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v3.25.3

BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | Segment information is as follows for the three months ended September 30, 2025:
| Arcadia Products |  | DynaEnergetics |  | NobelClad |  | Total
Net sales | $ | 61,661 |  |  | $ | 68,946 |  |  | $ | 20,925 |  |  | $ | 151,532 |
Cost of products sold | 43,944 |  |  | 58,970 |  |  | 15,717 |  |  | 118,631 |
Gross profit | 17,717 |  |  | 9,976 |  |  | 5,208 |  |  | 32,901 |
Stock-based compensation* | 18 |  |  | — |  |  | — |  |  | 18 |
General and administrative expenses | 6,062 |  |  | 2,416 |  |  | 2,076 |  |  | 10,554 |
Selling and distribution expenses | 4,156 |  |  | 4,514 |  |  | 1,870 |  |  | 10,540 |
Amortization of purchased intangible assets | 4,764 |  |  | — |  |  | — |  |  | 4,764 |
Restructuring expenses and asset impairments | 132 |  |  | 57 |  |  | 1,013 |  |  | 1,202 |
Operating income | 2,585 |  |  | 2,989 |  |  | 249 |  |  | 5,823 |
Unallocated corporate expenses |  |  |  |  |  |  | (3,871) |
Unallocated stock-based compensation* |  |  |  |  |  |  | (1,342) |
Other expense, net |  |  |  |  |  |  | (334) |
Interest expense, net |  |  |  |  |  |  | (1,632) |
Loss before income taxes |  |  |  |  |  |  | (1,356) |
Income tax provision |  |  |  |  |  |  | 714 |
Net loss |  |  |  |  |  |  | $ | (2,070) |
Segment information is as follows for the nine months ended September 30, 2025:
| Arcadia Products |  | DynaEnergetics |  | NobelClad |  | Total
Net sales | $ | 189,221 |  |  | $ | 201,359 |  |  | $ | 75,729 |  |  | $ | 466,309 |
Cost of products sold | 134,893 |  |  | 164,613 |  |  | 55,831 |  |  | 355,337 |
Gross profit | 54,328 |  |  | 36,746 |  |  | 19,898 |  |  | 110,972 |
Stock-based compensation* | 493 |  |  | — |  |  | — |  |  | 493 |
General and administrative expenses | 19,695 |  |  | 8,191 |  |  | 4,119 |  |  | 32,005 |
Selling and distribution expenses | 13,104 |  |  | 12,764 |  |  | 6,277 |  |  | 32,145 |
Amortization of purchased intangible assets | 14,290 |  |  | — |  |  | — |  |  | 14,290 |
Restructuring expenses and asset impairments | 649 |  |  | 803 |  |  | 1,224 |  |  | 2,676 |
Operating income | 6,097 |  |  | 14,988 |  |  | 8,278 |  |  | 29,363 |
Unallocated corporate expenses |  |  |  |  |  |  | (14,496) |
Unallocated stock-based compensation* |  |  |  |  |  |  | (3,847) |
Other expense, net |  |  |  |  |  |  | (898) |
Interest expense, net |  |  |  |  |  |  | (5,142) |
Income before income taxes |  |  |  |  |  |  | 4,980 |
Income tax provision |  |  |  |  |  |  | 4,866 |
Net income |  |  |  |  |  |  | $ | 114 |
Segment information is as follows for the three months ended September 30, 2024:
| Arcadia Products |  | DynaEnergetics |  | NobelClad |  | Total
Net sales | $ | 57,818 |  |  | $ | 69,679 |  |  | $ | 24,932 |  |  | $ | 152,429 |
Cost of products sold | 44,256 |  |  | 61,332 |  |  | 16,663 |  |  | 122,251 |
Gross profit | 13,562 |  |  | 8,347 |  |  | 8,269 |  |  | 30,178 |
Stock-based compensation* | 315 |  |  | — |  |  | — |  |  | 315 |
General and administrative expenses | 7,006 |  |  | 2,299 |  |  | 1,110 |  |  | 10,415 |
Selling and distribution expenses | 4,112 |  |  | 7,276 |  |  | 2,190 |  |  | 13,578 |
Amortization of purchased intangible assets | 5,278 |  |  | — |  |  | — |  |  | 5,278 |
Restructuring expenses and asset impairments | 248 |  |  | 1,821 |  |  | — |  |  | 2,069 |
Goodwill impairment | 141,725 |  |  | — |  |  | — |  |  | 141,725 |
Operating (loss) income | (145,122) |  |  | (3,049) |  |  | 4,969 |  |  | (143,202) |
Unallocated corporate expenses |  |  |  |  |  |  | (4,377) |
Unallocated stock-based compensation* |  |  |  |  |  |  | (1,356) |
Other expense, net |  |  |  |  |  |  | (520) |
Interest expense, net |  |  |  |  |  |  | (2,113) |
Loss before income taxes |  |  |  |  |  |  | (151,568) |
Income tax provision |  |  |  |  |  |  | 7,848 |
Net loss |  |  |  |  |  |  | $ | (159,416) |
Segment information is as follows for the nine months ended September 30, 2024:
| Arcadia Products |  | DynaEnergetics |  | NobelClad |  | Total
Net sales | $ | 189,491 |  |  | $ | 224,011 |  |  | $ | 76,975 |  |  | $ | 490,477 |
Cost of products sold | 135,959 |  |  | 183,560 |  |  | 51,840 |  |  | 371,359 |
Gross profit | 53,532 |  |  | 40,451 |  |  | 25,135 |  |  | 119,118 |
Stock-based compensation* | 938 |  |  | — |  |  | — |  |  | 938 |
General and administrative expenses | 22,049 |  |  | 8,201 |  |  | 3,207 |  |  | 33,457 |
Selling and distribution expenses | 12,451 |  |  | 17,540 |  |  | 6,927 |  |  | 36,918 |
Amortization of purchased intangible assets | 15,833 |  |  | 44 |  |  | — |  |  | 15,877 |
Restructuring expenses and asset impairments | 527 |  |  | 1,821 |  |  | — |  |  | 2,348 |
Goodwill impairment | 141,725 |  |  | — |  |  | — |  |  | 141,725 |
Operating (loss) income | (139,991) |  |  | 12,845 |  |  | 15,001 |  |  | (112,145) |
Unallocated corporate expenses |  |  |  |  |  |  | (14,531) |
Unallocated stock-based compensation* |  |  |  |  |  |  | (3,886) |
Other expense, net |  |  |  |  |  |  | (1,213) |
Interest expense, net |  |  |  |  |  |  | (6,746) |
Loss before income taxes |  |  |  |  |  |  | (138,521) |
Income tax provision |  |  |  |  |  |  | 12,283 |
Net loss |  |  |  |  |  |  | $ | (150,804) |
* 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization: |  |  |  |  |  |  |
Arcadia Products | $ | 5,784 |  |  | $ | 6,192 |  |  | $ | 17,332 |  |  | $ | 18,510 |
DynaEnergetics | 1,821 |  |  | 1,642 |  |  | 5,434 |  |  | 5,039 |
NobelClad | 813 |  |  | 807 |  |  | 2,388 |  |  | 2,377 |
Segment depreciation and amortization | 8,418 |  |  | 8,641 |  |  | 25,154 |  |  | 25,926 |
Corporate and other | 79 |  |  | 81 |  |  | 236 |  |  | 245 |
Consolidated depreciation and amortization | $ | 8,497 |  |  | $ | 8,722 |  |  | $ | 25,390 |  |  | $ | 26,171 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
West | $ | 51,342 |  |  | $ | 48,020 |  |  | $ | 157,873 |  |  | 156,171 |
South | 4,153 |  |  | 5,656 |  |  | 15,147 |  |  | 18,967 |
Northeast | 3,664 |  |  | 2,025 |  |  | 9,300 |  |  | 7,410 |
Midwest | 2,502 |  |  | 2,117 |  |  | 6,901 |  |  | 6,943 |
Total Arcadia Products | $ | 61,661 |  |  | $ | 57,818 |  |  | $ | 189,221 |  |  | $ | 189,491 |
DynaEnergetics
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 54,975 |  |  | $ | 53,924 |  |  | $ | 160,426 |  |  | $ | 170,916 |
United Arab Emirates | 2,652 |  |  | 56 |  |  | 3,375 |  |  | 181 |
Kuwait | 1,298 |  |  | 2,340 |  |  | 2,916 |  |  | 4,792 |
Canada | 1,255 |  |  | 5,809 |  |  | 9,121 |  |  | 18,920 |
Oman | 986 |  |  | 1,770 |  |  | 3,830 |  |  | 6,281 |
Indonesia | 376 |  |  | 306 |  |  | 2,912 |  |  | 1,748 |
India | 172 |  |  | 201 |  |  | 438 |  |  | 6,344 |
Rest of the world (1) | 7,232 |  |  | 5,273 |  |  | 18,341 |  |  | 14,829 |
Total DynaEnergetics | $ | 68,946 |  |  | $ | 69,679 |  |  | $ | 201,359 |  |  | $ | 224,011 |
(1) Rest of the world does not include any individual country comprising sales greater than 3% of total DynaEnergetics revenue. NobelClad
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 7,031 |  |  | $ | 12,656 |  |  | $ | 24,379 |  |  | $ | 39,644 |
Canada | 2,982 |  |  | 1,225 |  |  | 8,020 |  |  | 8,697 |
South Korea | 1,985 |  |  | 116 |  |  | 3,704 |  |  | 640 |
Germany | 1,791 |  |  | 684 |  |  | 16,942 |  |  | 2,549 |
China | 1,731 |  |  | 2,273 |  |  | 2,302 |  |  | 3,562 |
France | 812 |  |  | 709 |  |  | 2,312 |  |  | 2,408 |
Bahrain | 717 |  |  | 758 |  |  | 1,028 |  |  | 1,739 |
South Africa | 641 |  |  | 7 |  |  | 906 |  |  | 1,323 |
United Arab Emirates | 594 |  |  | 1,340 |  |  | 2,010 |  |  | 2,495 |
Netherlands | 437 |  |  | 891 |  |  | 1,457 |  |  | 2,700 |
Belgium | 230 |  |  | 106 |  |  | 3,047 |  |  | 491 |
Saudi Arabia | 119 |  |  | 2,133 |  |  | 2,773 |  |  | 2,746 |
Rest of the world (1) | 1,855 |  |  | 2,034 |  |  | 6,849 |  |  | 7,981 |
Total NobelClad | $ | 20,925 |  |  | $ | 24,932 |  |  | $ | 75,729 |  |  | $ | 76,975 |
(1) Rest of the world does not include any individual country comprising sales greater than 3% of total NobelClad revenue.

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