Perimeter Solutions, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with net sales reaching $560.97 million, a 74% increase from $322.11 million in 2023. The Fire Safety segment was the primary driver of this growth, contributing $436.27 million, up from $225.55 million the previous year. The company’s gross profit also saw a substantial rise, climbing to $317.09 million from $128.30 million, reflecting a gross margin improvement attributed to increased sales and effective cost management.
The company experienced notable changes in its operational structure, including a successful redomiciliation from Luxembourg to Delaware on November 20, 2024. This strategic move is expected to enhance operational efficiency and align the company more closely with U.S. market practices. Additionally, Perimeter Solutions completed the acquisition of IMS DE Holdings, LLC for $32.8 million, aimed at expanding its manufacturing capabilities in the Specialty Products segment, which also saw a revenue increase to $124.69 million from $96.55 million in 2023.
Operationally, Perimeter Solutions reported a total employee count of 319 full-time staff as of December 31, 2024, with no labor union representation, indicating stable employee relations. The company’s customer base remains concentrated, with the USDA Forest Service and the U.S. Bureau of Land Management accounting for 34% and 11% of total revenues, respectively. This concentration poses risks, as any significant changes in contracts with these customers could materially impact revenue.
Despite the revenue growth, the company reported a net loss of $5.91 million for 2024, a decline from a net income of $67.49 million in 2023. This loss was primarily driven by a substantial increase in operating expenses, including a $198.31 million rise in founder advisory fees related to the increase in the company's stock price. The company’s outlook remains cautious, with management emphasizing the need to navigate inflationary pressures and potential market volatility while continuing to invest in growth opportunities.
Looking ahead, Perimeter Solutions anticipates ongoing demand for its fire safety products, driven by increasing wildfire risks and a growing focus on fire prevention strategies. The company plans to leverage its recent acquisitions and operational enhancements to capture a larger market share, particularly in the expanding fluorine-free foam market, which aligns with environmental sustainability trends.
About Perimeter Solutions, Inc.
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