Total debt reduced 28% to $52 million versus year-end 2024, while net debt* reduced 67% to $18.7 million, the lowest level since the 2021 Arcadia Products acquisition
Fourth quarter sales were $143.5 million
Net loss attributable to DMC was $11.2 million, inclusive of approximately $7 million in discrete accounts receivable and inventory write-offs at DynaEnergetics, the Company's oilfield products business
Adjusted EBITDA attributable to DMC* was negative $(1.6) million, inclusive of the above-described discrete charges at DynaEnergetics

BROOMFIELD, Colo., Feb. 23, 2026 (GLOBE NEWSWIRE) -- DMC Global Inc. (NASDAQ:BOOM) today reported financial results for its fourth quarter ended December 31, 2025.

During the fourth quarter, DMC made significant progress strengthening its balance sheet, management's primary objective for 2025. Net debt* was reduced by $11.4 million sequentially to $18.7 million, which was down 67% versus the end of 2024. The Company generated fourth quarter operating cash flow of $15.2 million, while free-cash flow* was $11.7 million. For the full year, operating cash flow was $53.5 million, up 15% from 2024, and free cash flow was $42.8 million, up 41% from 2024.

Fourth quarter consolidated sales were $143.5 million, a 6% decline from the 2024 fourth quarter and a 5% sequential decline. Adjusted EBITDA attributable to DMC, inclusive of approximately $7 million in discrete charges at DynaEnergetics, was negative ($1.6) million versus $10.4 million in the 2024 fourth quarter and $8.6 million in the 2025 third quarter. Certain of DynaEnergetics' customers in North America's unconventional oil and gas market have been negatively impacted by challenging conditions that include declining activity, highly competitive pricing and tariff driven input pressure, which collectively led to the accounts receivable charges.

Arcadia Products, DMC's architectural building products business, reported fourth quarter sales of $57 million, down 5% year over year and 8% sequentially. The results reflect year-end seasonality, persistently high interest rates, and 12 consecutive months of declines in the Architectural Billings Index (ABI) across Arcadia Products' core western U.S. market. During the quarter and into early 2026, deferrals of expected projects continued as high interest rates and elevated raw material and labor costs had a pronounced impact on activity. These conditions have led to a more competitive bidding environment that has pressured pricing. Average aluminum market prices increased 55% versus the 2024 fourth quarter and 12% sequentially, further pressuring results. Fourth quarter adjusted EBITDA attributable to DMC was $2.4 million, up from $2.2 million in the 2024 fourth quarter but down from $5.1 million in the prior quarter.

DynaEnergetics reported fourth quarter sales of $68.9 million, up 8% year over year and flat sequentially. Adjusted EBITDA, inclusive of approximately $7 million in discrete accounts receivable and inventory write offs, was negative ($2.7) million. Challenging conditions in DynaEnergetics' core U.S. unconventional market persisted during the quarter, further pressuring certain of DynaEnergetics' smaller customers. WTI crude prices fell nearly 10% sequentially, while the average number of frac crews declined by nearly 4% sequentially. In addition, severe price competition negatively impacted fourth quarter profitability. DynaEnergetics also has been significantly impacted by tariffs since they were imposed in February 2025, paying more than $3 million in tariffs and related duties during the fourth quarter and more than $10 million in calendar year 2025.

At NobelClad, DMC's composite metals business, fourth quarter sales were $17.7 million, down 38% versus last year's fourth quarter and down 15% sequentially. The declines reflect reduced bookings during the first half of 2025, with U.S. and reciprocal tariff actions contributing to significant uncertainty in NobelClad's U.S. and international markets. Adjusted EBITDA was $2.1 million, down 64% versus the 2024 fourth quarter and up 1% from the previous quarter. The year-over-year decline principally reflects significantly lower sales volumes and a corresponding reduction in the absorption of fixed manufacturing overhead costs. NobelClad ended the fourth quarter with an order backlog of $62.6 million, up 28% from the end of the 2024 fourth quarter and up 10% sequentially. The year-over-year increase reflects the award of a record $25 million order during the second half of 2025 for an international petrochemical project.

"The fourth quarter saw a continuation of the severe macroeconomic challenges the oilfield and building products sectors faced throughout 2025," said James O'Leary, president and CEO. "However, our exceptional DMC associates focused on what was within their control as we made significant progress strengthening DMC's financial position. As a result, our net debt reached its lowest level since the Arcadia Products acquisition in 2021, despite challenging conditions across all our end markets.

"While near-term macroeconomic conditions remain highly challenged, certain of our businesses are exploring prospective avenues for growth that are complementary to their existing capabilities," O'Leary added. "DynaEnergetics has begun exploring both the enhanced geothermal market and has expanded its efforts in certain emerging global shale markets. NobelClad is preparing for additional opportunities associated with the recently announced acceleration of the United States' Naval readiness program. Meanwhile, all our businesses are evaluating additional tariff mitigation strategies and targeted cost reduction programs if business does not improve as 2026 progresses."

Guidance

First quarter sales are expected to be in a range of $132 million to $138 million, with adjusted EBITDA attributable to DMC anticipated in a range of $2 million to $4 million. First quarter results will reflect the impact of severe weather across much of the United States that affected each of DMC's businesses. In addition, many of the factors that negatively impacted the Company's fourth quarter and most of 2025 are expected to persist through at least the beginning of 2026. Management expects Arcadia Products will continue to be impacted by the broader factors weighing upon the construction sector, including persistently high interest rates, volatile and generally higher tariff-impacted input prices, and acute price competition. Project deferrals and generally lower activity in Arcadia Products' core West Coast markets are expected to continue through at least the beginning of the year. DynaEnergetics' core North American unconventional market remains challenged by margin pressure from both a reduction in operating frac crews, which has led to a particularly difficult pricing environment, and higher input prices that have been inflated principally by tariffs. Lastly, while NobelClad expects improved performance for the full fiscal year, demand erosion following the imposition of tariffs in early 2025 – and the resulting impact on major orders – will result in a slow start to the year. This guidance does not contemplate recent changes in tariff policies or increases in oil prices. The above is heavily impacted by macroeconomic conditions, particularly in DMC's core energy and construction markets, and is subject to change either upward or downward as these highly volatile inputs evolve in 2026.

Summary Fourth Quarter Results

	Three months ended									Change
(Amounts in 000's, except Per Share Data)	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	143,531		$	151,532		$	152,374		(5	)%	(6	)%
Gross profit percentage		17.1	%		21.7	%		20.8	%
SG&A	$	29,645		$	25,950		$	25,126		14	%	18	%
Net loss	$	(11,859	)	$	(2,070	)	$	(1,156	)	473	%	926	%
Net (loss) income attributable to DMC	$	(11,164	)	$	(3,081	)	$	296		262	%	3,872	%
Diluted net loss per share attributable to DMC	$	(0.59	)	$	(0.10	)	$	(0.17	)	490	%	247	%
Adjusted net (loss) income attributable to DMC	$	(9,948	)	$	(1,629	)	$	1,754		511	%	667	%
Adjusted diluted net (loss) income per share	$	(0.50	)	$	(0.08	)	$	0.09		525	%	656	%
Adjusted EBITDA attributable to DMC	$	(1,551	)	$	8,564		$	10,382		(118	)%	(115	)%
Adjusted EBITDA before NCI allocation	$	61		$	11,972		$	11,876		(99	)%	(99	)%
Adjusted EBITDA before NCI allocation margin		—	%		7.9	%		7.8	%

Arcadia Products

	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	56,987		$	61,661		$	60,272		(8	)%	(5	)%
Gross profit percentage		21.7	%		28.7	%		22.4	%
Adjusted EBITDA attributable to DMC	$	2,419		$	5,111		$	2,243		(53	)%	8	%
Adjusted EBITDA before NCI allocation	$	4,031		$	8,519		$	3,737		(53	)%	8	%
Adjusted EBITDA before NCI allocation margin		7.1	%		13.8	%		6.2	%

DynaEnergetics

	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	68,855		$	68,946		$	63,675		—	%	8	%
Gross profit percentage		10.7	%		14.5	%		15.1	%
Adjusted EBITDA	$	(2,740	)	$	4,867		$	5,098		(156	)%	(154	)%
Adjusted EBITDA margin	(4.0		)%		7.1	%		8.0	%

NobelClad

	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	17,689		$	20,925		$	28,427		(15	)%	(38	)%
Gross profit percentage		27.4	%		24.9	%		30.5	%
Adjusted EBITDA	$	2,102		$	2,075		$	5,848		1	%	(64	)%
Adjusted EBITDA margin		11.9	%		9.9	%		20.6	%

Rolling 12-month bookings were $104.3 million, and the 12-month book-to-bill ratio was 1.12.

Summary 2025 Results

	Twelve months ended						Change
	Dec 31, 2025			Dec 31, 2024				Year-on-year
Net sales	$	609,840		$	642,851			(5	)%
Gross profit percentage		22.2	%		23.4	%
SG&A	$	110,042		$	108,656			1	%
Net loss	$	(11,745	)	$	(151,960	)		(92	)%
Net loss attributable to DMC	$	(13,452	)	$	(94,452	)		(86	)%
Diluted net loss per share attributable to DMC	$	(0.90	)	$	(8.20	)		(89	)%
Adjusted net (loss) income attributable to DMC	$	(6,934	)	$	1,981			450	%
Adjusted diluted net (loss) income per share	$	(0.35	)	$	0.10			450	%
Adjusted EBITDA attributable to DMC	$	34,942		$	52,156			(33	)%
Adjusted EBITDA before NCI allocation	$	46,383		$	62,334			(26	)%
Adjusted EBITDA before NCI allocation margin		7.6	%		9.7	%

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=GfofKixw

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 first quarter 2026 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 Products, 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 first quarter 2026 guidance on sales and adjusted EBITDA, the expectation that NobelClad's performance will improve for the full fiscal year, and the prospective growth avenues certain of our businesses are exploring, such as DynaEnergetics' pursuit of opportunities in the enhanced geothermal and emerging global shale markets, and NobelClad's pursuit of opportunities associated with the recently announced acceleration of the United States' Naval readiness program. 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: changes in global economic conditions, including tariffs or reciprocal tariffs; our ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; product pricing and margins; our ability to realize sales from our backlog and our ability to adjust our manufacturing and supply chain; fluctuations in customer demand; our ability to manage periods of growth and contraction effectively; general economic conditions, both domestic and foreign, impacting our business and the business of the end-market users we serve; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timely receipt of government approvals and permits; the price and availability of metal and other raw materials; the adequacy of local labor supplies at our facilities; current or future limits on manufacturing capacity at our various operations; the impact of catastrophic weather events on our business and that of our customers; our ability to successfully integrate acquired businesses; the ability to remain an innovative leader in our fields of business; the costs and impacts of pending or future litigation or regulatory matters; changes to legislation, regulation or public sentiment related to our business and the industries in which our customers operate; the impacts of trade and economic sanctions or other restrictions imposed by the European Union, the United States or other countries; costs and risks associated with compliance with laws and regulations, including the United States Foreign Corrupt Practices Act and similar legislation; the availability and cost of funds; fluctuations in foreign currencies; actions of activist stockholders or others; the impact of our stockholder protection rights agreement, which includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable, 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, 2025. 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
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
NET SALES	$	143,531		$	151,532		$	152,374		(5	)%	(6	)%
COST OF PRODUCTS SOLD		119,037			118,703			120,675		—	%	(1	)%
Gross profit		24,494			32,829			31,699		(25	)%	(23	)%
Gross profit percentage		17.1	%		21.7	%		20.8	%
COSTS AND EXPENSES:
General and administrative expenses		13,391			15,282			15,449		(12	)%	(13	)%
Selling and distribution expenses		16,254			10,668			9,677		52	%	68	%
Amortization of purchased intangible assets		4,763			4,764			5,278		—	%	(10	)%
Strategic review and related expenses		314			303			1,813		4	%	(83	)%
Restructuring expenses and asset impairments		902			1,202			178		(25	)%	407	%
Total costs and expenses		35,624			32,219			32,395		11	%	10	%
OPERATING (LOSS) INCOME		(11,130	)		610			(696	)	1,925	%	1,499	%
OTHER (EXPENSE) INCOME:
Other (expense) income, net		(178	)		(334	)		145		(47	)%	223	%
Interest expense, net		(1,351	)		(1,632	)		(1,918	)	(17	)%	(30	)%
LOSS BEFORE INCOME TAXES		(12,659	)		(1,356	)		(2,469	)	834	%	413	%
INCOME TAX (BENEFIT) PROVISION		(800	)		714			(1,313	)	212	%	(39	)%
NET LOSS		(11,859	)		(2,070	)		(1,156	)	473	%	926	%
Less: Net (loss) income attributable to redeemable noncontrolling interest		(695	)		1,011			(1,452	)	169	%	(52	)%
NET (LOSS) INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	(11,164	)	$	(3,081	)	$	296		262	%	3,872	%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	(0.59	)	$	(0.10	)	$	(0.17	)	490	%	247	%
Diluted	$	(0.59	)	$	(0.10	)	$	(0.17	)	490	%	247	%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		19,998,353			19,930,699			19,730,643		—	%	1	%
Diluted		19,998,353			19,930,699			19,730,643		—	%	1	%

Reconciliation to net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share

	Three months ended
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Net (loss) income attributable to DMC Global Inc. stockholders	$	(11,164	)	$	(3,081	)	$	296
Adjustment of redeemable noncontrolling interest		(638	)		1,018			(1,059	)
Deemed dividend		—			—			(2,500	)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	(11,802	)	$	(2,063	)	$	(3,263	)

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in Thousands, Except Share and Per Share Data) (unaudited)
	Twelve months ended						Change
	Dec 31, 2025			Dec 31, 2024			Year-on-year
NET SALES	$	609,840		$	642,851		(5	)%
COST OF PRODUCTS SOLD		474,587			492,282		(4	)%
Gross profit		135,253			150,569		(10	)%
Gross profit percentage		22.2	%		23.4	%
COSTS AND EXPENSES:
General and administrative expenses		61,252			61,401		—	%
Selling and distribution expenses		48,790			47,255		3	%
Amortization of purchased intangible assets		19,053			21,155		(10	)%
Goodwill impairment		—			141,725		(100	)%
Strategic review and related expenses		2,690			7,765		(65	)%
Restructuring expenses and asset impairments		3,578			2,526		42	%
Total costs and expenses		135,363			281,827		(52	)%
OPERATING LOSS		(110	)		(131,258	)	(100	)%
OTHER EXPENSE:
Other expense, net		(1,076	)		(1,068	)	1	%
Interest expense, net		(6,493	)		(8,664	)	(25	)%
LOSS BEFORE INCOME TAXES		(7,679	)		(140,990	)	(95	)%
INCOME TAX PROVISION		4,066			10,970		(63	)%
NET LOSS		(11,745	)		(151,960	)	(92	)%
Less: Net income (loss) attributable to redeemable noncontrolling interest		1,707			(57,508	)	103	%
NET LOSS ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS	$	(13,452	)	$	(94,452	)	(86	)%
NET LOSS PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic	$	(0.90	)	$	(8.20	)	(89	)%
Diluted	$	(0.90	)	$	(8.20	)	(89	)%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		19,912,020			19,667,673		1	%
Diluted		19,912,020			19,667,673		1	%

Reconciliation to net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Net loss attributable to DMC Global Inc. stockholders	$	(13,452	)	$	(94,452	)
Adjustment of redeemable noncontrolling interest		(4,439	)		(64,260	)
Deemed dividend		—			(2,500	)
Net loss attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	(17,891	)	$	(161,212	)

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
Arcadia Products
	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	56,987		$	61,661		$	60,272		(8	)%	(5	)%
Gross profit		12,340			17,717			13,493		(30	)%	(9	)%
Gross profit percentage		21.7	%		28.7	%		22.4	%
COSTS AND EXPENSES:
General and administrative expenses		5,224			5,998			8,237		(13	)%	(37	)%
Selling and distribution expenses		4,244			4,238			3,505		—	%	21	%
Amortization of purchased intangible assets		4,763			4,764			5,278		—	%	(10	)%
Restructuring expenses and asset impairments		—			132			118		(100	)%	(100	)%
Operating (loss) income		(1,891	)		2,585			(3,645	)	173	%	(48	)%
Adjusted EBITDA		4,031			8,519			3,737		(53	)%	8	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)		(3,408	)		(1,494	)	(53	)%	8	%
Adjusted EBITDA attributable to DMC Global Inc.	$	2,419		$	5,111		$	2,243		(53	)%	8	%

	Twelve months ended						Change
	Dec 31, 2025			Dec 31, 2024			Year-on-year
Net sales	$	246,208		$	249,763		(1	)%
Gross profit		66,668			67,025		(1	)%
Gross profit percentage		27.1	%		26.8	%
COSTS AND EXPENSES:
General and administrative expenses		25,171			30,881		(18	)%
Selling and distribution expenses		17,589			16,299		8	%
Amortization of purchased intangible assets		19,053			21,111		(10	)%
Goodwill impairment		—			141,725		(100	)%
Restructuring expenses and asset impairments		649			645		1	%
Operating income (loss)		4,206			(143,636	)	103	%
Adjusted EBITDA		28,602			25,446		12	%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)		(10,178	)	12	%
Adjusted EBITDA attributable to DMC Global Inc.	$	17,161		$	15,268		12	%

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
DynaEnergetics
	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	68,855		$	68,946		$	63,675		—	%	8	%
Gross profit		7,377			9,976			9,604		(26	)%	(23	)%
Gross profit percentage		10.7	%		14.5	%		15.1	%
COSTS AND EXPENSES:
General and administrative expenses		2,560			2,416			2,634		6	%	(3	)%
Selling and distribution expenses		9,443			4,514			3,588		109	%	163	%
Restructuring expenses and asset impairments		—			57			60		(100	)%	(100	)%
Operating (loss) income		(4,626	)		2,989			3,322		255	%	239	%
Adjusted EBITDA	$	(2,740	)	$	4,867		$	5,098		(156	)%	(154	)%

	Twelve months ended						Change
	Dec 31, 2025			Dec 31, 2024			Year-on-year
Net sales	$	270,214		$	287,686		(6	)%
Gross profit		44,123			50,055		(12	)%
Gross profit percentage		16.3	%		17.4	%
COSTS AND EXPENSES:
General and administrative expenses		10,751			10,835		(1	)%
Selling and distribution expenses		22,207			21,128		5	%
Amortization of purchased intangible assets		—			44		(100	)%
Restructuring expenses and asset impairments		803			1,881		(57	)%
Operating income		10,362			16,167		(36	)%
Adjusted EBITDA	$	18,485		$	24,803		(25	)%

NobelClad

	Three months ended									Change
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Sequential		Year-on-year
Net sales	$	17,689		$	20,925		$	28,427		(15	)%	(38	)%
Gross profit		4,843			5,208			8,676		(7	)%	(44	)%
Gross profit percentage		27.4	%		24.9	%		30.5	%
COSTS AND EXPENSES:
General and administrative expenses		1,050			2,076			1,092		(49	)%	(4	)%
Selling and distribution expenses		2,514			1,870			2,534		34	%	(1	)%
Restructuring expenses and asset impairments		—			1,013			—		(100	)%	—	%
Operating income		1,279			249			5,050		414	%	(75	)%
Adjusted EBITDA	$	2,102		$	2,075		$	5,848		1	%	(64	)%

DMC GLOBAL INC. SEGMENT STATEMENTS OF OPERATIONS (Amounts in Thousands) (unaudited)
	Twelve months ended						Change
	Dec 31, 2025			Dec 31, 2024			Year-on-year
Net sales	$	93,418		$	105,402		(11	)%
Gross profit		24,741			33,811		(27	)%
Gross profit percentage		26.5	%		32.1	%
COSTS AND EXPENSES:
General and administrative expenses		5,169			4,299		20	%
Selling and distribution expenses		8,791			9,461		(7	)%
Restructuring expenses and asset impairments		1,224			—		100	%
Operating income		9,557			20,051		(52	)%
Adjusted EBITDA	$	13,992		$	23,226		(40	)%

DMC GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in Thousands)
							Change
	Dec 31, 2025		Sep 30, 2025		Dec 31, 2024		Sequential		From year-end
	(unaudited)		(unaudited)
ASSETS

Cash and cash equivalents	$	31,898	$	26,412	$	14,289	21	%	123	%
Accounts receivable, net		93,697		105,629		103,361	(11	)%	(9	)%
Inventories		144,552		140,545		152,580	3	%	(5	)%
Prepaid expenses and other		16,224		14,051		18,792	15	%	(14	)%

Total current assets		286,371		286,637		289,022	—	%	(1	)%

Property, plant and equipment, net		127,358		128,110		129,276	(1	)%	(1	)%
Purchased intangible assets, net		155,051		159,814		174,104	(3	)%	(11	)%
Other long-term assets		67,051		69,582		78,935	(4	)%	(15	)%

Total assets	$	635,831	$	644,143	$	671,337	(1	)%	(5	)%

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY

Accounts payable	$	48,188	$	46,924	$	45,059	3	%	7	%
Contract liabilities		22,568		14,105		23,162	60	%	(3	)%
Accrued income taxes		4,289		5,357		7,574	(20	)%	(43	)%
Current portion of long-term debt		3,438		3,125		2,500	10	%	38	%
Other current liabilities		35,842		34,260		35,807	5	%	—	%

Total current liabilities		114,325		103,771		114,102	10	%	—	%

Long-term debt		47,206		53,409		68,318	(12	)%	(31	)%
Deferred tax liabilities		475		1,268		711	(63	)%	(33	)%
Other long-term liabilities		44,695		45,641		50,155	(2	)%	(11	)%
Redeemable noncontrolling interest		187,080		187,080		187,080	—	%	—	%
Stockholders' equity		242,050		252,974		250,971	(4	)%	(4	)%

Total liabilities, redeemable noncontrolling interest, and stockholders' equity	$	635,831	$	644,143	$	671,337	(1	)%	(5	)%

DMC GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands) (unaudited)
	Three months ended									Twelve months ended
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024			Dec 31, 2025			Dec 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(11,859	)	$	(2,070	)	$	(1,156	)	$	(11,745	)	$	(151,960	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation		3,804			3,733			3,597			14,904			13,891
Amortization of purchased intangible assets		4,763			4,764			5,278			19,053			21,155
Amortization of deferred debt issuance costs		261			262			217			971			841
Stock-based compensation		1,166			1,360			1,799			5,542			6,902
Bad debt expense		5,058			329			(49	)		6,083			4,930
Deferred income taxes		238			(421	)		(515	)		231			4,219
Asset impairments		785			—			138			1,081			1,182
Goodwill impairment		—			—			—			—			141,725
Other		(365	)		(83	)		(1,242	)		540			(1,318	)
Change in working capital, net		11,343			10,732			3,744			16,874			5,029
Net cash provided by operating activities		15,194			18,606			11,811			53,534			46,596
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		(5,560	)		(4,243	)		(5,684	)		(16,503	)		(17,284	)
Proceeds from property, plant and equipment reimbursements		2,043			1,894			587			5,725			993
Proceeds on sale of property, plant and equipment		—			20			3			47			103
Proceeds from settlement of note receivable		—			—			—			4,167			—
Net cash used in investing activities		(3,517	)		(2,329	)		(5,094	)		(6,564	)		(3,569	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on term loan		—			—			—			—			50,000
Repayments on term loan		(625	)		(625	)		(625	)		(2,500	)		(119,375	)
Borrowings on revolving loans		46,965			52,300			12,500			146,124			90,150
Repayments on revolving loans		(52,340	)		(53,918	)		(15,375	)		(164,145	)		(65,775	)
Payments of debt issuance costs		—			—			—			(650	)		(2,735	)
Distributions to redeemable noncontrolling interest holder		—			(145	)		(124	)		(6,400	)		(8,445	)
Payment of deemed dividend to noncontrolling interest holder		—			—			(2,500	)		—			(2,500	)
Net proceeds from issuance of common stock to employees and directors		—			—			—			—			132
Treasury stock purchases		(587	)		(15	)		(240	)		(1,165	)		(1,240	)
Net cash used in financing activities		(6,587	)		(2,403	)		(6,364	)		(28,736	)		(59,788	)
EFFECTS OF EXCHANGE RATES ON CASH		396			111			(575	)		(625	)		10

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,486			13,985			(222	)		17,609			(16,751	)
CASH AND CASH EQUIVALENTS, beginning of the period		26,412			12,427			14,511			14,289			31,040
CASH AND CASH EQUIVALENTS, end of the period	$	31,898		$	26,412		$	14,289		$	31,898		$	14,289

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
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Net loss		(11,859	)		(2,070	)		(1,156	)
Interest expense, net		1,351			1,632			1,918
Income tax (benefit) provision		(800	)		714			(1,313	)
Depreciation		3,804			3,733			3,597
Amortization of purchased intangible assets		4,763			4,764			5,278
EBITDA		(2,741	)		8,773			8,324
Stock-based compensation		1,408			1,360			1,706
Strategic review and related expenses		314			303			1,813
Restructuring expenses and asset impairments		902			1,202			178
Other expense (income), net		178			334			(145	)
Adjusted EBITDA	$	61		$	11,972		$	11,876
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)		(3,408	)		(1,494	)
Adjusted EBITDA attributable to DMC Global Inc.	$	(1,551	)	$	8,564		$	10,382

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Net loss	$	(11,745	)	$	(151,960	)
Interest expense, net		6,493			8,664
Income tax provision		4,066			10,970
Depreciation		14,904			13,891
Amortization of purchased intangible assets		19,053			21,155
EBITDA		32,771			(97,280	)
Stock-based compensation		5,748			6,530
Goodwill impairment		—			141,725
Strategic review and related expenses		2,690			7,765
Restructuring expenses and asset impairments		3,578			2,526
CEO transition expenses		520			—
Other expense, net		1,076			1,068
Adjusted EBITDA	$	46,383		$	62,334
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)		(10,178	)
Adjusted EBITDA attributable to DMC Global Inc.	$	34,942		$	52,156

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 and deemed dividend for purposes of calculating earnings per share

	Three months ended December 31, 2025
	Amount			Per Share⁽¹⁾
Net loss attributable to DMC Global Inc.*	$	(11,164	)	$	(0.56	)
Strategic review and related expenses, net of tax		314			0.01
Restructuring expenses and asset impairments, net of tax		902			0.05
As adjusted	$	(9,948	)	$	(0.50	)

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,998,353.

	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 December 31, 2024
	Amount		Per Share⁽¹⁾
Net income attributable to DMC Global Inc.*	$	296	$	0.02
Strategic review and related expenses, net of tax		1,360		0.07
Restructuring expenses and asset impairments, net of tax		98		—
As adjusted	$	1,754	$	0.09

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,730,643.

	Twelve months ended December 31, 2025
	Amount			Per Share⁽¹⁾
Net loss attributable to DMC Global Inc.*	$	(13,452	)	$	(0.68	)
Strategic review and related expenses, net of tax		2,690			0.13
Restructuring expenses and asset impairments, net of tax		3,308			0.17
Executive transition costs, net of tax		520			0.03
As adjusted	$	(6,934	)	$	(0.35	)

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,912,020.

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
	Twelve months ended December 31, 2024
	Amount			Per Share⁽¹⁾
Net loss (income) attributable to DMC Global Inc.*	$	(94,452	)	$	(4.80	)
Goodwill impairment, net of tax		85,035			4.32
Strategic review and related expenses, net of tax		5,824			0.30
Restructuring expenses and asset impairments, net of tax		1,674			0.08
Establishment of income tax valuation allowance		3,900			0.20
As adjusted	$	1,981		$	0.10

⁽¹⁾ Calculated using diluted weighted average shares outstanding of 19,667,673.

Segment Adjusted EBITDA

Arcadia Products

	Three months ended
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Operating (loss) income, as reported	$	(1,891	)	$	2,585		$	(3,645	)
Adjustments:
Depreciation		1,017			1,020			1,004
Amortization of purchased intangible assets		4,763			4,764			5,278
Stock-based compensation		142			18			982
Restructuring expenses and asset impairments		—			132			118
Adjusted EBITDA	$	4,031		$	8,519		$	3,737
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(1,612	)		(3,408	)		(1,494	)
Adjusted EBITDA attributable to DMC Global Inc.	$	2,419		$	5,111		$	2,243

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Operating income (loss), as reported	$	4,206		$	(143,636	)
Adjustments:
Depreciation		4,059			3,681
Amortization of purchased intangible assets		19,053			21,111
Stock-based compensation		635			1,920
Goodwill impairment		—			141,725
Restructuring expenses and asset impairments		649			645
Adjusted EBITDA	$	28,602		$	25,446
Less: adjusted EBITDA attributable to redeemable noncontrolling interest		(11,441	)		(10,178	)
Adjusted EBITDA attributable to DMC Global Inc.	$	17,161		$	15,268

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
DynaEnergetics
	Three months ended
	Dec 31, 2025			Sep 30, 2025		Dec 31, 2024
Operating (loss) income, as reported	$	(4,626	)	$	2,989	$	3,322
Adjustments:
Depreciation		1,886			1,821		1,716
Restructuring expenses and asset impairments		—			57		60
Adjusted EBITDA	$	(2,740	)	$	4,867	$	5,098

	Twelve months ended
	Dec 31, 2025		Dec 31, 2024
Operating income, as reported	$	10,362	$	16,167
Adjustments:
Depreciation		7,320		6,711
Amortization of purchased intangible assets		—		44
Restructuring expenses and asset impairments		803		1,881
Adjusted EBITDA	$	18,485	$	24,803

NobelClad

	Three months ended
	Dec 31, 2025		Sep 30, 2025		Dec 31, 2024
Operating income, as reported	$	1,279	$	249	$	5,050
Adjustments:
Depreciation		823		813		798
Restructuring expenses and asset impairments		—		1,013		—
Adjusted EBITDA	$	2,102	$	2,075	$	5,848

	Twelve months ended
	Dec 31, 2025		Dec 31, 2024
Operating income, as reported	$	9,557	$	20,051
Depreciation		3,211		3,175
Restructuring expenses and asset impairments		1,224		—
Adjusted EBITDA	$	13,992	$	23,226

DMC GLOBAL INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS (Amounts in Thousands) (unaudited)
Free Cash Flow
	Three months ended
	Dec 31, 2025			Sep 30, 2025			Dec 31, 2024
Net cash provided by operating activities	$	15,194		$	18,606		$	11,811
Adjustments:
Acquisition of property, plant and equipment		(5,560	)		(4,243	)		(5,684	)
Proceeds from property, plant and equipment reimbursements		2,043			1,894			587
Proceeds on sale of property, plant and equipment		—			20			3
Free cash flow	$	11,677		$	16,277		$	6,717

	Twelve months ended
	Dec 31, 2025			Dec 31, 2024
Net cash provided by operating activities	$	53,534		$	46,596
Adjustments:
Acquisition of property, plant and equipment		(16,503	)		(17,284	)
Proceeds from property, plant and equipment reimbursements		5,725			993
Proceeds on sale of property, plant and equipment		47			103
Free cash flow	$	42,803		$	30,408

CONTACT:

Geoff High, Vice President of Investor Relations

303-604-3924

DMC Global Reports Fourth Quarter Financial Results