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

DMC Global Reports Third Quarter Financial Results