Perimeter Solutions, Inc.

Listed Company

PRMCIK 0001880319NYSELarge AcceleratedChemicals & Allied ProductsFY ends Dec 31

Period

FY 2025

Revenue

$652.86M

Net Income

$-206.37M

Total Assets

$2.65B

Equity

$1.13B

Shares Out

149.44M

Op. Cash Flow

$238.15M

Business

Perimeter Solutions, Inc. is a global solutions provider serving the Fire Safety and Specialty Products industries, focusing on formulation, manufacturing and operational support for fire management and specialty chemical needs. It offers fire retardants, firefighting foams (Class A, B, A/B and training foams), specialized air-base and ground equipment, emergency resupply services, and P2S5-based specialty chemical products for lubricant additives, agricultural and mining uses and emerging battery technologies. The company operates through two reporting segments: Fire Safety and Specialty Products. It conducts sales and distribution primarily in the United States, with additional operations and customers in Europe, Canada, Australia and other global markets, and maintains rapid delivery and service networks to air tanker bases and industrial customers.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Net sales	653	561	322	361	340
Cost of goods sold	278	244	194	232	178
Gross profit	375	317	128	129	162
Selling, general and administrative expense	78	67	47	60	38
Amortization expense	60	55	55	55	51
Founders advisory fees - related party	435	198	−108	−117	—
Intangible impairment	0	0	41	0	—
Other operating expense	4	612,000	10,000	465,000	1
Total operating expenses	576	321	34	−1	91
Operating (loss) income	−201	−4	94	130	71
Interest expense, net	39	40	41	43	—
Gain on contingent earn-out	0	0	−7	−13	0
Foreign currency (gain) loss	−3	2	−2	3	−6
Other (income) expense, net	−780,000	192,000	417,000	−503,000	367,000
Total other expense, net	35	43	33	33	37
(Loss) income before income taxes	−236	−47	62	97	35
Income tax benefit	30	41	6	−5	−10
Net (loss) income	−206	−6	67	92	24
Foreign currency translation adjustments	33	−20	6	−18	5
Total comprehensive (loss) income	−174	−25	73	73	29
Basic (in usd per share)	−1.37	−0.04	0.44	0.57	0.46
Diluted (in usd per share)	−1.37	−0.04	0.41	0.52	0.46
Basic (in shares)	150	146	155	161	53
Diluted (in shares)	150	146	166	175	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and cash equivalents	326	198	47	127	166
Accounts receivable, net	64	56	40	27	86
Inventories	140	116	146	143	120
Prepaid expenses and other current assets	34	23	18	12	5
Total current assets	564	394	251	309	378
Property, plant and equipment, net	85	65	59	59	57
Operating lease right-of-use assets	30	17	16	19	—
Finance lease right-of-use assets	6	6	6	0	—
Goodwill	1,065	1,035	1,036	1,031	1,019
Intangible assets, net	899	898	945	1,037	—
Other assets, net	3	1	1	2	2
Total assets	2,653	2,416	2,315	2,457	2,501
Accrued expenses and other current liabilities	47	30	31	33	59
Deferred revenue	2	2	0	0	1
Total current liabilities	175	62	55	74	102
Long-term debt, net	669	668	666	665	665
Operating lease liabilities, net of current portion	28	16	15	15	—
Finance lease liabilities, net of current portion	6	6	6	0	—
Deferred income taxes	80	152	253	278	273
Founders advisory fees payable - related party	441	240	57	171	—
Other non-current liabilities	4	2	2	9	9
Total liabilities	1,520	1,259	1,163	1,318	1,287
Commitments and contingencies	—	—	—	—	—
Common stock, $0.0001 par value per share, 4,000,000,000 shares authorized; 174,818,216 and 169,426,114 shares issued; 149,440,060 and 147,822,633 shares outstanding at December 31, 2025 and 2024, respectively	17,000	17,000	165	163	163
Treasury stock, at cost; 25,378,156 and 21,603,481 shares at December 31, 2025 and 2024, respectively	−168	−128	−113	−49	−8
Additional paid-in capital	2,101	1,911	1,701	1,699	1,686
Accumulated other comprehensive loss	−6	−39	−20	−25	−42
Accumulated deficit	−793	−587	−581	−648	−586
Total stockholders equity	1,133	1,157	1,152	1,139	1,214
Total liabilities and stockholders equity	2,653	2,416	2,315	2,457	2,501

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Founders advisory fees - related party (change in fair value)	435	198	−108	−117	—
Depreciation and amortization expense	74	66	65	66	58
Interest and payment-in-kind on preferred stock	7	7	7	7	0
Stock-based compensation	17	13	2	15	0
Non-cash lease expense	7	5	5	5	0
Deferred income taxes	−74	−100	−26	−17	−3
Amortization of deferred financing costs	2	2	2	2	3
Loss on disposal of assets	149,000	66,000	139,000	9,000	0
Accounts receivable	−7	−13	−14	−6	12
Inventories	−6	30	−2	−62	11
Prepaid expenses and other current assets	971,000	−843,000	1	2	−10
Accounts payable	6	−754,000	−15	10	−10
Deferred revenue	37,000	2	0	−383,000	0
Income taxes payable, net	−6	−13	−3	9	−6
Accrued expenses and other current liabilities	4	4	−2	−647,000	−6
Founders advisory fees - related party (cash settled)	−7	−3	−5	−54	0
Operating lease liabilities	−5	−3	−4	−5	0
Finance lease liabilities	−489,000	−501,000	−282,000	0	—
Other, net	−1	−741,000	75,000	73,000	—
Net cash provided by operating activities	238	188	193,000	−40	71
Purchase of property and equipment	−30	−16	−9	−9	−7
Purchase of intangible assets	−15	0	0	—	—
Proceeds from short-term investments	0	5	0	0	—
Purchase of short-term investments	0	0	−5	0	—
Purchase of businesses, net of cash acquired	−62	−33	0	−2	−2
Net cash used in investing activities	−107	−43	−15	−10	−9
Common stock / ordinary shares repurchased	−40	−14	−64	−49	0
Proceeds from exercises of warrants	0	24	0	500,000	0
Proceeds from exercises of options	35	0	0	—	—
Principal payments on finance lease obligations	−875,000	−740,000	−387,000	0	—
Payment for credit facility financing fees	−2	0	0	0	0
Net cash (used in) provided by financing activities	−9	8	−64	−49	−46
Effect of foreign currency on cash and cash equivalents	5	−3	−320,000	431,000	−3
Net change in cash and cash equivalents	127	151	−79	−99	13
Cash paid for interest	37	37	37	35	45
Cash paid for income taxes	49	75	26	13	—
Liability portion of founders advisory fees - related party reclassified to additional paid in capital	139	8	3	20	0

Filings

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