v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
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.
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 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, (v) purchase accounting impact - inventory step up and (vi) 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, and purchases of intangible assets are summarized below:
Three Months Ended June 30, 2026
In ThousandsFire SafetySpecialty ProductsTotal
Net sales:
Product$94,009 $84,556 $178,565 
Services and others35,084 161 35,245 
Total net sales$129,093 $84,717 $213,810 
Less:
Adjusted cost of goods sold$41,889 $45,281 $87,170 
Adjusted selling, general and administrative expense8,445 12,605 21,050 
Segment Adjusted EBITDA$78,759 $26,831 $105,590 
Less:
Depreciation and amortization28,908 
Interest and financing expense19,593 
Founders advisory fees - related party266,255 
Non-recurring expenses2,543 
Acquisition costs3,558 
Stock-based compensation expense2,892 
Purchase accounting impact - inventory step up4,480 
Foreign currency gain(1,203)
Loss before income taxes$(221,436)
    
Depreciation and amortization$14,258 $14,650 $28,908 
Purchases of property and equipment$6,939 $5,786 $12,725 
Three Months Ended June 30, 2025
In ThousandsFire SafetySpecialty ProductsTotal
Net sales:
Product$88,543 $42,230 $130,773 
Services and others31,741 125 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 expense8,993 4,309 13,302 
Segment Adjusted EBITDA$77,659 $13,679 $91,338 
Less:
Depreciation and amortization17,924 
Interest and financing expense9,930 
Founders advisory fees - related party96,883 
Non-recurring expenses40 
Acquisition costs267 
Stock-based compensation expense2,238 
Foreign currency gain(2,096)
Loss before income taxes$(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 
Six Months Ended June 30, 2026
In ThousandsFire SafetySpecialty ProductsTotal
Net sales:
Product$137,051 $164,081 $301,132 
Services and others37,486 261 37,747 
Total net sales$174,537 $164,342 $338,879 
Less:
Adjusted cost of goods sold$61,084 $90,570 $151,654 
Adjusted selling, general and administrative expense16,003 24,473 40,476 
Segment Adjusted EBITDA$97,450 $49,299 $146,749 
Less:
Depreciation and amortization56,047 
Interest and financing expense43,949 
Founders advisory fees - related party189,877 
Non-recurring expenses2,934 
Acquisition costs12,526 
Stock-based compensation expense5,490 
Purchase accounting impact - inventory step up10,070 
Foreign currency gain(2,554)
Loss before income taxes$(171,590)
  
Depreciation and amortization$28,750 $27,297 $56,047 
Purchases of property and equipment$10,327 $8,199 $18,526 
Six Months Ended June 30, 2025
In ThousandsFire SafetySpecialty ProductsTotal
Net sales:
Product$122,575 $76,914 $199,489 
Services and others34,872 308 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 expense17,489 8,558 26,047 
Segment Adjusted EBITDA$87,744 $21,677 $109,421 
Less:
Depreciation and amortization34,817 
Interest and financing expense19,574 
Founders advisory fees - related party16,270 
Non-recurring expenses947 
Acquisition costs828 
Stock-based compensation expense4,909 
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 
Total segment assets reconciled to consolidated amounts are as follows:
June 30, 2026
In ThousandsFire SafetySpecialty ProductsTotal
Segment assets$297,258 $262,571 $559,829 
Cash and cash equivalents82,776 
Goodwill1,365,724 
Customer lists, net904,934 
Technology and patents, net195,537 
Tradenames, net123,064 
Tax assets12,894 
Total consolidated assets$3,244,758 
December 31, 2025
In ThousandsFire SafetySpecialty ProductsTotal
Segment assets$191,016 $148,192 $339,208 
Cash and cash equivalents325,927 
Goodwill1,065,211 
Customer lists, net628,189 
Technology and patents, net184,804 
Tradenames, net86,330 
Tax assets23,338 
Total consolidated assets$2,653,007 
Net sales by geographical area are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States70%71%67%70%
Canada6%13%4%9%
Other international sales (1)
24%16%29%21%
Total net sales100%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, 2026 and 2025.
Property, plant and equipment, net by geographical area consisted of the following:
In ThousandsJune 30, 2026December 31, 2025
United States$88,305 $65,565 
Germany12,712 13,392 
Other foreign jurisdictions8,198 6,181 
Total property, plant and equipment, net$109,215 $85,138