Steel Partners (NASDAQ: BOOM) group updates 7.3% stake in DMC Global

Rhea-AI Filing Summary

DMC Global Inc. received an updated ownership filing from Steel Partners–affiliated entities. The filing states that Steel Connect Sub directly owns 1,500,809 shares of DMC Global common stock, purchased for approximately $22,633,031 including brokerage commissions, and that all purchases were made using Steel Connect Sub’s cash on hand.

The ownership represents about 7.3% of DMC Global’s 20,590,482 shares outstanding as of October 31, 2025, as reported in the company’s Form 10-Q. Through their relationships with Steel Connect Sub, several related Delaware entities, including Steel Partners Holdings L.P. and its affiliates, may be deemed to beneficially own these shares.

The amendment updates the description of how the stake was funded, restates the current percentage ownership, and adds an exhibit listing Steel Connect Sub’s open-market transactions in DMC Global shares since the prior amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

DMC Global Inc.

(Name of Issuer)

Common Stock, $0.05 Par Value

(Title of Class of Securities)

23291C103

(CUSIP Number)

Warren G. Lichtenstein
Steel Partners Holdings L.P., 590 Madison Avenue, 32nd Floor
New York, NY, 10022
212-520-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/13/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

STEEL PARTNERS HOLDINGS L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Partners Holdings GP Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Excel Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Connect LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

STEEL CONNECT SUB LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,500,809.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,500,809.00

11

Aggregate amount beneficially owned by each reporting person

1,500,809.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.05 Par Value
(b)	Name of Issuer: DMC Global Inc.
(c)	Address of Issuer's Principal Executive Offices: 11800 RIDGE PARKWAY, SUITE 300, BROOMFIELD, COLORADO , 80021.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated as follows: The aggregate purchase price of the 1,500,809 Shares owned directly by Steel Connect Sub is approximately $22,633,031, including brokerage commissions. Such Shares were acquired with Steel Connect Sub's cash on hand.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 20,590,482 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. As of the close of business on the date hereof, Steel Connect Sub owned directly 1,500,809 Shares, constituting approximately 7.3% of the Shares outstanding. By virtue of their relationships with Steel Connect Sub, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.
(c)	Item 5(c) is hereby amended and restated as follows: The transactions in the Shares by Steel Connect Sub since the filing of Amendment No. 5 to the Schedule 13D are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STEEL PARTNERS HOLDINGS L.P.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner
Date:	02/18/2026

Steel Partners Holdings GP Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/18/2026

SPH Group LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member
Date:	02/18/2026

SPH Group Holdings LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager
Date:	02/18/2026

Steel Excel Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/18/2026

Steel Connect LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/18/2026

STEEL CONNECT SUB LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/18/2026

FAQ

How many DMC Global (BOOM) shares does Steel Connect Sub now report owning?

Steel Connect Sub reports directly owning 1,500,809 shares of DMC Global common stock. The filing explains these shares were acquired using Steel Connect Sub’s cash on hand, with a total purchase price of about $22,633,031 including brokerage commissions.

What percentage of DMC Global (BOOM) does Steel Partners’ group beneficially own?

The filing states that Steel Connect Sub’s 1,500,809 shares represent approximately 7.3% of DMC Global’s outstanding shares. This percentage is based on 20,590,482 shares outstanding as of October 31, 2025, as disclosed in DMC Global’s Form 10-Q.

How much did Steel Connect Sub pay for its DMC Global (BOOM) stake?

Steel Connect Sub paid an aggregate purchase price of approximately $22,633,031 for its 1,500,809 DMC Global shares. This amount includes brokerage commissions and was funded entirely from Steel Connect Sub’s cash on hand, according to the updated disclosure.

Which Steel Partners entities are listed as beneficial owners of DMC Global (BOOM)?

The amendment notes that Steel Partners Holdings L.P., its general partner Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., and Steel Connect LLC may be deemed to beneficially own the shares held by Steel Connect Sub through their relationships.

What did the latest Schedule 13D/A amendment for DMC Global (BOOM) change?

The amendment updates Item 3 on the funding and total purchase price of the 1,500,809 shares, restates Item 5 on ownership percentage, and adds an exhibit listing Steel Connect Sub’s open-market transactions in DMC Global shares since the prior amendment.

How were Steel Connect Sub’s DMC Global (BOOM) share purchases executed?

The filing states all transactions in DMC Global shares by Steel Connect Sub since the previous amendment were effected in the open market. Specific trade details are provided in a new exhibit titled “Transactions in Securities,” which is incorporated by reference.