% annually and 23% sequentially.
• Moderate pointDynaEnergetics adjusted EBITDA excluding refunds of $6.5 million rose 34% annually and 57% sequentially.
• Moderate pointDynaEnergetics gross margin of 26.1% increased from 14.5% a year earlier.
• Moderate pointNobelClad sales of $28.8 million rose 38% year over year and 30% sequentially.
• Moderate pointNobelClad adjusted EBITDA of $4.6 million rose 120% annually and 51% sequentially.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter DynaEnergetics cost savings are expected to more than offset input cost increases.

15 minor points

• Minor pointDiluted earnings of $0.59 per share compared with a $0.10 loss in third-quarter 2025.
• Minor pointTariff refunds of $5.4 million lifted adjusted EBITDA attributable to DMC to $19.0 million.
• Minor pointOperating income of $14.504 million increased from $610,000 in third-quarter 2025.
• Minor pointArcadia adjusted EBITDA margin before noncontrolling interests of 14.7% exceeded 13.8% a year earlier.
• Minor pointDynaEnergetics adjusted EBITDA margin excluding refunds of 9.7% increased from 7.1% a year earlier.
• Minor pointDynaEnergetics cost savings and improved sales mix supported profitability, with initial defense and enhanced geothermal contributions.
• Minor pointNobelClad adjusted EBITDA margin of 15.9% increased from 9.9% a year earlier.
• Minor pointNobelClad defense-order supply issues resolved, allowing the order to ship fully during the quarter.
• Minor pointNobelClad backlog of $72.4 million included $16 million related to U.S. Navy vessel construction.
• Minor pointNobelClad rolling 12-month bookings of $105.1 million accompanied a 1.19 book-to-bill ratio.
• Minor pointRestructuring and impairment expenses of $94,000 declined 92% year over year.
• Minor pointPurchased intangible amortization of $4.356 million declined 9% year over year.
• Minor pointStrategic review expenses fell to zero from $303,000 a year earlier.
• Minor pointNet interest expense of $1.256 million declined 23% year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.NobelClad shipping activity is expected to continue improving in the fourth quarter.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter sales guidance of $154 million to $164 million is below third-quarter sales of $172.8 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Arcadia fourth-quarter activity faces seasonal moderation, declining large-project activity, rising interest rates, aluminum volatility and tight builder labor.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter guidance excludes increased Middle East-related supply disruptions that could affect DynaEnergetics and NobelClad.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter guidance excludes generally weaker end markets and remains dependent on energy and construction conditions.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter adjusted EBITDA guidance of $10 million to $13 million is below third-quarter earnings excluding refunds.

6 minor points

• Minor pointDynaEnergetics sales of $67.1 million declined 3% year over year and were flat sequentially.
• Minor pointSG&A of $27.492 million rose 6% year over year and 12% sequentially.
• Minor pointTotal debt remained $51.7 million at quarter-end.
• Minor pointArcadia gross margin of 28.6% fell from 28.7% annually, despite improving from 27.7% sequentially.
• Minor pointNobelClad gross margin of 24.1% fell from 24.9% annually, despite improving from 22.6% sequentially.
• Minor point. Forward-looking: it has not happened yet and may not happen.Arcadia’s California finishing facility faces a temporary fourth-quarter shutdown for planned maintenance.

News Explained

The release adds an order-pipeline snapshot: NobelClad ended the quarter with an order backlog of $72.4 million, including $16 million tied to U.S. Navy vessel construction.

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Key Figures

Consolidated sales: $172.8 million Net income attributable to DMC: $9.7 million Diluted earnings per share: $0.59 +5 more

Consolidated sales

$172.8 million

Q3 2026; up 14% year over year

Net income attributable to DMC

$9.7 million

Q3 2026; versus a $3.1 million net loss in Q3 2025

Diluted earnings per share

$0.59

Q3 2026; versus ($0.10) in Q3 2025

Adjusted EBITDA attributable to DMC, excluding tariff refunds

$13.6 million

Q3 2026; up 59% year over year

Adjusted EBITDA attributable to DMC, including tariff refunds

$19.0 million

Q3 2026

Net debt

$13.7 million

Q3 2026; lowest level since the December 2021 Arcadia acquisition

Fourth-quarter sales guidance

$154 million to $164 million

Q4 2026 outlook

Fourth-quarter adjusted EBITDA guidance

$10 million to $13 million

Adjusted EBITDA attributable to DMC; Q4 2026 outlook

Previous Earnings Reports

1 past event · Latest: Nov 04

Same Type 1 event

1. Nov 04

   Third-quarter earnings

   24h Move

   -18.6%

   Reported a net loss attributable to DMC; the current quarter reported net income.

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Key Terms

gaap, non-gaap financial measures, ebitda, net debt

4 terms

gaap financial

"generally accepted accounting principles in the United States (GAAP)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measures financial

"DMC also discloses certain non-GAAP financial measures"

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.

ebitda financial

"EBITDA: defined as net income (loss) plus net interest, taxes, depreciation and amortization"

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.

View in glossary

net debt financial

"Net debt: defined as total debt less consolidated cash and cash equivalents"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

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• Third quarter sales were $172.8 million, up 14% versus Q3 2025
• Net income attributable to DMC was $9.7 million, or $0.59 per diluted share, versus a net loss of $3.1 million, or ($0.10) per diluted share in Q3 2025
• Adjusted EBITDA attributable to DMC*, excluding $5.4 million in tariff refunds*, was $13.6 million, up 59% versus Q3 2025
• Including tariff refunds, adjusted EBITDA attributable to DMC* was $19.0 million
• Total debt was $51.7 million, while net debt* was $13.7 million, the lowest level since the December 2021 acquisition of 60% of Arcadia
  

BROOMFIELD, Colo., Oct. 27, 2026 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its third quarter ended September 30, 2026. Consolidated sales and adjusted EBITDA attributable to DMC exceeded the high end of management’s forecast and substantially improved versus the 2025 third quarter. DMC’s businesses benefited from specific initiatives implemented over the past two years to improve their financial and operating performance, as they continue to navigate challenging, uncertain and highly volatile end-market conditions.

Third quarter consolidated sales were $172.8 million, up 14% versus the comparable year-ago quarter and up 10% sequentially. Adjusted EBITDA attributable to DMC, excluding $5.4 million in tariff refunds, was $13.6 million, up 59% versus the 2025 third quarter and up 48% sequentially. Inclusive of tariff refunds, adjusted EBITDA attributable to DMC was $19.0 million.

Sales at Arcadia Products, DMC’s building products business, were $76.9 million, up 25% versus the 2025 third quarter and up 14% sequentially. Adjusted EBITDA attributable to DMC was $6.8 million, up 32% versus the year-ago third quarter and up 23% sequentially. The improvement over the prior third quarter reflects higher sales of commercial aluminum and residential products, supported by improving service levels and product availability. Despite extremely difficult market conditions, Arcadia has remained focused on improving execution and regaining market share. Short-cycle commercial and high-end residential sales made meaningful contributions, offsetting continued challenges created by elevated interest rates and materially higher aluminum costs. Large, longer-cycle commercial projects remain heavily impacted by these ongoing market conditions and a still highly competitive pricing environment.

DynaEnergetics, DMC’s energy products business, reported third quarter sales of $67.1 million, down 3% versus the 2025 third quarter and flat sequentially. Adjusted EBITDA, excluding tariff refunds, was $6.5 million, up 34% year over year and up 57% sequentially. DynaEnergetics’ improved profitability, despite lower year-over-year sales, reflects specific cost savings initiatives and improved sales mix, partially attributable to recent diversification efforts and the initial contributions from both the defense and enhanced geothermal sectors.

At NobelClad, DMC’s composite metals business, third quarter sales were $28.8 million, up 38% versus last year’s third quarter and up 30% sequentially. Adjusted EBITDA was $4.6 million, up 120% year over year and up 51% sequentially. NobelClad’s performance reflects increased shipments on a large, international petrochemical order, as well as the resolution of supply chain issues on a large defense order that was fully shipped in the quarter. NobelClad ended the quarter with an order backlog of $72.4 million, which included $16 million in orders related to U.S. Navy vessel construction.

“Our improved performance reflects the cost optimization and commercial initiatives selectively implemented across our businesses over the past two years,” said James O’Leary, DMC’s president and CEO. “These improvements were achieved despite continued macroeconomic headwinds across all of our end markets. We also strengthened DMC’s financial position during this period, with net debt now at its lowest level since the acquisition of Arcadia in December 2021. I want to thank all of our DMC associates for their hard work, dedication and continued commitment to improving our businesses.”

Guidance
Fourth quarter sales are expected to be in a range of $154 million to $164 million, with adjusted EBITDA attributable to DMC anticipated in a range of $10 million to $13 million.

Our fourth quarter guidance reflects normal seasonal moderation at Arcadia, further affected by a temporary shutdown of our California finishing facility for planned maintenance, a decline in large, long-cycle project activity, the negative impact of still rising interest rates on construction activity, ongoing volatility in aluminum input costs, and tight labor conditions for commercial and residential builders; steady well completion activity at DynaEnergetics with the benefit from previously discussed cost optimization programs more than offsetting input cost increases; and continued improvement in shipping activity at NobelClad. 

DMC’s fourth quarter guidance does not contemplate increased disruptions in international supply chains due to ongoing hostilities in the Middle East, which could impact both DynaEnergetics and NobelClad, or generally weaker end market conditions. Moreover, this guidance remains highly dependent on macroeconomic conditions, particularly within DMC’s core energy and construction markets, and may change—either positively or negatively—as these factors evolve throughout the remainder of 2026.

Summary Third Quarter Results

	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	172,825			$	156,953			$	151,532			10	%		14	%
Gross profit percentage		26.9	%			21.9	%			21.7	%
SG&A	$	27,492			$	24,541			$	25,950			12	%		6	%
Net income (loss)	$	12,071			$	2,017			$	(2,070	)		498	%		683	%
Net income (loss) attributable to DMC	$	9,708			$	507			$	(3,081	)		1,815	%		415	%
Diluted net income (loss) per share attributable to DMC	$	0.59			$	0.10			$	(0.10	)		490	%		690	%
Adjusted net income (loss) attributable to DMC	$	9,783			$	727			$	(1,629	)		1,246	%		701	%
Adjusted diluted net income (loss) per share	$	0.48			$	0.04			$	(0.08	)		1,100	%		700	%
Adjusted EBITDA attributable to DMC	$	19,014			$	10,673			$	8,564			78	%		122	%
Adjusted EBITDA attributable to DMC, excluding tariff refunds	$	13,589			$	9,185			$	8,564			48	%		59	%
Adjusted EBITDA before NCI allocation	$	23,528			$	14,333			$	11,972			64	%		97	%
Adjusted EBITDA before NCI allocation, excluding tariff refunds	$	18,103			$	12,845			$	11,972			41	%		51	%
Adjusted EBITDA before NCI allocation margin, excluding tariff refunds		10.5	%			8.2	%			7.9	%

Arcadia Products

	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	76,886			$	67,419			$	61,661			14	%		25	%
Gross profit percentage		28.6	%			27.7	%			28.7	%
Adjusted EBITDA attributable to DMC	$	6,770			$	5,490			$	5,111			23	%		32	%
Adjusted EBITDA before NCI allocation	$	11,284			$	9,150			$	8,519			23	%		32	%
Adjusted EBITDA before NCI allocation margin		14.7	%			13.6	%			13.8	%

DynaEnergetics

	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	67,124			$	67,383			$	68,946			—	%		(3)%
Gross profit percentage		26.1	%			15.9	%			14.5	%
Adjusted EBITDA	$	11,928			$	5,638			$	4,867			112	%		145	%
Adjusted EBITDA margin		17.8	%			8.4	%			7.1	%
Adjusted EBITDA, excluding tariff refunds	$	6,503			$	4,150			$	4,867			57	%		34	%
Adjusted EBITDA margin, excluding tariff refunds		9.7	%			6.2	%			7.1	%

NobelClad

	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	28,815			$	22,151			$	20,925			30	%		38	%
Gross profit percentage		24.1	%			22.6	%			24.9	%
Adjusted EBITDA	$	4,568			$	3,032			$	2,075			51	%		120	%
Adjusted EBITDA margin		15.9	%			13.7	%			9.9	%

• NobelClad's rolling 12-month bookings were $105.1 million, and the 12-month book-to-bill ratio was 1.19.
  
  

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=Zwh2pOGa

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 EBITDA excluding tariff refunds: DMC received refunds of certain tariffs previously paid on imported products and materials. The Company believes presenting Adjusted EBITDA both inclusive and exclusive of these refunds provides investors with additional insight into its underlying operating performance. In particular, excluding the refunds enables investors to better assess the profitability of DMC’s ongoing operations without the benefit of these items and facilitates comparisons of operating performance across reporting periods.
• 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 and cash equivalents per the Condensed Consolidated Balance Sheets.

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 third 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 fourth quarter 2026 guidance on sales and adjusted EBITDA attributable to DMC; expected steady well completion activity at DynaEnergetics and the benefit from previously discussed cost optimization programs more than offsetting input cost increases; and continued improvement in shipping activity at NobelClad. 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; 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
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
NET SALES	$	172,825			$	156,953			$	151,532			10	%		14	%
COST OF PRODUCTS SOLD		126,379				122,598				118,703			3	%		6	%
Gross profit		46,446				34,355				32,829			35	%		41	%
Gross profit percentage		26.9	%			21.9	%			21.7	%
COSTS AND EXPENSES:
General and administrative expenses		16,516				13,916				15,282			19	%		8	%
Selling and distribution expenses		10,976				10,625				10,668			3	%		3	%
Amortization of purchased intangible assets		4,356				4,357				4,764			—	%		(9)	%
Strategic review and related expenses		—				—				303			—	%		(100)	%
Restructuring expenses and asset impairments		94				239				1,202			(61)	%		(92)	%
Total costs and expenses		31,942				29,137				32,219			10	%		(1)	%
OPERATING INCOME		14,504				5,218				610			178	%		2,278	%
OTHER EXPENSE:
Other income (expense), net		18				15				(334	)		20	%		105	%
Interest expense, net		(1,256	)			(1,280	)			(1,632	)		(2)	%		(23)	%
INCOME (LOSS) BEFORE INCOME TAXES		13,266				3,953				(1,356	)		236	%		1,078	%
INCOME TAX PROVISION		1,195				1,936				714			(38)	%		67	%
NET INCOME (LOSS)		12,071				2,017				(2,070	)		498	%		683	%
Less: Net income attributable to redeemable noncontrolling interest		2,363				1,510				1,011			56	%		134	%
NET INCOME (LOSS) ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	9,708			$	507			$	(3,081	)		1,815	%		415	%
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	0.59			$	0.10			$	(0.10	)		490	%		690	%
Diluted	$	0.59			$	0.10			$	(0.10	)		490	%		690	%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		20,252,213				20,199,424				19,930,699			—	%		2	%
Diluted		20,315,635				20,235,822				19,930,699			—	%		2	%

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

	Three months ended
	Sep 30, 2026			Jun 30, 2026			Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders	$	9,708		$	507		$	(3,081	)
Adjustment of redeemable noncontrolling interest		2,395			1,541			1,018
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	12,103		$	2,048		$	(2,063	)

	Nine months ended								Change
	Sep 30, 2026				Sep 30, 2025				Year-on-year
NET SALES	$	465,373			$	466,309			—	%
COST OF PRODUCTS SOLD		359,129				355,550			1	%
Gross profit		106,244				110,759			(4)	%
Gross profit percentage		22.8	%			23.8	%
COSTS AND EXPENSES:
General and administrative expenses		44,564				47,861			(7)	%
Selling and distribution expenses		32,073				32,536			(1)	%
Amortization of purchased intangible assets		13,069				14,290			(9)	%
Strategic review and related expenses		—				2,376			(100)	%
Restructuring expenses and asset impairments		899				2,676			(66)	%
Total costs and expenses		90,605				99,739			(9)	%
OPERATING INCOME		15,639				11,020			42	%
OTHER EXPENSE:
Other expense, net		(12	)			(898	)		(99)	%
Interest expense, net		(3,997	)			(5,142	)		(22)	%
INCOME BEFORE INCOME TAXES		11,630				4,980			134	%
INCOME TAX PROVISION		4,352				4,866			(11)	%
NET INCOME		7,278				114			6,284	%
Less: Net income attributable to redeemable noncontrolling interest		3,128				2,402			30	%
NET INCOME (LOSS) ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	4,150			$	(2,288	)		281	%
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	0.36			$	(0.31	)		216	%
Diluted	$	0.36			$	(0.31	)		216	%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		20,173,280				19,883,652			1	%
Diluted		20,223,991				19,883,652			2	%

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

	Nine months ended
	Sep 30, 2026			Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders	$	4,150		$	(2,288	)
Adjustment of redeemable noncontrolling interest		3,201			(3,801	)
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	7,351		$	(6,089	)

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
Arcadia Products
	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	76,886			$	67,419			$	61,661			14	%		25	%
Gross profit		21,994				18,664				17,717			18	%		24	%
Gross profit percentage		28.6	%			27.7	%			28.7	%
COSTS AND EXPENSES:
General and administrative expenses		7,146				6,205				5,998			15	%		19	%
Selling and distribution expenses		4,665				4,410				4,238			6	%		10	%
Amortization of purchased intangible assets		4,356				4,357				4,764			—	%		(9)	%
Restructuring expenses and asset impairments		47				47				132			—	%		(64)	%
Operating income		5,780				3,645				2,585			59	%		124	%
Adjusted EBITDA		11,284				9,150				8,519			23	%		32	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(4,514	)			(3,660	)			(3,408	)		23	%		32	%
Adjusted EBITDA attributable to DMC Global Inc.	$	6,770			$	5,490			$	5,111			23	%		32	%

	Nine months ended								Change
	Sep 30, 2026				Sep 30, 2025				Year-on-year
Net sales	$	201,011			$	189,221			6	%
Gross profit		54,323				54,328			—	%
Gross profit percentage		27.0	%			28.7	%
COSTS AND EXPENSES:
General and administrative expenses		19,782				19,947			(1)	%
Selling and distribution expenses		13,460				13,345			1	%
Amortization of purchased intangible assets		13,069				14,290			(9)	%
Restructuring expenses and asset impairments		589				649			(9)	%
Operating income		7,423				6,097			22	%
Adjusted EBITDA		24,336				24,571			(1)	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(9,734	)			(9,829	)		(1)	%
Adjusted EBITDA attributable to DMC Global Inc.	$	14,602			$	14,742			(1)	%

DynaEnergetics
	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	67,124			$	67,383			$	68,946			—	%		(3)	%
Gross profit		17,544				10,714				9,976			64	%		76	%
Gross profit percentage		26.1	%			15.9	%			14.5	%
COSTS AND EXPENSES:
General and administrative expenses		3,076				2,619				2,416			17	%		27	%
Selling and distribution expenses		4,233				4,101				4,514			3	%		(6)	%
Restructuring expenses and asset impairments		31				67				57			(54)	%		(46)	%
Operating income		10,204				3,927				2,989			160	%		241	%
Adjusted EBITDA	$	11,928			$	5,638			$	4,867			112	%		145	%

	Nine months ended								Change
	Sep 30, 2026				Sep 30, 2025				Year-on-year
Net sales	$	194,054			$	201,359			(4)	%
Gross profit		35,763				36,746			(3)	%
Gross profit percentage		18.4	%			18.2	%
COSTS AND EXPENSES:
General and administrative expenses		8,334				8,191			2	%
Selling and distribution expenses		12,217				12,764			(4)	%
Restructuring expenses and asset impairments		169				803			(79)	%
Operating income		15,043				14,988			—	%
Adjusted EBITDA	$	20,312			$	21,225			(4)	%

NobelClad
	Three months ended												Change
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sequential			Year-on-year
Net sales	$	28,815			$	22,151			$	20,925			30	%		38	%
Gross profit		6,942				5,010				5,208			39	%		33	%
Gross profit percentage		24.1	%			22.6	%			24.9	%
COSTS AND EXPENSES:
General and administrative expenses		1,171				746				2,076			57	%		(44)	%
Selling and distribution expenses		2,045				2,081				1,870			(2)	%		9	%
Restructuring expenses and asset impairments		—				—				1,013			—	%		(100)	%
Operating income		3,726				2,183				249			71	%		1,396	%
Adjusted EBITDA	$	4,568			$	3,032			$	2,075			51	%		120	%

	Nine months ended								Change
	Sep 30, 2026				Sep 30, 2025				Year-on-year
Net sales	$	70,308			$	75,729			(7)	%
Gross profit		16,329				19,898			(18)	%
Gross profit percentage		23.2	%			26.3	%
COSTS AND EXPENSES:
General and administrative expenses		3,085				4,119			(25)	%
Selling and distribution expenses		6,283				6,277			—	%
Restructuring expenses and asset impairments		—				1,224			(100)	%
Operating income		6,961				8,278			(16)	%
Adjusted EBITDA	$	9,493			$	11,890			(20)	%

DMC GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in Thousands)
										Change
	Sep 30, 2026			Jun 30, 2026			Dec 31, 2025			Sequential			Year-end
	(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	$	37,957		$	28,551		$	31,898		33	%		19	%
Accounts receivable, net		109,156			102,051			93,697		7	%		16	%
Inventories		172,346			167,309			144,552		3	%		19	%
Prepaid expenses and other		14,094			15,256			16,224		(8)	%		(13)	%
Total current assets		333,553			313,167			286,371		7	%		16	%
Property, plant and equipment, net		118,286			121,104			127,358		(2)	%		(7)	%
Purchased intangible assets, net		141,982			146,338			155,051		(3)	%		(8)	%
Other long-term assets		66,966			69,017			67,051		(3)	%		—	%
Total assets	$	660,787		$	649,626		$	635,831		2	%		4	%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable	$	57,521		$	49,076		$	48,188		17	%		19	%
Contract liabilities		24,769			30,072			22,568		(18)	%		10	%
Accrued income taxes		2,902			2,762			4,289		5	%		(32)	%
Current portion of long-term debt		3,750			3,750			3,438		—	%		9	%
Other current liabilities		41,303			36,870			35,842		12	%		15	%
Total current liabilities		130,245			122,530			114,325		6	%		14	%
Long-term debt		47,924			55,314			47,206		(13)	%		2	%
Deferred tax liabilities		364			412			475		(12)	%		(23)	%
Other long-term liabilities		45,318			46,940			44,695		(3)	%		1	%
Redeemable noncontrolling interest		187,080			187,080			187,080		—	%		—	%
Stockholders’ equity		249,856			237,350			242,050		5	%		3	%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	$	660,787		$	649,626		$	635,831		2	%		4	%

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands) (unaudited)
	Three months ended												Nine months ended
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sep 30, 2026				Sep 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	12,071			$	2,017			$	(2,070	)		$	7,278			$	114
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation		3,633				3,588				3,733				10,936				11,100
Amortization of purchased intangible assets		4,356				4,357				4,764				13,069				14,290
Amortization of deferred debt issuance costs		231				241				262				703				710
Stock-based compensation		807				794				1,360				2,464				4,376
Bad debt expense		—				34				329				95				1,025
Deferred income taxes		(141	)			898				(421	)			418				(7	)
Asset impairments		—				—				—				—				296
Other, net		(185	)			(457	)			(83	)			(761	)			905
Change in working capital, net		(3,263	)			(19,432	)			10,732				(27,032	)			5,531
Net cash provided by (used in) operating activities		17,509				(7,960	)			18,606				7,170				38,340
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment		(980	)			(1,274	)			(4,243	)			(4,364	)			(10,943	)
Proceeds from property, plant and equipment reimbursements		95				556				1,894				1,498				3,682
Proceeds on sale of property, plant and equipment		10				335				20				345				47
Proceeds from settlement of note receivable		—				—				—				—				4,167
Net cash used in investing activities		(875	)			(383	)			(2,329	)			(2,521	)			(3,047	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on term loan		(938	)			(937	)			(625	)			(2,500	)			(1,875	)
Borrowings on revolving loans		52,337				65,338				52,300				176,275				99,159
Repayments on revolving loans		(58,900	)			(59,400	)			(53,918	)			(173,075	)			(111,805	)
Payment of debt issuance costs		—				—				—				—				(650	)
Distributions to redeemable noncontrolling interest holder		—				—				(145	)			—				(6,400	)
Treasury stock purchases		—				(93	)			(15	)			(460	)			(578	)
Net cash (used in) provided by financing activities		(7,501	)			4,908				(2,403	)			240				(22,149	)
EFFECTS OF EXCHANGE RATES ON CASH		273				475				111				1,170				(1,021	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,406				(2,960	)			13,985				6,059				12,123
CASH AND CASH EQUIVALENTS, beginning of the period		28,551				31,511				12,427				31,898				14,289
CASH AND CASH EQUIVALENTS, end of the period	$	37,957			$	28,551			$	26,412			$	37,957			$	26,412

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												Nine months ended
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sep 30, 2026				Sep 30, 2025
Net income (loss)	$	12,071			$	2,017			$	(2,070	)		$	7,278			$	114
Interest expense, net		1,256				1,280				1,632				3,997				5,142
Income tax provision		1,195				1,936				714				4,352				4,866
Depreciation		3,633				3,588				3,733				10,936				11,100
Amortization of purchased intangible assets		4,356				4,357				4,764				13,069				14,290
EBITDA		22,511				13,178				8,773				39,632				35,512
Stock-based compensation		941				931				1,360				2,774				4,340
Strategic review and related expenses		—				—				303				—				2,376
Restructuring expenses and asset impairments		94				239				1,202				899				2,676
Executive transition costs		—				—				—				—				520
Other (income) expense, net		(18	)			(15	)			334				12				898
Adjusted EBITDA	$	23,528			$	14,333			$	11,972			$	43,317			$	46,322
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(4,514	)			(3,660	)			(3,408	)			(9,734	)			(9,829	)
Adjusted EBITDA attributable to DMC Global Inc.	$	19,014			$	10,673			$	8,564			$	33,583			$	36,493
Less: Tariff refunds		(5,425	)			(1,488	)			—				(6,913	)			—
Adjusted EBITDA attributable to DMC Global Inc., excluding tariff refunds	$	13,589			$	9,185			$	8,564			$	26,670			$	36,493

Adjusted Net Income (Loss)* and Adjusted Diluted Earnings per Share
*Net income (loss) attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
	Three months ended September 30, 2026
	Amount			Per Share(1)
Net income attributable to DMC Global Inc.*	$	9,708		$	0.48
Restructuring expenses and asset impairments, net of tax		75			—
As adjusted	$	9,783		$	0.48
(1) Calculated using diluted weighted average shares outstanding of 20,315,635.

	Three months ended June 30, 2026
	Amount			Per Share(1)
Net income attributable to DMC Global Inc.*	$	507		$	0.03
Restructuring expenses and asset impairments, net of tax		220			0.01
As adjusted	$	727		$	0.04
(1) Calculated using diluted weighted average shares outstanding of 20,235,822.

	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.

	Nine months ended September 30, 2026
	Amount			Per Share(1)
Net income attributable to DMC Global Inc.*	$	4,150		$	0.21
Restructuring expenses and asset impairments, net of tax		663			0.03
As adjusted	$	4,813		$	0.24
(1) Calculated using diluted weighted average shares outstanding of 20,223,991.

	Nine months ended September 30, 2025
	Amount				Per Share(1)
Net (loss) income attributable to DMC Global Inc.*	$	(2,288	)		$	(0.12	)
Strategic review and related expenses, net of tax		2,376				0.12
Restructuring expenses and asset impairments, net of tax		2,406				0.12
Executive transition costs, net of tax		520				0.03
As adjusted	$	3,014			$	0.15
(1) Calculated using diluted weighted average shares outstanding of 19,883,652.

Segment Adjusted EBITDA
Arcadia Products
	Three months ended												Nine months ended
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025				Sep 30, 2026				Sep 30, 2025
Operating income, as reported	$	5,780			$	3,645			$	2,585			$	7,423			$	6,097
Adjustments:
Depreciation		1,022				1,023				1,020				3,074				3,042
Amortization of purchased intangible assets		4,356				4,357				4,764				13,069				14,290
Stock-based compensation		79				78				18				181				493
Restructuring expenses and asset impairments		47				47				132				589				649
Adjusted EBITDA		11,284				9,150				8,519				24,336				24,571
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(4,514	)			(3,660	)			(3,408	)			(9,734	)			(9,829	)
Adjusted EBITDA attributable to DMC Global Inc.	$	6,770			$	5,490			$	5,111			$	14,602			$	14,742

DynaEnergetics
	Three months ended											Nine months ended
	Sep 30, 2026				Jun 30, 2026				Sep 30, 2025			Sep 30, 2026				Sep 30, 2025
Operating income, as reported	$	10,204			$	3,927			$	2,989		$	15,043			$	14,988
Adjustments:
Depreciation		1,693				1,644				1,821			5,100				5,434
Restructuring expenses and asset impairments		31				67				57			169				803
Adjusted EBITDA	$	11,928			$	5,638			$	4,867		$	20,312			$	21,225
Less: Tariff refunds		(5,425	)			(1,488	)			—			(6,913	)			—
Adjusted EBITDA, excluding tariff refunds	$	6,503			$	4,150			$	4,867		$	13,399			$	21,225

NobelClad
	Three months ended									Nine months ended
	Sep 30, 2026			Jun 30, 2026			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025
Operating income, as reported	$	3,726		$	2,183		$	249		$	6,961		$	8,278
Adjustments:
Depreciation		842			849			813			2,532			2,388
Restructuring expenses and asset impairments		—			—			1,013			—			1,224
Adjusted EBITDA	$	4,568		$	3,032		$	2,075		$	9,493		$	11,890

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were DMC Global’s third-quarter 2026 earnings?

DMC Global earned $9.7 million attributable to DMC, or $0.59 per diluted share, in the quarter ended September 30, 2026. That compares with a net loss attributable to DMC of $3.1 million, or $0.10 per diluted share, in third-quarter 2025.

What is DMC Global’s fourth-quarter 2026 guidance?

DMC expects fourth-quarter sales of $154 million to $164 million and adjusted EBITDA attributable to DMC of $10 million to $13 million. The outlook reflects seasonal moderation at Arcadia, a planned maintenance shutdown and continued improvement in NobelClad shipping activity.

Why does DMC Global report adjusted EBITDA excluding tariff refunds?

DMC considers excluding tariff refunds useful for assessing ongoing operating profitability and comparing reporting periods without those refunds. The refunds relate to tariffs previously paid on imported products and materials. Adjusted EBITDA is a non-GAAP measure, not a substitute for GAAP results.