DMC Global (Nasdaq: BOOM) posts Q4 loss but cuts net debt 67%

Rhea-AI Filing Summary

DMC Global Inc. reported a tough fourth quarter of 2025, with net sales of $143.5 million, down 6% year over year, and a net loss attributable to DMC of $11.2 million driven by about $7 million of accounts receivable and inventory write-offs at DynaEnergetics. Adjusted EBITDA attributable to DMC was a negative $1.6 million, versus positive $10.4 million a year earlier. Despite weaker earnings, DMC focused on deleveraging: net debt fell to $18.7 million, a 67% reduction from year-end 2024, supported by fourth quarter operating cash flow of $15.2 million and free cash flow of $11.7 million.

For full-year 2025, net sales were $609.8 million, down 5%, while the net loss attributable to DMC narrowed sharply to $13.5 million from $94.5 million in 2024, when results were hit by a large goodwill impairment. Arcadia Products’ 2025 adjusted EBITDA attributable to DMC rose 12% to $17.2 million, but DynaEnergetics and NobelClad saw lower profitability amid tariffs, weaker energy activity and softer industrial demand. NobelClad ended the year with a $62.6 million backlog, up 28%. Management guided first quarter 2026 sales to $132–$138 million and adjusted EBITDA attributable to DMC to $2–$4 million, noting ongoing macro and tariff headwinds.

Insights

Industrial and energy infrastructure analyst

Profitability weakened, but leverage and cash generation improved.

DMC Global closed 2025 with softer revenues and margins but materially cleaner financials. Net sales fell 5% to $609.8 million, and adjusted EBITDA attributable to DMC dropped 33% to $34.9 million, reflecting pressure across energy, construction and industrial markets.

Fourth quarter performance was particularly weak: consolidated sales declined to $143.5 million and adjusted EBITDA attributable to DMC turned negative $1.6 million, largely due to roughly $7 million of discrete write-offs at DynaEnergetics and tariff impacts exceeding $3 million in the quarter. NobelClad also saw a 38% year-on-year sales decline, though its backlog rose to $62.6 million helped by a record $25 million order.

Balance sheet progress provides a counterweight. Net debt fell to $18.7 million, the lowest level since the 2021 Arcadia acquisition, as free cash flow reached $42.8 million for 2025, up 41%. Management’s 2026 first quarter outlook—sales of $132–$138 million and adjusted EBITDA attributable to DMC of $2–$4 million—acknowledges continuing headwinds from tariffs, high interest rates and subdued U.S. unconventional activity.

0000034067FALSE00000340672026-02-232026-02-230000034067us-gaap:CommonStockMember2026-02-232026-02-230000034067boom:StockPurchaseRightsMember2026-02-232026-02-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): February 23, 2026

DMC Global Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-14775

84-0608431

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

11800 Ridge Parkway, Suite 300, Broomfield, Colorado 80021

(Address of Principal Executive Offices, Including Zip Code)

(303) 665-5700

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $0.05 Par Value

BOOM

The Nasdaq Global Select Market

Stock Purchase Rights

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02    Results of Operations and Financial Condition

On February 23, 2026, DMC Global Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the fourth quarter and full fiscal year ended December 31, 2025. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information provided in Item 2.02 of this Current Report, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number

Description

99.1

Press Release, dated February 23, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DMC GLOBAL INC.

Dated:

February 23, 2026

By:

/s/ Eric V. Walter

Eric V. Walter

Chief Financial Officer

Exhibit 99.1

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

DMC GLOBAL REPORTS FOURTH QUARTER FINANCIAL RESULTS

•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. - February 23, 2026 - 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.

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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.

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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.

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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.

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•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/.

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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

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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.

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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)

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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)

8

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		%

9

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)		%

10

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)		%

11

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)		%

12

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

13

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

14

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.

15

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

16

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

17

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

18

FAQ

How did DMC Global (BOOM) perform financially in the fourth quarter of 2025?

DMC Global reported fourth quarter 2025 net sales of $143.5 million, down 6% year over year, and a net loss attributable to DMC of $11.2 million. Adjusted EBITDA attributable to DMC turned negative at $(1.6) million, reflecting discrete write-offs and weaker margins.

What were DMC Global’s full-year 2025 revenue and net loss results?

For 2025, DMC Global generated $609.8 million in net sales, a 5% decline from 2024. The net loss attributable to DMC narrowed significantly to $13.5 million, compared with a $94.5 million loss in 2024 that had included a substantial goodwill impairment at Arcadia Products.

How much did DMC Global reduce its net debt by the end of 2025?

DMC Global ended 2025 with $18.7 million of net debt, a 67% reduction versus year-end 2024. The company achieved this mainly through strong cash generation, including $53.5 million in operating cash flow and $42.8 million in free cash flow over the full year.

How did DynaEnergetics and NobelClad perform for DMC Global in Q4 2025?

In Q4 2025, DynaEnergetics sales grew 8% year over year to $68.9 million, but adjusted EBITDA was a negative $(2.7) million due to write-offs and tariffs. NobelClad sales fell 38% to $17.7 million, while its backlog increased 28% to $62.6 million.

What guidance did DMC Global provide for first quarter 2026?

Management expects first quarter 2026 net sales between $132 million and $138 million, with adjusted EBITDA attributable to DMC projected between $2 million and $4 million. The outlook factors in severe winter weather impacts and continuing macro, pricing and tariff pressures across core markets.

How did Arcadia Products contribute to DMC Global’s 2025 results?

Arcadia Products delivered 2025 net sales of $246.2 million, down 1% year over year, with gross margin of 27.1%. Adjusted EBITDA attributable to DMC from Arcadia increased 12% to $17.2 million, despite high interest rates, aluminum cost inflation and competitive bidding in construction markets.

What non-GAAP measures does DMC Global emphasize in its reporting?

DMC Global highlights several non-GAAP metrics, including EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted diluted EPS, net debt, and free cash flow. Management uses these to assess operating performance, exclude nonrecurring items, and evaluate liquidity beyond standard GAAP results.

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