Perimeter Solutions完成MMT收購 次季淨銷售增31%惟虧損擴大

prm-202606300001880319December 312026Q2FalseP3Dxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureprm:segmentprm:step_upprm:typeprm:trading_day00018803192026-01-012026-06-3000018803192026-07-2400018803192026-06-3000018803192025-12-310001880319us-gaap:CustomerListsMember2026-06-300001880319us-gaap:CustomerListsMember2025-12-310001880319prm:TechnologyAndPatentsMember2026-06-300001880319prm:TechnologyAndPatentsMember2025-12-310001880319us-gaap:OtherIntangibleAssetsMember2026-06-300001880319us-gaap:OtherIntangibleAssetsMember2025-12-310001880319us-gaap:NonrelatedPartyMember2026-06-300001880319us-gaap:NonrelatedPartyMember2025-12-310001880319us-gaap:RelatedPartyMember2026-06-300001880319us-gaap:RelatedPartyMember2025-12-3100018803192026-04-012026-06-3000018803192025-04-012025-06-3000018803192025-01-012025-06-300001880319us-gaap:CommonStockMember2025-12-310001880319us-gaap:TreasuryStockCommonMember2025-12-310001880319us-gaap:AdditionalPaidInCapitalMember2025-12-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001880319us-gaap:RetainedEarningsMember2025-12-310001880319us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-3100018803192026-01-012026-03-310001880319us-gaap:CommonStockMember2026-01-012026-03-310001880319us-gaap:RetainedEarningsMember2026-01-012026-03-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001880319us-gaap:CommonStockMember2026-03-310001880319us-gaap:TreasuryStockCommonMember2026-03-310001880319us-gaap:AdditionalPaidInCapitalMember2026-03-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001880319us-gaap:RetainedEarningsMember2026-03-3100018803192026-03-310001880319us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001880319us-gaap:CommonStockMember2026-04-012026-06-300001880319us-gaap:RetainedEarningsMember2026-04-012026-06-300001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001880319us-gaap:CommonStockMember2026-06-300001880319us-gaap:TreasuryStockCommonMember2026-06-300001880319us-gaap:AdditionalPaidInCapitalMember2026-06-300001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001880319us-gaap:RetainedEarningsMember2026-06-300001880319us-gaap:CommonStockMember2024-12-310001880319us-gaap:TreasuryStockCommonMember2024-12-310001880319us-gaap:AdditionalPaidInCapitalMember2024-12-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001880319us-gaap:RetainedEarningsMember2024-12-3100018803192024-12-310001880319us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-3100018803192025-01-012025-03-310001880319us-gaap:CommonStockMember2025-01-012025-03-310001880319us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001880319us-gaap:RetainedEarningsMember2025-01-012025-03-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001880319us-gaap:CommonStockMember2025-03-310001880319us-gaap:TreasuryStockCommonMember2025-03-310001880319us-gaap:AdditionalPaidInCapitalMember2025-03-310001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001880319us-gaap:RetainedEarningsMember2025-03-3100018803192025-03-310001880319us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001880319us-gaap:TreasuryStockCommonMember2025-04-012025-06-300001880319us-gaap:CommonStockMember2025-04-012025-06-300001880319us-gaap:RetainedEarningsMember2025-04-012025-06-300001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001880319us-gaap:CommonStockMember2025-06-300001880319us-gaap:TreasuryStockCommonMember2025-06-300001880319us-gaap:AdditionalPaidInCapitalMember2025-06-300001880319us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001880319us-gaap:RetainedEarningsMember2025-06-3000018803192025-06-300001880319country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310001880319srt:EuropeMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310001880319country:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310001880319prm:VariousOtherCountriesMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-12-310001880319us-gaap:BuildingMember2026-06-300001880319us-gaap:BuildingMember2025-12-310001880319us-gaap:LeaseholdImprovementsMember2026-06-300001880319us-gaap:LeaseholdImprovementsMember2025-12-310001880319us-gaap:FurnitureAndFixturesMember2026-06-300001880319us-gaap:FurnitureAndFixturesMember2025-12-310001880319us-gaap:MachineryAndEquipmentMember2026-06-300001880319us-gaap:MachineryAndEquipmentMember2025-12-310001880319us-gaap:VehiclesMember2026-06-300001880319us-gaap:VehiclesMember2025-12-310001880319us-gaap:ConstructionInProgressMember2026-06-300001880319us-gaap:ConstructionInProgressMember2025-12-310001880319prm:MedicalManufacturingTechnologiesLLCMember2026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMember2026-01-222026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:CustomerListsMember2026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:TradeNamesMember2026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMemberprm:TechnologyAndPatentsMember2026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:OrderOrProductionBacklogMember2026-01-220001880319prm:MedicalManufacturingTechnologiesLLCMember2026-01-012026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMember2026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:CustomerListsMember2026-01-012026-06-300001880319srt:MinimumMemberprm:MedicalManufacturingTechnologiesLLCMemberus-gaap:CustomerListsMember2026-06-300001880319srt:MaximumMemberprm:MedicalManufacturingTechnologiesLLCMemberus-gaap:CustomerListsMember2026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:TradeNamesMember2026-01-012026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:TradeNamesMember2026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberprm:TechnologyAndPatentsMember2026-01-012026-06-300001880319srt:MinimumMemberprm:MedicalManufacturingTechnologiesLLCMemberprm:TechnologyAndPatentsMember2026-06-300001880319srt:MaximumMemberprm:MedicalManufacturingTechnologiesLLCMemberprm:TechnologyAndPatentsMember2026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:OrderOrProductionBacklogMember2026-01-012026-06-300001880319prm:MedicalManufacturingTechnologiesLLCMemberus-gaap:OrderOrProductionBacklogMember2026-06-300001880319srt:MinimumMemberprm:MedicalManufacturingTechnologiesLLCMember2026-06-300001880319srt:MaximumMemberprm:MedicalManufacturingTechnologiesLLCMember2026-06-300001880319prm:AssetsAndTechnicalDataRightsMember2025-03-282025-03-280001880319prm:AssetsAndTechnicalDataRightsMember2025-03-280001880319prm:FireSafetySegmentMember2025-12-310001880319prm:SpecialtyProductsSegmentMember2025-12-310001880319prm:FireSafetySegmentMember2026-01-012026-06-300001880319prm:SpecialtyProductsSegmentMember2026-01-012026-06-300001880319prm:FireSafetySegmentMember2026-06-300001880319prm:SpecialtyProductsSegmentMember2026-06-300001880319srt:MinimumMemberus-gaap:CustomerListsMember2026-06-300001880319srt:MaximumMemberus-gaap:CustomerListsMember2026-06-300001880319srt:MinimumMemberprm:TechnologyAndPatentsMember2026-06-300001880319srt:MaximumMemberprm:TechnologyAndPatentsMember2026-06-300001880319srt:MinimumMemberus-gaap:TradeNamesMember2026-06-300001880319srt:MaximumMemberus-gaap:TradeNamesMember2026-06-300001880319us-gaap:TradeNamesMember2026-06-300001880319srt:MinimumMemberus-gaap:CustomerListsMember2025-12-310001880319srt:MaximumMemberus-gaap:CustomerListsMember2025-12-310001880319srt:MinimumMemberprm:TechnologyAndPatentsMember2025-12-310001880319srt:MaximumMemberprm:TechnologyAndPatentsMember2025-12-310001880319srt:MinimumMemberus-gaap:TradeNamesMember2025-12-310001880319srt:MaximumMemberus-gaap:TradeNamesMember2025-12-310001880319us-gaap:TradeNamesMember2025-12-310001880319prm:CompassMineralsInternationalIncAssetsAcquisitionMember2025-05-012025-05-310001880319prm:CompassMineralsInternationalIncAssetsAcquisitionMemberus-gaap:TechnologyBasedIntangibleAssetsMember2025-05-012025-05-310001880319us-gaap:SeniorNotesMemberprm:SeniorSecuredNotesDue2029Member2026-06-300001880319us-gaap:SeniorNotesMemberprm:SeniorSecuredNotesDue2034Member2026-01-020001880319us-gaap:SeniorNotesMemberprm:SeniorSecuredNotesDue2034Member2026-01-012026-06-300001880319us-gaap:SeniorNotesMemberprm:SeniorSecuredNotesDue2034Member2026-06-300001880319us-gaap:SeniorNotesMemberprm:SeniorSecuredNotesDue2029Member2025-12-310001880319us-gaap:RevolvingCreditFacilityMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2025-12-192025-12-190001880319us-gaap:RevolvingCreditFacilityMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2025-12-180001880319us-gaap:RevolvingCreditFacilityMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2025-12-190001880319us-gaap:BridgeLoanMemberprm:RevolvingCreditFacilityDue2026Member2025-12-190001880319us-gaap:LetterOfCreditMemberprm:RevolvingCreditFacilityDue2026Member2025-12-190001880319us-gaap:RevolvingCreditFacilityMemberprm:RevolvingCreditFacilityDue2026Member2025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberprm:LondonInterbankOfferedRateMember2025-12-192025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-12-192025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberprm:OneMonthLondonInterbankOfferedRateMember2025-12-192025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberprm:LondonInterbankOfferedRateMember2025-12-192025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberprm:LondonInterbankOfferedRateMember2025-12-190001880319prm:AmendedAndRestatedRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2025-12-190001880319us-gaap:LetterOfCreditMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2025-12-190001880319us-gaap:RevolvingCreditFacilityMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2025-12-310001880319us-gaap:RevolvingCreditFacilityMemberprm:AmendedAndRestatedRevolvingCreditFacilityMember2026-06-300001880319us-gaap:MandatorilyRedeemablePreferredStockMember2026-06-300001880319prm:A650RedeemablePreferredSharesMember2026-01-012026-06-300001880319prm:A650RedeemablePreferredSharesMemberus-gaap:InterestExpenseNonoperating2026-04-012026-06-300001880319prm:A650RedeemablePreferredSharesMemberus-gaap:InterestExpenseNonoperating2026-01-012026-06-300001880319prm:A650RedeemablePreferredSharesMemberus-gaap:InterestExpenseNonoperating2025-04-012025-06-300001880319prm:A650RedeemablePreferredSharesMemberus-gaap:InterestExpenseNonoperating2025-01-012025-06-3000018803192025-01-012025-12-310001880319prm:A650RedeemablePreferredSharesMember2026-06-300001880319prm:A650RedeemablePreferredSharesMember2025-12-310001880319prm:ShareRepurchasePlanMember2025-08-060001880319prm:ShareRepurchasePlanMember2026-06-300001880319prm:ShareRepurchasePlanMember2026-04-012026-06-300001880319prm:ShareRepurchasePlanMember2026-01-012026-06-300001880319prm:ShareRepurchasePlanMember2025-04-012025-06-300001880319prm:ShareRepurchasePlanMember2025-01-012025-06-300001880319us-gaap:EmployeeStockOptionMember2026-01-012026-06-300001880319us-gaap:EmployeeStockOptionMember2026-06-300001880319us-gaap:EmployeeStockOptionMember2026-04-012026-06-300001880319us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001880319us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001880319prm:FounderAdvisoryAgreementMembersrt:AffiliatedEntityMember2026-01-012026-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2026-01-012026-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2021-11-090001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2026-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-12-310001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2026-04-012026-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-04-012025-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-01-012025-06-300001880319prm:SeniorSecuredNotesDue2029Memberus-gaap:FairValueInputsLevel2Member2026-06-300001880319prm:SeniorSecuredNotesDue2029Memberus-gaap:FairValueInputsLevel2Member2025-12-310001880319prm:SeniorSecuredNotesDue2034Memberus-gaap:FairValueInputsLevel2Member2026-06-300001880319us-gaap:FairValueInputsLevel1Member2026-06-300001880319us-gaap:FairValueInputsLevel2Member2026-06-300001880319us-gaap:FairValueInputsLevel3Member2026-06-300001880319us-gaap:FairValueInputsLevel1Member2025-12-310001880319us-gaap:FairValueInputsLevel2Member2025-12-310001880319us-gaap:FairValueInputsLevel3Member2025-12-310001880319us-gaap:AccountsPayableMember2026-03-310001880319us-gaap:AccountsPayableMember2025-03-310001880319us-gaap:AccountsPayableMember2025-12-310001880319us-gaap:AccountsPayableMember2024-12-310001880319us-gaap:AccountsPayableMember2026-04-012026-06-300001880319us-gaap:AccountsPayableMember2025-04-012025-06-300001880319us-gaap:AccountsPayableMember2026-01-012026-06-300001880319us-gaap:AccountsPayableMember2025-01-012025-06-300001880319us-gaap:AccountsPayableMember2026-06-300001880319us-gaap:AccountsPayableMember2025-06-300001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-01-012025-12-310001880319prm:FounderAdvisoryAgreementVariableAnnualAdvisoryAmountMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-01-012025-12-310001880319prm:FounderAdvisoryAgreementVariableAnnualAdvisoryAmountMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2025-12-310001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2026-02-192026-02-190001880319prm:FounderAdvisoryAgreementMemberprm:EverArcFounderEntityMembersrt:AffiliatedEntityMember2026-03-032026-03-030001880319us-gaap:ProductMember2026-04-012026-06-300001880319us-gaap:ProductMember2025-04-012025-06-300001880319us-gaap:ProductMember2026-01-012026-06-300001880319us-gaap:ProductMember2025-01-012025-06-300001880319us-gaap:ServiceMember2026-04-012026-06-300001880319us-gaap:ServiceMember2025-04-012025-06-300001880319us-gaap:ServiceMember2026-01-012026-06-300001880319us-gaap:ServiceMember2025-01-012025-06-300001880319us-gaap:ProductAndServiceOtherMember2026-04-012026-06-300001880319us-gaap:ProductAndServiceOtherMember2025-04-012025-06-300001880319us-gaap:ProductAndServiceOtherMember2026-01-012026-06-300001880319us-gaap:ProductAndServiceOtherMember2025-01-012025-06-300001880319us-gaap:EmployeeStockOptionMember2026-04-012026-06-300001880319us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001880319us-gaap:EmployeeStockOptionMember2026-01-012026-06-300001880319us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001880319prm:FounderAdvisoryAgreementMember2026-04-012026-06-300001880319prm:FounderAdvisoryAgreementMember2025-04-012025-06-300001880319prm:FounderAdvisoryAgreementMember2026-01-012026-06-300001880319prm:FounderAdvisoryAgreementMember2025-01-012025-06-300001880319us-gaap:ProductMemberprm:FireSafetySegmentMember2026-04-012026-06-300001880319us-gaap:ProductMemberprm:SpecialtyProductsSegmentMember2026-04-012026-06-300001880319prm:ServiceAndOtherMemberprm:FireSafetySegmentMember2026-04-012026-06-300001880319prm:ServiceAndOtherMemberprm:SpecialtyProductsSegmentMember2026-04-012026-06-300001880319prm:ServiceAndOtherMember2026-04-012026-06-300001880319prm:FireSafetySegmentMember2026-04-012026-06-300001880319prm:SpecialtyProductsSegmentMember2026-04-012026-06-300001880319us-gaap:ProductMemberprm:FireSafetySegmentMember2025-04-012025-06-300001880319us-gaap:ProductMemberprm:SpecialtyProductsSegmentMember2025-04-012025-06-300001880319prm:ServiceAndOtherMemberprm:FireSafetySegmentMember2025-04-012025-06-300001880319prm:ServiceAndOtherMemberprm:SpecialtyProductsSegmentMember2025-04-012025-06-300001880319prm:ServiceAndOtherMember2025-04-012025-06-300001880319prm:FireSafetySegmentMember2025-04-012025-06-300001880319prm:SpecialtyProductsSegmentMember2025-04-012025-06-300001880319us-gaap:ProductMemberprm:FireSafetySegmentMember2026-01-012026-06-300001880319us-gaap:ProductMemberprm:SpecialtyProductsSegmentMember2026-01-012026-06-300001880319prm:ServiceAndOtherMemberprm:FireSafetySegmentMember2026-01-012026-06-300001880319prm:ServiceAndOtherMemberprm:SpecialtyProductsSegmentMember2026-01-012026-06-300001880319prm:ServiceAndOtherMember2026-01-012026-06-300001880319us-gaap:ProductMemberprm:FireSafetySegmentMember2025-01-012025-06-300001880319us-gaap:ProductMemberprm:SpecialtyProductsSegmentMember2025-01-012025-06-300001880319prm:ServiceAndOtherMemberprm:FireSafetySegmentMember2025-01-012025-06-300001880319prm:ServiceAndOtherMemberprm:SpecialtyProductsSegmentMember2025-01-012025-06-300001880319prm:ServiceAndOtherMember2025-01-012025-06-300001880319prm:FireSafetySegmentMember2025-01-012025-06-300001880319prm:SpecialtyProductsSegmentMember2025-01-012025-06-300001880319country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-04-012026-06-300001880319country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-04-012025-06-300001880319country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-01-012026-06-300001880319country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-06-300001880319country:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-04-012026-06-300001880319country:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-04-012025-06-300001880319country:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-01-012026-06-300001880319country:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-06-300001880319prm:NonUSExcludingCanadaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-04-012026-06-300001880319prm:NonUSExcludingCanadaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-04-012025-06-300001880319prm:NonUSExcludingCanadaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-01-012026-06-300001880319prm:NonUSExcludingCanadaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-06-300001880319us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-04-012026-06-300001880319us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-04-012025-06-300001880319us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2026-01-012026-06-300001880319us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-06-300001880319country:US2026-06-300001880319country:US2025-12-310001880319country:DE2026-06-300001880319country:DE2025-12-310001880319prm:OtherForeignJurisdictionsMember2026-06-300001880319prm:OtherForeignJurisdictionsMember2025-12-31

Table of Contents

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
__________________________
FORM 10-Q
__________________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR 

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-41027
_______________________________
PERIMETER SOLUTIONS, INC.
(Exact name of Registrant as specified in its Charter)
_______________________________

Delaware33-2098357
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

8000 Maryland Avenue, Suite 350 
Clayton, Missouri 63105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (314) 396-7343 
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per sharePRMNew York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerx
Accelerated filero

Non-accelerated filero
Smaller reporting companyo

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of July 24, 2026, there were 163,686,923 shares of Common Stock, par value $0.0001 per share, outstanding.

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q for the period ended June 30, 2026 (this “Quarterly Report”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements involve risks and uncertainties and reflect our current views with respect to, among other things, future events and our financial performance. When used in this Quarterly Report, the words “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “indicate,” “seek,” “should,” “would,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. These forward-looking statements include, without limitation, statements about the following matters:
•future financial performance, financial projections or estimates used, including any growth or expansion plans and opportunities;
•our beliefs regarding certain trends and growth drivers in our fire safety business, including weather and climate trends;
•our ongoing commitment to manufacturing high-quality products in an environmentally-conscious way;
•our ability to grow long-term value through, among other things, the continuing performance improvement of our existing operations, execution of a disciplined capital allocation and management of our capital structure;
•our expectations regarding future capital expenditures;
•our plans to maintain our industry leadership through continued investments in innovation, and development and product certifications;
•expectations concerning sources of revenue;
•expectations about demand for fire retardant products, equipment and services, including our ability to accurately identify key market drivers and leverage our relationships with customers and stakeholders;
•our expectations regarding the impact of tariffs and global trade policy and other significant infrequent events, such as the ongoing regional conflicts in Ukraine or the Middle East, on our business, as well as our ability to mitigate inflationary pressures;
•expectations concerning certain of our products’ ability to protect life and property as population settlement locations change;
•our expectations regarding market risk;
•our expectations regarding the severity of future fire seasons and the extent to which fire retardant will be used to protect property in the future;
•expectations concerning repurchases of our Common Stock (as defined below) under the Share Repurchase Plan (as defined below);
•our expectation regarding the increase in the size and capacity of firefighting aircraft and fleets;
•our expectations regarding our future investments in fluorine-free foam technology;
•our expectations regarding the expiration of our patents;
•our beliefs regarding the sufficiency of our current sources of liquidity to fund our future liquidity requirements, our expectations regarding the types of future liquidity requirements and our expectations regarding the availability of future sources of liquidity;
•our expectations and beliefs regarding free cash flow generation, leverage, our capital allocation priorities such as reinvestment, future acquisitions and stock repurchase activity;
•our intention to pursue intellectual property protection on product and equipment enhancements; and
•the expected outcome of litigation matters and the effect of such claims on business, financial condition, results of operations or cash flows.
Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date of this Quarterly Report, actual results may prove to be materially different from the results expressed or implied by 
2

Table of Contents

the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to those summarized below:
•negative or uncertain worldwide economic conditions;
•volatility, seasonality and cyclicality in the industries in which we operate;
•our substantial dependence on sales to the U.S. Department of Agriculture (“USDA”) Forest Service, the U.S. Bureau of Land Management and the State of California and the risk of decreased sales to these customers;
•changes in the regulation of the chemical industry, a downturn in the specialty chemicals and/or fire retardant end markets or our failure to accurately predict the frequency, duration, timing, and severity of changes in demand in such markets;
•changes in customer relations or service levels;
•a small number of our customers represent a significant portion of our revenue;
•failure to continuously innovate and to provide products that gain market acceptance, which may cause us to be unable to attract new customers or retain existing customers;
•improper conduct of, or use of our products by, employees, agents, government contractors or collaborators;
•changes in the availability of products from our suppliers on a long-term basis;
•production interruptions or shutdowns, which could increase our operating or capital expenditures or negatively impact the supply of our products resulting in reduced sales;
•changes in the availability of third-party logistics suppliers for distribution, storage and transportation;
•increases in supply and raw material costs, supply shortages, long lead times for components or supply changes;
•adverse effects on the demand for our products or services due to the seasonal or cyclical nature of our business or severe weather events;
•introduction of new products, which are considered preferable, which could cause demand for some of our products to be reduced or eliminated;
•current ongoing and future litigation, including multi-district litigation and other legal proceedings;
•heightened liability and reputational risks due to certain of our products being provided to emergency services personnel and their use to protect lives and property;
•future products liabilities claims where indemnity and insurance coverage could be inadequate or unavailable to cover these claims due to the fact that some of the products we produce may cause adverse health consequences;
•compliance with export control or economic sanctions laws and regulations;
•environmental impacts and side effects of our products, which could have adverse consequences for our business;
•compliance with environmental laws and regulations; 
•our ability to protect our intellectual property rights and know-how;
•our ability to generate the funds required to service our debt and finance our operations;
•fluctuations in foreign currency exchange;
•potential impairments or write-offs of certain assets; 
•the adequacy of our insurance coverage; and
•challenges to our decisions and assumptions in assessing and complying with our tax obligations.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please read (1) Part I, Item 1A. “Risk Factors” in the annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”); (2) our reports and registration statements filed from time to time with the Securities and Exchange Commission (the “SEC”), and (3) other public announcements we make from time to time. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. 
3

Table of Contents

Table of Contents

Page
Cautionary Statement Regarding Forward-Looking Statements
2

PART I
FINANCIAL INFORMATION
5

Item 1.
Financial Statements
5

Condensed Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025
5

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2026 and 2025 (Unaudited)
6

Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)
7

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)
9

Notes to Condensed Consolidated Financial Statements (Unaudited)
10

    1. Basis of Presentation and Description of Business
10

    2. Recent Accounting Pronouncements
11

    3. Balance Sheet Components
12

    4. Business Combinations
13

    5. Goodwill and Other Intangible Assets
14

    6. Long-Term Debt and Preferred Stock
15

    7. Income Taxes
17

    8. Commitments and Contingencies
18

    9. Equity
18

    10. Stock-Based Compensation
18

    11. Fair Value Measurements
20

    12. Related Parties
21

    13. Revenue Recognition
22

    14. (Loss) Earnings Per Share
22

    15. Segment Information
23

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
37

Item 4.
Controls and Procedures
37

PART II
OTHER INFORMATION
39

Item 1.
Legal Proceedings
39

Item 1A.
Risk Factors
39

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
39

Item 3.
Defaults Upon Senior Securities
39

Item 4.
Mine Safety Disclosures
39

Item 5.
Other Information
39

Item 6.
Exhibits
40

SIGNATURES
41

4

Table of Contents

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

 PERIMETER SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

In Thousands, except per share dataJune 30, 2026December 31, 2025
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$82,776 $325,927 
Accounts receivable, net158,095 64,363 
Inventories203,265 139,634 
Prepaid expenses and other current assets52,252 34,049 
Total current assets496,388 563,973 
Property, plant and equipment, net109,215 85,138 
Operating lease right-of-use assets41,351 30,152 
Finance lease right-of-use assets5,223 5,713 
Goodwill1,365,724 1,065,211 
Customer lists, net904,934 628,189 
Technology and patents, net195,537 184,804 
Tradenames, net123,064 86,330 
Other assets, net3,322 3,497 
Total assets$3,244,758 $2,653,007 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$44,967 $30,301 
Accrued expenses and other current liabilities67,062 47,212 
Founders advisory fees payable - related party177,957 95,726 
Deferred revenue26,413 1,879 
Total current liabilities316,399 175,118 
Long-term debt, net1,210,247 669,122 
Operating lease liabilities, net of current portion36,370 27,860 
Finance lease liabilities, net of current portion5,367 5,694 
Deferred income taxes77,997 80,410 
Founders advisory fees payable - related party452,617 440,697 
Preferred stock118,962 115,904 
Preferred stock - related party520 1,293 
Other non-current liabilities4,661 3,590 
Total liabilities2,223,140 1,519,688 
Equity:
Common stock, $0.0001 par value per share
19 17 
Treasury stock, at cost(168,197)(168,197)
Additional paid-in capital2,113,652 2,100,958 
Accumulated other comprehensive loss(22,068)(6,370)
Accumulated deficit(901,788)(793,089)
Total equity1,021,618 1,133,319 
Total liabilities and equity$3,244,758 $2,653,007 

See accompanying notes to condensed consolidated financial statements.
5

Table of Contents

PERIMETER SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE (LOSS) INCOME 
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
In Thousands, except per share data2026202520262025
Net sales$213,810 $162,639 $338,879 $234,669 
Cost of goods sold95,942 61,143 170,224 105,020 
Gross profit117,868 101,496 168,655 129,649 
Operating expenses:
Selling, general and administrative expense26,993 15,967 50,054 32,266 
Amortization expense24,025 14,604 46,624 28,703 
Founders advisory fees - related party266,255 96,883 189,877 16,270 
Other operating expense 3,614 268 12,632 829 
Total operating expenses320,887 127,722 299,187 78,068 
Operating (loss) income(203,019)(26,226)(130,532)51,581 
Other expense (income):
Interest expense, net19,593 9,930 43,949 19,574 
Foreign currency gain(1,203)(2,096)(2,554)(3,255)
Other expense (income), net27 (212)(337)(69)
Total other expense, net18,417 7,622 41,058 16,250 
(Loss) income before income taxes(221,436)(33,848)(171,590)35,331 
Income tax benefit (expense)39,801 1,687 62,891 (10,806)
Net (loss) income(181,635)(32,161)(108,699)24,525 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(9,132)24,120 (15,698)32,005 
Total comprehensive (loss) income$(190,767)$(8,041)$(124,397)$56,530 
(Loss) earnings per share:
Basic$(1.11)$(0.22)$(0.69)$0.17 
Diluted$(1.11)$(0.22)$(0.69)$0.16 
Weighted average number of shares outstanding:
Basic163,410,894 147,055,804 158,663,642 147,779,470 
Diluted163,410,894 147,055,804 158,663,642 156,039,133 

See accompanying notes to condensed consolidated financial statements.
6

Table of Contents

PERIMETER SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Common StockTreasury StockAdditional 
Paid-in 
CapitalAccumulated 
Other 
Comprehensive 
LossAccumulated 
DeficitTotal 
Equity
In Thousands, except per share dataSharesAmountSharesAmount

Balance, December 31, 2025174,818,216 $17 25,378,156 $(168,197)$2,100,958 $(6,370)$(793,089)$1,133,319 
Stock-based compensation— — — — 2,160 — — 2,160 
Shares issued related to founders advisory fees - related party13,387,003 2 — — (2)— — — 
Shares issued upon exercise of options300,000 — — — 3,000 — — 3,000 
Net income— — — — — — 72,936 72,936 
Other comprehensive loss— — — — — (6,566)— (6,566)
Balance, March 31, 2026188,505,219 $19 25,378,156 $(168,197)$2,106,116 $(12,936)$(720,153)$1,204,849 
Stock-based compensation— — — — 2,888 — — 2,888 

Shares issued upon exercise of options559,860 — — — 4,648 — — 4,648 
Net loss— — — — — — (181,635)(181,635)
Other comprehensive loss— — — — — (9,132)— (9,132)
Balance, June 30, 2026189,065,079 $19 25,378,156 $(168,197)$2,113,652 $(22,068)$(901,788)$1,021,618 

See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

PERIMETER SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Common StockTreasury StockAdditional 
Paid-in 
CapitalAccumulated 
Other 
Comprehensive 
LossAccumulated 
DeficitTotal
Equity
In Thousands, except per share dataSharesAmountSharesAmount
Balance, December 31, 2024169,426,114 $17 21,603,481 $(127,827)$1,911,035 $(39,232)$(586,723)$1,157,270 
Stock-based compensation— — — — 2,671 — — 2,671 
Shares issued related to founders advisory fees - related party1,837,304 — — — — — — — 
Shares repurchased— — 888,454 (8,183)— — — (8,183)
Shares issued upon exercise of options4,100 — — — 41 — — 41 
Net income— — — — — — 56,686 56,686 
Other comprehensive income— — — — — 7,885 — 7,885 
Balance, March 31, 2025171,267,518 $17 22,491,935 $(136,010)$1,913,747 $(31,347)$(530,037)$1,216,370 
Stock-based compensation— — — — 2,238 — — 2,238 
Shares repurchased— — 2,886,221 (32,187)— — — (32,187)
Shares issued upon exercise of options25,067 — — — 251 — — 251 
Net loss— — — — — — (32,161)(32,161)
Other comprehensive income— — — — — 24,120 — 24,120 
Balance, June 30, 2025171,292,585 $17 25,378,156 $(168,197)$1,916,236 $(7,227)$(562,198)$1,178,631 

See accompanying notes to condensed consolidated financial statements.
8

Table of Contents

PERIMETER SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Unaudited)

Six Months Ended June 30,
In Thousands20262025
Cash flows from operating activities:
Net (loss) income$(108,699)$24,525 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Founders advisory fees - related party (change in fair value)189,877 16,270 
Depreciation and amortization expense56,047 34,817 
Interest and payment-in-kind on preferred stock3,809 3,666 
Stock-based compensation5,490 4,909 
Non-cash lease expense5,283 2,913 
Deferred income taxes(73,319)(11,293)

Amortization of deferred financing costs1,347 890 

Foreign currency gain(2,554)(3,255)
Loss on disposal of assets17 6 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(69,451)(63,460)
Inventories(15,856)(21,834)
Prepaid expenses and other current assets(21,335)4,687 
Accounts payable7,281 12,003 
Deferred revenue23,275 18,340 
Income taxes payable, net2,721 7,962 
Accrued expenses and other current liabilities5,105 (763)
Founders advisory fees - related party (cash settled)(95,726)(6,677)
Operating lease liabilities(4,085)(1,998)
Finance lease liabilities(236)(251)
Other, net1,394 (563)
Net cash (used in) provided by operating activities(89,615)20,894 
Cash flows from investing activities:
Purchase of property and equipment(18,526)(17,577)
Purchase of intangible assets— (15,226)

Purchase of businesses, net of cash acquired(682,294)(10,000)
Net cash used in investing activities(700,820)(42,803)
Cash flows from financing activities:
Common stock repurchased— (40,370)

Proceeds from exercises of options7,648 292 
Principal payments on finance lease obligations(379)(482)

Proceeds from issuance of long-term debt550,000 — 

Payment of debt issuance costs(10,057)— 
Net cash provided by (used in) financing activities547,212 (40,560)
Effect of foreign currency on cash and cash equivalents72 4,671 
Net change in cash and cash equivalents(243,151)(57,798)
Cash and cash equivalents, beginning of period325,927 198,456 
Cash and cash equivalents, end of period$82,776 $140,658 
Supplemental disclosures of cash flow information:
Cash paid for interest$19,573 $19,698 
Cash paid for income taxes $5,647 $12,844 

See accompanying notes to condensed consolidated financial statements
9

Table of Contents

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
Basis of Presentation
The accompanying condensed consolidated financial statements of Perimeter Solutions, Inc. and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2025 Annual Report filed with the SEC on February 26, 2026.
Business Operations
Perimeter Solutions, Inc. (the “Company”) is a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. The Company’s current operations span firefighting products, lubricant additives, electronic components and highly engineered machinery for the medical device industry.
The Company conducts its operations globally, with approximately 76% of the Company’s 2025 annual revenues derived in the United States, approximately 10% in Europe and approximately 7% in Canada, with the remaining approximately 7% spread across various other countries.

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 the Company’s customers combat various types of fires, including wildland, industrial, structural, flammable liquids and other types of fires. The Fire Safety segment also offers specialized equipment and services, typically in conjunction with the Company’s fire management products to support the Company’s customers’ firefighting operations. The Company’s specialized equipment includes airbase retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that the Company custom designs and manufactures to meet specific customer needs.

The Specialty Products segment develops, produces and markets products for non-fire safety markets. The Specialty Products segment includes Phosphorus Derivatives, Inc., which produces 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 that allows it to acquire and produce a variety of product lines across a range of end markets, including communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a substantial focus on aftermarket repair and replacement. The Specialty Products segment also includes Medical Manufacturing Technologies, LLC (“MMT”), which provides highly engineered machinery and associated aftermarket consumables, parts, and services to support the production of complex medical devices as well as select highly engineered industrial and aerospace and defense use cases. MMT’s capabilities include original equipment manufacturing, including application specific equipment and automation solutions for medical devices such as complex catheters, guidewires and microcoils, as well as aftermarket parts, services, and consumables.
10

Table of Contents

2. RECENT ACCOUNTING PRONOUNCEMENTS
The Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Condensed Consolidated Financial Statements.

Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. Early adoption is permitted. The Company adopted this ASU prospectively for the annual and interim periods beginning on January 1, 2026. The adoption did not have a material impact on the Company’s financial position or results of operations.
Accounting Pronouncements Issued but not yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Although the ASU requires comparative disclosures for all periods presented, entities will be permitted to begin applying the guidance prospectively. Therefore, comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply this ASU retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this ASU will have on its disclosures.
11

Table of Contents

3. BALANCE SHEET COMPONENTS
Details of certain balance sheet items are presented below:

In ThousandsJune 30, 2026December 31, 2025
Inventories:
Raw materials and manufacturing supplies$89,752 $74,844 
Work in process12,796 693 
Finished goods100,717 64,097 
Total inventories$203,265 $139,634 

Prepaid Expenses and Other Current Assets:
Advance to vendors$28,488 $346 
Prepaid insurance2,368 4,936 
Prepaid value-added taxes2,458 1,442 

Income tax receivable12,893 22,876 
Other6,045 4,449 
Total prepaid expenses and other current assets$52,252 $34,049 

Property, Plant and Equipment:
Buildings$4,924 $4,547 
Leasehold improvements7,407 4,666 
Furniture and fixtures1,850 608 
Machinery and equipment119,883 101,821 
Vehicles4,977 4,704 
Construction in progress20,085 10,287 
Total property, plant and equipment, gross159,126 126,633 
Less: accumulated depreciation(49,911)(41,495)
Total property, plant and equipment, net$109,215 $85,138 

Accrued Expenses and Other Current Liabilities:
Accrued bonus$2,300 $6,863 
Accrued salaries6,524 3,163 
Accrued employee benefits1,206 1,092 
Accrued interest24,822 8,558 
Accrued purchases7,160 4,298 
Accrued taxes1,581 9,369 
Operating lease liabilities6,796 3,663 
Finance lease liabilities747 753 
Customer deposits6,377 2,338 
Other9,549 7,115 
Total accrued expenses and other current liabilities$67,062 $47,212 

Depreciation expense related to property, plant and equipment was $4.9 million and $9.4 million for the three and six months ended June 30, 2026, respectively, and $3.3 million and $6.1 million for the three and six months ended June 30, 2025, respectively, substantially all of which was presented in cost of goods sold in the accompanying condensed consolidated statements of operations and comprehensive (loss) income.

12

Table of Contents

4. BUSINESS COMBINATIONS
2026 Acquisition

On January 22, 2026, the Company acquired 100% of the shares of Medical Manufacturing Technologies, LLC (“MMT”), which is included within the Company’s Specialty Products segment. Based in Charlotte,