Full year Net Loss of $206.4M and Adjusted Net Income of $206.7M
Continued value driver execution drove full year Adjusted EBITDA of $331.7M
Full year Loss Per Diluted Share of $1.37 and Adjusted Earnings Per Diluted Share of $1.34
Specialty Products Segment acquired add-on product lines in Q4 2025, and MMT in Q1 2026
CLAYTON, Mo., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Perimeter Solutions, Inc. $(PRM)$ ("Perimeter," "Perimeter Solutions," or the "Company"), a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications, today reported financial results for its fourth quarter, and full year, ended December 31, 2025.
Full Year 2025 Results
-- Net sales increased 16% to $652.9 million, as compared to $561.0 million
in the prior year.
-- Fire Safety net sales increased 12% to $489.0 million, as compared
to $436.3 million in the prior year.
-- Specialty Products net sales increased 31% to $163.9 million, as
compared to $124.7 million in the prior year.
-- Net loss was $206.4 million, or $1.37 loss per diluted share, as compared
to a net loss of $5.9 million, or $0.04 loss per diluted share in the
prior year.
-- Non-GAAP adjusted earnings per diluted share was $1.34, as compared to
non-GAAP adjusted earnings per share of $1.11 in the prior year.
-- Adjusted EBITDA increased 18% to $331.7 million, as compared to $280.3
million in the prior year.
-- Fire Safety Segment Adjusted EBITDA increased 21% to $290.5
million, as compared to $240.1 million in the prior year.
-- Specialty Products Segment Adjusted EBITDA increased 3% to $41.2
million, as compared to $40.2 million in the prior year.
-- Reconciliation tables for non-GAAP measures are available in the attached
schedules.
Fourth Quarter 2025 Results
-- Net sales increased 19% to $102.8 million in the fourth quarter, as
compared to $86.2 million in the prior year quarter.
-- Fire Safety net sales decreased 4% to $58.1 million, as compared
to $60.7 million in the prior year quarter.
-- Specialty Products net sales increased 75% to $44.7 million, as
compared to $25.5 million in the prior year quarter.
-- Net loss during the fourth quarter was $140.2 million, or $0.94 loss per
diluted share, as compared to net income of $144.2 million, or $0.90
earnings per diluted share in the prior year quarter.
-- Fourth quarter non-GAAP adjusted earnings per diluted share was $0.13 for
both the quarter ended 2025 and 2024.
-- Adjusted EBITDA increased 9% to $36.0 million in the fourth quarter, as
compared to $32.9 million in the prior year quarter.
-- Fire Safety Segment Adjusted EBITDA decreased 6% to $25.6 million,
as compared to $27.2 million in the prior year quarter.
-- Specialty Products Segment Adjusted EBITDA increased 85% to $10.4
million, as compared to $5.6 million in the prior year quarter.
-- Reconciliation tables for non-GAAP measures are available in the attached
schedules.
Capital Allocation
-- The Company invested $7.0 million in capital expenditures for the three
months ended December 31, 2025 and $29.6 million for the year ended
December 31, 2025.
-- On November 14, 2025, the Company acquired substantially all of the
assets and technical data rights of certain electro-optical product lines
from a third party, for a total cash purchase price of $40.0 million. The
product lines will be included within the Specialty Products Segment.
-- On January 22, 2026, the Company acquired the outstanding capital stock
of Medical Manufacturing Technologies, LLC ("MMT") for a total cash
purchase price of $685.0 million which was funded with cash on hand and
proceeds from a senior secured notes offering. The Company expects that
MMT will be included within its Specialty Products segment.
Conference Call and Webcast
As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, February 26, 2026 to discuss financial results for the fourth quarter and full year 2025. The conference call can be accessed by dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).
The conference call will also be webcast simultaneously on Perimeter's website , accessed under the Investor Relations page. The webcast link will be made available on the Company's website prior to the start of the call; go to the investor relations page of our website to the News & Events menu and click on "Events & Presentations."
A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website to the News & Events menu and click on "Events & Presentations."
Following the live webcast, a replay will be available on the Company's website. A telephonic replay will also be available approximately three hours after the call and can be accessed by dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll) and using Access ID "13758339". The telephonic replay will be available until March 26, 2026 (11:59 p.m. ET).
About Perimeter Solutions
Perimeter Solutions (NYSE: PRM) is a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Perimeter's focus on superior customer service, paired with our Value Driver-focused operating strategy, decentralized operating model, and focus on driving value via capital allocation and capital structure management, fulfills our dual mandate: to serve customers and create value for stockholders. Perimeter is comprised of two segments, Fire Safety, including fire retardants and fire suppressants, and Specialty Products, which currently spans lubricant additives, electronic and electro-mechanical components, and highly engineered machinery for the medical device industry. Perimeter expects to continue expanding its portfolio through organic growth and value creating acquisitions.
Forward-looking Information
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.
Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Perimeter Solutions, Inc.
CONTACT: ir@perimeter-solutions.com
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive
(Loss) Income
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended December
31, Year Ended December 31,
----------------------------
2025 2024 2025 2024
----------- ----------- -----------
Net sales $ 102,750 $ 86,231 $ 652,862 $ 560,968
Cost of goods sold 56,358 44,336 277,712 243,882
----------- ----------- ----------- -----------
Gross profit 46,392 41,895 375,150 317,086
----------- ----------- ----------- -----------
Operating expenses
(income):
Selling, general
and
administrative
expense 21,832 21,013 77,575 66,901
Amortization
expense 15,794 13,741 59,696 55,032
Founders
advisory fees -
related party 171,209 (54,789) 435,163 198,308
Other operating
expense 2,721 612 3,646 612
----------- ----------- ----------- -----------
Total
operating
expenses
(income) 211,556 (19,423) 576,080 320,853
----------- ----------- ----------- -----------
Operating (loss)
income (165,164) 61,318 (200,930) (3,767)
----------- ----------- ----------- -----------
Other expense
(income):
Interest
expense, net 9,691 9,169 39,135 40,461
Foreign currency
loss (gain) 211 2,280 (3,038) 2,443
Other (income)
expense, net (638) (60) (780) 192
----------- ----------- ----------- -----------
Total other
expense,
net 9,264 11,389 35,317 43,096
----------- ----------- ----------- -----------
(Loss) income
before income
taxes (174,428) 49,929 (236,247) (46,863)
Income tax benefit 34,197 94,241 29,881 40,958
----------- ----------- ----------- -----------
Net (loss) income (140,231) 144,170 (206,366) (5,905)
Other
comprehensive
income (loss), net
of tax:
Foreign currency
translation
adjustments 3,184 (23,627) 32,862 (19,522)
----------- ----------- ----------- -----------
Total comprehensive
(loss) income $ (137,047) $ 120,543 $ (173,504) $ (25,427)
=========== =========== =========== ===========
(Loss) earnings
per share:
Basic $ (0.94) $ 0.98 $ (1.37) $ (0.04)
Diluted $ (0.94) $ 0.90 $ (1.37) $ (0.04)
Weighted average
number of shares
outstanding:
Basic 148,808,784 147,058,719 150,370,533 145,713,439
Diluted 148,808,784 160,931,755 150,370,533 145,713,439
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share data)
(Unaudited)
December 31, 2025 December 31, 2024
------------------- ---------------------
ASSETS
Current assets:
Cash and cash equivalents $ 325,927 $ 198,456
Accounts receivable, net 64,363 56,048
Inventories 139,634 116,347
Prepaid expenses and
other current assets 34,049 23,173
-------------- --------------
Total current assets 563,973 394,024
Property, plant and
equipment, net 85,138 64,777
Operating lease right-of-use
assets 30,152 17,298
Finance lease right-of-use
assets 5,713 6,173
Goodwill 1,065,211 1,034,543
Customer lists, net 628,189 637,745
Technology and patents, net 184,804 173,307
Tradenames, net 86,330 87,365
Other assets, net 3,497 1,162
-------------- --------------
Total assets $ 2,653,007 $ 2,416,394
============== ==============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 30,301 $ 23,519
Accrued expenses and
other current
liabilities 47,212 30,450
Founders advisory fees
payable -- related
party 95,726 6,677
Deferred revenue 1,879 1,842
-------------- --------------
Total current
liabilities 175,118 62,488
Long-term debt, net 669,122 667,774
Operating lease liabilities,
net of current portion 27,860 15,540
Finance lease liabilities,
net of current portion 5,694 6,013
Deferred income taxes 80,410 152,203
Founders advisory fees
payable -- related party 440,697 240,083
Preferred stock 115,904 109,966
Preferred stock -- related
party 1,293 2,831
Other non-current
liabilities 3,590 2,226
-------------- --------------
Total liabilities 1,519,688 1,259,124
-------------- --------------
Commitments and
contingencies
Stockholders' equity:
Common stock, $0.0001 par
value per share,
4,000,000,000 shares
authorized; 174,818,216
and 169,426,114 shares
issued; 149,440,060 and
147,822,633 shares
outstanding at December
31, 2025 and 2024,
respectively 17 17
Treasury stock, at cost;
25,378,156 and
21,603,481 shares at
December 31, 2025 and
2024, respectively (168,197) (127,827)
Additional paid-in
capital 2,100,958 1,911,035
Accumulated other
comprehensive loss (6,370) (39,232)
Accumulated deficit (793,089) (586,723)
-------------- --------------
Total stockholders'
equity 1,133,319 1,157,270
-------------- --------------
Total liabilities and
stockholders' equity $ 2,653,007 $ 2,416,394
============== ==============
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended December 31,
2025 2024
---------- --------
Cash flows from operating activities:
Net loss $ (206,366) $ (5,905)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Founders advisory fees -- related
party (change in fair value) 435,163 198,308
Depreciation and amortization
expense 74,032 65,718
Interest and payment-in-kind on
preferred stock 7,332 7,057
Stock-based compensation 16,647 12,849
Non-cash lease expense 6,861 5,070
Deferred income taxes (74,144) (99,557)
Amortization of deferred financing
costs 1,907 1,730
Foreign currency (gain) loss (3,038) 2,443
Loss on disposal of assets 149 66
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable (6,954) (13,293)
Inventories (5,980) 29,872
Prepaid expenses and other current
assets 971 (843)
Accounts payable 6,228 (754)
Deferred revenue 37 1,842
Income taxes payable, net (5,685) (13,299)
Accrued expenses and other current
liabilities 4,159 4,306
Founders advisory fees -- related
party (cash settled) (6,677) (2,702)
Operating lease liabilities (4,867) (3,278)
Finance lease liabilities (489) (501)
Other, net (1,137) (741)
---------- --------
Net cash provided by operating
activities 238,149 188,388
---------- --------
Cash flows from investing activities:
Purchase of property and equipment (29,591) (15,531)
Purchase of intangible assets (15,226) --
Proceeds from short-term investments -- 5,383
Purchase of businesses, net of cash
acquired (62,000) (32,792)
---------- --------
Net cash used in investing
activities (106,817) (42,940)
---------- --------
Cash flows from financing activities:
Common stock repurchased (40,370) --
Ordinary shares repurchased -- (14,420)
Proceeds from exercises of warrants -- 23,509
Proceeds from exercises of options 34,453 --
Principal payments on finance lease
obligations (875) (740)
Payment for credit facility financing
fees (2,179) --
---------- --------
Net cash (used in) provided by
financing activities (8,971) 8,349
---------- --------
Effect of foreign currency on cash and
cash equivalents 5,110 (2,617)
---------- --------
Net change in cash and cash equivalents 127,471 151,180
Cash and cash equivalents, beginning of
period 198,456 47,276
---------- --------
Cash and cash equivalents, end of
period $ 325,927 $ 198,456
========== ========
Supplemental disclosures of cash flow
information:
Cash paid for interest $ 36,745 $ 37,317
Cash paid for income taxes $ 48,851 $ 74,559
Non-cash activities:
Liability portion of founders
advisory fees -- related party
reclassified to additional paid in
capital $ 138,823 $ 8,464
Non-GAAP Financial Metrics
The Company provides non-GAAP financial measures for Segment Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share data as supplemental information regarding the Company's business performance. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company's past financial performance and future results. The Company's management uses these non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal operating budgeting, performance measurement, and discretionary compensation.
Segment Adjusted EBITDA
Segment Adjusted EBITDA is defined as (loss) income before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). To supplement the Company's consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Segment Adjusted EBITDA, which is a non-GAAP measure used by the Company's management and by external users of Perimeter's financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Segment Adjusted EBITDA should not be considered an alternative to net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).
(Unaudited) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024
------------------------------------ --------------------------------------
Specialty Specialty
Fire Safety Products Total Fire Safety Products Total
------------- --------- ---------- ------------ ----------- -----------
(Loss) income
before income
taxes $(152,325) $(22,103) $(174,428) $ 45,304 $ 4,625 $ 49,929
Depreciation
and
amortization 14,579 5,843 20,422 12,858 3,645 16,503
Interest and
financing
expense
(benefit) 5,969 3,722 9,691 9,694 (525) 9,169
Founders
advisory fees
-- related
party 154,106 17,103 171,209 (46,936) (7,853) (54,789)
Non-recurring
expenses (1) 137 775 912 3,743 626 4,369
Acquisition
costs -- 2,716 2,716 -- 612 612
Stock-based
compensation
expense 3,390 1,829 5,219 2,735 2,066 4,801
Foreign
currency
(gain) loss (323) 534 211 (154) 2,434 2,280
-------- ------- -------- ------- ------ -------
Segment Adjusted
EBITDA $ 25,533 $ 10,419 $ 35,952 $ 27,244 $ 5,630 $ 32,874
======== ======= ======== ======= ====== =======
(1) For the three months ended December 31, 2025,
$0.7 million was related to litigation costs arising
from a contractual dispute regarding control of the
P(2) S(5) facility, which is currently operated by
Flexsys Chemical Company and $0.2 million was related
to the redomiciliation of the Company from Luxembourg
to Delaware (the "Redomiciliation Transaction"). For
the three months ended December 31, 2024, $4.4 million
was related to the Redomiciliation Transaction and
other non-recurring Luxembourg related costs.
(Unaudited) Year Ended December 31, 2025 Year Ended December 31, 2024
--------------------------------- ---------------------------------
Fire Specialty Fire Specialty
Safety Products Total Safety Products Total
---------- --------- ---------- --------- --------- -----------
Loss before income
taxes $(182,537) $(53,710) $(236,247) $(35,277) $(11,586) $(46,863)
Depreciation
and
amortization 55,397 18,635 74,032 51,365 14,353 65,718
Interest and
financing
expense 24,059 15,076 39,135 39,547 914 40,461
Founders
advisory fees
-- related
party 381,106 54,057 435,163 169,886 28,422 198,308
Non-recurring
expenses (1) 955 1,465 2,420 5,559 1,207 6,766
Acquisition
costs 98 3,480 3,578 -- 612 612
Stock-based
compensation
expense 12,207 4,440 16,647 8,545 4,304 12,849
Foreign
currency
(gain) loss (798) (2,240) (3,038) 496 1,947 2,443
-------- ------- -------- ------- ------- -------
Segment Adjusted
EBITDA $ 290,487 $ 41,203 $ 331,690 $240,121 $ 40,173 $280,294
======== ======= ======== ======= ======= =======
(1) For the year ended December 31, 2025, $1.1 million
was related to restructuring and other non-recurring
costs, $0.7 million was related to litigation costs
arising from a contractual dispute regarding control
of the P(2) S(5) facility, which is currently operated
by Flexsys Chemical Company, and $0.6 million was
related to the Redomiciliation Transaction. For the
year ended December 31, 2024, $6.6 million was related
to the Redomiciliation Transaction and other non-recurring
Luxembourg related costs and $0.2 million was related
to other non-recurring costs.
Adjusted Net Income and Adjusted Earnings Per Share
The computation of Adjusted Earnings Per Share ("Adjusted EPS") is defined as Adjusted Net Income divided by adjusted diluted shares. Adjusted Net Income is defined as net (loss) income plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non-GAAP adjustments. These adjustments include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options and warrants excluded under U.S. GAAP due to a net loss, less dilution related to founders advisory fees. To supplement the Company's consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted Net Income and Adjusted EPS, which are non-GAAP measures used by the Company's management and by external users of Perimeter's financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and Adjusted Net Income should not be considered alternatives to GAAP (loss) earnings per share ("GAAP EPS"), net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).
(Unaudited) Three Months Ended December 31,
2025 2024
------------- -------------
GAAP net (loss) income $ (140,231) $ 144,170
Adjustments:
Amortization 15,794 13,741
Founders advisory fees
-- related party 171,209 (54,789)
Non-recurring expenses
(1) 912 4,369
Acquisition costs 2,716 612
Stock-based
compensation expense 5,219 4,801
Foreign currency loss 211 2,280
Tax impact of non-GAAP
adjustments (2) (35,937) (96,136)
------------- -------------
Adjusted net income $ 19,893 $ 19,048
============= =============
Shares used in computing
GAAP (Loss) Earnings Per
Share (diluted) 148,808,784 160,931,755
Options (3) 7,136,522 --
Shares underlying
Founders fixed
advisory fees (4) -- (9,428,244)
Shares underlying
Founders variable
advisory fees (5) -- --
------------- -------------
Shares used in computing
Adjusted Earnings Per Share
(diluted) 155,945,306 151,503,511
============= =============
GAAP (Loss) Earnings Per
Share (diluted) $ (0.94) $ 0.90
Adjusted Earnings Per Share
(diluted) $ 0.13 $ 0.13
____________________
(1) For the three months ended December 31, 2025,
$0.7 million was related to litigation costs arising
from a contractual dispute regarding control of the
P(2) S(5) facility, which is currently operated by
Flexsys Chemical Company and $0.2 million was related
to the Redomiciliation Transaction. For the three
months ended December 31, 2024, $4.4 million was related
to the Redomiciliation Transaction and other non-recurring
Luxembourg related costs.
(2) The tax impact of non-GAAP adjustments reflects
the total income tax expense commensurate with the
non-GAAP measure of profitability.
(3) The Company adds back the dilutive impact of options
if amounts were excluded for purposes of GAAP EPS
due to a GAAP net loss during the period.
(4) As of December 31, 2025, a maximum of 2.4 million
shares were issuable within 12 months under the Founders
fixed advisory fee. To satisfy the 2025 Founders fixed
advisory fee, the Company paid $13.4 million in cash
on February 19, 2026 and expects to issue 1.9 million
shares of Common Stock in the first quarter of 2026.
(5) Based on period end market prices as of December
31, 2025, a maximum of 14.5 million shares were issuable
within 12 months under the Founders variable advisory
fee. To satisfy the 2025 Founders variable advisory
fee, the Company paid $82.3 million in cash on February
19, 2026 and expects to issue 11.5 million shares
of Common Stock in the first quarter of 2026.
(Unaudited) Year Ended December 31,
------------------------------
2025 2024
-----------
GAAP net loss $ (206,366) $ (5,905)
Adjustments:
Amortization 59,696 55,032
Founders advisory fees --
related party 435,163 198,308
Non-recurring expenses (1) 2,420 6,766
Acquisition costs 3,578 612
Stock-based compensation
expense 16,647 12,849
Foreign currency (gain)
loss (3,038) 2,443
Tax impact of non-GAAP
adjustments (2) (101,427) (106,715)
----------- -----------
Adjusted net income $ 206,673 $ 163,390
=========== ===========
Shares used in computing GAAP
(Loss) Earnings Per Share
(diluted) 150,370,533 145,713,439
Options (3) 4,092,617 1,446,487
Warrants (3) -- 49,876
Shares underlying Founders
fixed advisory fees (4) -- --
Shares underlying Founders
variable advisory fees (5) -- --
----------- -----------
Shares used in computing Adjusted
Earnings Per Share (diluted) 154,463,150 147,209,802
=========== ===========
GAAP (Loss) Earnings Per Share
(diluted) $ (1.37) $ (0.04)
Adjusted Earnings Per Share
(diluted) $ 1.34 $ 1.11
____________________
(1) For the year ended December 31, 2025, $1.1 million
was related to restructuring and other non-recurring
costs, $0.7 million was related to litigation costs
arising from a contractual dispute regarding control
of the P(2) S(5) facility, which is currently operated
by Flexsys Chemical Company, and $0.6 million was
related to the Redomiciliation Transaction. For the
year ended December 31, 2024, $6.6 million was related
to the Redomiciliation Transaction and other non-recurring
Luxembourg related costs and $0.2 million was related
to other non-recurring costs.
(2) The tax impact of non-GAAP adjustments reflects
the total income tax expense commensurate with the
non-GAAP measure of profitability.
(3) The Company adds back the dilutive impact of options
and warrants if amounts were excluded for purposes
of GAAP EPS due to GAAP net loss during the period.
(4) As of December 31, 2025, a maximum of 2.4 million
shares were issuable within 12 months under the Founders
fixed advisory fee. To satisfy the 2025 Founders fixed
advisory fee, the Company paid $13.4 million in cash
on February 19, 2026 and expects to issue 1.9 million
shares of Common Stock in the first quarter of 2026.
(5) Based on period end market prices as of December
31, 2025, a maximum of 14.5 million shares were issuable
within 12 months under the Founders variable advisory
fee. To satisfy the 2025 Founders variable advisory
fee, the Company paid $82.3 million in cash on February
19, 2026 and expects to issue 11.5 million shares
of Common Stock in the first quarter of 2026.
(END) Dow Jones Newswires
February 26, 2026 06:00 ET (11:00 GMT)
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