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DMC Global earns $9.7M as Q3 2026 sales rise 14%

DMC Global Inc. reported third-quarter 2026 sales of $172.8 million, up 14% year over year, and net income attributable to DMC of $9.7 million, compared with a $3.1 million net loss a year earlier.

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8-K

Rhea-AI Filing Summary

DMC Global Inc. reported third-quarter 2026 sales of $172.8 million, up 14% year over year, and net income attributable to DMC of $9.7 million, compared with a $3.1 million net loss a year earlier. Adjusted EBITDA attributable to DMC, excluding $5.4 million in tariff refunds, was $13.6 million, up 59%; including the refunds, it was $19.0 million. Sales and adjusted EBITDA attributable to DMC exceeded the high end of management’s forecast.

Arcadia Products sales were $76.9 million, up 25%; DynaEnergetics sales were $67.1 million, down 3%; and NobelClad sales were $28.8 million, up 38%. NobelClad ended the quarter with $72.4 million in backlog, including $16 million in orders related to U.S. Navy vessel construction. Operating cash flow was $17.509 million, compared with $18.606 million a year earlier.

Total debt was $51.7 million and net debt was $13.7 million, which DMC described as its lowest level since its December 2021 acquisition of 60% of Arcadia. Fourth-quarter 2026 guidance calls for sales of $154 million to $164 million and adjusted EBITDA attributable to DMC of $10 million to $13 million. The outlook depends on macroeconomic conditions and does not contemplate increased international supply-chain disruptions due to ongoing hostilities in the Middle East.

3 points · 0 major

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Positive

  • Moderate pointThird-quarter sales rose 14% year over year to $172.8 million.
  • Moderate pointAdjusted EBITDA excluding tariff refunds rose 59% to $13.6 million.
  • Moderate pointNet income attributable to DMC was $9.7 million, versus a $3.1 million loss.

Negative

  • Moderate pointOperating cash flow was $17.509 million, compared with $18.606 million a year earlier.

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Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net sales $172.8 million Quarter ended September 30, 2026; up 14% year over year.
Net income attributable to DMC $9.7 million Quarter ended September 30, 2026; compared with a $3.1 million net loss a year earlier.
Adjusted EBITDA attributable to DMC, excluding tariff refunds $13.6 million Quarter ended September 30, 2026; up 59% year over year.
Operating cash flow $17.509 million Three months ended September 30, 2026; compared with $18.606 million for the three months ended September 30, 2025.
Net debt $13.7 million As of September 30, 2026.
Fourth-quarter sales guidance $154 million to $164 million Expected for the fourth quarter of 2026.
Fourth-quarter adjusted EBITDA attributable to DMC guidance $10 million to $13 million Expected for the fourth quarter of 2026.
NobelClad order backlog $72.4 million At the end of the third quarter; includes $16 million in U.S. Navy vessel construction orders.
Adjusted EBITDA attributable to DMC Global Inc. financial
"Adjusted EBITDA attributable to DMC Global Inc., excluding tariff refunds"
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.
redeemable noncontrolling interest financial
"Less: Net income attributable to redeemable noncontrolling interest"
A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.
book-to-bill ratio financial
"the 12-month book-to-bill ratio was 1.19"
The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.
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.
Net sales $172.8 million Up 14% year over year
Net income attributable to DMC $9.7 million Compared with a $3.1 million net loss a year earlier
Adjusted EBITDA attributable to DMC, excluding tariff refunds $13.6 million Up 59% year over year
Operating cash flow $17.509 million Compared with $18.606 million for the three months ended September 30, 2025
Guidance

Fourth-quarter 2026 sales of $154 million to $164 million and adjusted EBITDA attributable to DMC of $10 million to $13 million.

FAQ

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

What did BOOM report in third-quarter 2026 sales and earnings?
DMC reported $172.8 million in sales and $9.7 million in net income attributable to DMC for the quarter ended September 30, 2026. A year earlier, sales were $151.5 million and DMC recorded a $3.1 million net loss.

How much adjusted EBITDA did BOOM report in Q3 2026?
Adjusted EBITDA attributable to DMC was $13.6 million excluding $5.4 million in tariff refunds, and $19.0 million including those refunds. DMC said it received refunds for certain tariffs previously paid on imported products and materials.

What is BOOM's fourth-quarter 2026 guidance?
DMC expects sales of $154 million to $164 million and adjusted EBITDA attributable to DMC of $10 million to $13 million. The outlook cites seasonal moderation at Arcadia and a temporary planned-maintenance shutdown of the California finishing facility, and does not contemplate increased supply-chain disruptions due to ongoing hostilities in the Middle East.

What backlog and bookings did NobelClad report?
NobelClad ended the quarter with $72.4 million in backlog, including $16 million in orders related to U.S. Navy vessel construction. Its rolling 12-month bookings were $105.1 million, and its 12-month book-to-bill ratio was 1.19.

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Available on EDGAR Accepted by SEC EDGAR
0000034067FALSE00000340672026-10-272026-10-270000034067us-gaap:CommonStockMember2026-10-272026-10-270000034067boom:StockPurchaseRightsMember2026-10-272026-10-27

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): October 27, 2026
 
DMC Global Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware 001-1477584-0608431
(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 classTrading SymbolName of exchange on which registered
Common Stock, $0.05 Par ValueBOOMThe Nasdaq Global Select Market
Stock Purchase RightsThe 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 October 27, 2026, DMC Global Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended September 30, 2026. 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 on Form 8-K, 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 NumberDescription
99.1
Press Release, dated October 27, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



































SIGNATURES
 
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:October 27, 2026By:/s/ Eric V. Walter
Name: Eric V. Walter
Title: Chief Financial Officer



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EXHIBIT 99.1

FOR IMMEDIATE RELEASE:CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924
DMC GLOBAL REPORTS THIRD QUARTER FINANCIAL RESULTS
•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. – October 27, 2026 - 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.
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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 endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$172,825 $156,953 $151,532 10 %14 %
Gross profit percentage26.9%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 refunds10.5 %8.2 %7.9 %
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Arcadia Products
Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$76,886 $67,419 $61,661 14 %25 %
Gross profit percentage28.6%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 margin14.7 %13.6 %13.8 %
DynaEnergetics
Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$67,124 $67,383 $68,946 — %(3)%
Gross profit percentage26.1%15.9%14.5%
Adjusted EBITDA$11,928 $5,638 $4,867 112 %145 %
Adjusted EBITDA margin17.8%8.4%7.1%
Adjusted EBITDA, excluding tariff refunds$6,503 $4,150 $4,867 57 %34 %
Adjusted EBITDA margin, excluding tariff refunds9.7 %6.2 %7.1 %
NobelClad
Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$28,815 $22,151 $20,925 30 %38 %
Gross profit percentage24.1%22.6%24.9%
Adjusted EBITDA$4,568 $3,032 $2,075 51 %120 %
Adjusted EBITDA margin15.9 %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.
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•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.
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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.


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DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
NET SALES$172,825 $156,953 $151,532 10 %14 %
COST OF PRODUCTS SOLD126,379 122,598 118,703 3 %6 %
Gross profit46,446 34,355 32,829 35 %41 %
Gross profit percentage26.9%21.9%21.7%
COSTS AND EXPENSES:
General and administrative expenses16,516 13,916 15,282 19 %8 %
Selling and distribution expenses10,976 10,625 10,668 3 %3 %
Amortization of purchased intangible assets4,356 4,357 4,764 — %(9)%
Strategic review and related expenses— — 303 — %(100)%
Restructuring expenses and asset impairments94 239 1,202 (61)%(92)%
Total costs and expenses31,942 29,137 32,219 10 %(1)%
OPERATING INCOME14,504 5,218 610 178 %2,278 %
OTHER EXPENSE:
Other income (expense), net18 15 (334)20 %105 %
Interest expense, net(1,256)(1,280)(1,632)(2)%(23)%
INCOME (LOSS) BEFORE INCOME TAXES13,266 3,953 (1,356)236 %1,078 %
INCOME TAX PROVISION1,195 1,936 714 (38)%67 %
NET INCOME (LOSS)12,071 2,017 (2,070)498 %683 %
Less: Net income attributable to redeemable noncontrolling interest2,363 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:
Basic20,252,21320,199,42419,930,699— %2 %
Diluted20,315,63520,235,82219,930,699— %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, 2026Jun 30, 2026Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders$9,708 $507 $(3,081)
Adjustment of redeemable noncontrolling interest2,395 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)
6
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Nine months endedChange
Sep 30, 2026Sep 30, 2025Year-on-year
NET SALES$465,373 $466,309 — %
COST OF PRODUCTS SOLD359,129 355,550 1 %
Gross profit106,244 110,759 (4)%
Gross profit percentage22.8%23.8%
COSTS AND EXPENSES:
General and administrative expenses44,564 47,861 (7)%
Selling and distribution expenses32,073 32,536 (1)%
Amortization of purchased intangible assets13,069 14,290 (9)%
Strategic review and related expenses— 2,376 (100)%
Restructuring expenses and asset impairments899 2,676 (66)%
Total costs and expenses90,605 99,739 (9)%
OPERATING INCOME15,639 11,020 42 %
OTHER EXPENSE:
Other expense, net(12)(898)(99)%
Interest expense, net(3,997)(5,142)(22)%
INCOME BEFORE INCOME TAXES11,630 4,980 134 %
INCOME TAX PROVISION4,352 4,866 (11)%
NET INCOME7,278 114 6,284 %
Less: Net income attributable to redeemable noncontrolling interest3,128 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:
Basic20,173,28019,883,6521 %
Diluted20,223,99119,883,6522 %
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, 2026Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders$4,150 $(2,288)
Adjustment of redeemable noncontrolling interest3,201 (3,801)
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$7,351 $(6,089)


7
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Arcadia Products
Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$76,886 $67,419 $61,661 14 %25 %
Gross profit21,994 18,664 17,717 18 %24 %
Gross profit percentage28.6%27.7%28.7%
COSTS AND EXPENSES:
General and administrative expenses7,146 6,205 5,998 15 %19 %
Selling and distribution expenses4,665 4,410 4,238 6 %10 %
Amortization of purchased intangible assets4,356 4,357 4,764 — %(9)%
Restructuring expenses and asset impairments47 47 132 — %(64)%
Operating income5,780 3,645 2,585 59 %124 %
Adjusted EBITDA11,284 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 endedChange
Sep 30, 2026Sep 30, 2025Year-on-year
Net sales$201,011 $189,221 6 %
Gross profit54,323 54,328 — %
Gross profit percentage27.0 %28.7 %
COSTS AND EXPENSES:
General and administrative expenses19,782 19,947 (1)%
Selling and distribution expenses13,460 13,345 1 %
Amortization of purchased intangible assets13,069 14,290 (9)%
Restructuring expenses and asset impairments589 649 (9)%
Operating income7,423 6,097 22 %
Adjusted EBITDA24,336 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 endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$67,124 $67,383 $68,946 — %(3)%
Gross profit17,544 10,714 9,976 64 %76 %
Gross profit percentage26.1%15.9%14.5%
COSTS AND EXPENSES:
General and administrative expenses3,076 2,619 2,416 17 %27 %
Selling and distribution expenses4,233 4,101 4,514 3 %(6)%
Restructuring expenses and asset impairments31 67 57 (54)%(46)%
Operating income10,204 3,927 2,989 160 %241 %
Adjusted EBITDA$11,928 $5,638 $4,867 112 %145 %
8
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Nine months endedChange
Sep 30, 2026Sep 30, 2025Year-on-year
Net sales$194,054 $201,359 (4)%
Gross profit35,763 36,746 (3)%
Gross profit percentage18.4 %18.2 %
COSTS AND EXPENSES:
General and administrative expenses8,334 8,191 2 %
Selling and distribution expenses12,217 12,764 (4)%
Restructuring expenses and asset impairments169 803 (79)%
Operating income15,043 14,988 — %
Adjusted EBITDA$20,312 $21,225 (4)%
NobelClad
Three months endedChange
Sep 30, 2026Jun 30, 2026Sep 30, 2025SequentialYear-on-year
Net sales$28,815 $22,151 $20,925 30 %38 %
Gross profit6,942 5,010 5,208 39 %33 %
Gross profit percentage24.1%22.6%24.9%
COSTS AND EXPENSES:
General and administrative expenses1,171 746 2,076 57 %(44)%
Selling and distribution expenses2,045 2,081 1,870 (2)%9 %
Restructuring expenses and asset impairments— — 1,013 — %(100)%
Operating income3,726 2,183 249 71 %1,396 %
Adjusted EBITDA$4,568 $3,032 $2,075 51 %120 %
Nine months endedChange
Sep 30, 2026Sep 30, 2025Year-on-year
Net sales$70,308 $75,729 (7)%
Gross profit16,329 19,898 (18)%
Gross profit percentage23.2 %26.3 %
COSTS AND EXPENSES:
General and administrative expenses3,085 4,119 (25)%
Selling and distribution expenses6,283 6,277 — %
Restructuring expenses and asset impairments— 1,224 (100)%
Operating income6,961 8,278 (16)%
Adjusted EBITDA$9,493 $11,890 (20)%
9

DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

Change
Sep 30, 2026Jun 30, 2026Dec 31, 2025SequentialYear-end
(unaudited)(unaudited)
ASSETS
Cash and cash equivalents$37,957 $28,551 $31,898 33 %19 %
Accounts receivable, net109,156 102,051 93,697 7 %16 %
Inventories172,346 167,309 144,552 3 %19 %
Prepaid expenses and other14,094 15,256 16,224 (8)%(13)%
Total current assets333,553 313,167 286,371 7 %16 %
Property, plant and equipment, net118,286 121,104 127,358 (2)%(7)%
Purchased intangible assets, net141,982 146,338 155,051 (3)%(8)%
Other long-term assets66,966 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 liabilities24,769 30,072 22,568 (18)%10 %
Accrued income taxes2,902 2,762 4,289 5 %(32)%
Current portion of long-term debt3,750 3,750 3,438 — %9 %
Other current liabilities41,303 36,870 35,842 12 %15 %
Total current liabilities130,245 122,530 114,325 6 %14 %
Long-term debt47,924 55,314 47,206 (13)%2 %
Deferred tax liabilities364 412 475 (12)%(23)%
Other long-term liabilities45,318 46,940 44,695 (3)%1 %
Redeemable noncontrolling interest187,080 187,080 187,080 — %— %
Stockholders’ equity249,856 237,350 242,050 5 %3 %
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity$660,787 $649,626 $635,831 2 %4 %
10
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)

Three months endedNine months ended
Sep 30, 2026Jun 30, 2026Sep 30, 2025Sep 30, 2026Sep 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:
Depreciation3,633 3,588 3,733 10,936 11,100 
Amortization of purchased intangible assets4,356 4,357 4,764 13,069 14,290 
Amortization of deferred debt issuance costs231 241 262 703 710 
Stock-based compensation807 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 activities17,509 (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 reimbursements95 556 1,894 1,498 3,682 
Proceeds on sale of property, plant and equipment10 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 loans52,337 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 CASH273 475 111 1,170 (1,021)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS9,406 (2,960)13,985 6,059 12,123 
CASH AND CASH EQUIVALENTS, beginning of the period28,551 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 
11
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 endedNine months ended
Sep 30, 2026Jun 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Net income (loss)$12,071 $2,017 $(2,070)$7,278 $114 
Interest expense, net1,256 1,280 1,632 3,997 5,142 
Income tax provision1,195 1,936 714 4,352 4,866 
Depreciation3,633 3,588 3,733 10,936 11,100 
Amortization of purchased intangible assets4,356 4,357 4,764 13,069 14,290 
EBITDA22,511 13,178 8,773 39,632 35,512 
Stock-based compensation941 931 1,360 2,774 4,340 
Strategic review and related expenses— — 303 — 2,376 
Restructuring expenses and asset impairments94 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 
12
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
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 tax75 — 
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 tax220 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 tax303 0.02 
Restructuring expenses and asset impairments, net of tax1,149 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 tax663 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 tax2,376 0.12 
Restructuring expenses and asset impairments, net of tax2,406 0.12 
Executive transition costs, net of tax520 0.03 
As adjusted$3,014 $0.15 
(1) Calculated using diluted weighted average shares outstanding of 19,883,652.
13
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Segment Adjusted EBITDA
Arcadia Products
Three months endedNine months ended
Sep 30, 2026Jun 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Operating income, as reported$5,780 $3,645 $2,585 $7,423 $6,097 
Adjustments:
Depreciation1,022 1,023 1,020 3,074 3,042 
Amortization of purchased intangible assets4,356 4,357 4,764 13,069 14,290 
Stock-based compensation79 78 18 181 493 
Restructuring expenses and asset impairments47 47 132 589 649 
Adjusted EBITDA11,284 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 endedNine months ended
Sep 30, 2026Jun 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Operating income, as reported$10,204 $3,927 $2,989 $15,043 $14,988 
Adjustments:
Depreciation1,693 1,644 1,821 5,100 5,434 
Restructuring expenses and asset impairments31 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 endedNine months ended
Sep 30, 2026Jun 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Operating income, as reported$3,726 $2,183 $249 $6,961 $8,278 
Adjustments:
Depreciation842 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 
14

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