Perimeter Solutions SA
F:6OL
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Perimeter Solutions SA
F:6OL
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Perimeter Solutions SA
Perimeter Solutions makes firefighting chemicals and related specialty materials. Its main fire business sells long-term wildfire retardants and firefighting foam concentrates that help stop flames, protect property, and support emergency response. It also sells phosphorus-based specialty products used as ingredients in other industrial and chemical applications. Its main customers are government agencies, wildfire agencies, airports, industrial sites, oil and gas facilities, and manufacturers that need fire suppression chemicals or specialty raw materials. The company makes money by selling these products to end users and distributors, and by supplying recurring consumable materials that must be replaced or replenished over time. What makes Perimeter Solutions different is that it sits in a narrow part of the safety and chemicals chain where performance matters and buying decisions are tied to critical fire protection needs. Its products are not general-purpose chemicals; they are used in high-stakes situations where customers want trusted formulations, reliable supply, and products that meet strict technical and regulatory requirements.
Perimeter Solutions makes firefighting chemicals and related specialty materials. Its main fire business sells long-term wildfire retardants and firefighting foam concentrates that help stop flames, protect property, and support emergency response. It also sells phosphorus-based specialty products used as ingredients in other industrial and chemical applications.
Its main customers are government agencies, wildfire agencies, airports, industrial sites, oil and gas facilities, and manufacturers that need fire suppression chemicals or specialty raw materials. The company makes money by selling these products to end users and distributors, and by supplying recurring consumable materials that must be replaced or replenished over time.
What makes Perimeter Solutions different is that it sits in a narrow part of the safety and chemicals chain where performance matters and buying decisions are tied to critical fire protection needs. Its products are not general-purpose chemicals; they are used in high-stakes situations where customers want trusted formulations, reliable supply, and products that meet strict technical and regulatory requirements.
Strong quarter: Perimeter reported first-quarter net sales of $125.1 million, up 74% year over year, and adjusted EBITDA of $41.2 million, more than doubling from last year.
Fire Safety momentum: The Fire Safety segment grew revenue 22% to $45.4 million and adjusted EBITDA nearly doubled to $18.7 million, helped by international retardants and suppressants.
Big contract wins: The company signed a 5-year suppressants agreement with the DLA with a maximum contract value of $500 million and renewed its CAL FIRE contract for 5 years with higher pricing.
Specialty headwind: PDI was hurt by severe downtime at the Flexsys-operated Sauget facility, but Perimeter still said the underlying demand environment remains solid and PDI grew revenue and adjusted EBITDA slightly year over year.
MMT off to a good start: Management said integration is progressing well and now expects MMT’s full-year results to exceed initial expectations.
Balance sheet: Perimeter ended the quarter at approximately 3.2x net debt to LTM adjusted EBITDA, with about $92 million of cash and a fully undrawn $200 million revolver.
