Revenue exhibits extreme seasonal volatility, peaking at $315.4 million in 2025Q3 while operating margins have struggled, reaching a low of -108.0% in 2025Q1.
| Sales/Revenue | 705.9M | 652.86M | 560.97M | 322.11M | 360.5M | 362.34M | 339.58M | 239.31M |
| Revenue Growth % | 22.99% | 16.38% | 74.16% | -10.65% | -0.51% | 6.7% | 41.9% | - |
| Cost of Goods Sold | 308.12M | 277.71M | 243.88M | 193.81M | 231.85M | 189.72M | 177.53M | 155.43M |
| COGS % of Revenue | - | 42.54% | 43.48% | 60.17% | 64.31% | 52.36% | 52.28% | 64.95% |
| Gross Profit | 397.78M | 375.15M | 317.09M | 128.29M | 128.65M | 172.62M | 162.04M | 83.88M |
| Gross Margin % | 56.35% | 57.46% | 56.52% | 39.83% | 35.69% | 47.64% | 47.72% | 35.05% |
| Gross Profit Growth % | - | 18.31% | 147.15% | -0.28% | -25.47% | 6.52% | 93.18% | - |
| Operating Expenses | 493.18M | 576.08M | 320.85M | 33.84M | -1.41M | 772.75M | 90.57M | 89.66M |
| OpEx % of Revenue | - | 88.24% | 57.2% | 10.51% | -0.39% | 213.27% | 26.67% | 37.47% |
| Selling, General & Admin | 84.34M | 77.58M | 66.9M | 46.51M | 60.32M | 708.95M | 37.75M | 36.2M |
| SG&A % of Revenue | - | 11.88% | 11.93% | 14.44% | 16.73% | 195.66% | 11.12% | 15.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 498.5M | 253.95M | -12.67M | -61.73M | 63.8M | 52.82M | 53.46M |
| Operating Income | -144.82M | -200.93M | -3.77M | 94.45M | 130.06M | -600.13M | 71.48M | -5.78M |
| Operating Margin % | -20.52% | -30.78% | -0.67% | 29.32% | 36.08% | -165.63% | 21.05% | -2.41% |
| Operating Income Growth % | - | -5233.95% | -103.99% | -27.38% | 121.67% | -939.63% | 1337.25% | - |
| EBITDA | -102.26M | -126.9M | 61.95M | 159.31M | 195.86M | -538.75M | 129.59M | 52.25M |
| EBITDA Margin % | -14.49% | -19.44% | 11.04% | 49.46% | 54.33% | -148.69% | 38.16% | 21.83% |
| EBITDA Growth % | -271.9% | -304.84% | -61.11% | -18.66% | 136.35% | -515.73% | 148.03% | - |
| D&A (Non-Cash Add-back) | 42.56M | 74.03M | 65.72M | 64.86M | 65.8M | 61.38M | 58.12M | 58.02M |
| EBIT | -278.24M | -197.11M | -3.77M | 135.19M | 130.06M | -590.91M | 71.48M | -4.78M |
| Net Interest Income | -53.85M | -39.13M | -40.46M | -41.38M | -42.59M | -45.44M | -42.02M | -51.66M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 53.85M | 39.13M | 40.46M | 41.38M | 42.59M | 45.44M | 42.02M | 51.66M |
| Other Income/Expense | -110.76M | -35.32M | -43.1M | -32.87M | -32.84M | -53.41M | -36.74M | -53.93M |
| Pretax Income | -255.58M | -236.25M | -46.86M | 61.58M | 97.23M | -653.54M | 34.73M | -59.71M |
| Pretax Margin % | -36.21% | -36.19% | -8.35% | 19.12% | 26.97% | -180.37% | 10.23% | -24.95% |
| Income Tax | -19.28M | -29.88M | -40.96M | -5.9M | 5.47M | 7.98M | 10.48M | -17.67M |
| Effective Tax Rate % | 7.55% | 12.65% | 87.4% | -9.59% | 5.62% | -1.22% | 30.18% | 29.6% |
| Net Income | -190.12M | -206.37M | -5.91M | 67.49M | 91.76M | -661.52M | 24.25M | -42.04M |
| Net Margin % | -26.93% | -31.61% | -1.05% | 20.95% | 25.45% | -182.57% | 7.14% | -17.57% |
| Net Income Growth % | -242.58% | -3394.77% | -108.75% | -26.45% | 113.87% | -2828.03% | 157.68% | - |
| Net Income (Continuing) | -190.12M | -206.37M | -5.91M | 67.49M | 91.76M | -661.52M | 24.25M | -42.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.15 | -1.37 | -0.04 | 0.41 | 0.52 | -4.21 | 0.15 | -0.27 |
| EPS Growth % | -269.62% | -3282.72% | -109.88% | -21.15% | 112.35% | -2906.67% | 155.56% | - |
| EPS (Basic) | - | -1.37 | -0.04 | 0.44 | 0.57 | -4.21 | 0.15 | -0.27 |
| Diluted Shares Outstanding | 165.07M | 148.81M | 145.71M | 166.45M | 175.08M | 157.24M | 157.14M | 157.14M |
| Basic Shares Outstanding | 153.86M | 148.81M | 145.71M | 154.67M | 160.94M | 157.24M | 157.14M | 157.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Extreme seasonal earnings volatility
As indicated by the quarterly income statements, Perimeter Solutions exhibits extreme revenue seasonality, with peak top-line performance reaching $315.4 million in 2025Q3, while off-season periods like 2025Q1 saw revenue contract to $72.0 million, highlighting the company's heavy reliance on the timing of wildfire activity in North America.
The revenue trajectory is heavily dictated by the non-discretionary nature of wildfire suppression, creating a lumpy growth profile that makes year-over-year comparisons difficult. Investors should monitor whether the company can diversify its revenue base beyond the highly seasonal Fire Safety segment to smooth out these significant quarterly fluctuations.
Based on reported financial data, Perimeter maintains a strong structural gross margin profile, peaking at 62.8% in 2024Q3, which suggests significant pricing power for its proprietary retardant formulations despite the inherent volatility of the underlying chemical input costs and the seasonal nature of the firefighting business.
While the gross margin performance is impressive and indicative of a strong competitive moat, the inability to translate this into consistent operating profitability warrants caution. The wide variance in gross margins, ranging from 34.8% to 62.8%, suggests that product mix and raw material price fluctuations have a material impact on the company's core profitability.
As reported in recent filings, Perimeter's net income figures are frequently distorted by significant non-operating items and stock-based compensation, as evidenced by the massive $77.9 million swing in SBC in 2025Q1, which complicates the assessment of the company's true underlying cash-generative capacity and operational performance.
The extreme volatility in net income, which swings from deep losses to significant gains, appears to be driven more by accounting adjustments and non-cash charges than by core operational shifts. Analysts should focus on adjusted EBITDA or cash flow metrics to strip away these distortions and better understand the company's actual earnings power.
According to the income statement data, Perimeter's operating income has remained consistently negative in most recent quarters, with operating margins reaching as low as -108.0% in 2025Q1, suggesting that the company's fixed cost structure is currently too heavy to support its seasonal revenue base effectively.
The persistent operating losses, despite high gross margins, indicate that SG&A and other overhead costs are not scaling efficiently with the business. Management's ability to control these expenses during the off-season will be critical to achieving sustainable profitability and reducing the company's reliance on peak-season performance.
Quick answers to the most common questions about buying PRM stock.
For fiscal year 2025, Perimeter Solutions, S.A. (PRM) reported total revenue of $652.9M. This represents a 172.8% increase compared to $239.3M in 2019.
Perimeter Solutions, S.A. (PRM) reported a net loss of $206.4M for the fiscal year ending 2025.
Perimeter Solutions, S.A. (PRM) reported an operating income of $-200.9M, resulting in an operating profit margin of -30.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Perimeter Solutions, S.A. (PRM) generated $375.1M in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.