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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Our business is organized into three segments: Arcadia Products, DynaEnergetics and NobelClad. In December 2021, DMC acquired a 60% controlling interest in Arcadia Products. Arcadia Products designs, engineers, fabricates, and finishes aluminum framing systems, windows, curtain walls, storefronts, entrance systems, and interior partitions to the commercial construction market. Additionally, Arcadia Products supplies customized windows and doors for the ultra-high-end residential construction market. DynaEnergetics designs, manufactures, markets, and sells perforating systems and associated hardware for the global oil and gas industry. NobelClad produces explosion-welded clad metal plates for use in the construction of corrosion resistant industrial processing equipment and specialized transition joints for commuter rail cars, ships, and liquified natural gas (LNG) processing equipment. Our reportable segments are separately managed, strategic business units that offer different products and services, and each segment has separate financial information available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in allocating resources and assessing performance. Each segment’s products are marketed to different customer types and require different manufacturing processes and technologies. Segment information is as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |  |
Arcadia Products | $ | 57,818 |  |  | $ | 71,455 |  |  | $ | 189,491 |  |  | $ | 230,951 |
DynaEnergetics | 69,679 |  |  | 72,998 |  |  | 224,011 |  |  | 239,720 |
NobelClad | 24,932 |  |  | 27,694 |  |  | 76,975 |  |  | 74,481 |
Net sales | $ | 152,429 |  |  | $ | 172,147 |  |  | $ | 490,477 |  |  | $ | 545,152 |
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
(Loss) income before income taxes: |  |  |  |  |  |  |
Arcadia Products | $ | (145,122) |  |  | $ | 6,476 |  |  | $ | (139,991) |  |  | $ | 19,189 |
DynaEnergetics | (3,049) |  |  | 10,871 |  |  | 12,845 |  |  | 41,772 |
NobelClad | 4,969 |  |  | 5,232 |  |  | 15,001 |  |  | 12,560 |
Segment operating (loss) income | (143,202) |  |  | 22,579 |  |  | (112,145) |  |  | 73,521 |
Unallocated corporate expenses (1) | (4,377) |  |  | (3,382) |  |  | (14,531) |  |  | (14,283) |
Unallocated stock-based compensation (2) | (1,356) |  |  | (1,495) |  |  | (3,886) |  |  | (7,319) |
Other (expense) income, net | (520) |  |  | 302 |  |  | (1,213) |  |  | (337) |
Interest expense, net | (2,113) |  |  | (2,392) |  |  | (6,746) |  |  | (7,205) |
(Loss) income before income taxes | $ | (151,568) |  |  | $ | 15,612 |  |  | $ | (138,521) |  |  | $ | 44,377 |
(1) Unallocated corporate expenses includes strategic review expenses of $1,763 and $5,952 for the three and nine months ended September 30, 2024 (2) Stock-based compensation is not allocated to wholly owned segments DynaEnergetics and NobelClad. Stock-based compensation is allocated to the Arcadia Products segment as 60% of such expense is attributable to the Company, whereas the remaining 40% is attributable to the redeemable noncontrolling interest holder.
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation and amortization: |  |  |  |  |  |  |
Arcadia Products | $ | 6,192 |  |  | $ | 6,621 |  |  | $ | 18,510 |  |  | $ | 19,631 |
DynaEnergetics | 1,642 |  |  | 1,697 |  |  | 5,039 |  |  | 5,212 |
NobelClad | 807 |  |  | 712 |  |  | 2,377 |  |  | 2,152 |
Segment depreciation and amortization | 8,641 |  |  | 9,030 |  |  | 25,926 |  |  | 26,995 |
Corporate and other | 81 |  |  | 97 |  |  | 245 |  |  | 300 |
Consolidated depreciation and amortization | $ | 8,722 |  |  | $ | 9,127 |  |  | $ | 26,171 |  |  | $ | 27,295 |
The disaggregation of revenue earned from contracts with customers is based on the geographic location of the customer. For Arcadia Products, net sales have been presented consistent with United States regional definitions as provided by the American Institute of Architects. For DynaEnergetics and NobelClad, all net sales are from products shipped from our manufacturing facilities and distribution centers located in the United States, Germany, and Canada. Arcadia Products
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
West | $ | 48,020 |  |  | $ | 58,572 |  |  | $ | 156,171 |  |  | 183,829 |
South | 5,656 |  |  | 6,869 |  |  | 18,967 |  |  | 22,261 |
Northeast | 2,025 |  |  | 4,001 |  |  | 7,410 |  |  | 17,991 |
Midwest | 2,117 |  |  | 2,013 |  |  | 6,943 |  |  | 6,870 |
Total Arcadia Products | $ | 57,818 |  |  | $ | 71,455 |  |  | $ | 189,491 |  |  | $ | 230,951 |
DynaEnergetics
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 53,924 |  |  | $ | 56,739 |  |  | $ | 170,916 |  |  | $ | 189,104 |
Canada | 5,809 |  |  | 4,975 |  |  | 18,920 |  |  | 17,883 |
India | 201 |  |  | 383 |  |  | 6,344 |  |  | 1,959 |
Oman | 1,770 |  |  | 2,414 |  |  | 6,281 |  |  | 5,548 |
Kuwait | 2,340 |  |  | 1,342 |  |  | 4,792 |  |  | 3,492 |
Indonesia | 306 |  |  | 630 |  |  | 1,748 |  |  | 2,318 |
Rest of the world(1) | 5,329 |  |  | 6,515 |  |  | 15,010 |  |  | 19,416 |
Total DynaEnergetics | $ | 69,679 |  |  | $ | 72,998 |  |  | $ | 224,011 |  |  | $ | 239,720 |
(1) Rest of the world does not include any individual country comprising sales greater than 5% of total DynaEnergetics revenue for the periods presented. NobelClad
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 12,656 |  |  | $ | 13,279 |  |  | $ | 39,644 |  |  | $ | 33,643 |
Canada | 1,225 |  |  | 2,334 |  |  | 8,697 |  |  | 6,048 |
China | 2,273 |  |  | 743 |  |  | 3,562 |  |  | 3,810 |
Saudi Arabia | 2,133 |  |  | 1,106 |  |  | 2,746 |  |  | 3,104 |
Netherlands | 891 |  |  | 276 |  |  | 2,700 |  |  | 1,038 |
Germany | 684 |  |  | 1,579 |  |  | 2,549 |  |  | 4,393 |
United Arab Emirates | 1,340 |  |  | 607 |  |  | 2,495 |  |  | 3,273 |
France | 709 |  |  | 1,021 |  |  | 2,408 |  |  | 2,101 |
South Africa | 7 |  |  | 2 |  |  | 1,323 |  |  | 1,155 |
Australia | 245 |  |  | 534 |  |  | 1,100 |  |  | 677 |
Italy | 151 |  |  | 352 |  |  | 1,031 |  |  | 1,314 |
South Korea | 116 |  |  | 3,691 |  |  | 640 |  |  | 4,294 |
Belgium | 106 |  |  | 463 |  |  | 491 |  |  | 1,937 |
Brazil | — |  |  | 88 |  |  | — |  |  | 1,834 |
Rest of the world (1) | 2,396 |  |  | 1,619 |  |  | 7,589 |  |  | 5,860 |
Total NobelClad | $ | 24,932 |  |  | $ | 27,694 |  |  | $ | 76,975 |  |  | $ | 74,481 |
(1) Rest of the world does not include any individual country comprising sales greater than 5% of total NobelClad revenue for the periods presented. During the three and nine months ended September 30, 2024, one DynaEnergetics customer accounted for approximately 25% and 23%, respectively, of consolidated net sales. During the three and nine months ended September 30, 2023, the same DynaEnergetics customer accounted for approximately 15% and 12%, respectively, of consolidated net sales. Additionally, the same DynaEnergetics customer accounted for approximately 30% and 32% of consolidated accounts receivable as of September 30, 2024 and December 31, 2023, respectively.

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