v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 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 fire suppressants, as well as specialized equipment and services typically offered in conjunction with its products. The Specialty Products Segment includes operations that develop, produce and market products for non-fire safety markets. See Note 1, “Description of Business and Basis of Presentation” for discussion of the Company’s operating segments.
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 the 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, purchases of intangible assets, and segment assets are summarized below (in thousands):
Year Ended December 31, 2025
Fire SafetySpecialty ProductsTotal
Net sales:
Product$380,840 $163,609 $544,449 
Services and others108,101 312 108,413 
Total net sales488,941 163,921 652,862 
Less:
Adjusted cost of goods sold160,177 103,920 264,097 
Adjusted selling, general and administrative expense38,277 18,798 57,075 
Segment Adjusted EBITDA$290,487 $41,203 $331,690 
Less:
Depreciation and amortization74,032 
Interest and financing expense39,135 
Founders advisory fees - related party435,163 
Non-recurring expenses2,420 
Acquisition costs3,578 
Stock-based compensation expense16,647 
Foreign currency gain(3,038)
Loss before income taxes$(236,247)
Depreciation and amortization$55,397 $18,635 $74,032 
Purchases of property and equipment$18,412 $11,179 $29,591 
Purchase of intangible assets$15,226 $— $15,226 
Segment assets$191,016 $148,192 $339,208 
Year Ended December 31, 2024
Fire SafetySpecialty ProductsTotal
Net sales:
Product$340,112 $124,694 $464,806 
Services and others96,162 — 96,162 
Total net sales436,274 124,694 560,968 
Less:
Adjusted cost of goods sold160,157 72,705 232,862 
Adjusted selling, general and administrative expense35,996 11,816 47,812 
Segment Adjusted EBITDA$240,121 $40,173 $280,294 
Less:
Depreciation and amortization65,718 
Interest and financing expense40,461 
Founders advisory fees - related party198,308 
Non-recurring expenses6,766 
Acquisition costs612 
Stock-based compensation expense12,849 
Foreign currency loss2,443 
Loss before income taxes$(46,863)
Depreciation and amortization$51,365 $14,353 $65,718 
Purchases of property and equipment$9,449 $6,082 $15,531 
Segment assets$83,677 $189,912 $273,589 
Year Ended December 31, 2023
Fire SafetySpecialty ProductsTotal
Net sales:
Product$194,166 $96,554 $290,720 
Services and others31,388 — 31,388 
Total net sales225,554 96,554 322,108 
Less:
Adjusted cost of goods sold117,242 66,711 183,953 
Adjusted selling, general and administrative expense32,098 9,270 41,368 
Segment Adjusted EBITDA$76,214 $20,573 $96,787 
Less:
Depreciation and amortization64,855 
Interest and financing expense41,378 
Founders advisory fees - related party(108,481)
Intangible impairment40,738 
Non-recurring expenses4,046 
Stock-based compensation expense1,596 
Gain on contingent earn-out(7,273)
Foreign currency gain(1,655)
Income before income taxes$61,583 
Depreciation and amortization$51,178 $13,677 $64,855 
Purchases of property and equipment$4,287 $5,148 $9,435 
Segment assets$93,200 $191,946 $285,146 
Total segment assets reconciled to consolidated amounts are as follows (in thousands):
December 31, 2025December 31, 2024
Total segment assets $339,208 $273,589 
Cash and cash equivalents325,927 198,456 
Goodwill1,065,211 1,034,543 
Customer lists, net628,189 637,745 
Technology and patents, net184,804 173,307 
Tradenames, net86,330 87,365 
Tax assets23,338 11,389 
Total consolidated assets$2,653,007 $2,416,394 
Net sales by geographical area are as follows:
Year Ended December 31,
202520242023
United States76%79%65%
Canada7 6 14 
Other international sales (1)
17 15 21 
Total net sales100%100%100%
(1)    The Company did not have net sales in excess of 10% in any other countries for the years ended December 31, 2025, 2024 and 2023.
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
December 31, 2025December 31, 2024
United States$65,565 $46,580 
Germany13,392 12,643 
Other foreign jurisdictions6,181 5,554 
Total property, plant and equipment, net$85,138 $64,777