Perimeter Solutions(US:PRM)2025-10-30 11:56Financial Performance - Third quarter net sales increased by 9% to $315.4 million, compared to $288.4 million in the prior-year quarter[6] - Fire Safety net sales rose by 9% to $273.4 million, while Specialty Products net sales increased by 15% to $42.0 million[6] - Adjusted EBITDA for the third quarter was $186.3 million, reflecting a 9% increase from $170.4 million in the prior-year quarter[6] - The company reported a net loss of $90.7 million, or $0.62 loss per diluted share, compared to a net loss of $89.2 million, or $0.61 loss per diluted share in the prior year[6] - Year-to-date net sales increased by 16% to $550.1 million, compared to $474.7 million in the prior year period[6] - Non-GAAP adjusted earnings per diluted share for the third quarter was $0.82, up from $0.75 in the prior year[6] - The Fire Safety Segment Adjusted EBITDA increased by 13% to $177.2 million, while the Specialty Products Segment Adjusted EBITDA decreased by 29% to $9.1 million[6] Year-to-Date Performance - Year-to-date non-GAAP adjusted earnings per share was $1.24, compared to $0.99 in the prior year[6] - Adjusted EBITDA for the nine months ended September 30, 2025, was $295,738 thousand, compared to $247,420 thousand for the same period in 2024, reflecting a year-over-year increase of 19.5%[27] - For the nine months ended September 30, 2025, the GAAP net loss was $66.14 million, significantly improved from a loss of $150.08 million in the same period of 2024[34] - Adjusted Net Income for the nine months ended September 30, 2025, was $186.78 million, compared to $144.34 million in 2024, indicating a 29.5% increase[34] - Adjusted Earnings Per Share (diluted) for the nine months ended September 30, 2025, was $1.24, up from $0.99 in 2024, marking a 25.3% increase[34] Assets and Liabilities - Total assets increased to $2,645,439 thousand as of September 30, 2025, up from $2,416,394 thousand at December 31, 2024, representing an increase of 9.5%[21] - Total current liabilities rose to $263,646 thousand as of September 30, 2025, compared to $62,488 thousand at December 31, 2024, indicating a significant increase[21] - The total stockholders' equity decreased to $1,111,348 thousand as of September 30, 2025, down from $1,157,270 thousand at December 31, 2024[21] Cash Flow and Expenditures - Cash and cash equivalents at the end of the period were $340,647 thousand, up from $223,053 thousand at the end of September 2024, marking a 52.7% increase[23] - Capital expenditures during the quarter were $5.0 million[8] - The company repurchased common stock amounting to $40,370 thousand during the nine months ended September 30, 2025[23] Expenses - The company reported a depreciation and amortization expense of $53,610 thousand for the nine months ended September 30, 2025, compared to $49,215 thousand for the same period in 2024[23] - The company incurred stock-based compensation expenses of $11,428 thousand for the nine months ended September 30, 2025, compared to $8,048 thousand for the same period in 2024[27] - The company incurred $0.6 million in restructuring and other non-recurring costs for Q3 2025, down from $1.7 million in Q3 2024[31] Advisory Fees and Shares - Founders advisory fees payable increased to $151,582 thousand for the current period, up from $6,677 thousand at the end of the previous year[21] - As of September 30, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee[29] - A maximum of 10.7 million shares were issuable within 12 months under the Founders variable advisory fee as of September 30, 2025[30] Tax and Adjustments - The tax impact of non-GAAP adjustments for Q3 2025 was a benefit of $53.80 million, compared to a benefit of $1.95 million in Q3 2024[31]