Perimeter Solutions, Inc. (NYSE: PRM)

Perimeter Solutions, Inc. is a leading provider of industrial products and services that support critical and complex customer missions across niche applications such as firefighting, lubricant additives, electronic components, and highly engineered machinery for the medical device industry. The company develops products that address demanding challenges where there is little margin for error, offering solutions that are often a small part of a broader customer system. It conducts operations globally, with approximately 76% of annual revenues derived in the United States, approximately 10% in Europe, approximately 7% in Canada, and the remaining approximately 7% spread across various other countries. Perimeter Solutions, Inc. employs a decentralized operating structure overseen by general managers who apply Operational Value Drivers focused on profitable new business, operational productivity improvements, and value based pricing to drive free cash flow and long‑term shareholder value.

Perimeter Solutions, Inc. generates revenue through the sale of fire retardants and fire suppressants, together with related equipment and services, as well as through lubricant additives based on phosphorus pentasulfide, electronic or electro‑mechanical components, and medical device manufacturing machinery with associated aftermarket parts, services, and consumables. Its fire retardant products are sold to government agencies for wildland, industrial, and structural firefighting, while its fire suppressants include Class A, Class B, and Class A/B foams served to industrial, aviation, and military customers with hydrocarbon exposure. The company also manufactures custom equipment such as air base storage, mixing, and delivery units, mobile retardant bases, and ground‑applied retardant systems, and provides custom services including design, construction, installation, management, and staffing of air base operations and supply replenishment. In the Specialty Products arena, revenue comes from phosphorus pentasulfide used in lubricant additives, pesticide and mining chemicals, and emerging battery technologies; from electronic components supplied to communications, energy, defense, and industrial markets with a focus on aftermarket repair and replacement; and from highly engineered machinery, aftermarket consumables, parts, and services that support the production of complex medical devices and select aerospace and defense applications.

The company operates through the following segments: Fire Safety and Specialty Products.

• Fire Safety: This segment manufactures and sells fire retardants and fire suppressants, including Class A, Class B, and Class A/B foams, together with specialized equipment such as air base storage, mixing, and delivery units, mobile retardant bases, and ground‑applied retardant systems, and offers custom services encompassing design, construction, installation, management, and staffing of air base operations and supply replenishment. Production facilities are located in McClellan Park and Rancho Cucamonga, California; two Canadian plants in Kamloops, British Columbia and Sturgeon County, Alberta; a plant in Aix En Provence, France; a facility in New South Wales, Australia; third‑party tolling locations in Moreland, Idaho and Pasco, Washington; and foam production sites in Green Bay, Wisconsin and Mieres, Spain. Equipment manufacturing occurs at the Post Falls, Idaho facility and at a tolling facility in Port Arthur, Texas.

• Specialty Products: This segment develops, produces and markets phosphorus pentasulfide based lubricant additives used in pesticide, mining, and emerging battery technologies; electronic or electro‑mechanical components for communications, energy, defense, and industrial systems with a focus on aftermarket repair and replacement; and, following the January 2026 acquisition of Medical Manufacturing Technologies, LLC, highly engineered machinery and aftermarket consumables, parts, and services that support the production of complex medical devices and select aerospace and defense applications. Production infrastructure includes a tolling facility in Sauget, Illinois operated by Flexsys Chemical Company for North American phosphorus pentasulfide customers, a plant in Knapsack Chemical Park, Hurth, Germany serving international phosphorus pentasulfide markets, and a facility in Londonderry, New Hampshire manufacturing electronic or electro‑mechanical components. The MMT acquisition added fourteen manufacturing locations serving customers in approximately fifty countries worldwide.

Perimeter Solutions, Inc. holds a strong position within its industries, being a leading supplier of fire retardants on the USDA Forest Service Qualified Products List, which is a leading global benchmark for effectiveness, safety, and environmental friendliness, and a recognized leader in fluorine free firefighting foams that meet the accelerating market shift away from intentionally added per and polyfluoroalkyl substances. In the Specialty Products arena, the company leverages long standing reliability as a supplier, a global supply capability for high quality raw materials, owned intellectual property, technology leadership in manufacturing processes, and deep technical expertise to manage complex logistics, providing competitive advantages over more fragmented rivals. Its decentralized management model, Operational Value Drivers, and value based pricing strategy further support margin protection and free cash flow generation.

The company serves a diverse customer base that includes the USDA Forest Service and the U. S. Bureau of Land Management as its two largest accounts, together representing approximately forty‑three percent of consolidated revenues in fiscal year 2025. Additional fire safety customers comprise federal, state, provincial, local/municipal, and commercial agencies worldwide responsible for wildland and structural firefighting. Industrial clients for fire suppressants include petrochemical facilities, airports, military installations, and other sites with significant hydrocarbon exposure. Specialty Products customers span manufacturers in the lubricant additive, pesticide, mining, and emerging battery technology sectors; communications, energy, defense, and industrial systems providers that purchase electronic components for aftermarket repair and replacement; and medical device manufacturers, as well as select aerospace and defense firms, that obtain highly engineered machinery and aftermarket support from the MMT business.