Here are 1-3 brief analogies for Perimeter Solutions (PRM):

• Like DuPont for fire suppression chemicals and foams.
• Imagine Ecolab, but specialized in critical chemical solutions for fire safety and energy industries.
• A specialized chemical company, similar to a focused 3M for large-scale fire protection products.

• Fire Retardants: Chemicals applied to wildland fuels to prevent or slow the spread of fires.
• Fire Foam Suppressants: Foams used to extinguish fires by cooling, blanketing, or separating fuel from oxygen across various fire types.
• Oil Additives: Specialty chemical additives that enhance the performance and longevity of lubricants and fuels for industrial and automotive applications.

Perimeter Solutions (PRM) - Major Customers

Perimeter Solutions (PRM) primarily sells its products and services to other companies and governmental entities (B2B and B2G), rather than directly to individuals. While the company generally does not disclose the names of individual major corporate customers due to confidentiality and competitive reasons, its financial filings do identify one significant governmental customer and describe key customer categories.

Specific Major Customer:

• U.S. Forest Service: This governmental agency is a major customer for Perimeter Solutions' long-term fire retardants, accounting for approximately 18% of the company's consolidated net sales in 2023. As a government agency, it does not have a public company stock symbol.

Major Customer Categories:

Beyond the U.S. Forest Service, Perimeter Solutions serves the following broad categories of customers. Specific company names within these categories are not publicly disclosed by PRM as major customers:

• Other Governmental Agencies (Domestic & International): This includes state and local fire departments, other national and international wildfire management agencies, and military fire departments. They procure Perimeter Solutions' fire suppression foams and other fire safety products for various applications.
• Oil & Gas Exploration & Production (E&P) Companies: These companies utilize Perimeter Solutions' drilling fluids, completion fluids, and production chemicals for their upstream operations globally.
• Industrial & Petrochemical Companies: Various industrial facilities, including those in the petrochemical sector, chemical manufacturing, mining, airports, and maritime operations, purchase Perimeter Solutions' specialized foam concentrates and other fire protection solutions for their specific safety needs.

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Haitham Khouri, Chief Executive Officer

Haitham Khouri joined Perimeter Solutions in 2021 upon its acquisition by EverArc Holdings, a company he founded, and previously served as Perimeter's Vice Chairman. He has over 15 years of experience as an investor in private and public companies, starting his career as an analyst at JP Morgan. Mr. Khouri led Perimeter's acquisition and public listing, and has been involved with Perimeter's operations, business unit reorganization, and capital allocation initiatives. Perimeter Solutions was initially established in 2018 by affiliates of private investment firm SK Capital Partners.

Kyle Sable, Chief Financial Officer and Principal Accounting Officer

Kyle Sable previously served as Vice President, Strategy and Corporate Development for Perimeter Solutions. Before joining the company, he was a Principal for Banbury Partners, an investment fund. Mr. Sable possesses more than 20 years of investing and strategy experience in private and public companies, having worked across several Tiger Management-heritage investment funds, Bain Capital Private Equity, and Bain & Company, indicating a pattern of managing companies backed by private equity firms.

Edward Goldberg, Vice Chairman

Edward Goldberg brings over 18 years of executive leadership in fire safety products and operations. Prior to joining Perimeter Solutions, he was Business Director for ICL Performance Additives and Solutions, where he held general management responsibility for ICL's global fire safety segment and is credited with building that business. He led the Perimeter Solutions business for two decades, including its carve-out into a stand-alone company and its transition to the public markets. Mr. Goldberg will step down as Vice Chairman effective March 31, 2026, and is expected to continue as a consultant.

Jeff Emery, President, Fire Safety

Jeff Emery joined Perimeter Solutions in 2022. His prior roles include serving as VP and General Manager of Industrial Automation for the Americas at Norgren, and spending 10 years with Scott Safety, a global leader in high-performance safety equipment. After 3M acquired Scott Safety, Mr. Emery led the global business unit within 3M through a period of significant growth.

Grant Bowman, President, Specialty Products

Grant Bowman joined Perimeter Solutions in 2024. Previously, he was a founder and Managing Partner of Hunter Capital Limited Partnership, a Managing Director at Blue Ridge Capital, and an Analyst at Lehman Brothers. He began his career as a member of the Pittsburgh Steelers.

The key risks to Perimeter Solutions (PRM) are primarily driven by the inherent nature of its core business and operational aspects:

1. Cyclicality and Unpredictability of Wildfire Seasons: Perimeter Solutions' financial performance is heavily dependent on the demand for its fire retardant products, which is directly impacted by the unpredictable nature and severity of wildfire seasons. Demand for their products is influenced by factors outside of their control. A particularly strong fire season can lead to increased earnings, but also raises the chances of a sharp downcycle in subsequent years, creating significant earnings volatility. The unpredictability of these events makes it challenging to forecast demand accurately.
2. Reliance on a Concentrated Customer Base and Government Contracts: A significant portion of Perimeter Solutions' revenue comes from a small number of customers, particularly government entities such as the U.S. government, foreign governments, states, and municipalities. This concentration exposes the company to heightened risks associated with government procurement processes, budgeting changes, and the potential loss or renegotiation of these critical contracts, including long-term USDA agreements.
3. Operational Challenges in the Specialty Products Segment and Product Liabilities: Perimeter Solutions faces operational headwinds within its Specialty Products segment, specifically due to unplanned downtime and ongoing contractual disputes at its Sauget, Illinois plant. These issues have led to a notable decline in Adjusted EBITDA for this segment. Additionally, the company is exposed to the risk of future product liability claims if any of its products are found to cause adverse health consequences. There are also concerns regarding the environmental impacts and side effects of their products, which could result in adverse business consequences or regulatory compliance issues.

Increasing environmental scrutiny and potential regulatory actions regarding the ecological impact and safety of chemical fire retardants used in wildfire suppression. This trend could lead to stricter regulations, reduced demand for current chemical solutions, and accelerate the development and adoption of non-chemical or significantly greener alternatives, potentially disrupting Perimeter Solutions' core fire safety product lines.

Perimeter Solutions (PRM) operates in two main segments: Fire Safety and Specialty Products.

Fire Safety Segment

This segment focuses on fire retardants, firefighting foams, and related equipment and services.

• Global Flame Retardant Market: The global flame retardant market size was estimated at USD 9,867.1 million in 2024 and is projected to reach USD 18,098.1 million by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. Other estimates for the global flame retardant market include USD 10.38 billion in 2024, anticipated to reach USD 16.96 billion by 2033 with a CAGR of 5.56% from 2025-2033.
• U.S. Flame Retardant Market: The U.S. flame retardant market is projected to reach USD 1.99 billion by 2028. The U.S. flame retardant industry is expected to grow at a substantial CAGR of 6.7% from 2025 to 2033.
• North American Flame Retardant Chemicals Market: The North American flame retardant chemicals market size was estimated at USD 2.36 billion in 2024 and is projected to reach USD 4.09 billion by 2033, with a CAGR of 5.67% from 2025 to 2034.
• Asia Pacific Flame Retardant Market: Asia Pacific dominated the global flame retardant market with the largest revenue share of 44.0% in 2024 and over 57.6% in 2024. The market size for Asia Pacific was USD 5.59 billion in 2024 and is projected to reach approximately USD 11.17 billion by 2034.

Specialty Products Segment

This segment primarily focuses on Phosphorus Pentasulfide (P2S5)-based lubricant additives.

• Global Specialty Chemicals Market (addressable for P2S5-based lubricant additives): The global specialty chemicals market size was valued at USD 978,973.1 million (approximately USD 979 billion) in 2024 and is projected to reach USD 1,312,777.3 million (approximately USD 1.31 trillion) by 2030, growing at a CAGR of 5% from 2025 to 2030. Other estimates for the global specialty chemicals market indicate a value of USD 904.45 billion in 2024, expected to reach approximately USD 1,332.04 billion by 2034, expanding at a CAGR of 3.94% from 2025 to 2034.
• Asia Pacific Specialty Chemicals Market: Asia Pacific dominated the specialty chemicals market with the highest revenue share of 49.9% in 2023 and 41.05% in 2024. The market size for Asia Pacific was evaluated at USD 371.28 billion in 2024 and is predicted to be worth around USD 547.47 billion by 2034.

Intelligent Manufacturing Solutions (IMS)

This segment manufactures electronic or electro-mechanical components.

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1. Increased Demand for Fire Retardants and Services: The Fire Safety segment's revenue growth is significantly influenced by wildfire activity. Elevated wildfire seasons, particularly in North America (such as California, Texas, Oklahoma, Florida, and the Carolinas), directly translate into increased sales of fire retardant products and associated services. The company has also noted strong performance in its international retardant markets. Perimeter Solutions recently signed a major five-year contract with the U.S. Forest Service, expanding to new airbases, increasing fixed service revenue, and transitioning to powder-based products, which is expected to contribute to more predictable revenue.
2. Growth in Fluorine-Free Foam Suppressants: Perimeter Solutions anticipates continued growth in its suppressants business, benefiting from the industry's transition to fluorine-free foam, where the company holds a leading market position. The company expects an improvement in year-over-year performance for its suppressants business in the second and third quarters of 2025.
3. Strategic Acquisitions and Expansion within Intelligent Manufacturing Solutions (IMS): The company is actively investing in capital expenditures and acquisitions to fuel growth, particularly within its IMS division, which is part of the Specialty Products segment. Perimeter Solutions plans to accelerate investment in IMS acquisitions to expand its portfolio of proprietary components, which are electronic or electro-mechanical components for various end markets including medical, communications, energy, and defense systems. The IMS business saw growth from acquisitions in Q3 2025.
4. Operational Value Drivers and Contract Improvements: Perimeter Solutions' strategy centers on operational value drivers, including profitable new business, continual productivity improvements, and pricing products to their value. New contract structures in the retardant business are also making results more predictable and less dependent on the severity of the North American fire season, contributing to stable revenue generation.

Share Repurchases

• Perimeter Solutions repurchased approximately 12.2 million shares in 2023 at an average price of $5.24 per share, including 6.3 million shares in Q4 2023 at an average price of $4.21.
• In Q1 2025, the company bought back about 0.9 million shares at an average price of $9.19.
• The company's share repurchase authorization was expanded by $100 million in Q2 2025, bringing the total shares bought back since 2021 to over 25 million.

Share Issuance

• Perimeter Solutions went public via a SPAC (Special Purpose Acquisition Company) transaction.
• A "Founder Advisory Fee Agreement" may result in approximately 1.5% potential dilution annually until the end of 2027 through stock payments, based on a fixed annual fee.
• As of February 18, 2025, there were 149,664,037 shares of common stock outstanding.

Inbound Investments

• Perimeter Solutions became a public company through a business combination with EverArc Holdings, a special purpose acquisition company.

Outbound Investments

• In Q1 2025, Perimeter Solutions acquired product lines for $10.0 million to integrate into its Intelligent Manufacturing Solutions (IMS) business.
• In May 2025, the company settled trade secret litigation and acquired related assets for $20 million in cash from a subsidiary of Compass Minerals International, Inc.

Capital Expenditures

• Capital expenditures were approximately $9.4 million for the full year 2023 and $8.61 million for the full year 2022.
• In Q2 2025, $9.7 million was allocated to capital expenditures, focusing on supporting customer needs and driving productivity improvements.
• Annual capital expenditures are expected to be between $15 million and $30 million.