PRM · Perimeter Solutions, S.A.

Perimeter Solutions delivered strong Q1 2026 results with net sales surging 74% to $125.1 million, primarily propelled by the 128% growth in Specialty Products to $79.6 million following the January 22 acquisition of Medical Manufacturing Technologies (MMT) for $682.3 million net cash. This deal, funded via cash on hand and new senior secured notes, significantly expanded the segment's scope into lubricant additives, electronic components, and medical machinery, contributing to Specialty Products Adjusted EBITDA jumping 181% to $22.5 million. Fire Safety also advanced, with net sales up 22% to $45.5 million and Adjusted EBITDA rising 85% to $18.7 million, supported by core operations in retardants and suppressants. GAAP net income reached $72.9 million or $0.44 diluted EPS, aided by a $76.4 million non-cash gain from founders advisory fees, while adjusted EPS improved to $0.06 from $0.03 year-over-year. Balance sheet reflects acquisition impact, with cash dropping to $91.6 million from $325.9 million year-end, long-term debt climbing to $1.21 billion, and total assets expanding to $3.16 billion. Operating cash flow swung negative to $(89) million due to working capital and cash settlement of founders fees, offset by $543 million financing inflows. Post-quarter, the company secured five-year contracts with the U.S. Defense Logistics Agency for suppressants and California Department of Forestry for retardants, bolstering revenue visibility. Capital expenditures remained modest at $5.8 million. Management emphasized continued value driver execution and acquisitions as key to fulfilling customer missions and stockholder returns, with no forward guidance provided in the release.