v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s products and operations are managed and reported in two operating segments: Fire Safety and Specialty Products. The Fire Safety segment provides fire retardants and firefighting foams, as well as specialized equipment and services typically offered in conjunction with the Company’s retardant and foam products. The Specialty Products segment includes operations that develop, produce and market products for non-fire safety markets. The Company’s largest end market application for the Specialty Products segment is Phosphorus Pentasulfide (“P2S5”) based lubricant additives. P2S5 is also used in pesticide and mining chemicals applications, and emerging electric battery technologies. The Specialty Products segment also includes IMS, which is a manufacturer of electronic or electro-mechanical components of larger solutions. IMS has a flexible, vertically integrated production facility centered on its printed circuit board (“PCB”) line that allows it to acquire and produce a variety of product lines across a range of end markets, including large medical systems, communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a substantial focus on aftermarket repair and replacement.
The chief operating decision-maker (“CODM”) is the Company's CEO. The CODM uses Segment Adjusted EBITDA for each segment predominantly in the annual budget and forecasting process. The CODM considers budget/forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.
Segment Adjusted EBITDA is defined as income (loss) before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring, (ii) acquisition related costs (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain).
Interest income, interest expense, other income (expense) and certain corporate operating expenses are not included in the measures of segment performance reviewed by the CODM. The corporate category is not considered to be a segment.

Information related to net sales, Segment Adjusted EBITDA, depreciation and amortization, purchases of property and equipment, and purchases of intangible assets are summarized below (in thousands):
Three Months Ended September 30, 2025
Fire SafetySpecialty ProductsTotal
Net sales:
Product$216,248 $42,055 $258,303 
Services and others57,136 4 57,140 
Total net sales$273,384 $42,059 $315,443 
Less:
Adjusted cost of goods sold$84,748 $28,084 $112,832 
Adjusted selling, general and administrative expense11,426 4,868 16,294 
Segment Adjusted EBITDA$177,210 $9,107 $186,317 
Less:
Depreciation and amortization18,793 
Interest and financing expense9,870 
Founders advisory fees - related party247,684 
Non-recurring expenses562 
Acquisition costs33 
Stock-based compensation expense6,519 
Foreign currency loss6 
Loss before income taxes$(97,150)
 
Depreciation and amortization$14,433 $4,360 $18,793 
Purchases of property and equipment$1,724 $3,298 $5,022 
Three Months Ended September 30, 2024
Fire SafetySpecialty ProductsTotal
Net sales:
Product$198,578 $36,572 $235,150 
Services and others53,267 — 53,267 
Total net sales$251,845 $36,572 $288,417 
Less:
Adjusted cost of goods sold$83,733 $20,596 $104,329 
Adjusted selling, general and administrative expense10,633 3,079 13,712 
Segment Adjusted EBITDA$157,479 $12,897 $170,376 
Less:
Depreciation and amortization16,444 
Interest and financing expense10,054 
Founders advisory fees - related party184,176 
Non-recurring expenses1,834 
Stock-based compensation expense3,312 
Foreign currency gain(1,354)
Loss before income taxes$(44,090)
   
Depreciation and amortization$12,819 $3,625 $16,444 
Purchases of property and equipment$2,303 $1,572 $3,875 
Nine Months Ended September 30, 2025
Fire SafetySpecialty ProductsTotal
Net sales:
Product$338,823 $118,969 $457,792 
Services and others92,008 312 92,320 
Total net sales$430,831 $119,281 $550,112 
Less:
Adjusted cost of goods sold$136,962 $75,071 $212,033 
Adjusted selling, general and administrative expense28,915 13,426 42,341 
Segment Adjusted EBITDA$264,954 $30,784 $295,738 
Less:
Depreciation and amortization53,610 
Interest and financing expense29,444 
Founders advisory fees - related party263,954 
Non-recurring expenses1,508 
Acquisition costs862 
Stock-based compensation expense11,428 
Foreign currency gain(3,249)
Loss before income taxes$(61,819)
 
Depreciation and amortization$40,818 $12,792 $53,610 
Purchases of property and equipment$15,395 $7,204 $22,599 
Purchase of intangible assets$15,226 $— $15,226 
Nine Months Ended September 30, 2024
Fire SafetySpecialty ProductsTotal
Net sales:
Product$288,568 $99,199 $387,767 
Services and others86,970 — 86,970 
Total net sales$375,538 $99,199 $474,737 
Less:
Adjusted cost of goods sold$135,265 $56,043 $191,308 
Adjusted selling, general and administrative expense27,396 8,613 36,009 
Segment Adjusted EBITDA$212,877 $34,543 $247,420 
Less:
Depreciation and amortization49,215 
Interest and financing expense31,292 
Founders advisory fees - related party253,097 
Non-recurring expenses2,397 
Stock-based compensation expense8,048 
Foreign currency loss163 
Loss before income taxes$(96,792)
   
Depreciation and amortization$38,507 $10,708 $49,215 
Purchases of property and equipment$4,781 $4,290 $9,071 
Total segment assets reconciled to consolidated amounts are as follows (in thousands):
September 30, 2025
Fire SafetySpecialty ProductsTotal
Segment assets$202,614 $160,186 $362,800 
Cash and cash equivalents340,647 
Goodwill1,053,778 
Customer lists, net620,636 
Technology and patents, net183,112 
Tradenames, net84,466 
Total consolidated assets$2,645,439 
December 31, 2024
Fire SafetySpecialty ProductsTotal
Segment assets$83,677 $189,912 $273,589 
Cash and cash equivalents198,456 
Goodwill1,034,543 
Customer lists, net637,745 
Technology and patents, net173,307 
Tradenames, net87,365 
Tax assets11,389 
Total consolidated assets$2,416,394 
Net sales by geographical area are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
United States83%83%77%80%
Other international sales (1)
17%17%23%20%
Total net sales100%100%100%100%
(1)    The Company did not have net sales in excess of 10% in any other countries for the three and nine months ended September 30, 2025 and 2024.
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
September 30, 2025December 31, 2024
United States$61,873 $46,580 
Germany13,514 12,643 
Other foreign jurisdictions6,167 5,554 
Total property, plant and equipment, net$81,554 $64,777