Perimeter Solutions, Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
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16. Segment Information
- SEGMENT INFORMATION
The Company’s products and operations are managed and reported intwo operating segments: Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and fire suppressants, as well as specialized equipment and services typically offered in conjunction with its products. The Specialty Products segment includes operations that develop, produce and market products for non-fire safety markets.
The chief operating decision-maker (“CODM”) is the Company's CEO. The CODM uses Segment Adjusted EBITDA for each segment predominantly in the annual budget and forecasting process. The CODM considers budget/forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.
Segment Adjusted EBITDA is defined as income (loss) 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, (v) purchase accounting impact and (vi) foreign currency loss (gain).
Interest income, interest expense, other income (expense) and certain corporate operating expenses are not included in the measures of segment performance reviewed by the CODM. The corporate category is not considered to be a segment.
Information related to net sales, Segment Adjusted EBITDA, depreciation and amortization, purchases of property and equipment, and purchases of intangible assets are summarized below (in thousands):
| Three Months Ended March 31, 2026 | ||||
|---|---|---|---|---|
| Fire Safety · Specialty Products · Total | ||||
| Net sales: | ||||
| Product | $43,042 | $79,525 | $122,567 | |
| Services and others | 2,402 | 100 | 2,502 | |
| Total net sales | $45,444 | $79,625 | $125,069 | |
| Less: | ||||
| Adjusted cost of goods sold | $19,195 | $45,289 | $64,484 | |
| Adjusted selling, general and administrative expense | 7,558 | 11,868 | 19,426 | |
| Segment Adjusted EBITDA | $18,691 | $22,468 | $41,159 | |
| Less: | ||||
| Depreciation and amortization | 27,139 | |||
| Interest and financing expense | 24,356 | |||
| Founders advisory fees - related party | (76,378) | |||
| Non-recurring expenses | 391 | |||
| Acquisition costs | 8,968 | |||
| Stock-based compensation expense | 2,598 | |||
| Purchase accounting impact | 5,590 | |||
| Foreign currency gain | (1,351) | |||
| Income before income taxes | $49,846 | |||
| Depreciation and amortization | $14,492 | $12,647 | $27,139 | |
| Purchases of property and equipment | $3,389 | $2,412 | $5,801 | |
| Three Months Ended March 31, 2025 | ||||
|---|---|---|---|---|
| Fire Safety · Specialty Products · Total | ||||
| Net sales: | ||||
| Product | $32,765 | $34,867 | $67,632 | |
| Services and others | 4,398 | — | 4,398 | |
| Total net sales | $37,163 | $34,867 | $72,030 | |
| Less: | ||||
| Adjusted cost of goods sold | $18,582 | $22,620 | $41,202 | |
| Adjusted selling, general and administrative expense | 8,496 | 4,249 | 12,745 | |
| Segment Adjusted EBITDA | $10,085 | $7,998 | $18,083 | |
| Less: | ||||
| Depreciation and amortization | 16,893 | |||
| Interest and financing expense | 9,644 | |||
| Founders advisory fees - related party | (80,613) | |||
| Non-recurring expenses | 907 | |||
| Acquisition costs | 561 | |||
| Stock-based compensation expense | 2,671 | |||
| Foreign currency gain | (1,159) | |||
| Income before income taxes | $69,179 | |||
| Depreciation and amortization | $12,765 | $4,128 | $16,893 | |
| Purchases of property and equipment | $3,262 | $1,551 | $4,813 | |
Total segment assets reconciled to consolidated amounts are as follows (in thousands):
| March 31, 2026 | ||||
|---|---|---|---|---|
| Fire Safety · Specialty Products · Total | ||||
| Segment assets | $194,020 | $252,538 | $446,558 | |
| Cash and cash equivalents | 91,624 | |||
| Goodwill | 1,365,415 | |||
| Customer lists, net | 924,377 | |||
| Technology and patents, net | 200,318 | |||
| Tradenames, net | 125,297 | |||
| Tax assets | 10,789 | |||
| Total consolidated assets | $3,164,378 | |||
| December 31, 2025 | ||||
|---|---|---|---|---|
| Fire Safety · Specialty Products · Total | ||||
| Segment assets | $191,016 | $148,192 | $339,208 | |
| Cash and cash equivalents | 325,927 | |||
| Goodwill | 1,065,211 | |||
| Customer lists, net | 628,189 | |||
| Technology and patents, net | 184,804 | |||
| Tradenames, net | 86,330 | |||
| Tax assets | 23,338 | |||
| Total consolidated assets | $2,653,007 | |||
Net sales by geographical area are as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| United States | 62% | 68% |
| Other international sales (1) | 38% | 32% |
| Total net sales | 100% | 100% |
(1) The Company did not have net sales in excess of 10% in any other countries for the three months ended March 31, 2026 and 2025.
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| United States | $80,185 | $65,565 |
| Germany | 12,778 | 13,392 |
| Other foreign jurisdictions | 8,333 | 6,181 |
| Total property, plant and equipment, net | $101,296 | $85,138 |
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