Perimeter Solutions, Inc. (the “Parent Company”), has no material assets or standalone operations other than its ownership in its consolidated subsidiaries, the Preferred Stock described in Notes 7 and 10, the cash from the proceeds of sale of Common Stock, the cash paid on repurchase of Common Stock described in Note 10 and the Founder Advisory Fees described in Notes 12 and 13. Under the terms of the Amended and Restated Revolving Credit Facility entered into by Perimeter Holdings, LLC, a wholly owned subsidiary of Perimeter Intermediate, LLC which itself is a wholly owned subsidiary of Perimeter Solutions, Inc., Perimeter Holdings, LLC is restricted from making dividends, distributions, or other payments to Perimeter Solutions, Inc. As of December 31, 2025, substantially all of the consolidated net assets of Perimeter Holdings, LLC are considered restricted net assets as defined in Rule 4-08(e)(3) of Regulation S-X.

The accompanying condensed financial statements include the accounts of the Parent Company and, on an equity basis, its direct and indirect subsidiaries and affiliates. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in subsidiaries are presented under the equity method of accounting. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent-only financial statements should be read in conjunction with the consolidated financial statements and related notes thereto.



	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	23,513	$	38,858
Intercompany receivable	16,968		3,542
Prepaid expenses and other current assets	1,302		1,234
Total current assets	41,783		43,634
Other assets:
Investment in subsidiaries	1,881,619		1,584,999

Other assets, net	—		133
Total assets	$	1,923,402	$	1,628,766
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	545	$	662
Intercompany payable	125,711		85,711
Founders advisory fees payable - related party	95,726		6,677
Accrued expenses and other current liabilities	5,208		4,997
Total current liabilities	227,190		98,047
Founders advisory fees payable - related party	440,697		240,083
Preferred stock	115,904		109,966
Preferred stock - related party	1,293		2,831
Intercompany note payable	4,999		20,569
Total liabilities	790,083		471,496
Stockholders’ equity:
Total stockholders’ equity	1,133,319		1,157,270
Total liabilities and stockholders’ equity	$	1,923,402	$	1,628,766


	Year Ended December 31,
	2025		2024		2023
Operating expenses:
Selling, general and administrative expense	$	9,331	$	10,754	$	13,886
Founders advisory fees - related party	435,163		198,308		(108,481)
Total operating expense (income)	444,494		209,062		(94,595)
Operating (loss) income	(444,494)		(209,062)		94,595
Other expenses	10,141		7,252		6,201
(Loss) income before undistributed earnings of subsidiaries	(454,635)		(216,314)		88,394
Undistributed earnings of subsidiaries	248,269		210,409		(20,908)
Net (loss) income	(206,366)		(5,905)		67,486
Total comprehensive (loss) income	$	(206,366)	$	(5,905)	$	67,486


	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net (loss) income	$	(206,366)	$	(5,905)	$	67,486
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Founders advisory fees - related party (change in fair value)	435,163		198,308		(108,481)
Equity in earnings of subsidiaries	(248,269)		(210,409)		20,908
Depreciation and amortization expense	133		133		—
Interest and payment-in-kind on preferred stock	7,332		7,057		4,754
Stock-based compensation	1,158		829		361
Foreign currency loss	595		—		—
Changes in operating assets and liabilities, net of acquisitions:
Intercompany receivable	26,574		19,125		16,038
Prepaid expenses and current other assets	(68)		1,567		898
Accounts payable	(117)		(91)		(2,792)
Accrued expenses and other current liabilities	(2,721)		(2,443)		265
Founders advisory fees - related party (cash settled)	(6,677)		(2,702)		(4,655)
Net cash provided by (used in) operating activities	6,737		5,469		(5,218)
Cash flows from investing activities:

Purchase of property and equipment	—		—		(142)
Investment in subsidiaries	—		—		14,000
Proceeds from intercompany note payable	—		20,569		—

Payment of intercompany note payable	(15,570)		—		—
Net cash (used in) provided by investing activities	(15,570)		20,569		13,858
Cash flows from financing activities:
Common stock repurchased	(40,370)		—		—
Ordinary shares repurchased	—		(14,420)		(64,066)
Proceeds from exercises of warrants	—		23,509		—
Proceeds from exercises of options	34,453		—		—
Net cash (used in) provided by financing activities	(5,917)		9,089		(64,066)
Effect of foreign currency on cash and cash equivalents	(595)		—		—
Net change in cash and cash equivalents	(15,345)		35,127		(55,426)
Cash and cash equivalents, beginning of period	38,858		3,731		59,157
Cash and cash equivalents, end of period	$	23,513	$	38,858	$	3,731
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital	$	138,823	$	8,464	$	2,618