DMC Global Inc.BOOM
DMC Global Inc. Segments Disclosure
BUSINESS SEGMENTS
Our business is currently organized into three segments: Arcadia Products, DynaEnergetics, and NobelClad. In December 2021, DMC acquired a 60% controlling interest in Arcadia Products. Arcadia Products designs, engineers, fabricates, and finishes aluminum framing systems, windows, curtain walls, storefronts, entrance systems, and interior partitions to the commercial construction market. Additionally, Arcadia Products supplies customized windows and doors to the high-end residential construction market. DynaEnergetics designs, manufactures, markets and sells perforating systems and associated hardware for the global oil and gas industry. NobelClad produces explosion-welded clad metal plates for use in the construction of corrosion resistant industrial processing equipment and specialized transition joints for commuter rail cars, ships, and LNG processing equipment.
Our reportable segments are separately managed, strategic business units that offer different products. Each segment’s products are marketed to different customer types and require different manufacturing processes and technologies, and each segment has separate financial information available. The Chief Operating Decision Maker (“CODM”) uses segment operating income or loss to allocate resources (including employees, property, and financial or capital resources) for each segment in the budget and forecasting process and to assess ongoing performance on a monthly basis. The CODM does not review total assets by segment for purposes of assessing segment performance and allocating resources. As such, the disclosure of total assets by segment has not been included below. The accounting policies of our reportable segments are the same as those described in Note 2 “Significant Accounting Policies”. The Company’s CODM is our Board of Directors.
Segment information is as follows for the year ended December 31, 2025:
| Arcadia Products | DynaEnergetics | NobelClad | Total | ||||||||||||||||||||
| Net sales | $ | 246,208 | $ | 270,214 | $ | 93,418 | $ | 609,840 | |||||||||||||||
| Cost of products sold | 179,540 | 226,091 | 68,677 | 474,308 | |||||||||||||||||||
| Gross profit | 66,668 | 44,123 | 24,741 | 135,532 | |||||||||||||||||||
| Stock-based compensation* | 635 | — | — | 635 | |||||||||||||||||||
| General and administrative expenses | 24,852 | 10,751 | 5,169 | 40,772 | |||||||||||||||||||
| Selling and distribution expenses | 17,273 | 22,207 | 8,791 | 48,271 | |||||||||||||||||||
| Amortization of purchased intangible assets | 19,053 | — | — | 19,053 | |||||||||||||||||||
| Restructuring expenses and asset impairments | 649 | 803 | 1,224 | 2,676 | |||||||||||||||||||
| Operating income | 4,206 | 10,362 | 9,557 | 24,125 | |||||||||||||||||||
| Unallocated corporate expenses | (19,122) | ||||||||||||||||||||||
| Unallocated stock-based compensation* | (5,113) | ||||||||||||||||||||||
| Other expense, net | (1,076) | ||||||||||||||||||||||
| Interest expense, net | (6,493) | ||||||||||||||||||||||
| Loss before income taxes | (7,679) | ||||||||||||||||||||||
| Income tax provision | 4,066 | ||||||||||||||||||||||
| Net loss | $ | (11,745) | |||||||||||||||||||||
Segment information is as follows for the year ended December 31, 2024:
| Arcadia Products | DynaEnergetics | NobelClad | Total | ||||||||||||||||||||
| Net sales | $ | 249,763 | $ | 287,686 | $ | 105,402 | $ | 642,851 | |||||||||||||||
| Cost of products sold | 182,738 | 237,631 | 71,591 | 491,960 | |||||||||||||||||||
| Gross profit | 67,025 | 50,055 | 33,811 | 150,891 | |||||||||||||||||||
| Stock-based compensation* | 1,920 | — | — | 1,920 | |||||||||||||||||||
| General and administrative expenses | 29,389 | 10,835 | 4,299 | 44,523 | |||||||||||||||||||
| Selling and distribution expenses | 15,871 | 21,128 | 9,461 | 46,460 | |||||||||||||||||||
| Amortization of purchased intangible assets | 21,111 | 44 | — | 21,155 | |||||||||||||||||||
| Restructuring expenses and asset impairments | 645 | 1,881 | — | 2,526 | |||||||||||||||||||
Goodwill impairment | 141,725 | — | — | 141,725 | |||||||||||||||||||
| Operating (loss) income | (143,636) | 16,167 | 20,051 | (107,418) | |||||||||||||||||||
| Unallocated corporate expenses | (19,230) | ||||||||||||||||||||||
| Unallocated stock-based compensation* | (4,610) | ||||||||||||||||||||||
| Other expense, net | (1,068) | ||||||||||||||||||||||
| Interest expense, net | (8,664) | ||||||||||||||||||||||
| Loss before income taxes | (140,990) | ||||||||||||||||||||||
| Income tax provision | 10,970 | ||||||||||||||||||||||
| Net loss | $ | (151,960) | |||||||||||||||||||||
Segment information is as follows for the year ended December 31, 2023:
| Arcadia Products | DynaEnergetics | NobelClad | Total | ||||||||||||||||||||
| Net sales | $ | 298,909 | $ | 315,026 | $ | 105,253 | $ | 719,188 | |||||||||||||||
| Cost of products sold | 206,657 | 228,325 | 71,724 | 506,706 | |||||||||||||||||||
| Gross profit | 92,252 | 86,701 | 33,529 | 212,482 | |||||||||||||||||||
| Stock-based compensation* | 1,571 | — | — | 1,571 | |||||||||||||||||||
| General and administrative expenses | 29,708 | 15,806 | 4,092 | 49,606 | |||||||||||||||||||
| Selling and distribution expenses | 16,958 | 21,472 | 9,570 | 48,000 | |||||||||||||||||||
| Amortization of purchased intangible assets | 22,608 | 59 | — | 22,667 | |||||||||||||||||||
| Restructuring expenses and asset impairments | — | 3,011 | 440 | 3,451 | |||||||||||||||||||
| Operating income | 21,407 | 46,353 | 19,427 | 87,187 | |||||||||||||||||||
| Unallocated corporate expenses | (17,466) | ||||||||||||||||||||||
| Unallocated stock-based compensation* | (8,544) | ||||||||||||||||||||||
| Other expense, net | (1,782) | ||||||||||||||||||||||
| Interest expense, net | (9,516) | ||||||||||||||||||||||
| Income before income taxes | 49,879 | ||||||||||||||||||||||
| Income tax provision | 15,120 | ||||||||||||||||||||||
| Net income | $ | 34,759 | |||||||||||||||||||||
* Stock-based compensation is not allocated to wholly owned segments DynaEnergetics and NobelClad. Stock-based compensation is allocated to the Arcadia Products segment as 60% of such expense is attributable to the Company, whereas the remaining 40% is attributable to the redeemable noncontrolling interest holder.
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and Amortization: | |||||||||||||||||
Arcadia Products | $ | 23,112 | $ | 24,792 | $ | 26,303 | |||||||||||
| DynaEnergetics | 7,320 | 6,755 | 6,906 | ||||||||||||||
| NobelClad | 3,211 | 3,175 | 2,893 | ||||||||||||||
| Segment depreciation and amortization | 33,643 | 34,722 | 36,102 | ||||||||||||||
| Corporate and other | 314 | 324 | 405 | ||||||||||||||
| Consolidated depreciation and amortization | $ | 33,957 | $ | 35,046 | $ | 36,507 | |||||||||||
The geographic location of our property, plant and equipment, net of accumulated depreciation, is as follows at December 31:
| 2025 | 2024 | ||||||||||
| United States | $ | 100,822 | $ | 104,722 | |||||||
| Germany | 26,415 | 24,445 | |||||||||
| Canada | 69 | 63 | |||||||||
| France | 44 | 45 | |||||||||
| Rest of the world | 8 | 1 | |||||||||
| Total | $ | 127,358 | $ | 129,276 | |||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Acquisition of property, plant and equipment: | |||||||||||||||||
Arcadia Products | $ | 2,271 | $ | 3,976 | $ | 6,051 | |||||||||||
| DynaEnergetics | 2,781 | 6,636 | 6,545 | ||||||||||||||
NobelClad (1) | 11,160 | 5,751 | 2,944 | ||||||||||||||
| Segment acquisition of property, plant and equipment | 16,212 | 16,363 | 15,540 | ||||||||||||||
| Corporate and other | 291 | 921 | 434 | ||||||||||||||
| Consolidated acquisition of property, plant and equipment | $ | 16,503 | $ | 17,284 | $ | 15,974 | |||||||||||
(1) Excludes proceeds from property, plant and equipment reimbursements as described in Note 2 “Significant Accounting Policies”.
The disaggregation of revenue earned from contracts with customers is based on the geographic location of the customer. For Arcadia Products, net sales have been presented consistent with United States regional definitions as provided by the American Institute of Architects. For DynaEnergetics and NobelClad, all net sales are from products shipped from our manufacturing facilities and distribution centers located in the United States, Germany, and Canada. The following represents our net sales based on the geographic location of the customer for years ended December 31:
Arcadia Products
| 2025 | 2024 | 2023 | |||||||||||||||
| West | $ | 205,572 | $ | 207,642 | $ | 237,629 | |||||||||||
| South | 20,019 | 23,393 | 30,055 | ||||||||||||||
| Northeast | 11,704 | 9,957 | 21,582 | ||||||||||||||
| Midwest | 8,913 | 8,771 | 9,643 | ||||||||||||||
Total Arcadia Products | $ | 246,208 | $ | 249,763 | $ | 298,909 | |||||||||||
DynaEnergetics
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 214,318 | $ | 220,114 | $ | 245,391 | |||||||||||
| Canada | 11,498 | 21,818 | 23,404 | ||||||||||||||
| Kuwait | 4,837 | 5,921 | 4,980 | ||||||||||||||
| Oman | 4,506 | 7,497 | 7,833 | ||||||||||||||
| Indonesia | 4,292 | 2,588 | 2,622 | ||||||||||||||
| Egypt | 3,919 | 3,409 | 2,340 | ||||||||||||||
| United Arab Emirates | 3,496 | 236 | 4,742 | ||||||||||||||
| Iraq | 1,475 | 510 | 6,034 | ||||||||||||||
| India | 994 | 6,314 | 2,179 | ||||||||||||||
Rest of the world (1) | 20,879 | 19,279 | 15,501 | ||||||||||||||
| Total DynaEnergetics | $ | 270,214 | $ | 287,686 | $ | 315,026 | |||||||||||
(1) Rest of the world does not include any individual country comprising sales greater than 2% of total DynaEnergetics revenue.
NobelClad
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 31,907 | $ | 51,275 | $ | 53,024 | |||||||||||
| Germany | 17,807 | 9,353 | 4,695 | ||||||||||||||
| Canada | 10,196 | 10,625 | 7,588 | ||||||||||||||
| South Korea | 4,281 | 850 | 4,562 | ||||||||||||||
| China | 3,886 | 4,689 | 6,438 | ||||||||||||||
| Belgium | 3,166 | 637 | 2,009 | ||||||||||||||
| Saudi Arabia | 2,907 | 4,702 | 3,542 | ||||||||||||||
| France | 2,807 | 2,684 | 2,988 | ||||||||||||||
| United Arab Emirates | 2,595 | 3,551 | 4,485 | ||||||||||||||
| Netherlands | 2,505 | 3,379 | 1,656 | ||||||||||||||
Rest of the world (1) | 11,361 | 13,657 | 14,266 | ||||||||||||||
| Total NobelClad | $ | 93,418 | $ | 105,402 | $ | 105,253 | |||||||||||
(1) Rest of the world does not include any individual country comprising sales greater than 3% of total NobelClad revenue.
During the years ended December 31, 2025, 2024, and 2023, one DynaEnergetics customer accounted for approximately 26%, 23%, and 15%, respectively, of consolidated net sales. Additionally, the same DynaEnergetics customer accounted for approximately 32% and 30% of consolidated accounts receivable as of December 31, 2025, and 2024, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.