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home / news releases / BOOM - DMC Global Reports Third Quarter Financial Results

BOOM - DMC Global Reports Third Quarter Financial Results

DMC Global Inc.
  • Third quarter sales were $151.5 million
  • Net loss attributable to DMC was $3.1 million
  • Adjusted net loss attributable to DMC* was $1.6 million, or $(0.08) per diluted share
  • Adjusted EBITDA attributable to DMC* was $8.6 million, while total adjusted EBITDA, inclusive of non-controlling interest (NCI), was $12.0 million
  • Net debt* reduced to $30.1 million
  • Record order at NobelClad drives backlog recovery

BROOMFIELD, Colo., Nov. 04, 2025 (GLOBE NEWSWIRE) -- DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its third quarter ended September 30, 2025. Consolidated sales were $151.5 million, a 1% decrease from the third quarter of 2024 and a 3% sequential decline. Adjusted EBITDA attributable to DMC was $8.6 million, up 51% compared with the same period last year, down 37% sequentially.

Sales at Arcadia Products, DMC’s architectural building products business, were $61.7 million, up 7% versus last year’s third quarter and down 1% sequentially. Third quarter adjusted EBITDA attributable to DMC more than doubled to $5.1 million from $2.0 million in the year-ago quarter and was up 27% from $4.0 million in the prior quarter. The business benefitted from higher year-over-year sales, which led to improved absorption of fixed manufacturing overhead absorption. Arcadia’s market continues to be impacted by high interest rates, leading to generally lower levels of activity. However, management believes Arcadia has stabilized from the challenges experienced in the prior year and is well positioned for the eventual improvement in market conditions.

DynaEnergetics, DMC’s energy products business, reported third quarter sales of $68.9 million, down 1% from the year-ago third quarter and up 3% sequentially. Adjusted EBITDA was $4.9 million, up from breakeven results in the year-ago third quarter and down 46% sequentially. The sequential decline reflects lower product pricing in a difficult and highly competitive U.S. onshore market. According to the Energy Information Administration, U.S. well completions declined 6% during the third quarter. DynaEnergetics’ third quarter margins were also impacted by higher costs due to tariffs, and receivable and inventory charges.

At NobelClad, DMC’s composite metals business, third quarter sales were $20.9 million, down 16% versus last year’s third quarter and down 21% sequentially. The declines reflect a reduction in bookings due in part to U.S. and reciprocal tariff activities. Adjusted EBITDA was $2.1 million, down 64% versus the comparable year-ago period and down 53% from the previous quarter. The decline reflects reduced absorption of fixed manufacturing overhead on lower sales and a less favorable product mix. The lower sales volume is the direct result of a tariff-driven decline in large-project orders earlier in the year.

NobelClad was awarded a $20 million order during the third quarter for an international petrochemical project. After quarter-end, NobelClad booked an additional $5 million order associated with the same project. Together, they represent the largest order in NobelClad’s history, which will begin to ship in 2026. Backlog at the end of the third quarter totaled $57 million and does not include the $5 million follow-on order.

“During the third quarter, our businesses continued to be heavily impacted by volatile and lower energy prices, generally high interest rates and issues related to current tariff policies.” said James O’Leary, DMC’s president and CEO. “During this challenging period, we continue to make substantial progress on the primary objective within our control, improving our financial position, as we significantly reduced net debt to $30.1 million, down 47% from the beginning of the year. I want to thank our DMC associates for their continued dedication and hard work in a very tough environment.”

Guidance

Fourth quarter sales are expected to be in a range of $140 million to $150 million, with adjusted EBITDA attributable to DMC anticipated in a range of $5 million to $8 million. Guidance reflects the lagged impact of the decline in U.S. bookings at NobelClad during the first and second quarters of 2025 as sales associated with recently improved incoming orders will not be recognized until 2026. The guidance range also reflects the continued turmoil in DynaEnergetics' core North American business, which has been significantly impacted by both tariffs and declining completion activity, and may experience a seasonal slowdown late in the quarter as has been the case in recent years. While Arcadia will experience some normal seasonal slowdown, it expects continued year-over-year improvement in profitability due to better operational execution. This guidance is heavily influenced by macroeconomic concerns, volatility and visibility issues created by the current state of tariff policies and energy markets and is subject to change either upward or downward as market conditions evolve.

Summary Third Quarter Results

Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
151,532
$
155,487
$
152,429
(3
)%
(1
)%
Gross profit percentage
21.7
%
23.6
%
19.8
%
SG&A
$
25,950
$
26,147
$
28,205
(1
)%
(8
)%
Net (loss) income
$
(2,070
)
$
321
$
(159,416
)
(745
)%
99
%
Net (loss) income attributable to DMC
$
(3,081
)
$
116
$
(101,323
)
(2,756
)%
97
%
Diluted net loss per share attributable to DMC
$
(0.10
)
$
(0.24
)
$
(8.27
)
58
%
99
%
Adjusted net (loss) income attributable to DMC
$
(1,629
)
$
2,473
$
(9,615
)
(166
)%
83
%
Adjusted diluted net (loss) income per share
$
(0.08
)
$
0.12
$
(0.49
)
(167
)%
84
%
Adjusted EBITDA attributable to DMC
$
8,564
$
13,538
$
5,671
(37
)%
51
%
Adjusted EBITDA before NCI allocation
$
11,972
$
16,228
$
7,015
(26
)%
71
%
Adjusted EBITDA before NCI allocation margin
7.9
%
10.4
%
4.6
%


Arcadia

Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
61,661
$
61,980
$
57,818
(1
)%
7
%
Gross profit percentage
28.7
%
26.2
%
23.5
%
Adjusted EBITDA attributable to DMC
$
5,111
$
4,035
$
2,014
27
%
154
%
Adjusted EBITDA before NCI allocation
$
8,519
$
6,725
$
3,358
27
%
154
%
Adjusted EBITDA before NCI allocation margin
13.8
%
10.9
%
5.8
%


DynaEnergetics

Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
68,946
$
66,862
$
69,679
3
%
(1
)%
Gross profit percentage
14.5
%
20.9
%
12.0
%
Adjusted EBITDA
$
4,867
$
8,979
$
414
(46
)%
1,076
%
Adjusted EBITDA margin
7.1
%
13.4
%
0.6
%


NobelClad

Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
20,925
$
26,645
$
24,932
(21
)%
(16
)%
Gross profit percentage
24.9
%
24.7
%
33.2
%
Adjusted EBITDA
$
2,075
$
4,399
$
5,776
(53
)%
(64
)%
Adjusted EBITDA margin
9.9
%
16.5
%
23.2
%
  • NobelClad's rolling 12-month bookings were $100.2 million, and the 12-month book-to-bill ratio was 0.96.

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=mLoNYXPP

Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. The webcast also will be available on the Investor page of DMC’s website, located at: ir.dmcglobal.com . A replay of the webcast will be available for six months.

*Use of Non-GAAP Financial Measures
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (GAAP), DMC also discloses certain non-GAAP financial measures that we use in operational and financial decision making. Non-GAAP financial measures include the following:

  • EBITDA: defined as net income (loss) plus net interest, taxes, depreciation and amortization.
  • Adjusted EBITDA: excludes from EBITDA stock-based compensation, restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance (as further described in the tables below).
  • Adjusted EBITDA attributable to DMC Global Inc.: excludes the Adjusted EBITDA attributable to the 40% redeemable noncontrolling interest in Arcadia Products.
  • Adjusted EBITDA for DMC business segments: defined as operating income (loss) plus depreciation, amortization, allocated stock-based compensation (if applicable), restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
  • Adjusted net income (loss): defined as net income (loss) attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance.
  • Adjusted diluted earnings per share: defined as diluted earnings per share attributable to DMC Global Inc. stockholders (exclusive of adjustment of redeemable noncontrolling interest) plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
  • Net debt: defined as total debt less consolidated cash, cash equivalents and marketable securities per the Condensed Consolidated Balance Sheets.
  • Free-cash flow: defined as cash flows from operating activities less net acquisitions of property, plant and equipment.

Management believes providing these additional financial measures is useful to investors in understanding DMC's operating performance, excluding the effects of restructuring, impairment, and other nonrecurring charges, as well as its liquidity. Management typically monitors the business utilizing the above non-GAAP measures, in addition to GAAP results, to understand and compare operating results across accounting periods, and certain management incentive awards are based, in part, on these measures. The presence of non-GAAP financial measures in this report is not intended to suggest that such measures be considered in isolation or as a substitute for, or as superior to, DMC’s GAAP information, and investors are cautioned that the non-GAAP financial measures are limited in their usefulness.

Because not all companies use identical calculations, DMC’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company’s capital structure on its performance.

DMC is unable to reconcile its expected fourth quarter 2025 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, 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 2025 guidance on sales, adjusted EBITDA and the expected fourth quarter 2025 results (including billings) and underlying assumptions for each of Arcadia, DynaEnergetics and 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: our ability to realize sales from our backlog; our ability to obtain new contracts at attractive prices; the execution of purchase commitments by our customers, and our ability to successfully deliver on those purchase commitments; the size and timing of customer orders and shipments; the timely completion of contracts; changes to customer orders; product pricing and margins; fluctuations in customer demand; our ability to successfully navigate slowdowns in market activity or execute and capitalize upon growth opportunities; the success of DynaEnergetics’ product, technology, and margin enhancement initiatives; our ability to successfully protect our technology and intellectual property and the costs associated with these efforts; consolidation among DynaEnergetics’ customers; fluctuations in foreign currencies; fluctuations in tariffs and quotas; the cost and availability of energy; the cyclicality of our business; competitive factors; the timing and size of expenditures; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; changes in immigration laws or enforcement programs;our ability to attract and retain key personnel; current or future limits on manufacturing capacity at our various operations; government actions or other changes in laws and regulations; the availability and cost of funds; our ability to access our borrowing capacity under our credit facility; geopolitical and economic instability, including recessions, depressions, wars or other military actions; inflation; supply chain delays and disruptions; transportation disruptions; general economic conditions, both domestic and foreign, impacting our business and the business of our customers and the end-market users we serve; the potential effects of activist stockholder actions and actions that we may take to discourage takeover attempts, 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, 2024. 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.

DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
NET SALES
$
151,532
$
155,487
$
152,429
(3
)%
(1
)%
COST OF PRODUCTS SOLD
118,703
118,756
122,324
—
%
(3
)%
Gross profit
32,829
36,731
30,105
(11
)%
9
%
Gross profit percentage
21.7
%
23.6
%
19.8
%
COSTS AND EXPENSES:
General and administrative expenses
15,282
15,905
14,349
(4
)%
7
%
Selling and distribution expenses
10,668
10,242
13,856
4
%
(23
)%
Amortization of purchased intangible assets
4,764
4,763
5,278
—
%
(10
)%
Goodwill impairment
—
—
141,725
—
%
(100
)%
Strategic review and related expenses
303
775
1,763
(61
)%
(83
)%
Restructuring expenses and asset impairments
1,202
1,149
2,069
5
%
(42
)%
Total costs and expenses
32,219
32,834
179,040
(2
)%
(82
)%
OPERATING INCOME (LOSS)
610
3,897
(148,935
)
(84
)%
100
%
OTHER EXPENSE:
Other expense, net
(334
)
(346
)
(520
)
(3
)%
(36
)%
Interest expense, net
(1,632
)
(1,811
)
(2,113
)
(10
)%
(23
)%
(LOSS) INCOME BEFORE INCOME TAXES
(1,356
)
1,740
(151,568
)
(178
)%
99
%
INCOME TAX PROVISION
714
1,419
7,848
(50
)%
(91
)%
NET (LOSS) INCOME
(2,070
)
321
(159,416
)
(745
)%
99
%
Less: Net income (loss) attributable to redeemable noncontrolling interest
1,011
205
(58,093
)
393
%
102
%
NET (LOSS) INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
$
(3,081
)
$
116
$
(101,323
)
(2,756
)%
97
%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic
$
(0.10
)
$
(0.24
)
$
(8.27
)
58
%
99
%
Diluted
$
(0.10
)
$
(0.24
)
$
(8.27
)
58
%
99
%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
19,930,699
20,134,760
19,706,587
(1
)%
1
%
Diluted
19,930,699
20,134,760
19,706,587
(1
)%
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
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Net (loss) income attributable to DMC Global Inc. stockholders
$
(3,081
)
$
116
$
(101,323
)
Adjustment of redeemable noncontrolling interest
1,018
(4,900
)
(61,687
)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest
$
(2,063
)
$
(4,784
)
$
(163,010
)


DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)
Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
NET SALES
$
466,309
$
490,477
(5
)%
COST OF PRODUCTS SOLD
355,550
371,607
(4
)%
Gross profit
110,759
118,870
(7
)%
Gross profit percentage
23.8
%
24.2
%
COSTS AND EXPENSES:
General and administrative expenses
47,861
45,952
4
%
Selling and distribution expenses
32,536
37,578
(13
)%
Amortization of purchased intangible assets
14,290
15,877
(10
)%
Goodwill impairment
—
141,725
(100
)%
Strategic review and related expenses
2,376
5,952
(60
)%
Restructuring expenses and asset impairments
2,676
2,348
14
%
Total costs and expenses
99,739
249,432
(60
)%
OPERATING INCOME (LOSS)
11,020
(130,562
)
108
%
OTHER EXPENSE:
Other expense, net
(898
)
(1,213
)
(26
)%
Interest expense, net
(5,142
)
(6,746
)
(24
)%
INCOME (LOSS) BEFORE INCOME TAXES
4,980
(138,521
)
104
%
INCOME TAX PROVISION
4,866
12,283
(60
)%
NET INCOME (LOSS)
114
(150,804
)
100
%
Less: Net income (loss) attributable to redeemable noncontrolling interest
2,402
(56,056
)
104
%
NET LOSS ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
$
(2,288
)
$
(94,748
)
98
%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic
$
(0.31
)
$
(8.04
)
96
%
Diluted
$
(0.31
)
$
(8.04
)
96
%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
19,883,652
19,648,253
1
%
Diluted
19,883,652
19,648,253
1
%

Reconciliation to net 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, 2025
Sep 30, 2024
Net loss attributable to DMC Global Inc. stockholders
$
(2,288
)
$
(94,748
)
Adjustment of redeemable noncontrolling interest
(3,801
)
(63,201
)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest
$
(6,089
)
$
(157,949
)


DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)
Arcadia
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
61,661
$
61,980
$
57,818
(1
)%
7
%
Gross profit
17,717
16,250
13,562
9
%
31
%
Gross profit percentage
28.7
%
26.2
%
23.5
%
COSTS AND EXPENSES:
General and administrative expenses
5,998
6,489
7,223
(8
)%
(17
)%
Selling and distribution expenses
4,238
4,290
4,210
(1
)%
1
%
Amortization of purchased intangible assets
4,764
4,763
5,278
—
%
(10
)%
Goodwill impairment
—
—
141,725
—
%
(100
)%
Restructuring expenses and asset impairments
132
192
248
(31
)%
(47
)%
Operating income (loss)
2,585
516
(145,122
)
401
%
102
%
Adjusted EBITDA
8,519
6,725
3,358
27
%
154
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(3,408
)
(2,690
)
(1,344
)
27
%
154
%
Adjusted EBITDA attributable to DMC Global Inc.
$
5,111
$
4,035
$
2,014
27
%
154
%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Net sales
$
189,221
$
189,491
—
%
Gross profit
54,328
53,532
1
%
Gross profit percentage
28.7
%
28.3
%
COSTS AND EXPENSES:
General and administrative expenses
19,947
22,644
(12
)%
Selling and distribution expenses
13,345
12,794
4
%
Amortization of purchased intangible assets
14,290
15,833
(10
)%
Goodwill impairment
—
141,725
(100
)%
Restructuring expenses and asset impairments
649
527
23
%
Operating income (loss)
6,097
(139,991
)
104
%
Adjusted EBITDA
24,571
21,709
13
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(9,829
)
(8,684
)
13
%
Adjusted EBITDA attributable to DMC Global Inc.
$
14,742
$
13,025
13
%

DynaEnergetics
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
68,946
$
66,862
$
69,679
3
%
(1
)%
Gross profit
9,976
13,959
8,347
(29
)%
20
%
Gross profit percentage
14.5
%
20.9
%
12.0
%
COSTS AND EXPENSES:
General and administrative expenses
2,416
3,028
2,299
(20
)%
5
%
Selling and distribution expenses
4,514
3,774
7,276
20
%
(38
)%
Restructuring expenses and asset impairments
57
746
1,821
(92
)%
(97
)%
Operating income (loss)
2,989
6,411
(3,049
)
(53
)%
198
%
Adjusted EBITDA
$
4,867
$
8,979
$
414
(46
)%
1,076
%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Net sales
$
201,359
$
224,011
(10
)%
Gross profit
36,746
40,451
(9
)%
Gross profit percentage
18.2
%
18.1
%
COSTS AND EXPENSES:
General and administrative expenses
8,191
8,201
—
%
Selling and distribution expenses
12,764
17,540
(27
)%
Amortization of purchased intangible assets
—
44
(100
)%
Restructuring expenses and asset impairments
803
1,821
(56
)%
Operating income
14,988
12,845
17
%
Adjusted EBITDA
$
21,225
$
19,705
8
%


NobelClad
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net sales
$
20,925
$
26,645
$
24,932
(21
)%
(16
)%
Gross profit
5,208
6,593
8,269
(21
)%
(37
)%
Gross profit percentage
24.9
%
24.7
%
33.2
%
COSTS AND EXPENSES:
General and administrative expenses
2,076
852
1,110
144
%
87
%
Selling and distribution expenses
1,870
2,123
2,190
(12
)%
(15
)%
Restructuring expenses and asset impairments
1,013
211
—
380
%
100
%
Operating income
249
3,407
4,969
(93
)%
(95
)%
Adjusted EBITDA
$
2,075
$
4,399
$
5,776
(53
)%
(64
)%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Net sales
$
75,729
$
76,975
(2
)%
Gross profit
19,898
25,135
(21
)%
Gross profit percentage
26.3
%
32.7
%
COSTS AND EXPENSES:
General and administrative expenses
4,119
3,207
28
%
Selling and distribution expenses
6,277
6,927
(9
)%
Restructuring expenses and asset impairments
1,224
—
100
%
Operating income
8,278
15,001
(45
)%
Adjusted EBITDA
$
11,890
$
17,378
(32
)%


DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
Change
Sep 30, 2025
Jun 30, 2025
Dec 31, 2024
Sequential
Year-end
(unaudited)
(unaudited)
ASSETS
Cash and cash equivalents
$
26,412
$
12,427
$
14,289
113
%
85
%
Accounts receivable, net
105,629
110,458
103,361
(4
)%
2
%
Inventories
140,545
144,557
152,580
(3
)%
(8
)%
Prepaid expenses and other
14,051
12,732
18,792
10
%
(25
)%
Total current assets
286,637
280,174
289,022
2
%
(1
)%
Property, plant and equipment, net
128,110
130,124
129,276
(2
)%
(1
)%
Purchased intangible assets, net
159,814
164,578
174,104
(3
)%
(8
)%
Other long-term assets
69,582
70,148
78,935
(1
)%
(12
)%
Total assets
$
644,143
$
645,024
$
671,337
—
%
(4
)%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable
$
46,924
$
41,450
$
45,059
13
%
4
%
Contract liabilities
14,105
12,026
23,162
17
%
(39
)%
Accrued income taxes
5,357
10,377
7,574
(48
)%
(29
)%
Current portion of long-term debt
3,125
3,563
2,500
(12
)%
25
%
Other current liabilities
34,260
34,143
35,807
—
%
(4
)%
Total current liabilities
103,771
101,559
114,102
2
%
(9
)%
Long-term debt
53,409
55,112
68,318
(3
)%
(22
)%
Deferred tax liabilities
1,268
1,191
711
6
%
78
%
Other long-term liabilities
45,641
46,225
50,155
(1
)%
(9
)%
Redeemable noncontrolling interest
187,080
187,080
187,080
—
%
—
%
Stockholders’ equity
252,974
253,857
250,971
—
%
1
%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity
$
644,143
$
645,024
$
671,337
—
%
(4
)%


DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)
Three months ended
Nine months ended
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sep 30, 2025
Sep 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income
$
(2,070
)
$
321
$
(159,416
)
$
114
$
(150,804
)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation
3,733
3,707
3,444
11,100
10,294
Amortization of purchased intangible assets
4,764
4,763
5,278
14,290
15,877
Amortization of deferred debt issuance costs
262
231
217
710
624
Stock-based compensation
1,360
1,417
1,772
4,376
5,103
Bad debt expense
329
(10
)
3,943
1,025
4,979
Deferred income taxes
(421
)
392
6,026
(7
)
4,734
Asset impairments
—
296
1,044
296
1,044
Goodwill impairment
—
—
141,725
—
141,725
Other
(83
)
433
712
905
(76
)
Change in working capital, net
10,732
3,696
14,257
5,531
1,285
Net cash provided by operating activities
18,606
15,246
19,002
38,340
34,785
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities
—
—
—
—
3,000
Proceeds from sales of marketable securities
—
—
—
—
9,619
Acquisition of property, plant and equipment
(4,243
)
(2,921
)
(6,085
)
(10,943
)
(11,600
)
Proceeds from property, plant and equipment reimbursements
1,894
1,362
406
3,682
406
Proceeds on sale of property, plant and equipment
20
6
—
47
100
Proceeds from settlement of note receivable
—
4,167
—
4,167
—
Net cash (used in) provided by investing activities
(2,329
)
2,614
(5,679
)
(3,047
)
1,525
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on term loan
(625
)
(625
)
(625
)
(1,875
)
(118,750
)
Borrowings on term loan
—
—
—
—
50,000
Borrowings on revolving loans
52,300
38,359
500
99,159
77,650
Repayments on revolving loans
(53,918
)
(51,512
)
(9,875
)
(111,805
)
(50,400
)
Payment of debt issuance costs
—
(650
)
—
(650
)
(2,735
)
Distributions to redeemable noncontrolling interest holder
(145
)
(5,104
)
(3,649
)
(6,400
)
(8,321
)
Net proceeds from issuance of common stock to employees and directors
—
—
—
—
132
Treasury stock purchases
(15
)
(79
)
(48
)
(578
)
(1,000
)
Net cash used in financing activities
(2,403
)
(19,611
)
(13,697
)
(22,149
)
(53,424
)
EFFECTS OF EXCHANGE RATES ON CASH
111
(527
)
318
(1,021
)
585
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
13,985
(2,278
)
(56
)
12,123
(16,529
)
CASH AND CASH EQUIVALENTS, beginning of the period
12,427
14,705
14,567
14,289
31,040
CASH AND CASH EQUIVALENTS, end of the period
$
26,412
$
12,427
$
14,511
$
26,412
$
14,511


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
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Net (loss) income
(2,070
)
321
(159,416
)
(745
)%
99
%
Interest expense, net
1,632
1,811
2,113
(10
)%
(23
)%
Income tax provision
714
1,419
7,848
(50
)%
(91
)%
Depreciation
3,733
3,707
3,444
1
%
8
%
Amortization of purchased intangible assets
4,764
4,763
5,278
—
%
(10
)%
EBITDA
8,773
12,021
(140,733
)
(27
)%
106
%
Stock-based compensation
1,360
1,417
1,671
(4
)%
(19
)%
Goodwill impairment
—
—
141,725
—
%
(100
)%
Strategic review and related expenses
303
775
1,763
(61
)%
(83
)%
Restructuring expenses and asset impairments
1,202
1,149
2,069
5
%
(42
)%
Executive transition costs
—
520
—
(100
)%
—
%
Other expense, net
334
346
520
(3
)%
(36
)%
Adjusted EBITDA
$
11,972
$
16,228
$
7,015
(26
)%
71
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(3,408
)
(2,690
)
(1,344
)
27
%
154
%
Adjusted EBITDA attributable to DMC Global Inc.
$
8,564
$
13,538
$
5,671
(37
)%
51
%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Net income (loss)
$
114
$
(150,804
)
100
%
Interest expense, net
5,142
6,746
(24
)%
Income tax provision
4,866
12,283
(60
)%
Depreciation
11,100
10,294
8
%
Amortization of purchased intangible assets
14,290
15,877
(10
)%
EBITDA
35,512
(105,604
)
134
%
Stock-based compensation
4,340
4,824
(10
)%
Goodwill impairment
—
141,725
(100
)%
Strategic review expenses
2,376
5,952
(60
)%
Restructuring expenses and asset impairments
2,676
2,348
14
%
Executive transition costs
520
—
100
%
Other expense, net
898
1,213
(26
)%
Adjusted EBITDA
$
46,322
$
50,458
(8
)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(9,829
)
(8,684
)
13
%
Adjusted EBITDA attributable to DMC Global Inc.
$
36,493
$
41,774
(13
)%


DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Adjusted Net (Loss) Income* and Adjusted Diluted Earnings per Share

*Net (loss) income attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended
September 30, 2025
Amount
Per Share (1)
Net loss attributable to DMC Global Inc.*
$
(3,081
)
$
(0.16
)
Strategic review and related expenses, net of tax
303
0.02
Restructuring expenses and asset impairments, net of tax
1,149
0.06
As adjusted
$
(1,629
)
$
(0.08
)

(1) Calculated using diluted weighted-average shares outstanding of 19,930,699.

Three months ended
June 30, 2025
Amount
Per Share (1)
Net income attributable to DMC Global Inc.*
$
116
$
—
Strategic review and related expenses, net of tax
775
0.04
Restructuring expenses and asset impairments, net of tax
1,062
0.05
Executive transition costs, net of tax
520
0.03
As adjusted
$
2,473
$
0.12

(1) Calculated using diluted weighted-average shares outstanding of 20,134,760.

Three months ended
September 30, 2024
Amount
Per Share (1)
Net loss attributable to DMC Global Inc.*
$
(101,323
)
$
(5.14
)
Goodwill impairment, net of tax
85,035
4.31
Strategic review and related expenses, net of tax
1,322
0.07
Restructuring expenses and asset impairments, net of tax
1,451
0.07
Establishment of income tax valuation allowance
3,900
0.20
As adjusted
$
(9,615
)
$
(0.49
)

(1) Calculated using diluted weighted-average shares outstanding of 19,706,587.

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 tax
2,376
0.12
Restructuring expenses and asset impairments, net of tax
2,406
0.12
Executive transition costs, net of tax
520
0.03
As adjusted
$
3,014
$
0.15

(1) Calculated using diluted weighted-average shares outstanding of 19,883,652.

Nine months ended
September 30, 2024
Amount
Per Share (1)
Net (loss) income attributable to DMC Global Inc.*
$
(94,748
)
$
(4.82
)
Goodwill impairment, net of tax
85,035
4.33
Strategic review and related expenses, net of tax
4,464
0.22
Restructuring expenses and asset impairments, net of tax
1,576
0.08
Establishment of income tax valuation allowance
3,900
0.20
As adjusted
$
227
$
0.01

(1) Calculated using diluted weighted-average shares outstanding of 19,648,253.

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Segment Adjusted EBITDA

Arcadia
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Operating income (loss), as reported
$
2,585
$
516
$
(145,122
)
401
%
102
%
Adjustments:
Depreciation
1,020
1,016
914
—
%
12
%
Amortization of purchased intangible assets
4,764
4,763
5,278
—
%
(10
)%
Stock-based compensation
18
238
315
(92
)%
(94
)%
Goodwill impairment
—
—
141,725
—
%
(100
)%
Restructuring expenses and asset impairments
132
192
248
(31
)%
(47
)%
Adjusted EBITDA
8,519
6,725
3,358
27
%
154
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(3,408
)
(2,690
)
(1,344
)
27
%
154
%
Adjusted EBITDA attributable to DMC Global Inc.
$
5,111
$
4,035
$
2,014
27
%
154
%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Operating income (loss), as reported
$
6,097
$
(139,991
)
104
%
Adjustments:
Depreciation
3,042
2,677
14
%
Amortization of purchased intangible assets
14,290
15,833
(10
)%
Stock-based compensation
493
938
(47
)%
Goodwill impairment
—
141,725
(100
)%
Restructuring expenses and asset impairments
649
527
23
%
Adjusted EBITDA
24,571
21,709
13
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(9,829
)
(8,684
)
13
%
Adjusted EBITDA attributable to DMC Global Inc.
$
14,742
$
13,025
13
%


DynaEnergetics
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Operating income (loss), as reported
$
2,989
$
6,411
$
(3,049
)
(53
)%
198
%
Adjustments:
Depreciation
1,821
1,822
1,642
—
%
11
%
Restructuring expenses and asset impairments
57
746
1,821
(92
)%
(97
)%
Adjusted EBITDA
$
4,867
$
8,979
$
414
(46
)%
1,076
%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Operating income, as reported
$
14,988
$
12,845
17
%
Adjustments:
Depreciation
5,434
4,995
9
%
Amortization of purchased intangible assets
—
44
(100
)%
Restructuring expenses and asset impairments
803
1,821
(56
)%
Adjusted EBITDA
$
21,225
$
19,705
8
%

NobelClad
Three months ended
Change
Sep 30, 2025
Jun 30, 2025
Sep 30, 2024
Sequential
Year-on-year
Operating income, as reported
$
249
$
3,407
$
4,969
(93
)%
(95
)%
Adjustments:
Depreciation
813
781
807
4
%
1
%
Restructuring expenses and asset impairments
1,013
211
—
380
%
100
%
Adjusted EBITDA
$
2,075
$
4,399
$
5,776
(53
)%
(64
)%


Nine months ended
Change
Sep 30, 2025
Sep 30, 2024
Year-on-year
Operating income, as reported
$
8,278
$
15,001
(45
)%
Adjustments:
Depreciation
2,388
2,377
—
%
Restructuring expenses and asset impairments
1,224
—
100
%
Adjusted EBITDA
$
11,890
$
17,378
(32
)%

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


Stock Information
Company Name: DMC Global Inc.
Stock Symbol: BOOM
Market: NASDAQ
Website: dmcglobal.com
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