Perimeter Solutions, SaNYSE: PRM

Perimeter Solutions Reports Third Quarter 2025 Financial Results

Third quarter Net Loss of $90.7M and Adjusted Net Income of $125.5M

Continued value driver execution drove third quarter Adjusted EBITDA of $186.3M

Third quarter Loss Per Diluted Share of $0.62 and Adjusted Earnings Per Diluted Share of $0.82

IMS add-on product lines acquired

CLAYTON, Mo., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Perimeter Solutions, Inc. (NYSE: PRM) (“Perimeter,” “Perimeter Solutions,” or the “Company”), a leading global solutions provider for the Fire Safety and Specialty Products industries, today reported financial results for its third quarter ended September 30, 2025.

Third Quarter 2025 Results

  • Net sales increased 9% to $315.4 million in the third quarter, as compared to $288.4 million in the prior-year quarter.

    • Fire Safety net sales increased 9% to $273.4 million, as compared to $251.8 million in the prior year quarter.

    • Specialty Products net sales increased 15% to $42.0 million, as compared to $36.6 million in the prior year quarter.

  • Net loss during the third quarter was $90.7 million, or $0.62 loss per diluted share, as compared to net loss of $89.2 million, or $0.61 loss per diluted share in the prior year quarter.

  • Third quarter non-GAAP adjusted earnings per diluted share was $0.82, as compared to non-GAAP adjusted earnings per diluted share of $0.75 in the prior year quarter.

  • Adjusted EBITDA increased 9% to $186.3 million in the third quarter, as compared to $170.4 million in the prior year quarter.

    • Fire Safety Segment Adjusted EBITDA increased 13% to $177.2 million, as compared to $157.5 million in the prior year quarter.

    • Specialty Products Segment Adjusted EBITDA decreased 29% to $9.1 million, as compared to $12.9 million in the prior year quarter.

  • Reconciliation tables for non-GAAP measures are available in the attached schedules.

Year-to Date 2025 Results

  • Net sales increased 16% to $550.1 million during the year-to-date period, as compared to $474.7 million in the prior year period.

    • Fire Safety net sales increased 15% to $430.8 million, as compared to $375.5 million in the prior year period.

    • Specialty Products net sales increased 20% to $119.3 million, as compared to $99.2 million in the prior year period.

  • Net loss during the year-to-date period was $66.1 million, or $0.45 loss per diluted share, as compared to a net loss of $150.1 million, or $1.03 loss per diluted share in the prior year period.

  • Non-GAAP adjusted earnings per share during the year-to-date period was $1.24, as compared to non-GAAP adjusted earnings per share of $0.99 in the prior year period.

  • Adjusted EBITDA increased 20% to $295.7 million in the year-to-date period, as compared to $247.4 million in the prior year period.

    • Fire Safety Segment Adjusted EBITDA increased 24% to $265.0 million, as compared to $212.9 million in the prior year period.

    • Specialty Products Segment Adjusted EBITDA decreased 11% to $30.8 million as compared to $34.5 million in the prior year period.

  • Reconciliation tables for non-GAAP measures are available in the attached schedules.

Capital Allocation

  • On September 12, 2025, Perimeter’s Specialty Products segment acquired substantially all of the assets and technical data rights of certain product lines from a third party for a total purchase price of $12.0 million, incorporating the product lines into our IMS strategy.

  • The Company invested $5.0 million in capital expenditures during the quarter ended September 30, 2025.

Conference Call and Webcast

As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, October 30, 2025 to discuss financial results for the third quarter 2025. The conference call can be accessed by dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).

The conference call will also be webcast simultaneously on Perimeter’s website (https://ir.perimeter-solutions.com), accessed under the Investor Relations page. The webcast link will be made available on the Company's website prior to the start of the call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

Following the live webcast, a replay will be available on the Company’s website. A telephonic replay will also be available approximately three hours after the call and can be accessed by dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll) and using Access ID “13754059”. The telephonic replay will be available until November 29, 2025 (11:59 p.m. ET).

About Perimeter Solutions

Perimeter Solutions is a leading global solutions provider for the Fire Safety and Specialty Products industries. The Company’s business is organized and managed in two reporting segments: Fire Safety and Specialty Products.

The Fire Safety segment is a formulator and manufacturer of fire management products that help our customers combat various types of fires, including wildland, structural, flammable liquids and other types of fires. Our Fire Safety segment also offers specialized equipment and services, typically in conjunction with our fire management products to support our customers’ firefighting operations. Our specialized equipment includes airbase retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that we custom design and manufacture to meet specific customer needs. Our service network can meet the emergency resupply needs of approximately 150 air tanker bases in North America, as well as many other customer locations globally. The segment is built on the premise of superior technology, exceptional responsiveness to our customers’ needs, and a “never-fail” service network. The segment sells products to government agencies and commercial customers around the world.

The Specialty Products segment includes operations that develop, produce and market products for non-fire safety markets. The Company’s largest end market application for our Specialty Products segment is Phosphorus Pentasulfide (“P2S5”) based lubricant additives. P2S5 is also used in pesticide and mining chemicals applications and emerging electric battery technologies. The Specialty Products segment also includes Intelligent Manufacturing Solutions (“IMS”), which is a manufacturer of electronic or electro-mechanical components of larger solutions. IMS has a flexible, vertically integrated production facility centered on its printed circuit board (“PCB”) line that allows it to acquire and produce a variety of product lines across a range of end markets, including large medical systems, communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a substantial focus on aftermarket repair and replacement.

Forward-looking Information

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.

Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE: Perimeter Solutions, Inc.

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net sales

$

315,443

$

288,417

$

550,112

$

474,737

Cost of goods sold

116,334

107,195

221,354

199,546

Gross profit

199,109

181,222

328,758

275,191

Operating expenses:

Selling, general and administrative expense

23,477

18,520

55,743

45,888

Amortization expense

15,199

13,765

43,902

41,291

Founders advisory fees - related party

247,684

184,176

263,954

253,097

Other operating expense

96

—

925

—

Total operating expenses

286,456

216,461

364,524

340,276

Operating loss

(87,347

)

(35,239

)

(35,766

)

(65,085

)

Other expense (income):

Interest expense, net

9,870

10,054

29,444

31,292

Foreign currency loss (gain)

6

(1,354

)

(3,249

)

163

Other (income) expense, net

(73

)

151

(142

)

252

Total other expense, net

9,803

8,851

26,053

31,707

Loss before income taxes

(97,150

)

(44,090

)

(61,819

)

(96,792

)

Income tax benefit (expense)

6,490

(45,077

)

(4,316

)

(53,283

)

Net loss

(90,660

)

(89,167

)

(66,135

)

(150,075

)

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustments

(2,327

)

10,637

29,678

4,105

Total comprehensive loss

$

(92,987

)

$

(78,530

)

$

(36,457

)

$

(145,970

)

(Loss) earnings per share:

Basic

$

(0.62

)

$

(0.61

)

$

(0.45

)

$

(1.03

)

Diluted

$

(0.62

)

$

(0.61

)

$

(0.45

)

$

(1.03

)

Weighted average number of shares outstanding:

Basic

146,803,539

145,222,189

147,923,437

145,247,477

Diluted

146,803,539

145,222,189

147,923,437

145,247,477

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data)

September 30, 2025

December 31, 2024

ASSETS

(Unaudited)

Current assets:

Cash and cash equivalents

$

340,647

$

198,456

Accounts receivable, net

106,688

56,048

Inventories

130,139

116,347

Prepaid expenses and other current assets

6,680

23,173

Total current assets

584,154

394,024

Property, plant and equipment, net

81,554

64,777

Operating lease right-of-use assets

31,281

17,298

Finance lease right-of-use assets

5,929

6,173

Goodwill

1,053,778

1,034,543

Customer lists, net

620,636

637,745

Technology and patents, net

183,112

173,307

Tradenames, net

84,466

87,365

Other assets, net

529

1,162

Total assets

$

2,645,439

$

2,416,394

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

30,542

$

23,519

Accrued expenses and other current liabilities

71,875

30,450

Founders advisory fees payable - related party

151,582

6,677

Deferred revenue

9,647

1,842

Total current liabilities

263,646

62,488

Long-term debt, net

668,778

667,774

Operating lease liabilities, net of current portion

28,824

15,540

Finance lease liabilities, net of current portion

5,831

6,013

Deferred income taxes

95,750

152,203

Founders advisory fees payable - related party

352,455

240,083

Preferred stock

113,416

109,966

Preferred stock - related party

2,681

2,831

Other non-current liabilities

2,710

2,226

Total liabilities

1,534,091

1,259,124

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.0001 par value per share, 4,000,000,000 shares authorized; 173,301,872 and 169,426,114 shares issued; 147,923,716 and 147,822,633 shares outstanding at September 30, 2025 and December 31, 2024, respectively

17

17

Treasury stock, at cost; 25,378,156 and 21,603,481 shares at September 30, 2025 and December 31, 2024, respectively

(168,197

)

(127,827

)

Additional paid-in capital

1,941,940

1,911,035

Accumulated other comprehensive loss

(9,554

)

(39,232

)

Accumulated deficit

(652,858

)

(586,723

)

Total stockholders’ equity

1,111,348

1,157,270

Total liabilities and stockholders’ equity

$

2,645,439

$

2,416,394

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net loss

$

(66,135

)

$

(150,075

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Founders advisory fees - related party (change in fair value)

263,954

253,097

Depreciation and amortization expense

53,610

49,215

Interest and payment-in-kind on preferred stock

5,499

5,292

Stock-based compensation

11,428

8,048

Non-cash lease expense

4,841

3,875

Deferred income taxes

(58,172

)

663

Amortization of deferred financing costs

1,342

1,291

Foreign currency (gain) loss

(3,249

)

163

Loss on disposal of assets

10

13

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(48,962

)

(57,880

)

Inventories

316

37,373

Prepaid expenses and current other assets

5,460

1,571

Accounts payable

6,639

1,375

Deferred revenue

7,805

8,792

Income taxes payable, net

33,049

21,510

Accrued expenses and other current liabilities

13,136

16,151

Founders advisory fees - related party (cash settled)

(6,677

)

(2,702

)

Operating lease liabilities

(3,363

)

(2,426

)

Finance lease liabilities

(367

)

(374

)

Other, net

(615

)

(597

)

Net cash provided by operating activities

219,549

194,375

Cash flows from investing activities:

Purchase of property and equipment

(22,599

)

(9,071

)

Purchase of intangible assets

(15,226

)

—

Proceeds from short-term investments

—

5,383

Purchase of businesses, net of cash acquired

(22,000

)

—

Net cash used in investing activities

(59,825

)

(3,688

)

Cash flows from financing activities:

Common stock repurchased

(40,370

)

—

Ordinary shares repurchased

—

(14,420

)

Proceeds from exercises of options

19,477

—

Principal payments on finance lease obligations

(689

)

(544

)

Net cash used in financing activities

(21,582

)

(14,964

)

Effect of foreign currency on cash and cash equivalents

4,049

54

Net change in cash and cash equivalents

142,191

175,777

Cash and cash equivalents, beginning of period

198,456

47,276

Cash and cash equivalents, end of period

$

340,647

$

223,053

Supplemental disclosures of cash flow information:

Cash paid for interest

$

19,870

$

20,286

Cash paid for income taxes

$

28,237

$

31,414

Non-GAAP Financial Metrics

The Company provides non-GAAP financial measures for Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share data as supplemental information regarding the Company’s business performance. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company’s past financial performance and future results. The Company’s management uses these non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal operating budgeting, performance measurement, and discretionary compensation.

Adjusted EBITDA

Adjusted EBITDA is defined as (loss) income before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EBITDA, which is a non-GAAP measure used by the Company's management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA should not be considered an alternative to net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).

(Unaudited)

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Fire Safety

Specialty
Products

Total

Fire Safety

Specialty
Products

Total

Loss before income taxes

$

(62,022

)

$

(35,128

)

$

(97,150

)

$

(27,398

)

$

(16,692

)

$

(44,090

)

Depreciation and amortization

14,433

4,360

18,793

12,819

3,625

16,444

Interest and financing expense

5,956

3,914

9,870

9,848

206

10,054

Founders advisory fees - related party

213,008

34,676

247,684

158,391

25,785

184,176

Non-recurring expenses (1)

557

5

562

1,427

407

1,834

Acquisition costs

2

31

33

—

—

—

Stock-based compensation expense

5,234

1,285

6,519

2,297

1,015

3,312

Foreign currency loss (gain)

42

(36

)

6

95

(1,449

)

(1,354

)

Adjusted EBITDA

$

177,210

$

9,107

$

186,317

$

157,479

$

12,897

$

170,376

(1) For the three months ended September 30, 2025, $0.6 million was related to restructuring and other non-recurring costs. For the three months ended September 30, 2024, $1.7 million was related to the redomiciliation of the Company from Luxembourg to Delaware (the “Redomiciliation Transaction”) and other non-recurring Luxembourg related costs, and $0.1 million was related to other non-recurring costs.

(Unaudited)

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Fire Safety

Specialty
Products

Total

Fire Safety

Specialty
Products

Total

Loss before income taxes

$

(30,212

)

$

(31,607

)

$

(61,819

)

$

(81,432

)

$

(15,360

)

$

(96,792

)

Depreciation and amortization

40,818

12,792

53,610

38,507

10,708

49,215

Interest and financing expense

18,090

11,354

29,444

29,860

1,432

31,292

Founders advisory fees - related party

227,000

36,954

263,954

217,663

35,434

253,097

Non-recurring expenses (1)

818

690

1,508

1,816

581

2,397

Acquisition costs

98

764

862

—

—

—

Stock-based compensation expense

8,817

2,611

11,428

5,813

2,235

8,048

Foreign currency (gain) loss

(475

)

(2,774

)

(3,249

)

650

(487

)

163

Adjusted EBITDA

$

264,954

$

30,784

$

295,738

$

212,877

$

34,543

$

247,420

(1) For the nine months ended September 30, 2025, $0.4 million was related to the Redomiciliation Transaction and $1.1 million was related to restructuring and other non-recurring costs. For the nine months ended September 30, 2024, $2.2 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.2 million was related to other non-recurring costs.

Adjusted Net Income and Adjusted Earnings Per Share

The computation of Adjusted Earnings Per Share (“Adjusted EPS”) is defined as Adjusted Net Income divided by adjusted diluted shares. Adjusted Net Income is defined as net (loss) income plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non-GAAP adjustments. These adjustments include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options and warrants excluded under U.S. GAAP due to a net loss, less dilution related to founders advisory fees. To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted Net Income and Adjusted EPS, which are non-GAAP measures used by the Company's management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and Adjusted Net Income should not be considered alternatives to GAAP (loss) earnings per share (“GAAP EPS”), net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).

(Unaudited)

Three Months Ended September 30,

2025

2024

GAAP net loss

$

(90,660

)

$

(89,167

)

Adjustments:

Amortization

15,199

13,765

Founders advisory fees - related party

247,684

184,176

Non-recurring expenses (1)

562

1,834

Acquisition costs

33

—

Stock-based compensation expense

6,519

3,312

Foreign currency loss (gain)

6

(1,354

)

Tax impact of non-GAAP adjustments (2)

(53,796

)

(1,947

)

Adjusted Net Income

$

125,547

$

110,619

Shares used in computing GAAP Earnings Per Share (diluted)

146,803,539

145,222,189

Options (3)

6,856,989

1,540,658

Shares underlying Founders fixed advisory fees (4)

—

—

Shares underlying Founders variable advisory fees (5)

—

—

Shares used in computing Adjusted Earnings Per Share (diluted)

153,660,528

146,762,847

GAAP (Loss) Earnings Per Share (diluted)

$

(0.62

)

$

(0.61

)

Adjusted Earnings Per Share (diluted)

$

0.82

$

0.75

____________________

(1)

For the three months ended September 30, 2025, $0.6 million was related to restructuring and other non-recurring costs. For the three months ended September 30, 2024, $1.7 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.1 million was related to other non-recurring costs.

(2)

The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.

(3)

The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to a GAAP net loss during the period.

(4)

As of September 30, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee.

(5)

Based on period end market prices as of September 30, 2025, a maximum of 10.7 million shares were issuable within 12 months under the Founders variable advisory fee.

(Unaudited)

Nine Months Ended September 30,

2025

2024

GAAP net loss

$

(66,135

)

$

(150,075

)

Adjustments:

Amortization

43,902

41,291

Founders advisory fees - related party

263,954

253,097

Non-recurring expenses (1)

1,508

2,397

Acquisition costs

862

—

Stock-based compensation expense

11,428

8,048

Foreign currency (gain) loss

(3,249

)

163

Tax impact of non-GAAP adjustments (2)

(65,490

)

(10,579

)

Adjusted net income

$

186,780

$

144,342

Shares used in computing GAAP Earnings Per Share (diluted)

147,923,437

145,247,477

Options (3)

3,077,983

513,553

Shares underlying Founders fixed advisory fees (4)

—

—

Shares underlying Founders variable advisory fees (5)

—

—

Shares used in computing Adjusted Earnings Per Share (diluted)

151,001,420

145,761,030

GAAP (Loss) Earnings Per Share (diluted)

$

(0.45

)

$

(1.03

)

Adjusted Earnings Per Share (diluted)

$

1.24

$

0.99

____________________

(1)

For the nine months ended September 30, 2025, $0.4 million was related to the Redomiciliation Transaction, and $1.1 million was related to restructuring and other non-recurring costs. For the nine months ended September 30, 2024, $2.2 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.2 million was related to other non-recurring costs.

(2)

The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.

(3)

The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.

(4)

As of September 30, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee.

(5)

Based on period end market prices as of September 30, 2025, a maximum of 10.7 million shares were issuable within 12 months under the Founders variable advisory fee.

CONTACT: CONTACT: ir@perimeter-solutions.com