DMC Global Q3收入$172.8M超指引上限、扭亏为盈，盘后大涨19%，Q4指引季节性回落

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
October 27, 2026
DMC Global Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-14775
84-0608431
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
11800 Ridge Parkway
,
Suite 300
,
Broomfield
,
Colorado
80021
(Address of Principal Executive Offices, Including Zip Code)
(
303
)
665-5700
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, $0.05 Par Value
BOOM
The Nasdaq Global Select Market
Stock Purchase Rights
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
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.
o
Item 2.02    Results of Operations and Financial Condition
On October 27, 2026, DMC Global Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information provided in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.
Item 9.01     Financial Statements and Exhibits.
(d)        Exhibits.
Exhibit Number
Description
99.1
Press Release, dated October 27, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DMC Global Inc.
Dated:
October 27, 2026
By:
/s/ Eric V. Walter
Name: Eric V. Walter
Title: Chief Financial Officer

----- boom-exx991_2026q3.htm -----
EX-99.1
2
boom-exx991_2026q3.htm
EX-99.1
Document
EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924
DMC GLOBAL REPORTS THIRD QUARTER FINANCIAL RESULTS
•
Third quarter sales were $172.8 million, up 14% versus Q3 2025
•
Net income attributable to DMC was $9.7 million, or $0.59 per diluted share, versus a net loss of $3.1 million, or ($0.10) per diluted share in Q3 2025
•
Adjusted EBITDA attributable to DMC*, excluding $5.4 million in tariff refunds*, was $13.6 million, up 59% versus Q3 2025
•
Including tariff refunds, adjusted EBITDA attributable to DMC* was $19.0 million
•
Total debt was $51.7 million, while net debt* was $13.7 million, the lowest level since the December 2021 acquisition of 60% of Arcadia
BROOMFIELD
, Colo. – October 27, 2026 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its third quarter ended September 30, 2026. Consolidated sales and adjusted EBITDA attributable to DMC exceeded the high end of management’s forecast and substantially improved versus the 2025 third quarter. DMC’s businesses benefited from specific initiatives implemented over the past two years to improve their financial and operating performance, as they continue to navigate challenging, uncertain and highly volatile end-market conditions.
Third quarter consolidated sales were $172.8 million, up 14% versus the comparable year-ago quarter and up 10% sequentially. Adjusted EBITDA attributable to DMC, excluding $5.4 million in tariff refunds, was $13.6 million, up 59% versus the 2025 third quarter and up 48% sequentially. Inclusive of tariff refunds, adjusted EBITDA attributable to DMC was $19.0 million.
Sales at Arcadia Products, DMC’s building products business, were $76.9 million, up 25% versus the 2025 third quarter and up 14% sequentially. Adjusted EBITDA attributable to DMC was $6.8 million, up 32% versus the year-ago third quarter and up 23% sequentially. The improvement over the prior third quarter reflects higher sales of commercial aluminum and residential products, supported by improving service levels and product availability. Despite extremely difficult market conditions, Arcadia has remained focused on improving execution and regaining market share. Short-cycle commercial and high-end residential sales made meaningful contributions, offsetting continued challenges created by elevated interest rates and materially higher aluminum costs. Large, longer-cycle commercial projects remain heavily impacted by these ongoing market conditions and a still highly competitive pricing environment.
DynaEnergetics, DMC’s energy products business, reported third quarter sales of $67.1 million, down 3% versus the 2025 third quarter and flat sequentially. Adjusted EBITDA, excluding tariff refunds, was $6.5 million, up 34% year over year and up 57% sequentially. DynaEnergetics’ improved profitability, despite lower year-over-year sales, reflects specific cost savings initiatives and improved sales mix, partially attributable to recent diversification efforts and the initial contributions from both the defense and enhanced geothermal sectors.
At NobelClad, DMC’s composite metals business, third quarter sales were $28.8 million, up 38% versus last year’s third quarter and up 30% sequentially. Adjusted EBITDA was $4.6 million, up 120% year over year and up 51% sequentially. NobelClad’s performance reflects increased shipments on a large, international petrochemical order, as well as the resolution of supply chain issues on a large defense order that was fully shipped in the quarter.
1
NobelClad ended the quarter with an order backlog of $72.4 million, which included $16 million in orders related to U.S. Navy vessel construction.
“Our improved performance reflects the cost optimization and commercial initiatives selectively implemented across our businesses over the past two years,” said James O’Leary, DMC’s president and CEO. “These improvements were achieved despite continued macroeconomic headwinds across all of our end markets. We also strengthened DMC’s financial position during this period, with net debt now at its lowest level since the acquisition of Arcadia in December 2021. I want to thank all of our DMC associates for their hard work, dedication and continued commitment to improving our businesses.”
Guidance
Fourth quarter sales are expected to be in a range of $154 million to $164 million, with adjusted EBITDA attributable to DMC anticipated in a range of $10 million to $13 million.
Our fourth quarter guidance reflects normal seasonal moderation at Arcadia, further affected by a temporary shutdown of our California finishing facility for planned maintenance, a decline in large, long-cycle project activity, the negative impact of still rising interest rates on construction activity, ongoing volatility in aluminum input costs, and tight labor conditions for commercial and residential builders; steady well completion activity at DynaEnergetics with the benefit from previously discussed cost optimization programs more than offsetting input cost increases; and continued improvement in shipping activity at NobelClad.
DMC’s fourth quarter guidance does not contemplate increased disruptions in international supply chains due to ongoing hostilities in the Middle East, which could impact both DynaEnergetics and NobelClad, or generally weaker end market conditions. Moreover, this guidance remains highly dependent on macroeconomic conditions, particularly within DMC’s core energy and construction markets, and may change—either positively or negatively—as these factors evolve throughout the remainder of 2026.
Summary Third Quarter Results
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
172,825
$
156,953
$
151,532
10
%
14
%
Gross profit percentage
26.9
%
21.9
%
21.7
%
SG&A
$
27,492
$
24,541
$
25,950
12
%
6
%
Net income (loss)
$
12,071
$
2,017
$
(2,070)
498
%
683
%
Net income (loss) attributable to DMC
$
9,708
$
507
$
(3,081)
1,815
%
415
%
Diluted net income (loss) per share attributable to DMC
$
0.59
$
0.10
$
(0.10)
490
%
690
%
Adjusted net income (loss) attributable to DMC
$
9,783
$
727
$
(1,629)
1,246
%
701
%
Adjusted diluted net income (loss) per share
$
0.48
$
0.04
$
(0.08)
1,100
%
700
%
Adjusted EBITDA attributable to DMC
$
19,014
$
10,673
$
8,564
78
%
122
%
Adjusted EBITDA attributable to DMC, excluding tariff refunds
$
13,589
$
9,185
$
8,564
48
%
59
%
Adjusted EBITDA before NCI allocation
$
23,528
$
14,333
$
11,972
64
%
97
%
Adjusted EBITDA before NCI allocation, excluding tariff refunds
$
18,103
$
12,845
$
11,972
41
%
51
%
Adjusted EBITDA before NCI allocation margin, excluding tariff refunds
10.5
%
8.2
%
7.9
%
2
Arcadia Products
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
76,886
$
67,419
$
61,661
14
%
25
%
Gross profit percentage
28.6
%
27.7
%
28.7
%
Adjusted EBITDA attributable to DMC
$
6,770
$
5,490
$
5,111
23
%
32
%
Adjusted EBITDA before NCI allocation
$
11,284
$
9,150
$
8,519
23
%
32
%
Adjusted EBITDA before NCI allocation margin
14.7
%
13.6
%
13.8
%
DynaEnergetics
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
67,124
$
67,383
$
68,946
—
%
(3)
%
Gross profit percentage
26.1
%
15.9
%
14.5
%
Adjusted EBITDA
$
11,928
$
5,638
$
4,867
112
%
145
%
Adjusted EBITDA margin
17.8
%
8.4
%
7.1
%
Adjusted EBITDA, excluding tariff refunds
$
6,503
$
4,150
$
4,867
57
%
34
%
Adjusted EBITDA margin, excluding tariff refunds
9.7
%
6.2
%
7.1
%
NobelClad
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
28,815
$
22,151
$
20,925
30
%
38
%
Gross profit percentage
24.1
%
22.6
%
24.9
%
Adjusted EBITDA
$
4,568
$
3,032
$
2,075
51
%
120
%
Adjusted EBITDA margin
15.9
%
13.7
%
9.9
%
•
NobelClad's rolling 12-month bookings were $105.1 million, and the 12-month book-to-bill ratio was 1.19.
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=Zwh2pOGa
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.
3
•
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 EBITDA excluding tariff refunds:
DMC received refunds of certain tariffs previously paid on imported products and materials. The Company believes presenting Adjusted EBITDA both inclusive and exclusive of these refunds provides investors with additional insight into its underlying operating performance. In particular, excluding the refunds enables investors to better assess the profitability of DMC’s ongoing operations without the benefit of these items and facilitates comparisons of operating performance across reporting periods.
•
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 and cash equivalents per the Condensed Consolidated Balance Sheets.
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 third 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.
4
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 fourth quarter 2026 guidance on sales and adjusted EBITDA attributable to DMC; expected steady well completion activity at DynaEnergetics and the benefit from previously discussed cost optimization programs more than offsetting input cost increases; and continued improvement in shipping activity at 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: 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; 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.
5
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
NET SALES
$
172,825
$
156,953
$
151,532
10
%
14
%
COST OF PRODUCTS SOLD
126,379
122,598
118,703
3
%
6
%
Gross profit
46,446
34,355
32,829
35
%
41
%
Gross profit percentage
26.9
%
21.9
%
21.7
%
COSTS AND EXPENSES:
General and administrative expenses
16,516
13,916
15,282
19
%
8
%
Selling and distribution expenses
10,976
10,625
10,668
3
%
3
%
Amortization of purchased intangible assets
4,356
4,357
4,764
—
%
(9)
%
Strategic review and related expenses
—
—
303
—
%
(100)
%
Restructuring expenses and asset impairments
94
239
1,202
(61)
%
(92)
%
Total costs and expenses
31,942
29,137
32,219
10
%
(1)
%
OPERATING INCOME
14,504
5,218
610
178
%
2,278
%
OTHER EXPENSE:
Other income (expense), net
18
15
(334)
20
%
105
%
Interest expense, net
(1,256)
(1,280)
(1,632)
(2)
%
(23)
%
INCOME (LOSS) BEFORE INCOME TAXES
13,266
3,953
(1,356)
236
%
1,078
%
INCOME TAX PROVISION
1,195
1,936
714
(38)
%
67
%
NET INCOME (LOSS)
12,071
2,017
(2,070)
498
%
683
%
Less: Net income attributable to redeemable noncontrolling interest
2,363
1,510
1,011
56
%
134
%
NET INCOME (LOSS) ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
$
9,708
$
507
$
(3,081)
1,815
%
415
%
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic
$
0.59
$
0.10
$
(0.10)
490
%
690
%
Diluted
$
0.59
$
0.10
$
(0.10)
490
%
690
%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
20,252,213
20,199,424
19,930,699
—
%
2
%
Diluted
20,315,635
20,235,822
19,930,699
—
%
2
%
Reconciliation to net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders
$
9,708
$
507
$
(3,081)
Adjustment of redeemable noncontrolling interest
2,395
1,541
1,018
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest
$
12,103
$
2,048
$
(2,063)
6
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)
Nine months ended
Change
Sep 30, 2026
Sep 30, 2025
Year-on-year
NET SALES
$
465,373
$
466,309
—
%
COST OF PRODUCTS SOLD
359,129
355,550
1
%
Gross profit
106,244
110,759
(4)
%
Gross profit percentage
22.8
%
23.8
%
COSTS AND EXPENSES:
General and administrative expenses
44,564
47,861
(7)
%
Selling and distribution expenses
32,073
32,536
(1)
%
Amortization of purchased intangible assets
13,069
14,290
(9)
%
Strategic review and related expenses
—
2,376
(100)
%
Restructuring expenses and asset impairments
899
2,676
(66)
%
Total costs and expenses
90,605
99,739
(9)
%
OPERATING INCOME
15,639
11,020
42
%
OTHER EXPENSE:
Other expense, net
(12)
(898)
(99)
%
Interest expense, net
(3,997)
(5,142)
(22)
%
INCOME BEFORE INCOME TAXES
11,630
4,980
134
%
INCOME TAX PROVISION
4,352
4,866
(11)
%
NET INCOME
7,278
114
6,284
%
Less: Net income attributable to redeemable noncontrolling interest
3,128
2,402
30
%
NET INCOME (LOSS) ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
$
4,150
$
(2,288)
281
%
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic
$
0.36
$
(0.31)
216
%
Diluted
$
0.36
$
(0.31)
216
%
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic
20,173,280
19,883,652
1
%
Diluted
20,223,991
19,883,652
2
%
Reconciliation to net income (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, 2026
Sep 30, 2025
Net income (loss) attributable to DMC Global Inc. stockholders
$
4,150
$
(2,288)
Adjustment of redeemable noncontrolling interest
3,201
(3,801)
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest
$
7,351
$
(6,089)
7
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)
Arcadia Products
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
76,886
$
67,419
$
61,661
14
%
25
%
Gross profit
21,994
18,664
17,717
18
%
24
%
Gross profit percentage
28.6
%
27.7
%
28.7
%
COSTS AND EXPENSES:
General and administrative expenses
7,146
6,205
5,998
15
%
19
%
Selling and distribution expenses
4,665
4,410
4,238
6
%
10
%
Amortization of purchased intangible assets
4,356
4,357
4,764
—
%
(9)
%
Restructuring expenses and asset impairments
47
47
132
—
%
(64)
%
Operating income
5,780
3,645
2,585
59
%
124
%
Adjusted EBITDA
11,284
9,150
8,519
23
%
32
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(4,514)
(3,660)
(3,408)
23
%
32
%
Adjusted EBITDA attributable to DMC Global Inc.
$
6,770
$
5,490
$
5,111
23
%
32
%
Nine months ended
Change
Sep 30, 2026
Sep 30, 2025
Year-on-year
Net sales
$
201,011
$
189,221
6
%
Gross profit
54,323
54,328
—
%
Gross profit percentage
27.0
%
28.7
%
COSTS AND EXPENSES:
General and administrative expenses
19,782
19,947
(1)
%
Selling and distribution expenses
13,460
13,345
1
%
Amortization of purchased intangible assets
13,069
14,290
(9)
%
Restructuring expenses and asset impairments
589
649
(9)
%
Operating income
7,423
6,097
22
%
Adjusted EBITDA
24,336
24,571
(1)
%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(9,734)
(9,829)
(1)
%
Adjusted EBITDA attributable to DMC Global Inc.
$
14,602
$
14,742
(1)
%
DynaEnergetics
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
67,124
$
67,383
$
68,946
—
%
(3)
%
Gross profit
17,544
10,714
9,976
64
%
76
%
Gross profit percentage
26.1
%
15.9
%
14.5
%
COSTS AND EXPENSES:
General and administrative expenses
3,076
2,619
2,416
17
%
27
%
Selling and distribution expenses
4,233
4,101
4,514
3
%
(6)
%
Restructuring expenses and asset impairments
31
67
57
(54)
%
(46)
%
Operating income
10,204
3,927
2,989
160
%
241
%
Adjusted EBITDA
$
11,928
$
5,638
$
4,867
112
%
145
%
8
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)
Nine months ended
Change
Sep 30, 2026
Sep 30, 2025
Year-on-year
Net sales
$
194,054
$
201,359
(4)
%
Gross profit
35,763
36,746
(3)
%
Gross profit percentage
18.4
%
18.2
%
COSTS AND EXPENSES:
General and administrative expenses
8,334
8,191
2
%
Selling and distribution expenses
12,217
12,764
(4)
%
Restructuring expenses and asset impairments
169
803
(79)
%
Operating income
15,043
14,988
—
%
Adjusted EBITDA
$
20,312
$
21,225
(4)
%
NobelClad
Three months ended
Change
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sequential
Year-on-year
Net sales
$
28,815
$
22,151
$
20,925
30
%
38
%
Gross profit
6,942
5,010
5,208
39
%
33
%
Gross profit percentage
24.1
%
22.6
%
24.9
%
COSTS AND EXPENSES:
General and administrative expenses
1,171
746
2,076
57
%
(44)
%
Selling and distribution expenses
2,045
2,081
1,870
(2)
%
9
%
Restructuring expenses and asset impairments
—
—
1,013
—
%
(100)
%
Operating income
3,726
2,183
249
71
%
1,396
%
Adjusted EBITDA
$
4,568
$
3,032
$
2,075
51
%
120
%
Nine months ended
Change
Sep 30, 2026
Sep 30, 2025
Year-on-year
Net sales
$
70,308
$
75,729
(7)
%
Gross profit
16,329
19,898
(18)
%
Gross profit percentage
23.2
%
26.3
%
COSTS AND EXPENSES:
General and administrative expenses
3,085
4,119
(25)
%
Selling and distribution expenses
6,283
6,277
—
%
Restructuring expenses and asset impairments
—
1,224
(100)
%
Operating income
6,961
8,278
(16)
%
Adjusted EBITDA
$
9,493
$
11,890
(20)
%
9
DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
Change
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sequential
Year-end
(unaudited)
(unaudited)
ASSETS
Cash and cash equivalents
$
37,957
$
28,551
$
31,898
33
%
19
%
Accounts receivable, net
109,156
102,051
93,697
7
%
16
%
Inventories
172,346
167,309
144,552
3
%
19
%
Prepaid expenses and other
14,094
15,256
16,224
(8)
%
(13)
%
Total current assets
333,553
313,167
286,371
7
%
16
%
Property, plant and equipment, net
118,286
121,104
127,358
(2)
%
(7)
%
Purchased intangible assets, net
141,982
146,338
155,051
(3)
%
(8)
%
Other long-term assets
66,966
69,017
67,051
(3)
%
—
%
Total assets
$
660,787
$
649,626
$
635,831
2
%
4
%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable
$
57,521
$
49,076
$
48,188
17
%
19
%
Contract liabilities
24,769
30,072
22,568
(18)
%
10
%
Accrued income taxes
2,902
2,762
4,289
5
%
(32)
%
Current portion of long-term debt
3,750
3,750
3,438
—
%
9
%
Other current liabilities
41,303
36,870
35,842
12
%
15
%
Total current liabilities
130,245
122,530
114,325
6
%
14
%
Long-term debt
47,924
55,314
47,206
(13)
%
2
%
Deferred tax liabilities
364
412
475
(12)
%
(23)
%
Other long-term liabilities
45,318
46,940
44,695
(3)
%
1
%
Redeemable noncontrolling interest
187,080
187,080
187,080
—
%
—
%
Stockholders’ equity
249,856
237,350
242,050
5
%
3
%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity
$
660,787
$
649,626
$
635,831
2
%
4
%
10
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)
Three months ended
Nine months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
12,071
$
2,017
$
(2,070)
$
7,278
$
114
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation
3,633
3,588
3,733
10,936
11,100
Amortization of purchased intangible assets
4,356
4,357
4,764
13,069
14,290
Amortization of deferred debt issuance costs
231
241
262
703
710
Stock-based compensation
807
794
1,360
2,464
4,376
Bad debt expense
—
34
329
95
1,025
Deferred income taxes
(141)
898
(421)
418
(7)
Asset impairments
—
—
—
—
296
Other, net
(185)
(457)
(83)
(761)
905
Change in working capital, net
(3,263)
(19,432)
10,732
(27,032)
5,531
Net cash provided by (used in) operating activities
17,509
(7,960)
18,606
7,170
38,340
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment
(980)
(1,274)
(4,243)
(4,364)
(10,943)
Proceeds from property, plant and equipment reimbursements
95
556
1,894
1,498
3,682
Proceeds on sale of property, plant and equipment
10
335
20
345
47
Proceeds from settlement of note receivable
—
—
—
—
4,167
Net cash used in investing activities
(875)
(383)
(2,329)
(2,521)
(3,047)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on term loan
(938)
(937)
(625)
(2,500)
(1,875)
Borrowings on revolving loans
52,337
65,338
52,300
176,275
99,159
Repayments on revolving loans
(58,900)
(59,400)
(53,918)
(173,075)
(111,805)
Payment of debt issuance costs
—
—
—
—
(650)
Distributions to redeemable noncontrolling interest holder
—
—
(145)
—
(6,400)
Treasury stock purchases
—
(93)
(15)
(460)
(578)
Net cash (used in) provided by financing activities
(7,501)
4,908
(2,403)
240
(22,149)
EFFECTS OF EXCHANGE RATES ON CASH
273
475
111
1,170
(1,021)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
9,406
(2,960)
13,985
6,059
12,123
CASH AND CASH EQUIVALENTS, beginning of the period
28,551
31,511
12,427
31,898
14,289
CASH AND CASH EQUIVALENTS, end of the period
$
37,957
$
28,551
$
26,412
$
37,957
$
26,412
11
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
Nine months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Net income (loss)
$
12,071
$
2,017
$
(2,070)
$
7,278
$
114
Interest expense, net
1,256
1,280
1,632
3,997
5,142
Income tax provision
1,195
1,936
714
4,352
4,866
Depreciation
3,633
3,588
3,733
10,936
11,100
Amortization of purchased intangible assets
4,356
4,357
4,764
13,069
14,290
EBITDA
22,511
13,178
8,773
39,632
35,512
Stock-based compensation
941
931
1,360
2,774
4,340
Strategic review and related expenses
—
—
303
—
2,376
Restructuring expenses and asset impairments
94
239
1,202
899
2,676
Executive transition costs
—
—
—
—
520
Other (income) expense, net
(18)
(15)
334
12
898
Adjusted EBITDA
$
23,528
$
14,333
$
11,972
$
43,317
$
46,322
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(4,514)
(3,660)
(3,408)
(9,734)
(9,829)
Adjusted EBITDA attributable to DMC Global Inc.
$
19,014
$
10,673
$
8,564
$
33,583
$
36,493
Less: Tariff refunds
(5,425)
(1,488)
—
(6,913)
—
Adjusted EBITDA attributable to DMC Global Inc., excluding tariff refunds
$
13,589
$
9,185
$
8,564
$
26,670
$
36,493
12
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Adjusted Net Income (Loss)* and Adjusted Diluted Earnings per Share
*Net income (loss) attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended September 30, 2026
Amount
Per Share
(1)
Net income attributable to DMC Global Inc.*
$
9,708
$
0.48
Restructuring expenses and asset impairments, net of tax
75
—
As adjusted
$
9,783
$
0.48
(1)
Calculated using diluted weighted average shares outstanding of 20,315,635.
Three months ended June 30, 2026
Amount
Per Share
(1)
Net income attributable to DMC Global Inc.*
$
507
$
0.03
Restructuring expenses and asset impairments, net of tax
220
0.01
As adjusted
$
727
$
0.04
(1)
Calculated using diluted weighted average shares outstanding of 20,235,822.
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.
Nine months ended September 30, 2026
Amount
Per Share
(1)
Net income attributable to DMC Global Inc.*
$
4,150
$
0.21
Restructuring expenses and asset impairments, net of tax
663
0.03
As adjusted
$
4,813
$
0.24
(1)
Calculated using diluted weighted average shares outstanding of 20,223,991.
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.
13
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)
Segment Adjusted EBITDA
Arcadia Products
Three months ended
Nine months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Operating income, as reported
$
5,780
$
3,645
$
2,585
$
7,423
$
6,097
Adjustments:
Depreciation
1,022
1,023
1,020
3,074
3,042
Amortization of purchased intangible assets
4,356
4,357
4,764
13,069
14,290
Stock-based compensation
79
78
18
181
493
Restructuring expenses and asset impairments
47
47
132
589
649
Adjusted EBITDA
11,284
9,150
8,519
24,336
24,571
Less: adjusted EBITDA attributable to redeemable noncontrolling interest
(4,514)
(3,660)
(3,408)
(9,734)
(9,829)
Adjusted EBITDA attributable to DMC Global Inc.
$
6,770
$
5,490
$
5,111
$
14,602
$
14,742
DynaEnergetics
Three months ended
Nine months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Operating income, as reported
$
10,204
$
3,927
$
2,989
$
15,043
$
14,988
Adjustments:
Depreciation
1,693
1,644
1,821
5,100
5,434
Restructuring expenses and asset impairments
31
67
57
169
803
Adjusted EBITDA
$
11,928
$
5,638
$
4,867
$
20,312
$
21,225
Less: Tariff refunds
(5,425)
(1,488)
—
(6,913)
—
Adjusted EBITDA, excluding tariff refunds
$
6,503
$
4,150
$
4,867
$
13,399
$
21,225
NobelClad
Three months ended
Nine months ended
Sep 30, 2026
Jun 30, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Operating income, as reported
$
3,726
$
2,183
$
249
$
6,961
$
8,278
Adjustments:
Depreciation
842
849
813
2,532
2,388
Restructuring expenses and asset impairments
—
—
1,013
—
1,224
Adjusted EBITDA
$
4,568
$
3,032
$
2,075
$
9,493
$
11,890
14