Here are 1-2 brief analogies to describe DMC Global (BOOM):

• Like a specialized Halliburton or Schlumberger that provides advanced drilling tools and industrial materials for the energy sector.
• A niche Illinois Tool Works (ITW), specializing in engineered products and advanced materials for heavy industrial applications.

• Explosion-welded Clad Metals: These are specialized multi-layer metal plates and tubes produced through an explosive welding process, primarily used for corrosion resistance and strength in various industrial applications.
• Perforating Systems: These are highly engineered explosive systems designed for the oil and gas industry to create channels in well casings and cement, facilitating the flow of hydrocarbons.

DMC Global (symbol: BOOM) now operates solely through its **Arcadia Products** segment, following the divestiture of its NobelClad and DynaEnergetics businesses in 2023. Arcadia Products manufactures architectural building products, including windows, doors, and curtain wall systems, primarily for commercial and high-end residential construction markets.

DMC Global **sells primarily to other companies (B2B)**. While specific major customer company names are generally not publicly disclosed by DMC Global due to the diffuse nature of the construction supply chain and the project-based sales model, its products are sold to and specified by the following key categories of businesses:

• General Contractors: These companies are responsible for the overall construction of commercial buildings (e.g., offices, schools, hospitals, hotels) and high-end residential projects. They procure and oversee the installation of building materials like Arcadia's products.
• Glazing Contractors / Specialty Subcontractors: These specialized firms focus on the installation of glass and fenestration systems. They often purchase windows, doors, and curtain walls directly from manufacturers like Arcadia for their projects.
• Commercial and High-End Residential Developers: Companies that initiate, finance, and manage the development of properties. While they may not directly purchase every component, they play a crucial role in specifying and influencing the choice of architectural products used in their developments, driving demand through their chosen contractors.

DMC Global (symbol: BOOM) is anticipated to experience future revenue growth over the next two to three years driven by several key factors across its business segments.

Here are 3-5 expected drivers of future revenue growth:

1. Introduction of Next-Generation DynaStage System: DynaEnergetics, DMC Global's energy products business, expects enhanced margins starting in early 2025 from the next-generation version of its flagship DynaStage system. This new product is likely to drive increased sales and market share within the oilfield services sector.

2. Conversion of NobelClad Backlog and New Order Growth: The composite metals business, NobelClad, has reported recent record bookings, which are expected to convert into sales in 2026. This substantial order backlog signals potential for future revenue growth as industry conditions stabilize and projects are executed.

3. Recovery in the Oil and Gas Market: DynaEnergetics has faced challenging and volatile conditions in the oil field services space. A stabilization or recovery in the U.S. oil and gas market, particularly in its core North American operations, would significantly boost demand for its perforating systems and contribute to revenue growth.

4. Strategic Focus and Improvement in Commercial Construction for Arcadia: Arcadia, the architectural building products business, has strategically shifted its focus from a shrinking high-end residential market to more stable commercial construction projects. While the U.S. construction industry has experienced weakness, continued improvement in Arcadia's operational performance and the commercial market could lead to sustained revenue growth.

Share Repurchases

• DMC Global made treasury stock purchases of $563,000 in Q4 2024, $952,000 in Q2 2024, and $484,000 in Q1 2025.
• The company repurchased $1 million in treasury stock during the first nine months of 2024.
• In 2023, treasury stock purchases amounted to $2.171 million, following $952,000 in 2022 and $936,000 in 2021.

Share Issuance

• In May 2021, DMC Global issued 2,875,000 shares of common stock at $45 per share, generating gross proceeds of $129.375 million.
• Net proceeds from this offering, totaling $123.461 million, were primarily used for the acquisition of Arcadia.
• Net proceeds from the issuance of common stock to employees and directors were $132,000 in 2024 and $212,000 in 2023.

Outbound Investments

• In December 2021, DMC Global acquired a 60% controlling interest in Arcadia Inc., a supplier of architectural building products, for $282.5 million.
• The consideration for the Arcadia acquisition included approximately $261.0 million in cash and $21.7 million in shares of DMC Global's common stock.
• DMC Global has the right and potential obligation to acquire the remaining 40% interest in Arcadia on or after December 23, 2024, through a three-year put and call option. The company closed a $300 million senior secured credit facility in February 2024, partly to provide financial flexibility for this potential acquisition.

Capital Expenditures

• DMC Global's capital expenditures were $13.9 million in 2020, $8.7 million in 2021, and $5.712 million in 2022.
• For 2023, capital expenditures were approximately $20 million, with research and development costs at $5.610 million focused on new technology and testing, including the continued construction of a horizontal test loop for perforating systems at its Blum, Texas facility.
• In Q1 2025, capital expenditures for the acquisition of property, plant, and equipment amounted to $3.779 million, following $2.968 million in Q1 2024.