0000034067FALSE00000340672025-02-242025-02-240000034067us-gaap:CommonStockMember2025-02-242025-02-240000034067boom:StockPurchaseRightsMember2025-02-242025-02-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 24, 2025
 
DMC Global Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware  001-14775 84-0608431
(State or Other Jurisdiction of
Incorporation)		 (Commission File Number) (I.R.S. Employer Identification No.)
 
11800 Ridge Parkway, Suite 300, Broomfield, Colorado 80021
(Address of Principal Executive Offices, Including Zip Code)
 
(303) 665-5700
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, $0.05 Par ValueBOOMThe Nasdaq Global Select Market
Stock Purchase RightsThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o





Item 2.02    Results of Operations and Financial Condition

On February 24, 2025, DMC Global Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the fourth quarter and full fiscal year ended December 31, 2024. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information provided in Item 2.02 of this Current Report, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, unless specifically stated so therein.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits.

Exhibit NumberDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 




 
DMC GLOBAL INC.
 
Dated:February 24, 2025By:
/s/ Eric V. Walter
Eric V. Walter
Chief Financial Officer



letterheadpage2v2a09.jpg
Exhibit 99.1

FOR IMMEDIATE RELEASE:CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924
DMC GLOBAL REPORTS FOURTH QUARTER FINANCIAL RESULTS

•Fourth quarter sales were $152.4 million, flat sequentially and down 12% versus Q4 2023
•Net income attributable to DMC was $0.3 million, while total net loss was $1.2 million
•Adjusted net income attributable to DMC* was $1.8 million, or $0.09, per diluted share
•Adjusted EBITDA attributable to DMC* was $10.4 million, while total adjusted EBITDA, inclusive of non-controlling interest (NCI), was $11.9 million


BROOMFIELD, Colo. - February 24, 2025 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its fourth quarter ended December 31, 2024. Stabilization at DMC’s three manufacturing businesses led to sales and earnings results that were above management’s forecasts, while progress was made on several internal initiatives that should benefit future periods. Fourth quarter sales were $152.4 million versus a forecasted range of $138 million to $148 million, while adjusted EBITDA attributable to DMC was $10.4 million versus guidance of $5 million to $8 million.

Sales at Arcadia, DMC’s architectural building products business, were up 4% sequentially and down 11% versus last year’s fourth quarter. Sales of commercial exterior products, which generate approximately 75% of Arcadia’s total revenue, were up modestly versus both the 2024 third quarter and comparable prior-year period. The year-over-year decline in fourth quarter sales principally reflects weak demand from the luxury home market for Arcadia’s premium residential windows and doors.

Jim Schladen, who recently rejoined Arcadia as president, is focused on a “back-to-basics” approach to driving sales and earnings growth, further strengthening the core commercial operations, and implementing an improvement plan for Arcadia’s high-end residential window and door offering. This plan may include the rightsizing of certain underperforming offerings.

At DynaEnergetics, DMC’s energy products business, fourth quarter sales declined 9% sequentially and 15% year-over-year. The sequential decline reflects a seasonal slowdown in North American onshore well completions, which was partially offset by strong international demand. The year-over-year sales decline principally reflects lower pricing in North America.

During the fourth quarter, DynaEnergetics introduced the next generation of its DynaStage perforating system, the leading modular perforating gun in the unconventional oil and gas industry. The new model brings a further improvement in down-hole reliability. Having been fully value reengineered to reduce material and complexity, it is lighter and more compact than its predecessor. All customers have completed the transition to the new system, which is being embraced for its unique and superior value proposition. DynaEnergetics also completed the first phase of a major automation project at its North American manufacturing center in Blum, Texas. Phase two is on track for completion in the second quarter.

At NobelClad, DMC’s composite metals business, strong shipments led to the second best quarterly sales performance in more than a decade. Fourth quarter sales increased 14% sequentially, but declined 8% versus last year’s fourth quarter, which was NobelClad’s strongest sales quarter since 2013. Order backlog at the end of the fourth quarter was $49 million versus $59 million at the end of the third quarter, reflecting robust fourth quarter shipments that were not sufficiently offset by new bookings. Inquiries and order opportunities within NobelClad’s
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primary U.S. downstream energy market had improved throughout the fourth quarter and have remained healthy in the first quarter. NobelClad is focused on converting as many of these opportunities as possible into firm orders.

The Company believes Arcadia and DynaEnergetics have made significant progress stabilizing and improving their operations, positioning them to fully participate in future recoveries of their respective end markets. DMC’s focus prospectively is on margin expansion, EBITDA growth and debt reduction. During December 2024, DMC reached an agreement with its Arcadia joint venture partners to extend its put obligation until no earlier than September 2026. This extension will provide the company with significant optionality to deleverage its balance sheet with free cash flow while exploring opportunities to refinance on more favorable terms.

Guidance
First quarter sales are expected to be in a range of $146 million to $154 million, while adjusted EBITDA is expected in a range of $8 million to $11 million. DMC said its businesses are closely monitoring evolving U.S. and reciprocal tariff policies.

Summary Fourth Quarter Results
Three months endedChange
 (Amounts in 000’s, except Per Share Data)Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$152,374 $152,429 $174,036 — %(12)%
Gross profit percentage20.8 %19.8 %26.1 %
SG&A$25,126 $28,205 $27,179 (11)%(8)%
Net (loss) income$(1,156)$(159,416)$3,569 99 %(132)%
Net income (loss) attributable to DMC$296 $(101,323)$2,764 100 %(89)%
Diluted net (loss) income per share attributable to DMC$(0.17)$(8.27)$0.01 98 %(1,800)%
Adjusted net income (loss) attributable to DMC $1,754 $(9,615)$5,179 118 %(66)%
Adjusted diluted net income (loss) per share $0.09 $(0.49)$0.26 118 %(65)%
Adjusted EBITDA attributable to DMC$10,382 $5,671 $19,589 83 %(47)%
Adjusted EBITDA before NCI allocation$11,876 $7,015 $23,278 69 %(49)%
Adjusted EBITDA before NCI allocation margin7.8 %4.6 %13.4 %

Arcadia

Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$60,272 $57,818 $67,958 4 %(11)%
Gross profit percentage22.4 %23.5 %27.8 %
Adjusted EBITDA attributable to DMC$2,243 $2,014 $5,533 11 %(59)%
Adjusted EBITDA before NCI allocation3,737 3,358 9,222 11 %(59)%
Adjusted EBITDA before NCI allocation margin6.2 %5.8 %13.6 %
•Sales decline vs. Q4 2023 reflects weak demand from luxury residential market.
•Adjusted EBITDA decline vs. prior-year quarter was disproportionate to sales decline due to higher fixed costs associated with the manufacturing of luxury residential products.


2
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DynaEnergetics

Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$63,675 $69,679 $75,306 (9)%(15)%
Gross profit percentage15.1 %12.0 %21.4 %
Adjusted EBITDA$5,098 $414 $9,286 1,131 %(45)%
Adjusted EBITDA margin8.0 %0.6 %12.3 %
•Year-over-year sales decline was attributable to lower pricing in North America, while sequential sales decline reflects slowdown in North American well-completion activity.
•Year-over-year margin decline reflects lower pricing, while sequential margin improvement was due to third-quarter inventory and bad-debt charges.

NobelClad

Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$28,427 $24,932 $30,772 14 %(8)%
Gross profit percentage30.5 %33.2 %33.8 %
Adjusted EBITDA$5,848 $5,776 $7,608 1 %(23)%
Adjusted EBITDA margin20.6 %23.2 %24.7 %
•Rolling 12-month bookings were $96.6 million, and the 12-month book-to-bill ratio was 0.92.

Summary 2024 Results
Twelve months endedChange
 Dec 31, 2024Dec 31, 2023Year-on-year
Net sales$642,851 $719,188 (11)%
Gross profit percentage23.4 %29.5 %
SG&A$108,656 $124,442 (13)%
Net (loss) income$(151,960)$34,759 (537)%
Net (loss) income attributable to DMC $(94,452)$26,259 (460)%
Diluted net (loss) income per share attributable to DMC$(8.20)$1.08 (859)%
Adjusted net income attributable to DMC $1,981 $35,316 (94)%
Adjusted diluted net income per share $0.10 $1.81 (94)%
Adjusted EBITDA attributable to DMC$52,156 $96,063 (46)%
Adjusted EBITDA before NCI allocation$62,334 $115,908 (46)%
Adjusted EBITDA before NCI allocation margin9.7 %16.1 %

Conference call information
The conference call will begin today at 5 p.m. Eastern (3 p.m. Mountain) and will be accessible by dialing 877-407-5783 (or +1 201-689-8782 for international callers).

Investors are invited to listen to the webcast live via the Internet at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=LMDq0nQw

3
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Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. The webcast also will be available on the Investor page of DMC’s website, located at: ir.dmcglobal.com. A replay of the webcast will be available for six months.

*Use of Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States (GAAP), the Company also discloses certain non-GAAP financial measures that we use in operational and financial decision making. Non-GAAP financial measures include the following:

•EBITDA: defined as net income (loss) plus net interest, taxes, depreciation and amortization.
•Adjusted EBITDA: excludes from EBITDA stock-based compensation, restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance (as further described in the tables below).
•Adjusted EBITDA attributable to DMC Global Inc.: excludes the Adjusted EBITDA attributable to the 40% redeemable noncontrolling interest in Arcadia Products.
•Adjusted EBITDA for DMC business segments: defined as operating income (loss) plus depreciation, amortization, allocated stock-based compensation (if applicable), restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
•Adjusted net income (loss): defined as net income (loss) attributable to DMC Global Inc. stockholders prior to the adjustment of redeemable noncontrolling interest plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC's operating performance.
•Adjusted diluted earnings per share: defined as diluted earnings per share attributable to DMC Global Inc. stockholders (exclusive of adjustment of redeemable noncontrolling interest) plus restructuring expenses and asset impairment charges (if applicable) and, when appropriate, nonrecurring items that management does not utilize in assessing DMC’s operating performance.
•Net debt: defined as total debt less total cash, cash equivalents and marketable securities.
•Free-cash flow: defined as cash flows from operating activities less net acquisitions of property, plant and equipment.

Management believes providing these additional financial measures is useful to investors in understanding the Company’s operating performance, excluding the effects of restructuring, impairment, and other nonrecurring charges, as well as its liquidity. Management typically monitors the business utilizing the above non-GAAP measures, in addition to GAAP results, to understand and compare operating results across accounting periods, and certain management incentive awards are based, in part, on these measures. The presence of non-GAAP financial measures in this report is not intended to suggest that such measures be considered in isolation or as a substitute for, or as superior to, DMC’s GAAP information, and investors are cautioned that the non-GAAP financial measures are limited in their usefulness.

Because not all companies use identical calculations, DMC’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company’s capital structure on its performance.

DMC is unable to reconcile its expected first quarter 2025 adjusted EBITDA attributable to DMC to the most directly comparable projected GAAP financial measure because certain information necessary to calculate such
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measure on a GAAP basis is unavailable or dependent on the timing of future events outside of DMC’s control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, DMC is unable to provide a reconciliation for expected adjusted EBITDA attributable to DMC without unreasonable efforts.

About DMC Global Inc.
DMC Global is an owner and operator of innovative, asset-light manufacturing businesses that provide unique, highly engineered products and differentiated solutions. DMC’s businesses have established leadership positions in their respective markets and consist of: Arcadia, a leading supplier of architectural building products; DynaEnergetics, which serves the global energy industry; and NobelClad, which addresses the global industrial infrastructure and transportation sectors. Based in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit: http://www.dmcglobal.com/.

###

Safe Harbor Language
Except for the historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including first quarter 2025 guidance on sales and adjusted EBITDA; our expectations that future periods should benefit from internal initiatives, that Arcadia’s “back-to-basics” approach will drive sales and earnings growth, the potential rightsizing of certain underperforming offerings at Arcadia, DynaEnergetics’ expected second-quarter completion of phase two of its automation initiative, our belief that Arcadia and DynaEnergetics will be positioned to participate in future recoveries of their respective end markets, and DMC’s belief that it can expand margins, grow EBITDA and reduce debt. Such statements and information are based on numerous assumptions regarding present and future business strategies, the markets in which we operate, anticipated costs and the ability to achieve goals. Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results and performance to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: our ability to realize sales from our backlog; our ability to obtain new contracts at attractive prices; the execution of purchase commitments by our customers, and our ability to successfully deliver on those purchase commitments; the size and timing of customer orders and shipments; the timely completion of contracts; changes to customer orders; product pricing and margins; fluctuations in customer demand; our ability to successfully navigate slowdowns in market activity or execute and capitalize upon growth opportunities; the success of DynaEnergetics’ product, technology, and margin enhancement initiatives; our ability to successfully protect our technology and intellectual property and the costs associated with these efforts; consolidation among DynaEnergetics’ customers; fluctuations in foreign currencies; fluctuations in tariffs and quotas; the cost and availability of energy; the cyclicality of our business; competitive factors; the timing and size of expenditures; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; our ability to attract and retain key personnel; current or future limits on manufacturing capacity at our various operations; government actions or other changes in laws and regulations; the availability and cost of funds; our ability to access our borrowing capacity under our credit facility; geopolitical and economic instability, including recessions, depressions, wars or other military actions; inflation; supply chain delays and disruptions; transportation disruptions; general economic conditions, both domestic and foreign, impacting our business and the business of our customers and the end-market users we serve; the potential effects of activist stockholder actions and actions that we may take to discourage takeover attempts, as well as the other risks detailed from time to time in our SEC reports, including the annual report on Form 10-K for the year ended December 31, 2024. We do not undertake any obligation to release public revisions to any forward-looking statement, including, without limitation, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
5
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Three months endedChange
 Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
NET SALES$152,374 $152,429 $174,036 — %(12)%
COST OF PRODUCTS SOLD120,675 122,324 128,682 (1)%(6)%
Gross profit31,699 30,105 45,354 5 %(30)%
Gross profit percentage20.8 %19.8 %26.1 %
COSTS AND EXPENSES:
General and administrative expenses15,449 14,349 15,056 8 %3 %
Selling and distribution expenses9,677 13,856 12,123 (30)%(20)%
Amortization of purchased intangible assets5,278 5,278 5,666 — %(7)%
Goodwill impairment— 141,725 — (100)%—%
Strategic review expenses1,813 1,763 — 3 %100%
Restructuring expenses and asset impairments 178 2,069 3,251 (91)%(95)%
Total costs and expenses32,395 179,040 36,096 (82)%(10)%
OPERATING (LOSS) INCOME(696)(148,935)9,258 100 %(108)%
OTHER INCOME (EXPENSE):
Other income (expense), net145 (520)(1,445)128 %110 %
Interest expense, net(1,918)(2,113)(2,311)(9)%(17)%
(LOSS) INCOME BEFORE INCOME TAXES(2,469)(151,568)5,502 98 %(145)%
INCOME TAX (BENEFIT) PROVISION(1,313)7,848 1,933 117 %168 %
NET (LOSS) INCOME(1,156)(159,416)3,569 99 %(132)%
Less: Net (loss) income attributable to redeemable noncontrolling interest(1,452)(58,093)805 98 %(280)%
NET INCOME (LOSS) ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS$296 $(101,323)$2,764 100 %(89)%
NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic$(0.17)$(8.27)$0.01 98 %(1,800)%
Diluted$(0.17)$(8.27)$0.01 98 %(1,800)%
WEIGHTED AVERAGE SHARES OUTSTANDING:  
Basic19,730,64319,706,58719,561,494— %1 %
Diluted19,730,64319,706,58719,580,750— %1 %

Reconciliation to net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended
Dec 31, 2024Sep 30, 2024Dec 31, 2023
Net income (loss) attributable to DMC Global Inc. stockholders$296 $(101,323)$2,764 
Adjustment of redeemable noncontrolling interest(1,059)(61,687)(2,581)
Deemed dividend(2,500)— — 
Net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$(3,263)$(163,010)$183 
6
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Twelve months endedChange
 Dec 31, 2024Dec 31, 2023Year-on-year
NET SALES$642,851 $719,188 (11)%
COST OF PRODUCTS SOLD492,282 507,136 (3)%
Gross profit150,569 212,052 (29)%
Gross profit percentage23.4 %29.5 %
COSTS AND EXPENSES:
General and administrative expenses61,401 75,341 (19)%
Selling and distribution expenses47,255 49,101 (4)%
Amortization of purchased intangible assets21,155 22,667 (7)%
Goodwill impairment141,725 — 100 %
Strategic review expenses7,765 — 100 %
Restructuring expenses and asset impairments2,526 3,766 (33)%
Total costs and expenses281,827 150,875 87 %
OPERATING (LOSS) INCOME(131,258)61,177 (315)%
OTHER EXPENSE:
Other expense, net(1,068)(1,782)(40)%
Interest expense, net(8,664)(9,516)(9)%
(LOSS) INCOME BEFORE INCOME TAXES(140,990)49,879 (383)%
INCOME TAX PROVISION10,970 15,120 (27)%
NET (LOSS) INCOME(151,960)34,759 (537)%
Less: Net (loss) income attributable to redeemable noncontrolling interest(57,508)8,500 (777)%
NET (LOSS) INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS$(94,452)$26,259 (460)%
NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS  
Basic$(8.20)$1.08 (859)%
Diluted$(8.20)$1.08 (859)%
WEIGHTED AVERAGE SHARES OUTSTANDING:  
Basic19,667,67319,504,5421 %
Diluted19,667,67319,518,3821 %

Reconciliation to net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Twelve months ended
Dec 31, 2024Dec 31, 2023
Net (loss) income attributable to DMC Global Inc. stockholders$(94,452)$26,259 
Adjustment of redeemable noncontrolling interest(64,260)(4,870)
Deemed dividend(2,500)— 
Net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$(161,212)$21,389 

7
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Arcadia
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$60,272 $57,818 $67,958 4 %(11)%
Gross profit13,493 13,562 18,910 (1)%(29)%
Gross profit percentage22.4 %23.5 %27.8 %
COSTS AND EXPENSES:
General and administrative expenses8,237 7,223 7,012 14 %17 %
Selling and distribution expenses3,505 4,210 4,028 (17)%(13)%
Amortization of purchased intangible assets5,278 5,278 5,652 — %(7)%
Goodwill impairment— 141,725 — (100)%— %
Restructuring expenses and asset impairments118 248 — (52)%100 %
Operating (loss) income(3,645)(145,122)2,218 97 %(264)%
Adjusted EBITDA3,737 3,358 9,222 11 %(59)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,494)(1,344)(3,689)11 %(60)%
Adjusted EBITDA attributable to DMC Global Inc.$2,243 $2,014 $5,533 11 %(59)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Net sales$249,763 $298,909 (16)%
Gross profit67,025 92,252 (27)%
Gross profit percentage26.8 %30.9 %
COSTS AND EXPENSES:
General and administrative expenses30,881 30,488 1 %
Selling and distribution expenses16,299 17,749 (8)%
Amortization of purchased intangible assets21,111 22,608 (7)%
Goodwill impairment141,725 — 100 %
Restructuring expenses and asset impairments645 — 100 %
Operating (loss) income(143,636)21,407 (771)%
Adjusted EBITDA$25,446 $49,612 (49)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest$(10,178)$(19,845)(49)%
Adjusted EBITDA attributable to DMC Global Inc.$15,268 $29,767 (49)%

8
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

DynaEnergetics
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$63,675 $69,679 $75,306 (9)%(15)%
Gross profit9,604 8,347 16,127 15 %(40)%
Gross profit percentage15.1 %12.0 %21.4 %
COSTS AND EXPENSES:
General and administrative expenses2,634 2,299 2,937 15 %(10)%
Selling and distribution expenses3,588 7,276 5,584 (51)%(36)%
Amortization of purchased intangible assets— — 14 —%(100)%
Restructuring expenses and asset impairments60 1,821 3,011 (97)%(98)%
Operating income (loss)3,322 (3,049)4,581 209 %(27)%
Adjusted EBITDA$5,098 $414 $9,286 1,131 %(45)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Net sales$287,686 $315,026 (9)%
Gross profit50,055 86,701 (42)%
Gross profit percentage17.4 %27.5 %
COSTS AND EXPENSES:
General and administrative expenses10,835 15,806 (31)%
Selling and distribution expenses21,128 21,472 (2)%
Amortization of purchased intangible assets44 59 (25)%
Restructuring expenses and asset impairments1,881 3,011 (38)%
Operating income16,167 46,353 (65)%
Adjusted EBITDA$24,803 $56,270 (56)%

NobelClad
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net sales$28,427 $24,932 $30,772 14 %(8)%
Gross profit8,676 8,269 10,416 5 %(17)%
Gross profit percentage30.5 %33.2 %33.8 %
COSTS AND EXPENSES:
General and administrative expenses1,092 1,110 1,114 (2)%(2)%
Selling and distribution expenses2,534 2,190 2,435 16 %4 %
Operating income5,050 4,969 6,867 2 %(26)%
Adjusted EBITDA$5,848 $5,776 $7,608 1 %(23)%

9
DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Net sales$105,402 $105,253 — %
Gross profit33,811 33,529 1 %
Gross profit percentage32.1 %31.9 %
COSTS AND EXPENSES:
General and administrative expenses4,299 4,092 5 %
Selling and distribution expenses9,461 9,570 (1)%
Restructuring expenses and asset impairments— 440 (100)%
Operating income20,051 19,427 3 %
Adjusted EBITDA$23,226 $22,760 2 %

10
DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

Change
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialFrom year-end
(unaudited)(unaudited)
ASSETS  
Cash and cash equivalents$14,289 $14,511 $31,040 (2)%(54)%
Marketable securities— — 12,619 -(100)%
Accounts receivable, net103,361 110,996 106,205 (7)%(3)%
Inventories152,580 165,636 166,712 (8)%(8)%
Prepaid expenses and other18,792 16,734 10,236 12 %84 %
Total current assets289,022 307,877 326,812 (6)%(12)%
Property, plant and equipment, net129,276 129,674 129,267 — %— %
Goodwill— — 141,725 — %(100)%
Purchased intangible assets, net174,104 179,380 195,260 (3)%(11)%
Other long-term assets78,935 85,079 91,431 (7)%(14)%
Total assets$671,337 $702,010 $884,495 (4)%(24)%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable$45,059 $55,883 $40,202 (19)%12 %
Contract liabilities23,162 21,263 21,621 9 %7 %
Accrued income taxes7,574 16,616 12,810 (54)%(41)%
Current portion of long-term debt2,500 2,500 15,000 — %(83)%
Other current liabilities35,807 33,787 36,828 6 %(3)%
Total current liabilities114,102 130,049 126,461 (12)%(10)%
Long-term debt68,318 71,715 100,851 (5)%(32)%
Deferred tax liabilities711 1,702 1,956 (58)%(64)%
Other long-term liabilities50,155 54,940 57,172 (9)%(12)%
Redeemable noncontrolling interest187,080 187,080 187,760 — %— %
Stockholders’ equity250,971 256,524 410,295 (2)%(39)%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity$671,337 $702,010 $884,495 (4)%(24)%

11
DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)

Three months endedTwelve months ended
 Dec 31, 2024Sep 30, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net (loss) income$(1,156)$(159,416)$3,569 $(151,960)$34,759 
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation3,597 3,444 3,546 13,891 13,840 
Amortization of purchased intangible assets5,278 5,278 5,666 21,155 22,667 
Amortization of deferred debt issuance costs217 217 141 841 553 
Stock-based compensation1,799 1,772 1,712 6,902 10,270 
Bad debt expense(49)3,943 1,006 4,930 1,146 
Deferred income taxes(515)6,026 (1,248)4,219 970 
Asset impairments138 1,044 1,956 1,182 2,471 
Goodwill impairment— 141,725 — 141,725 — 
Unrealized gain on marketable securities— — (148)— (148)
Other(1,242)712 1,859 (1,318)(181)
Change in working capital, net3,744 14,257 5,120 5,029 (20,420)
Net cash provided by operating activities11,811 19,002 23,179 46,596 65,927 
CASH FLOWS FROM INVESTING ACTIVITIES: 
Investment in marketable securities— — (4,955)— (12,471)
Proceeds from maturities of marketable securities— — — 3,000 — 
Proceeds from sales of marketable securities— — — 9,619 — 
Acquisition of property, plant and equipment(5,684)(6,085)(8,519)(17,284)(15,974)
Proceeds from property, plant and equipment reimbursements587 406 — 993 — 
Proceeds on sale of property, plant and equipment3 — 344 103 344 
Net cash used in investing activities(5,094)(5,679)(13,130)(3,569)(28,101)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Repayments on term loan(625)(625)(3,750)(119,375)— 
Borrowings on term loan— — — 50,000 (17,500)
Borrowings on revolving loans12,500 500 — 90,150 — 
Repayments on revolving loans(15,375)(9,875)— (65,775)— 
Payments of debt issuance costs— — — (2,735)— 
Distributions to redeemable noncontrolling interest holder(124)(3,649)(3,170)(8,445)(13,515)
Payment of deemed dividend to noncontrolling interest holder(2,500)— — (2,500)— 
Net proceeds from issuance of common stock to employees— — 102 132 314 
Treasury stock activity(240)(48)(153)(1,240)(2,481)
Net cash used in financing activities(6,364)(13,697)(6,971)(59,788)(33,182)
EFFECTS OF EXCHANGE RATES ON CASH(575)318 (98)10 1,252 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(222)(56)2,980 (16,751)5,896 
CASH AND CASH EQUIVALENTS, beginning of the period14,511 14,567 28,060 31,040 25,144 
CASH AND CASH EQUIVALENTS, end of the period$14,289 $14,511 $31,040 $14,289 $31,040 

12
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

DMC Global

EBITDA and Adjusted EBITDA
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Net (loss) income(1,156)(159,416)3,569 99 %(132)%
Interest expense, net1,918 2,113 2,311 (9)%(17)%
Income tax (benefit) provision(1,313)7,848 1,933 117 %168 %
Depreciation3,597 3,444 3,546 4 %1 %
Amortization of purchased intangible assets5,278 5,278 5,666 — %(7)%
EBITDA8,324 (140,733)17,025 106 %(51)%
Stock-based compensation1,706 1,671 1,557 2 %10 %
Goodwill impairment— 141,725 — (100)%—%
Strategic review expenses1,813 1,763 — 3 %100 %
Restructuring expenses and asset impairments178 2,069 3,251 (91)%(95)%
Other (income) expense, net(145)520 1,445 128 %110 %
Adjusted EBITDA$11,876 $7,015 $23,278 69 %(49)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,494)(1,344)(3,689)11 %(60)%
Adjusted EBITDA attributable to DMC Global Inc.$10,382 $5,671 $19,589 83 %(47)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Net (loss) income$(151,960)$34,759 (537)%
Interest expense, net8,664 9,516 (9)%
Income tax provision10,970 15,120 (27)%
Depreciation13,891 13,840 — %
Amortization of purchased intangible assets21,155 22,667 (7)%
EBITDA(97,280)95,902 (201)%
Stock-based compensation6,530 10,115 (35)%
Goodwill impairment141,725 — 100 %
Strategic review expenses 7,765 — 100 %
Restructuring expenses and asset impairments2,526 3,766 (33)%
CEO transition expenses— 4,343 (100)%
Other expense, net1,068 1,782 (40)%
Adjusted EBITDA $62,334 $115,908 (46)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(10,178)(19,845)(49)%
Adjusted EBITDA attributable to DMC Global Inc.$52,156 $96,063 (46)%
13
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

Adjusted Net Income (Loss)* and Adjusted Diluted Earnings per Share

*Net income (loss) attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest and deemed dividend for purposes of calculating earnings per share

Three months ended December 31, 2024
Amount
Per Share (1)
Net income attributable to DMC Global Inc.*$296 $0.02 
Strategic review expenses, net of tax1,360 0.07 
Restructuring expenses and asset impairments, net of tax98 — 
As adjusted$1,754 $0.09 
(1) Calculated using diluted weighted average shares outstanding of 19,730,643
Three months ended September 30, 2024
Amount
Per Share (1)
Net loss attributable to DMC Global Inc.*$(101,323)$(5.14)
Goodwill impairment, net of tax85,035 4.31 
Strategic review expenses, net of tax1,322 0.07 
Restructuring expenses and asset impairments, net of tax1,451 0.07 
Establishment of income tax valuation allowance3,900 0.20 
As adjusted$(9,615)$(0.49)
(1) Calculated using diluted weighted average shares outstanding of 19,706,587

Three months ended December 31, 2023
Amount
Per Share (1)
Net income attributable to DMC Global Inc.*$2,764 $0.14 
Restructuring expenses and asset impairments, net of tax2,415 0.12 
As adjusted$5,179 $0.26 
(1) Calculated using diluted weighted average shares outstanding of 19,580,750
Twelve months ended December 31, 2024
Amount
Per Share (1)
Net loss attributable to DMC Global Inc.*$(94,452)$(4.80)
Goodwill impairment, net of tax85,035 4.32 
Strategic review expenses, net of tax5,824 0.30 
Restructuring expenses and asset impairments, net of tax1,674 0.08 
Establishment of income tax valuation allowance3,900 0.20 
As adjusted$1,981 $0.10 
(1) Calculated using diluted weighted average shares outstanding of 19,667,673
Twelve months ended December 31, 2023
Amount
Per Share (1)
Net income attributable to DMC Global Inc.*$26,259 $1.35 
CEO transition expenses and accelerated stock-based compensation, net of tax6,284 0.32 
Restructuring expenses and asset impairments, net of tax2,773 0.14 
As adjusted$35,316 $1.81 
(1) Calculated using diluted weighted average shares outstanding of 19,518,382

14
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

Segment Adjusted EBITDA

Arcadia
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Operating (loss) income, as reported$(3,645)$(145,122)$2,218 97 %(264)%
Adjustments:
Depreciation1,004 914 1,020 10 %(2)%
Amortization of purchased intangible assets5,278 5,278 5,652 — %(7)%
Stock-based compensation982 315 332 212 %196 %
Goodwill impairment— 141,725 — (100)%— %
Restructuring expenses and asset impairments118248— (52)%100 %
Adjusted EBITDA3,737 3,358 9,222 11 %(59)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(1,494)(1,344)(3,689)11 %(60)%
Adjusted EBITDA attributable to DMC Global Inc.$2,243 $2,014 $5,533 11 %(59)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Operating (loss) income, as reported$(143,636)$21,407 (771)%
Adjustments:
Depreciation3,681 3,695 — %
Amortization of purchased intangible assets21,111 22,608 (7)%
Stock-based compensation1,920 1,571 22 %
Goodwill impairment141,725 — 100 %
Restructuring expenses and asset impairments645 — 100 %
CEO transition expenses— 331 (100)%
Adjusted EBITDA25,446 49,612 (49)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(10,178)(19,845)(49)%
Adjusted EBITDA attributable to DMC Global Inc.$15,268 $29,767 (49)%
15
DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)


DynaEnergetics
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Operating income (loss), as reported$3,322 $(3,049)$4,581 209 %(27)%
Adjustments:
Depreciation1,716 1,642 1,680 5 %2 %
Amortization of purchased intangible assets— — 14 —%(100)%
Restructuring expenses and asset impairments60 1,821 3,011 (97)%(98)%
Adjusted EBITDA$5,098 $414 $9,286 1,131 %(45)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Operating income, as reported$16,167 $46,353 (65)%
Adjustments:
Depreciation6,711 6,847 (2)%
Amortization of purchased intangible assets44 59 (25)%
Restructuring expenses and asset impairments1,881 3,011 (38)%
Adjusted EBITDA$24,803 $56,270 (56)%

NobelClad
Three months endedChange
Dec 31, 2024Sep 30, 2024Dec 31, 2023SequentialYear-on-year
Operating income, as reported$5,050 $4,969 $6,867 2 %(26)%
Adjustments:
Depreciation798 807 741 (1)%8 %
Adjusted EBITDA$5,848 $5,776 $7,608 1 %(23)%

Twelve months endedChange
Dec 31, 2024Dec 31, 2023Year-on-year
Operating income, as reported$20,051 $19,427 3 %
Adjustments:
Depreciation3,175 2,893 10 %
Restructuring expenses and asset impairments— 440 (100)%
Adjusted EBITDA$23,226 $22,760 2 %

16
v3.25.0.1
Cover
Feb. 24, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 24, 2025
Entity Registrant Name DMC Global Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-14775
Entity Tax Identification Number 84-0608431
Entity Address, Address Line One 11800 Ridge Parkway
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Broomfield
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80021
City Area Code 303
Local Phone Number 665-5700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000034067
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.05 Par Value
Trading Symbol BOOM
Security Exchange Name NASDAQ
Stock Purchase Rights  
Document Information [Line Items]  
Title of 12(b) Security Stock Purchase Rights
No Trading Symbol Flag true
Security Exchange Name NASDAQ
DMC Global (NASDAQ:BOOM)
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