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Perimeter Solutions (PRM)

Perimeter Solutions, S.A. (PRM) is a global provider of high-quality firefighting products and phosphorus-based specialty chemicals. The company operates in two main business segments, offering solutions for fire safety and industrial applications. Its products are used by government agencies, commercial entities, and industries worldwide to address critical safety and operational needs.

  1. Fire Safety - Manufactures fire retardants, firefighting foams, and specialized equipment to combat wildfires, structural fires, and flammable liquid fires. Provides services such as air base retardant storage, mixing, and delivery equipment, as well as mobile retardant bases and custom-designed firefighting equipment.

  2. Specialty Products - Produces phosphorus pentasulfide (P2S5) for use in lubricant additives, agricultural applications, mining chemicals, and emerging electric battery technologies. Supplies key components like Zinc Dialkyldithiophosphates (ZDDP) for engine oils, which provide anti-wear protection and oxidation inhibition.

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NamePositionExternal RolesShort Bio

Edward Goldberg

ExecutiveBoard

Vice Chairman

None

Edward Goldberg transitioned from CEO to Vice Chairman in March 2023, focusing on strategic matters in Fire Safety.

Haitham Khouri

ExecutiveBoard

Chief Executive Officer

Member of EverArc Founders LLC

Haitham Khouri is the CEO of PRM, overseeing strategic direction and corporate governance. He joined the Board in June 2021 and became CEO in March 2023.

Jeffrey Emery

Executive

President of Global Fire Safety

None

Jeffrey Emery has been President of Global Fire Safety since May 2022, with prior experience in industrial automation and safety.

Kyle Sable

Executive

Chief Financial Officer

None

Kyle Sable is the CFO of PRM, responsible for financial strategy. He was promoted to CFO in November 2023.

Noriko Yokozuka

Executive

General Counsel and Chief Administrative Officer

None

Noriko Yokozuka has been with PRM since March 2018, overseeing legal and compliance matters.

Shannon Horn

Executive

Business Director, North America Retardant and Services

None

Shannon Horn joined PRM in 2019, bringing over 30 years of experience in fire safety.

Stephen Cornwall

Executive

President of Specialty Products

None

Stephen Cornwall has over 27 years in the chemical industry and has been with PRM since December 2019.

Jorge L. Valladares III

Board

Director

None

Jorge L. Valladares III is a director at PRM, nominated in April 2024.

Sean Hennessy

Board

Director

Board of Directors of TransDigm

Sean Hennessy has been a director since November 2021, with a background in finance and corporate governance.

Tracy Britt Cool

Board

Director

Co-Founder of Kanbrick, Co-Founder of Smart Woman Securities

Tracy Britt Cool has been a director since November 2021, with extensive leadership experience and a background in investment.

Vivek Raj

Board

Director

None

Vivek Raj is an Independent Director at PRM, serving on several committees since June 2021.

  1. Given the significant variability in wildfire seasons and the fact that 2024's strong performance was partly due to a return to normal demand after an unusually mild 2023, how confident are you that the adjusted EBITDA growth is sustainable in future years?

  2. The acquisition of IMS expands your business into the PCB market, which seems quite different from your core competencies in fire safety and specialty chemicals; can you explain how this aligns with your strategic goals and what synergies you expect to achieve?

  3. You mentioned a desire to increase your leverage ratio through M&A to levels around 3.5x net debt to EBITDA; how do you plan to balance this increased leverage with the need to maintain financial flexibility and manage potential risks?

  4. Despite stating that tariffs and new governmental policies will have negligible impact on your business, what specific measures are you taking to mitigate potential future risks from supply chain disruptions or regulatory changes?

  5. With a significant uptick in capital expenditures focused predominantly on the Fire Safety segment, how will you ensure these investments yield the attractive returns you anticipate, especially if future fire seasons don't align with your expectations?

Program DetailsProgram 1
Approval DateMay 23, 2024
End Date/DurationFive years from approval
Total Additional AmountUp to $100.0 million
Remaining Authorization$97.2 million as of 2024-12-31
DetailsFlexible repurchase program based on legal, market, and economic conditions. Can be modified, suspended, or discontinued at any time.
CustomerRelationshipSegmentDetails

USDA Forest Service

Major government customer for firefighting products

Fire Safety

34% of 2024 consolidated revenue

U.S. Bureau of Land Management

Major government customer for firefighting products

Fire Safety

11% of 2024 consolidated revenue

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

SK Intermediate

2021

The Business Combination with SK Intermediate was completed on November 9, 2021 and involved PSSA, EverArc Holdings Limited, SK Invictus Holdings, and related entities. The deal combined an equity contribution (10 million 6.50% Redeemable Preferred Shares valued at $100 million) and a cash sale (approximately $1.9 billion), resulting in a total fair value consideration of $1,331,151,000 and the recognition of $1,045,895,000 in goodwill, driven by industry expertise and innovation, with funding from various sources and a subsequent NYSE listing under “PRM”.

Recent press releases and 8-K filings for PRM.

Perimeter Solutions Signs Five-Year Agreement with USDA
·$PRM
New Projects/Investments
  • Perimeter Solutions signed a transformative five-year agreement with the United States Department of Agriculture (USDA) on September 3, 2025.
  • This agreement is expected to deliver over $150 million in total savings to the federal government and taxpayers.
  • The contract includes a full conversion to Perimeter's powder retardant technology, significant upgrades to air tanker base capacity, and a transition to Perimeter full-service operations at most or all federal tanker bases.
  • Under the agreement, 100% of Perimeter's retardant for federal use will be manufactured in the United States, and the USDA will receive the lowest pricing Perimeter offers.
Sep 3, 2025, 10:37 PM
Perimeter Solutions Reports Q1 2025 Financial & Earnings Results
·$PRM
Earnings
Revenue Acceleration/Inflection
M&A
Share Buyback
  • Consolidated Revenue increased by 22% from $59,044K in Q1 2024 to $72.0M in Q1 2025; net sales also up 22% to $72.0M
  • Consolidated Adjusted EBITDA grew by 49%, reaching $18.1M
  • Segment performance varied: Fire Safety revenue rose to $37,163K with margin improvement from -1% to 27%, while Specialty Products grew modestly to $34,867K amid a 35% decline in Adjusted EBITDA
  • Financial results include a net income of $56.7M, GAAP Earnings Per Diluted Share of $0.36, and non-GAAP Adjusted EPS of $0.03
  • Capital allocation priorities featured $4.8M in capex, a $10M acquisition for IMS product lines, and share repurchases—part of an $8.2M buyback strategy that included repurchasing 0.9M shares at an average price of $9.19
May 8, 2025, 12:30 PM