SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

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 Safety		Specialty Products		Total
Net sales:
Product	$	216,248	$	42,055	$	258,303
Services and others	57,136		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 expense	11,426		4,868		16,294
Segment Adjusted EBITDA	$	177,210	$	9,107	$	186,317
Less:
Depreciation and amortization					18,793
Interest and financing expense					9,870
Founders advisory fees - related party					247,684

Non-recurring expenses					562
Acquisition costs					33
Stock-based compensation expense					6,519

Foreign currency loss					6
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 Safety		Specialty Products		Total
Net sales:
Product	$	198,578	$	36,572	$	235,150
Services and others	53,267		—		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 expense	10,633		3,079		13,712
Segment Adjusted EBITDA	$	157,479	$	12,897	$	170,376
Less:
Depreciation and amortization					16,444
Interest and financing expense					10,054
Founders advisory fees - related party					184,176

Non-recurring expenses					1,834

Stock-based compensation expense					3,312

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 Safety		Specialty Products		Total
Net sales:
Product	$	338,823	$	118,969	$	457,792
Services and others	92,008		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 expense	28,915		13,426		42,341
Segment Adjusted EBITDA	$	264,954	$	30,784	$	295,738
Less:
Depreciation and amortization					53,610
Interest and financing expense					29,444
Founders advisory fees - related party					263,954

Non-recurring expenses					1,508
Acquisition costs					862
Stock-based compensation expense					11,428

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 Safety		Specialty Products		Total
Net sales:
Product	$	288,568	$	99,199	$	387,767
Services and others	86,970		—		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 expense	27,396		8,613		36,009
Segment Adjusted EBITDA	$	212,877	$	34,543	$	247,420
Less:
Depreciation and amortization					49,215
Interest and financing expense					31,292
Founders advisory fees - related party					253,097

Non-recurring expenses					2,397

Stock-based compensation expense					8,048

Foreign currency loss					163
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

Summary of Consolidated Assets

Total segment assets reconciled to consolidated amounts are as follows (in thousands):


	September 30, 2025
	Fire Safety		Specialty Products		Total
Segment assets	$	202,614	$	160,186	$	362,800
Cash and cash equivalents					340,647
Goodwill					1,053,778
Customer lists, net					620,636
Technology and patents, net					183,112
Tradenames, net					84,466

Total consolidated assets					$	2,645,439


	December 31, 2024
	Fire Safety		Specialty Products		Total
Segment assets	$	83,677	$	189,912	$	273,589
Cash and cash equivalents					198,456
Goodwill					1,034,543
Customer lists, net					637,745
Technology and patents, net					173,307
Tradenames, net					87,365
Tax assets					11,389
Total consolidated assets					$	2,416,394

Summary of Net Sales by Geographic Area

Net sales by geographical area are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	83	%	83	%	77	%	80	%

Other international sales (1)	17	%	17	%	23	%	20	%
Total net sales	100	%	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.

Summary of Property, Plant and Equipment

Property, plant and equipment, net by geographical area consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
United States	$	61,873	$	46,580
Germany	13,514		12,643
Other foreign jurisdictions	6,167		5,554
Total property, plant and equipment, net	$	81,554	$	64,777