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DMC Global (NASDAQ: BOOM) swings to Q1 loss as revenue falls 15%

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

DMC Global Inc. reported a weak first quarter of 2026, with net sales of $135.6 million, down 15% from the prior-year quarter and 6% sequentially, as macroeconomic and geopolitical headwinds hit all three business segments.

The company posted a net loss of $6.8 million, compared with net income of $1.9 million a year earlier. Adjusted EBITDA attributable to DMC fell to $3.9 million from $14.4 million, though it improved from a negative $1.6 million in the fourth quarter.

Arcadia sales were $56.7 million, flat sequentially but down 14% year over year amid sharply higher aluminum costs and soft construction demand. DynaEnergetics sales declined 9% year over year to $59.5 million, pressured by lower North American well completion activity and shipment delays into the Middle East. NobelClad sales dropped 31% year over year to $19.3 million, but its order backlog reached $70.3 million, the highest level in more than 15 years.

For the second quarter of 2026, management expects sales of $148 million to $158 million and adjusted EBITDA attributable to DMC of $6 million to $8 million, assuming no additional disruption to international supply chains or raw material availability.

Positive

  • None.

Negative

  • Profitability deteriorated sharply, with Q1 2026 net sales down 15% year over year to $135.6 million and adjusted EBITDA attributable to DMC falling to $3.9 million from $14.4 million, resulting in a $6.8 million net loss versus $1.9 million net income a year earlier.

Insights

Q1 2026 shows sharp profit compression but guidance implies a modest near-term rebound.

DMC Global saw Q1 2026 net sales fall to $135.6 million, down 15% year on year, as all three segments faced weaker demand, pricing pressure and geopolitical disruptions. Gross margin compressed to 18.8% from 25.9%, driving a swing to a net loss of $6.8 million.

Adjusted EBITDA attributable to DMC dropped to $3.9 million from $14.4 million a year earlier, though it recovered from a negative $1.6 million in Q4 2025. Segment performance was mixed: Arcadia and DynaEnergetics posted lower sales, while NobelClad combined a 31% revenue decline with a record $70.3 million backlog.

Management guides Q2 2026 sales of $148–$158 million and adjusted EBITDA attributable to DMC of $6–$8 million, implying sequential improvement. Actual results will depend on macro conditions, including Middle East conflict impacts, aluminum prices and construction and energy market activity described for Q2 and the following quarters.

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, and exhibit attachments filed with this report.
Q1 2026 net sales $135.6 million Consolidated revenue, down 15% year over year
Q1 2026 net loss $6.8 million Net (loss) income for the quarter
Q1 2026 adjusted EBITDA attributable to DMC $3.9 million Versus $14.4 million in Q1 2025 and -$1.6 million in Q4 2025
NobelClad backlog $70.3 million Order backlog at quarter-end, highest in over 15 years
Arcadia Q1 2026 net sales $56.7 million Flat sequentially, down 14% year over year
DynaEnergetics Q1 2026 net sales $59.5 million Down 9% year over year and 14% sequentially
Q2 2026 sales guidance $148–$158 million Company outlook for next quarter revenue
Q2 2026 adjusted EBITDA guidance $6–$8 million Adjusted EBITDA attributable to DMC guidance range
Adjusted EBITDA financial
"Adjusted EBITDA attributable to DMC was $3.9 million versus $14.4 million in last year’s first quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
redeemable noncontrolling interest financial
"Adjusted EBITDA attributable to DMC Global Inc.: excludes the Adjusted EBITDA attributable to the 40% redeemable noncontrolling interest in Arcadia Products."
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
"NobelClad's rolling 12-month bookings were $113.1 million, and the 12-month book-to-bill ratio was 1.34."
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.
Architectural Billings Index financial
"A key leading indicator for Arcadia is the Architectural Billings Index (ABI)."
Enhanced Geothermal Systems technical
"growing interest in enhanced geothermal applications—leveraging well completion technologies developed by the oil and gas industry—could represent a long-term opportunity for DynaEnergetics."
An engineered approach to produce renewable heat and electricity by creating or enlarging pathways in hot underground rock, then circulating water to capture steam or hot fluid that drives turbines. Think of it as drilling into Earth to tap a steady, low-carbon boiler; for investors it promises long-lived, weather-independent power and potential steady revenue but involves high upfront drilling, technology and permitting risk that affects returns and timelines.
Non-GAAP financial measures financial
"DMC also discloses certain non-GAAP financial measures that we use in operational and financial decision making."
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 $135.6 million -15% year-on-year
Net (loss) income -$6.8 million from $1.9 million net income in Q1 2025
Adjusted EBITDA attributable to DMC $3.9 million from $14.4 million in Q1 2025
Diluted EPS attributable to DMC -$0.34 from $0.04 in Q1 2025
Guidance

For Q2 2026, DMC expects sales of $148–$158 million and adjusted EBITDA attributable to DMC of $6–$8 million.

Understanding 8-K Material Events →
0000034067FALSE00000340672026-04-302026-04-300000034067us-gaap:CommonStockMember2026-04-302026-04-300000034067boom:StockPurchaseRightsMember2026-04-302026-04-30

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): April 30, 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 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 April 30, 2026, DMC Global Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended March 31, 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 April 30, 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:April 30, 2026By:/s/ Eric V. Walter
Name: Eric V. Walter
Title: Chief Financial Officer



imagea.jpg
EXHIBIT 99.1

FOR IMMEDIATE RELEASE:CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924
DMC GLOBAL REPORTS FIRST QUARTER FINANCIAL RESULTS
BROOMFIELD, Colo. - April 30, 2026 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its first quarter ended March 31, 2026.

DMC’s businesses continued to navigate a broad range of macroeconomic challenges across the Company’s construction, energy and industrial infrastructure markets. Despite these headwinds, DMC delivered financial results that were within management’s expectations. First quarter consolidated sales were $135.6 million, down 15% from the 2025 first quarter and down 6% sequentially. Adjusted EBITDA attributable to DMC was $3.9 million versus $14.4 million in last year’s first quarter, and negative ($1.6) million in the fourth quarter. The conflict in the Middle East has impacted each of the Company’s markets, as supply chain issues, international oil production disruptions, and higher raw material prices – notably aluminum – created significant challenges.
Arcadia Products, DMC’s architectural building products business, reported first quarter sales of $56.7 million, flat sequentially and down 14% from last year’s first quarter, which benefited from a large project in southern California. Sharply higher aluminum prices and elevated interest rates continued to result in soft demand across Arcadia’s commercial and residential end markets. With fewer project opportunities available, the bidding environment remained highly competitive and pricing pressure persisted. Average aluminum costs reached multi-year highs during the first quarter, increasing 64% year over year and 16% sequentially. First quarter adjusted EBITDA attributable to DMC was $2.3 million, down from $5.6 million in the 2025 first quarter and $2.4 million in the prior quarter.
DynaEnergetics reported first quarter sales of $59.5 million, down 9% year over year and down 14% sequentially. The declines primarily reflect lower unit sales, a further reduction in well completion activity and a highly competitive pricing environment in DynaEnergetics’ core North American market. Sales were also impacted by delayed product shipments into the Middle East due to the conflict in Iran. Adjusted EBITDA was $2.7 million versus $7.4 million in the 2025 first quarter and negative ($2.7) million in the prior quarter, which was impacted by approximately $7 million in discrete accounts receivable and inventory write-offs. The year-over-year decline in adjusted EBITDA was primarily driven by the imposition of tariffs in April 2025.
At NobelClad, DMC’s composite metals business, first quarter sales were $19.3 million, down 31% versus last year’s first quarter, but up 9% sequentially. The year-over-year decline reflects the impact of shipments on a large China-based project in last year’s first quarter, as well as reduced bookings during the first half of 2025, when uncertainty associated with rapidly evolving U.S. and reciprocal tariff policies slowed global project activity. The sequential increase was driven by initial deliveries on a record-setting international petrochemical project, with additional shipments expected throughout the remainder of the year. Adjusted EBITDA was $1.9 million, down from $5.4 million in the year-ago first quarter and $2.1 million in the previous quarter. NobelClad ended the first quarter with an order backlog of $70.3 million, up 12% from the end of the 2025 fourth quarter and the highest level in more than 15 years.
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“DMC’s businesses are operating in a highly challenged environment that was further impacted by geopolitical developments during the first quarter,” said James O’Leary, president and CEO. “Despite these challenges, our teams delivered results consistent with our expectations. As we remain focused on disciplined execution and cost management, we are also pursuing opportunities in existing and adjacent markets, most notably the enhanced geothermal sector. Finally, I’d like to thank our associates for their continued dedication and focus in a difficult operating environment.”
Guidance
Second quarter sales are expected to be in a range of $148 million to $158 million, with adjusted EBITDA attributable to DMC anticipated in a range of $6 million to $8 million. The expected sequential improvements reflect anticipated demand growth at each of DMC’s businesses. DynaEnergetics expects higher order activity in both international and North American markets, while Arcadia anticipates a modest sequential increase in activity following a seasonally soft first quarter. NobelClad expects increased shipments related to a large international petrochemical order. DMC’s second quarter guidance does not contemplate increased disruptions in international supply chains, which could delay shipments by DynaEnergetics into the Middle East, impact the delivery of raw materials and customer orders at NobelClad, and further drive-up aluminum input costs at Arcadia.
Management noted that several factors across DMC’s end markets point to potential demand improvement over the next several quarters. Multiple large oilfield service companies have indicated that the conflict in the Middle East may have lasting implications for higher oil prices, supporting increased well completion activity and full project calendars in North America. In addition, growing interest in enhanced geothermal applications—leveraging well completion technologies developed by the oil and gas industry—could represent a long-term opportunity for DynaEnergetics. At $70.3 million, NobelClad’s order backlog is at its highest level in more than 15 years. The business is also monitoring several positive leading indicators, including expected increases in U.S. Navy spending on enhanced naval readiness, and industrial infrastructure repair and reconstruction in the Middle East. A key leading indicator for Arcadia is the Architectural Billings Index (ABI). In March 2026, the ABI for Arcadia’s core western U.S. market rose above 50 for the first time since December 2024, indicating that more firms are reporting increased billings than those reporting declining billings.
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 volatile factors evolve throughout 2026.
Summary First Quarter Results
Three months endedChange
 Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$135,595 $143,531 $159,290 (6)%(15)%
Gross profit percentage18.8%17.1%25.9%
SG&A$24,604 $29,645 $28,300 (17)%(13)%
Net (loss) income$(6,810)$(11,859)$1,863 (43)%466 %
Net (loss) income attributable to DMC$(6,065)$(11,164)$677 (46)%996 %
Diluted net (loss) income per share attributable to DMC$(0.34)$(0.59)$0.04 (42)%950 %
Adjusted net (loss) income attributable to DMC$(5,697)$(9,948)$2,170 (43)%363 %
Adjusted diluted net (loss) income per share$(0.28)$(0.50)$0.11 (44)%355 %
Adjusted EBITDA attributable to DMC$3,895 $(1,551)$14,391 351 %(73)%
Adjusted EBITDA before NCI allocation$5,456 $61 $18,122 8,844 %(70)%
Adjusted EBITDA before NCI allocation margin4.0 %— %11.4 %
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Arcadia Products
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$56,706 $56,987 $65,580 — %(14)%
Gross profit percentage24.1%21.7%31.0%
Adjusted EBITDA attributable to DMC$2,341 $2,419 $5,596 (3)%(58)%
Adjusted EBITDA before NCI allocation$3,902 $4,031 $9,327 (3)%(58)%
Adjusted EBITDA before NCI allocation margin6.9 %7.1 %14.2 %
DynaEnergetics
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$59,547 $68,855 $65,551 (14)%(9)%
Gross profit percentage12.6%10.7%19.5%
Adjusted EBITDA$2,746 $(2,740)$7,379 200 %(63)%
Adjusted EBITDA margin4.6 %(4.0)%11.3 %
NobelClad
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$19,342 $17,689 $28,159 9 %(31)%
Gross profit percentage22.6%27.4%28.8%
Adjusted EBITDA$1,893 $2,102 $5,416 (10)%(65)%
Adjusted EBITDA margin9.8 %11.9 %19.2 %
•NobelClad's rolling 12-month bookings were $113.1 million, and the 12-month book-to-bill ratio was 1.34.
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=bHcTbFnv

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).
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•Adjusted EBITDA attributable to DMC Global Inc.: excludes the Adjusted EBITDA attributable to the 40% redeemable noncontrolling interest in Arcadia Products.
•Adjusted EBITDA for DMC business segments: defined as operating income (loss) plus depreciation, amortization, allocated stock-based compensation (if applicable), restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
•Adjusted net income (loss): defined as net income (loss) attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance.
•Adjusted diluted earnings per share: defined as diluted earnings per share attributable to DMC Global Inc. stockholders (exclusive of adjustment of redeemable noncontrolling interest) plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
•Net debt: defined as total debt less consolidated cash 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 second 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 second quarter 2026 guidance on sales and adjusted EBITDA attributable to DMC; the expected timing of shipments on NobelClad’s record-setting petrochemical order; anticipated demand growth during the second quarter and potentially longer term at each of DMC’s businesses; an expected increase in order activity in both international and North American markets at DynaEnergetics due to potential increased well completion activity; the prospect that growing interest in Enhanced Geothermal Systems could represent a long-term opportunity for DynaEnergetics; modest sequential increase in activity at Arcadia; and the potential benefits to NobelClad of expected increases in U.S. Navy spending on enhanced naval readiness, and industrial infrastructure repair and reconstruction in the Middle East. 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.
5
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Three months endedChange
 Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
NET SALES$135,595 $143,531 $159,290 (6)%(15)%
COST OF PRODUCTS SOLD110,152 119,037 118,091 (7)%(7)%
Gross profit25,443 24,494 41,199 4 %(38)%
Gross profit percentage18.8%17.1%25.9%
COSTS AND EXPENSES:
General and administrative expenses14,132 13,391 16,674 6 %(15)%
Selling and distribution expenses10,472 16,254 11,626 (36)%(10)%
Amortization of purchased intangible assets4,356 4,763 4,763 (9)%(9)%
Strategic review and related expenses— 314 1,298 (100)%(100)%
Restructuring expenses and asset impairments566 902 325 (37)%74 %
Total costs and expenses29,526 35,624 34,686 (17)%(15)%
OPERATING (LOSS) INCOME(4,083)(11,130)6,513 (63)%163 %
OTHER EXPENSE:
Other expense, net(45)(178)(218)(75)%(79)%
Interest expense, net(1,461)(1,351)(1,699)8 %(14)%
(LOSS) INCOME BEFORE INCOME TAXES(5,589)(12,659)4,596 (56)%222 %
INCOME TAX PROVISION (BENEFIT)1,221 (800)2,733 253 %(55)%
NET (LOSS) INCOME(6,810)(11,859)1,863 (43)%466 %
Less: Net (loss) income attributable to redeemable noncontrolling interest(745)(695)1,186 7 %163 %
NET (LOSS) INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS$(6,065)$(11,164)$677 (46)%996 %
NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic$(0.34)$(0.59)$0.04 (42)%950 %
Diluted$(0.34)$(0.59)$0.04 (42)%950 %
WEIGHTED AVERAGE SHARES OUTSTANDING: 
Basic20,066,15819,998,35319,812,161— %1 %
Diluted20,066,15819,998,35319,816,281— %1 %
Reconciliation to net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Net (loss) income attributable to DMC Global Inc. stockholders$(6,065)$(11,164)$677 
Adjustment of redeemable noncontrolling interest(735)(638)81 
Net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$(6,800)$(11,802)$758 
6
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Arcadia Products
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$56,706 $56,987 $65,580 — %(14)%
Gross profit13,665 12,340 20,361 11 %(33)%
Gross profit percentage24.1%21.7%31.0%
COSTS AND EXPENSES:
General and administrative expenses6,431 5,224 7,459 23 %(14)%
Selling and distribution expenses4,385 4,244 4,818 3 %(9)%
Amortization of purchased intangible assets4,356 4,763 4,763 (9)%(9)%
Restructuring expenses495 — 325 100 %52 %
Operating (loss) income(2,002)(1,891)2,996 6 %167 %
Adjusted EBITDA3,902 4,031 9,327 (3)%(58)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,561)(1,612)(3,731)(3)%(58)%
Adjusted EBITDA attributable to DMC Global Inc.$2,341 $2,419 $5,596 (3)%(58)%
DynaEnergetics
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$59,547 $68,855 $65,551 (14)%(9)%
Gross profit7,505 7,377 12,811 2 %(41)%
Gross profit percentage12.6%10.7%19.5%
COSTS AND EXPENSES:
General and administrative expenses2,640 2,560 2,747 3 %(4)%
Selling and distribution expenses3,882 9,443 4,476 (59)%(13)%
Restructuring expenses71 — — 100%100%
Operating income (loss)912 (4,626)5,588 120 %(84)%
Adjusted EBITDA$2,746 $(2,740)$7,379 200 %(63)%
NobelClad
Three months endedChange
Mar 31, 2026Dec 31, 2025Mar 31, 2025SequentialYear-on-year
Net sales$19,342 $17,689 $28,159 9 %(31)%
Gross profit4,377 4,843 8,097 (10)%(46)%
Gross profit percentage22.6%27.4%28.8%
COSTS AND EXPENSES:
General and administrative expenses1,168 1,050 1,192 11 %(2)%
Selling and distribution expenses2,157 2,514 2,283 (14)%(6)%
Operating income1,052 1,279 4,622 (18)%(77)%
Adjusted EBITDA$1,893 $2,102 $5,416 (10)%(65)%
7
DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

Change
Mar 31, 2026Dec 31, 2025Year-end
(unaudited)
ASSETS  
Cash and cash equivalents$31,511 $31,898 (1)%
Accounts receivable, net90,861 93,697 (3)%
Inventories167,002 144,552 16 %
Prepaid expenses and other12,210 16,224 (25)%
Total current assets301,584 286,371 5 %
Property, plant and equipment, net124,407 127,358 (2)%
Purchased intangible assets, net150,695 155,051 (3)%
Other long-term assets71,723 67,051 7 %
Total assets$648,409 $635,831 2 %
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable$58,386 $48,188 21 %
Contract liabilities27,048 22,568 20 %
Accrued income taxes2,087 4,289 (51)%
Current portion of long-term debt3,750 3,438 9 %
Other current liabilities34,690 35,842 (3)%
Total current liabilities125,961 114,325 10 %
Long-term debt50,204 47,206 6 %
Deferred tax liabilities117 475 (75)%
Other long-term liabilities49,852 44,695 12 %
Redeemable noncontrolling interest187,080 187,080 — %
Stockholders’ equity235,195 242,050 (3)%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity$648,409 $635,831 2 %
8
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)

Three months ended
 Mar 31, 2026Dec 31, 2025Mar 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net (loss) income$(6,810)$(11,859)$1,863 
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation3,715 3,804 3,660 
Amortization of purchased intangible assets4,356 4,763 4,763 
Amortization of deferred debt issuance costs231 261 217 
Stock-based compensation863 1,166 1,599 
Bad debt expense61 5,058 706 
Deferred income taxes(339)238 22 
Asset impairments— 785 — 
Other, net(119)(365)555 
Change in working capital, net(4,337)11,343 (8,897)
Net cash (used in) provided by operating activities(2,379)15,194 4,488 
CASH FLOWS FROM INVESTING ACTIVITIES: 
Acquisition of property, plant and equipment(2,110)(5,560)(3,779)
Proceeds from property, plant and equipment reimbursements847 2,043 426 
Proceeds on sale of property, plant and equipment— — 21 
Net cash used in investing activities(1,263)(3,517)(3,332)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Repayments on term loan(625)(625)(625)
Borrowings on revolving loans58,600 46,965 8,500 
Repayments on revolving loans(54,775)(52,340)(6,375)
Distributions to redeemable noncontrolling interest holder— — (1,151)
Treasury stock purchases(367)(587)(484)
Net cash provided by (used in) financing activities2,833 (6,587)(135)
EFFECTS OF EXCHANGE RATES ON CASH422 396 (605)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(387)5,486 416 
CASH AND CASH EQUIVALENTS, beginning of the period31,898 26,412 14,289 
CASH AND CASH EQUIVALENTS, end of the period$31,511 $31,898 $14,705 
9
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
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Net (loss) income(6,810)(11,859)1,863 
Interest expense, net1,461 1,351 1,699 
Income tax provision (benefit)1,221 (800)2,733 
Depreciation3,715 3,804 3,660 
Amortization of purchased intangible assets4,356 4,763 4,763 
EBITDA3,943 (2,741)14,718 
Stock-based compensation902 1,408 1,563 
Strategic review and related expenses— 314 1,298 
Restructuring expenses and asset impairments566 902 325 
Other expense, net45 178 218 
Adjusted EBITDA$5,456 $61 $18,122 
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,561)(1,612)(3,731)
Adjusted EBITDA attributable to DMC Global Inc.$3,895 $(1,551)$14,391 
10
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. prior to the adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended March 31, 2026
Amount
Per Share (1)
Net loss attributable to DMC Global Inc.*
$(6,065)$(0.30)
Restructuring expenses, net of tax368 0.02 
As adjusted$(5,697)$(0.28)
(1) Calculated using diluted weighted average shares outstanding of 20,066,158.
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 tax314 0.01 
Restructuring expenses and asset impairments, net of tax902 0.05 
As adjusted$(9,948)$(0.50)
(1) Calculated using diluted weighted average shares outstanding of 19,998,353.
Three months ended March 31, 2025
Amount
Per Share (1)
Net income attributable to DMC Global Inc.*
$677 $0.03 
Strategic review and related expenses, net of tax1,298 0.07 
Restructuring expenses, net of tax195 0.01 
As adjusted$2,170 $0.11 
(1) Calculated using diluted weighted average shares outstanding of 19,816,281.
11
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Segment Adjusted EBITDA
Arcadia Products
Three months ended
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Operating (loss) income, as reported$(2,002)$(1,891)$2,996 
Adjustments:
Depreciation1,029 1,017 1,006 
Amortization of purchased intangible assets4,356 4,763 4,763 
Stock-based compensation24 142 237 
Restructuring expenses495 — 325 
Adjusted EBITDA3,902 4,031 9,327 
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,561)(1,612)(3,731)
Adjusted EBITDA attributable to DMC Global Inc.$2,341 $2,419 $5,596 
DynaEnergetics
Three months ended
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Operating income (loss), as reported$912 $(4,626)$5,588 
Adjustments:
Depreciation1,763 1,886 1,791 
Restructuring expenses71 — — 
Adjusted EBITDA$2,746 $(2,740)$7,379 
NobelClad
Three months ended
Mar 31, 2026Dec 31, 2025Mar 31, 2025
Operating income, as reported$1,052 $1,279 $4,622 
Adjustments:
Depreciation841 823 794 
Adjusted EBITDA$1,893 $2,102 $5,416 
12

Source: View Original Filing on SEC EDGAR

FAQ

How did DMC Global (BOOM) perform financially in Q1 2026?

DMC Global reported Q1 2026 net sales of $135.6 million, down 15% year over year, and a net loss of $6.8 million. Adjusted EBITDA attributable to DMC was $3.9 million, significantly below the prior year’s $14.4 million but better than Q4’s negative result.

What guidance did DMC Global (BOOM) give for Q2 2026?

For Q2 2026, DMC Global expects sales of $148 million to $158 million and adjusted EBITDA attributable to DMC of $6 million to $8 million. This outlook assumes no additional international supply chain disruptions, and reflects anticipated demand improvement across all three business segments.

How did DMC Global’s business segments perform in Q1 2026?

In Q1 2026, Arcadia sales were $56.7 million (down 14% year over year), DynaEnergetics sales were $59.5 million (down 9%), and NobelClad sales were $19.3 million (down 31%). NobelClad’s order backlog reached $70.3 million, its highest level in more than 15 years.

What impacted DMC Global’s margins and earnings in Q1 2026?

Gross margin declined to 18.8% from 25.9% a year earlier, pressured by weaker demand, competitive pricing and higher input costs, notably aluminum. Combined with lower sales, this led to a $6.8 million net loss and a steep year-over-year drop in adjusted EBITDA attributable to DMC.

What are the key demand indicators DMC Global (BOOM) is watching?

DMC is monitoring oilfield activity and potential benefits from higher oil prices, interest in Enhanced Geothermal Systems, NobelClad’s record $70.3 million backlog, and the Architectural Billings Index, which rose above 50 in March 2026 in Arcadia’s core western U.S. market.

How did DMC Global’s cash flow and balance sheet look in Q1 2026?

In Q1 2026, DMC generated negative $2.4 million in operating cash flow and used $1.3 million in investing activities. Cash and cash equivalents ended the quarter at $31.5 million, with total debt of roughly $53.9 million including current and long-term portions.

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