Perimeter Solutions reported third‑quarter 2025 financial results, with net sales of $315.4 million, up 9% year‑over‑year, and adjusted EBITDA of $186.3 million, raising the adjusted EBITDA margin to 59% from 56% in the same quarter of 2024.
The company posted a GAAP net loss of $90.7 million for the quarter, largely due to a $247.7 million founders’ advisory fee and other non‑cash items, while adjusted net income rose to $125.5 million.
Free cash flow for the quarter was $197 million, up 6.5% from $185 million in the prior year period, reflecting strong cash‑generation capability.
Segment performance showed the Fire Safety segment generating $273.4 million in net sales and $177.2 million in adjusted EBITDA, a 13% increase in adjusted EBITDA, whereas the Specialty Products segment reported $42.0 million in net sales but a 29% decline in adjusted EBITDA to $9.1 million, impacted by operational and safety issues at the Sauget, Illinois plant.
Management highlighted strong results in the international retardant business, suppressants markets, and IMS, and noted the signing of a new five‑year contract with the U.S. Forest Service that is expected to improve profitability through lower manufacturing and logistics costs.
The company completed two acquisitions of IMS product lines for $12.0 million during the quarter and maintained a current ratio of 4.04 and a debt‑to‑equity ratio of 0.6, indicating solid liquidity and moderate debt levels.
No formal guidance was issued for the next quarter, but management stated that long‑term assumptions remain unchanged from the second quarter.
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