SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 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 June 30, 2025
	Fire Safety		Specialty Products		Total
Net sales:
Product	$	88,543	$	42,230	$	130,773
Services and others	31,741		125		31,866
Total net sales	$	120,284	$	42,355	$	162,639

Less:
Adjusted cost of goods sold	$	33,632	$	24,367	$	57,999
Adjusted selling, general and administrative expense	8,993		4,309		13,302
Segment Adjusted EBITDA	$	77,659	$	13,679	$	91,338
Less:
Depreciation and amortization					17,924
Interest and financing expense					9,930
Founders advisory fees - related party					96,883

Non-recurring expenses					307
Stock-based compensation expense					2,238

Foreign currency gain					(2,096)
Loss before income taxes					$	(33,848)

Depreciation and amortization	$	13,620	$	4,304	$	17,924
Purchases of property and equipment	$	10,409	$	2,355	$	12,764
Purchase of intangible assets	$	15,226	$	—	$	15,226


	Three Months Ended June 30, 2024
	Fire Safety		Specialty Products		Total
Net sales:
Product	$	65,998	$	28,738	$	94,736
Services and others	32,540		—		32,540
Total net sales	$	98,538	$	28,738	$	127,276

Less:
Adjusted cost of goods sold	$	34,680	$	16,672	$	51,352
Adjusted selling, general and administrative expense	8,219		2,797		11,016
Segment Adjusted EBITDA	$	55,639	$	9,269	$	64,908
Less:
Depreciation and amortization					16,359
Interest and financing expense					10,590
Founders advisory fees - related party					588

Non-recurring expenses					23
Stock-based compensation expense					2,994

Foreign currency loss					224
Income before income taxes					$	34,130

Depreciation and amortization	$	12,798	$	3,561	$	16,359
Purchases of property and equipment	$	1,685	$	1,958	$	3,643


	Six Months Ended June 30, 2025
	Fire Safety		Specialty Products		Total
Net sales:
Product	$	122,575	$	76,914	$	199,489
Services and others	34,872		308		35,180
Total net sales	$	157,447	$	77,222	$	234,669

Less:
Adjusted cost of goods sold	$	52,214	$	46,987	$	99,201
Adjusted selling, general and administrative expense	17,489		8,558		26,047
Segment Adjusted EBITDA	$	87,744	$	21,677	$	109,421
Less:
Depreciation and amortization					34,817
Interest and financing expense					19,574
Founders advisory fees - related party					16,270

Non-recurring expenses					1,775
Stock-based compensation expense					4,909

Foreign currency gain					(3,255)
Income before income taxes					$	35,331

Depreciation and amortization	$	26,385	$	8,432	$	34,817
Purchases of property and equipment	$	13,671	$	3,906	$	17,577
Purchase of intangible assets	$	15,226	$	—	$	15,226


	Six Months Ended June 30, 2024
	Fire Safety		Specialty Products		Total
Net sales:
Product	$	89,990	$	62,627	$	152,617
Services and others	33,703		—		33,703
Total net sales	$	123,693	$	62,627	$	186,320

Less:
Adjusted cost of goods sold	$	51,532	$	35,447	$	86,979
Adjusted selling, general and administrative expense	16,763		5,534		22,297
Segment Adjusted EBITDA	$	55,398	$	21,646	$	77,044
Less:
Depreciation and amortization					32,771
Interest and financing expense					21,238
Founders advisory fees - related party					68,921

Non-recurring expenses					563
Stock-based compensation expense					4,736

Foreign currency loss					1,517
Loss before income taxes					$	(52,702)

Depreciation and amortization	$	25,688	$	7,083	$	32,771
Purchases of property and equipment	$	2,478	$	2,718	$	5,196

Summary of Consolidated Assets

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


	June 30, 2025
	Fire Safety		Specialty Products		Total
Segment assets	$	154,683	$	240,622	$	395,305
Cash and cash equivalents					140,658
Goodwill					1,053,108
Customer lists, net					624,787
Technology and patents, net					186,494
Tradenames, net					85,482
Tax assets					428
Total consolidated assets					$	2,486,262


	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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
United States	71	%	78	%	70	%	75	%
Canada	13	%	6	%	9	%	4	%
Other international sales (1)	16	%	16	%	21	%	21	%
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 six months ended June 30, 2025, and June 30, 2024.

Summary of Property, Plant and Equipment

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


	June 30, 2025		December 31, 2024
United States	$	58,875	$	46,580
Germany	13,678		12,643
Other foreign jurisdictions	6,278		5,554
Total property, plant and equipment, net	$	78,831	$	64,777