boom-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______ TO ______

Commission file number 001-14775

DMC GLOBAL INC.

(Exact name of Registrant as Specified in its Charter)


Delaware						84-0608431
(State of Incorporation or Organization)						(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)

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $0.05 Par Value

BOOM

The Nasdaq Global Select Market

Stock Purchase Rights

The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐						Accelerated filer ☑
Non-accelerated filer ☐						Smaller reporting company ☐
						Emerging growth company ☐

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 ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 under the Act). Yes ☐ No ☑

The number of shares of Common Stock outstanding was 20,468,807 as of April 23, 2026.

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q 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 (the “Exchange Act”). We intend the forward-looking statements throughout this quarterly report on Form 10-Q to be covered by the safe harbor provisions for forward-looking statements. Statements contained in this report which are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. These statements can sometimes be identified by our use of forward-looking words such as “may,” “believe,” “plan,” “anticipate,” “estimate,” “expect,” “intend,” “seek,” and other phrases of similar meaning. Such statements include, but are not limited to, expectations regarding the impact of volatility of energy markets, the conflict between the United States, Israel, and Iran and related geopolitical instability, evolving global tariff policies on sales and profitability, tariff recoverability, market-responsive initiatives at Arcadia Products, cost reduction and market share expansion initiatives at DynaEnergetics, order activity improvements and shipment timing at NobelClad, market opportunities at NobelClad, our ability to access capital markets transactions in the future, the availability of funds to support our liquidity position and our expected future liquidity position. The forward-looking information is based on information available as of the date of this quarterly report and on numerous assumptions and developments that are not within our control. Although we believe that our expectations as expressed in these forward-looking statements are reasonable, we cannot assure you that our expectations will turn out to be correct. Factors that could cause actual results to differ materially include, but are not limited to, those factors referenced in our Annual Report on Form 10-K for the year ended December 31, 2025 and this Quarterly Report on Form 10-Q and other potential factors, including: geopolitical and economic instability, including recessions or depressions; inflation; supply chain delays and disruptions; the availability and cost of energy; transportation disruptions; the ability to obtain new contracts at attractive prices; the size and timing of customer orders and shipments; product pricing and margins; our ability to realize sales from our backlog; fluctuations in customer demand; fluctuations in foreign currencies; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timely receipt of government approvals and permits; the price and availability of metal, aluminum, and other raw materials; fluctuations in tariffs or quotas; changes in laws and regulations, both domestic and foreign, impacting our business and the business of the end-market users we serve; the adequacy of local labor supplies at our facilities; changes in immigration laws or enforcement programs; current or future limits on manufacturing capacity at our various operations; the impact of pending or future litigation or regulatory matters; the availability and cost of funds; our ability to access our borrowing capacity under our credit facility or access the capital markets; the actions of activist stockholders; global economic conditions; and wars, terrorism and armed conflicts. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. We undertake no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

TABLE OF CONTENTS


		Page
PART I - FINANCIAL INFORMATION

Item 1	Condensed Consolidated Financial Statements	4

	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	4
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity and Redeemable Noncontrolling Interest for the three months ended March 31, 2026 and 2025 (unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3	Quantitative and Qualitative Disclosure about Market Risk	33

Item 4	Controls and Procedures	33

PART II - OTHER INFORMATION

Item 1	Legal Proceedings	34

Item 1A	Risk Factors	34

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 5	Other Information	34

Item 6	Exhibits	35

	Signatures	36

Table of Contents

Part I - FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Financial Statements

DMC GLOBAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands, Except Share and Per Share Data)


	March 31, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	31,511	$	31,898

Accounts receivable, net of allowance for doubtful accounts of $9,850 and $9,790, respectively	90,861		93,697
Inventories	167,002		144,552
Prepaid expenses and other	12,210		16,224


Total current assets	301,584		286,371
Property, plant and equipment	248,644		249,280
Less - accumulated depreciation	(124,237)		(121,922)
Property, plant and equipment, net	124,407		127,358

Purchased intangible assets, net	150,695		155,051
Deferred tax assets	813		833
Other assets	70,910		66,218
Total assets	$	648,409	$	635,831

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	58,386	$	48,188
Accrued expenses	12,797		12,375


Accrued income taxes	2,087		4,289
Accrued employee compensation and benefits	11,258		13,111
Contract liabilities	27,048		22,568
Current portion of long-term debt	3,750		3,438
Other current liabilities	10,635		10,356

Total current liabilities	125,961		114,325
Long-term debt	50,204		47,206

Deferred tax liabilities	117		475
Other long-term liabilities	49,852		44,695
Total liabilities	226,134		206,701
Commitments and contingencies (Note 11)
Redeemable noncontrolling interest	187,080		187,080
Stockholders’ equity
Preferred stock, $0.05 par value; 4,000,000 shares authorized; no issued and outstanding shares	—		—
Common stock, $0.05 par value; 50,000,000 shares authorized; 21,482,407 and 21,497,468 shares issued, respectively	1,074		1,075
Additional paid-in capital	306,412		306,293
Accumulated deficit	(19,517)		(13,452)
Other cumulative comprehensive loss	(25,257)		(24,716)
Treasury stock, at cost, and company stock held for deferred compensation, at par; 1,007,256 and 979,334 shares, respectively	(27,517)		(27,150)


Total stockholders’ equity	235,195		242,050
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	$	648,409	$	635,831

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DMC GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in Thousands, Except Share and Per Share Data)

(unaudited)


	Three months ended March 31,
	2026		2025
Net sales	$	135,595	$	159,290
Cost of products sold	110,152		118,091
Gross profit	25,443		41,199
Costs and expenses:
General and administrative expenses	14,132		16,674
Selling and distribution expenses	10,472		11,626
Amortization of purchased intangible assets	4,356		4,763

Strategic review and related expenses	—		1,298
Restructuring expenses	566		325

Total costs and expenses	29,526		34,686
Operating (loss) income	(4,083)		6,513
Other expense:
Other expense, net	(45)		(218)
Interest expense, net	(1,461)		(1,699)
(Loss) income before income taxes	(5,589)		4,596
Income tax provision	1,221		2,733





Net (loss) income	$	(6,810)	$	1,863
Less: Net (loss) income attributable to redeemable noncontrolling interest	(745)		1,186
Net (loss) income attributable to DMC Global Inc. stockholders	$	(6,065)	$	677

Net (loss) income per share attributable to DMC Global Inc. stockholders:
Basic	$	(0.34)	$	0.04
Diluted	$	(0.34)	$	0.04
Weighted average shares outstanding:
Basic	20,066,158		19,812,161
Diluted	20,066,158		19,816,281

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 March 31,
	2026		2025
Net (loss) income attributable to DMC Global Inc. stockholders	$	(6,065)	$	677
Adjustment of redeemable noncontrolling interest	(735)		81
Net (loss) income attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest	$	(6,800)	$	758

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DMC GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Amounts in Thousands)

(unaudited)


	Three months ended March 31,
	2026		2025
Net (loss) income	$	(6,810)	$	1,863

Change in cumulative foreign currency translation adjustment	(541)		1,174
Other comprehensive (loss) income	$	(7,351)	$	3,037

Less: comprehensive (loss) income attributable to redeemable noncontrolling interest	(745)		1,186

Comprehensive (loss) income attributable to DMC Global Inc. stockholders	$	(6,606)	$	1,851

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DMC GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

(Amounts in Thousands, Except Share Data)

(unaudited)


								Other		Treasury Stock, at cost, and			Total		Redeemable
				Additional		Accumulated		Cumulative		Company Stock Held for			DMC Global Inc.		Non-
	Common Stock			Paid-In				Comprehensive		Deferred Compensation, at par			Stockholders’		Controlling
	Shares	Amount		Capital		Deficit		Loss		Shares	Amount		Equity		Interest
Balances, December 31, 2025	21,497,468	$	1,075	$	306,293	$	(13,452)	$	(24,716)	(979,334)	$	(27,150)	$	242,050	$	187,080
Net loss	—	—		—		(6,065)		—		—	—		(6,065)		(745)
Change in cumulative foreign currency translation adjustment	—	—		—		—		(541)		—	—		(541)		—
Share activity in connection with stock compensation plans	(15,061)	(1)		1		—		—		—	—		—		—
Stock-based compensation	—	—		853		—		—		—	—

SEC Form 10-Q filed by DMC Global Inc.