DMC Global Inc. (BOOM) SEC Filings & Earnings Calls

DynaEnergetics margin compression from unfavorable mix, higher input costs, and price pressure.

“DynaEnergetics gross margin 15.9% vs 20.9% YoY; adjusted EBITDA -37% YoY.”

NobelClad backlog decline due to customer delivery delays, indicating potential demand softness.

“Backlog $63.5M vs $70.3M in Q1 2026; sales -17% YoY.”

Commercial construction market remains challenged, with ABI index at 41 consecutive months of contraction.

“American Institute of Architects' Architectural Billings Index has gone a record 41 consecutive months without a majority of firms reporting billings growth.”

Guidance dependent on macroeconomic conditions, energy and construction market volatility, and potential supply chain disruptions.

“Guidance notes dependence on macroeconomic conditions and potential disruptions from Middle East hostilities.”

Geopolitical Conflict Risk

“the price of aluminum, the most important raw material for Arcadia Products, rose to multi-year highs earlier in 2026 in part due to the ongoing conflict and the difficulty in sourcing and transporting this material” · word for word

Tariff Policy Uncertainty

“NobelClad’s net sales decreased 17% driven by the timing of large project shipments out of backlog and lower activity levels due in part to the impact of evolving tariff policies.” · word for word

Control Dilution Risk from Put Option

“it is likely that if the Put Preferred is issued, a stockholder vote to remove the voting and conversion cap would result in the minority interest holder acquiring majority voting control of the Company through the involuntary dilution of the existing stockholders.” · word for word

Leverage and Debt Covenant Risk

“The actual leverage ratio as of June 30, 2026 was 2.19 to 1.0.” · word for word

Tariff exposure

“The decrease was attributable to tariff impacts which resulted in higher input costs at DynaEnergetics and a less favorable project and regional mix at NobelClad.” · word for word

Geopolitical instability

“The conflict between the United States, Israel and Iran and related geopolitical instability may adversely affect our business...the price of aluminum, the most important raw material for Arcadia Products, has increased to a multi-year high in part due to the ongoing conflict.” · word for word

Securities class action litigation

“On December 6, 2024, Samuel Garson, individually and on behalf of a putative class, filed a securities class action lawsuit...asserting violations of Sections 10(b) and 20(a) of the Exchange Act.” · word for word

Redeemable noncontrolling interest obligation

“As of March 31, 2026, the value of the redeemable noncontrolling interest under the Operating Agreement was $187,080.” · word for word

Tariff input cost pressure from April 2025 tariffs impacting DynaEnergetics margins.

“Year-over-year decline in adjusted EBITDA primarily driven by imposition of tariffs in April 2025.”

Aluminum cost inflation pressuring Arcadia margins; costs up 64% YoY.

“Average aluminum costs increased 64% year over year and 16% sequentially.”

Geopolitical risk from Middle East conflict disrupting shipments and supply chains.

“Conflict in Iran delayed product shipments into Middle East; supply chain issues noted.”

Highly competitive pricing environment in construction and energy markets.

“Bidding environment remained highly competitive and pricing pressure persisted.” · word for word

Poison pill may deter potential acquirers and limit shareholder value realization.

“The Rights generally restrict any person or group from acquiring Beneficial Ownership of 10% or more.”

Related party transaction risk

“James Schladen, President and a director of Arcadia Products, owns 13%, and Gerard Munera, a director and indirect owner of Arcadia Products, owns 51%.” · word for word

Adjusted EBITDA decline

“Adjusted EBITDA attributable to DMC Global Inc. │ $ │ 34,942 │ │ $ │ 52,156” · word for word

Customer Concentration

“During the year ended December 31, 2025, one DynaEnergetics customer accounted for approximately 26% of consolidated net sales.”

Tariff and Trade Policy Uncertainty

“In 2025, the U.S. announced and implemented substantial new tariffs on imports from a wide range of countries... These higher tariffs... have significantly impacted the cost of importing steel and aluminum.”

Oil Price Volatility

“to date in 2026, oil prices have declined significantly from their 2022 highs.”

Litigation and Legal Contingencies

“Securities class action lawsuits and derivative lawsuits filed; stormwater regulatory matter accrued $408.”

Tariff input cost pressure: DynaEnergetics paid >$10M in tariffs in 2025, with no near-term relief expected, pressuring margins and competitiveness.

“DynaEnergetics also has been significantly impacted by tariffs since they were imposed in February 2025, paying more than $3 million in tariffs and related duties during the fourth quarter and more than $10 million in calendar year 2025.” · word for word

Customer credit risk: $7M in accounts receivable and inventory write-offs at DynaEnergetics due to customer distress in North American unconventional oil and gas market.

“Net loss attributable to DMC was $11.2 million, inclusive of approximately $7 million in discrete accounts receivable and inventory write-offs at DynaEnergetics” · word for word

High interest rate sensitivity: Arcadia Products facing persistent headwinds from high rates, deferrals of projects, and 12 consecutive months of ABI declines in core western U.S. market.

“The results reflect year-end seasonality, persistently high interest rates, and 12 consecutive months of declines in the Architectural Billings Index (ABI) across Arcadia Products' core western U.S. market.” · word for word

Competitive pricing pressure in oilfield: Severe price competition negatively impacting DynaEnergetics profitability, with declining frac crew count and WTI crude prices.

“Challenging conditions in DynaEnergetics' core U.S. unconventional market persisted during the quarter... severe price competition negatively impacted fourth quarter profitability.” · word for word

Exposure to weak crude oil prices

“DynaEnergetics and NobelClad are assessing the potential impacts of weak crude oil prices, which traded near multi-year lows early in the fourth quarter.” · word for word

Tariff-related demand uncertainty

“NobelClad’s sales of $20,925 in the third quarter of 2025 decreased 16% compared with the third quarter of 2024 reflecting lower current activity levels due in part to evolving tariff policies.” · word for word

Industry consolidation reducing pricing power

“The decline was primarily due to a decrease in pricing of DynaStage® (DS) perforating systems attributable to industry consolidation in the United States, partially offset by an increase in international sales due to project timing.” · word for word

Tariff policies continue to disrupt NobelClad bookings and DynaEnergetics margins; uncertainty remains high.

“The declines reflect a reduction in bookings due in part to U.S. and reciprocal tariff activities.” · word for word

High interest rates dampen Arcadia's end-market demand, though business has stabilized.

“Arcadia’s market continues to be impacted by high interest rates, leading to generally lower levels of activity.” · word for word

Energy market volatility and competitive pricing pressure DynaEnergetics margins.

“The sequential decline reflects lower product pricing in a difficult and highly competitive U.S. onshore market.” · word for word