Core Thesis - Perimeter Solutions, Inc. has shown strong performance with a significant increase in share price and positive growth in net sales, driven by its Fire Safety and Specialty Products segments [2][5] Financial Performance - Perimeter Solutions reported Q3 2025 net sales of $315 million, reflecting a 9% year-over-year growth, with Fire Safety growing by 9% and Specialty Products by 15% [2] - The company's adjusted EBITDA reached $329 million, achieving a 52% margin, which is over 10 percentage points higher than five years ago, indicating improved operational discipline and strategic investments [4] Segment Analysis - The Fire Safety segment benefited from a normalized fire season and a new USDA directive, increasing demand for fire retardants [2] - The suppressants business contributed an additional $12.4 million in revenue year-over-year, supported by higher volumes and productivity gains [3] - The IMS business added $10.8 million in revenue, marking a strategic move into a higher growth vertical compared to the legacy P2S5 business [4] Operational Challenges - The Specialty Products segment faced challenges due to operational issues at a Flexsys-operated P2S5 plant, including unplanned downtime and safety failures amid ongoing litigation [3] Market Position and Outlook - The company has a dominant position in fire retardants and strong pricing power, with a bullish outlook on operational execution and margin expansion [5]