Perimeter Solutions Reports Second Quarter 2025 Financial Results

Second quarter Net Loss of $32.2M and Adjusted Net Income of $57.1M

Continued value driver execution and normalized fire activity drove second quarter Adjusted EBITDA of $91.3M

Second quarter Loss Per Diluted Share of $0.22 and Adjusted Earnings Per Diluted Share of $0.39

CLAYTON, Mo., Aug. 07, 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 second quarter ended June 30, 2025.

Second Quarter 2025 Results

• Net sales increased 28% to $162.6 million in the second quarter, as compared to $127.3 million in the prior-year quarter.
  
  
  
  
  • Fire Safety net sales increased 22% to $120.3 million, as compared to $98.5 million in the prior year quarter.
  • Specialty Products net sales increased 47% to $42.4 million, as compared to $28.7 million in the prior year quarter.
    
    
    
    
• Net loss during the second quarter was $32.2 million, or $0.22 loss per diluted share, as compared to net income of $21.7 million, or $0.14 earnings per diluted share in the prior year quarter.
• Second quarter non-GAAP adjusted earnings per share was $0.39, as compared to adjusted earnings per share of $0.25 in the prior year quarter.
• Adjusted EBITDA increased 41% to $91.3 million in the second quarter, as compared to $64.9 million in the prior year quarter.
  
  
  
  
  • Fire Safety Segment Adjusted EBITDA increased 40% to $77.7 million, as compared to $55.6 million in the prior year quarter.
  • Specialty Products Segment Adjusted EBITDA increased 48% to $13.7 million, as compared to $9.3 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 26% to $234.7 million during the year-to-date period, as compared to $186.3 million in the prior-year period.
  
  
  
  
  • Fire Safety sales increased 27% to $157.4 million , as compared to $123.7 million in the prior year period.
  • Specialty Products sales increased 23% to $77.2 million, as compared to $62.6 million in the prior year period.
    
    
    
    
• Net income during the year-to-date period was $24.5 million, or $0.16 earnings per diluted share, as compared to a net loss of $60.9 million, or $0.42 loss per diluted share in the prior year period.
• Non-GAAP adjusted earnings per share during the year-to-date period was $0.41, as compared to adjusted earnings per share of $0.23 in the prior year period.
• Adjusted EBITDA increased 42% to $109.4 million in the year-to-date period, as compared to $77.0 million in the prior year period.
  
  
  
  
  • Fire Safety Segment Adjusted EBITDA increased 58% to $87.7 million, as compared to $55.4 million in the prior year period.
  • Specialty Products Segment Adjusted EBITDA of $21.7 million was relatively flat, as compared to $21.6 million in the prior year period.
    
    
    
    

Capital Allocation

• The Company repurchased 2.9 million shares of Common Stock at an average price of $11.13 per share during the quarter ended June 30, 2025.
• In May 2025, the Company settled its trade secret litigation with a subsidiary of Compass Minerals International, Inc., and simultaneously acquired related assets for $20 million in cash.
  
  
  
  

Conference Call and Webcast

As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, August 7, 2025 to discuss financial results for the second 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 (-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 “13754057”. The telephonic replay will be available until September 6, 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.

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Non-GAAP Financial Metrics

The Company provides non-GAAP financial measures for Segment 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 and transaction related costs (ii) founder advisory fee expenses, (iii) stock-based compensation expenses and (iv) foreign currency (gain) loss. 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).

^{(1) For the three months ended June 30, 2025, $0.2 million was related to acquisition costs and $0.1 million was related to other non-recurring costs.}

^{(1) For the six months ended June 30, 2025, $0.8 million was related to acquisition costs, $0.4 million was related to the Redomiciliation Transaction and $0.6 million was related to restructuring and other non-recurring costs. For the six months ended June 30, 2024, $0.5 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.}

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 and transaction related costs (ii) founder advisory fee expenses, (iii) stock-based compensation expenses and (iv) foreign currency (gain) loss. 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).