Added10-Q Nov 5, 2026 vs 10-K Feb 26, 2026
Disruptions in the supply of P₂S₅ for our North American customers have adversely affected, and are expected to continue to adversely affect, the results of our Specialty Products segment.
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SEC EDGAR
/CIK 0001880319
/10-K filed Feb 26, 2026, compared with Feb 20, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Materials · Chemicals & Allied Products
Perimeter Group Inc. PRM
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 20, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
10 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Failure to protect our intellectual property could harm our competitive position and business.
Our substantial indebtedness could have significant effects on our operations, including requiring us to dedicate a substantial portion of our cash flow to debt payments and thereby reducing funds available for working capital, capital expenditures, dividends, research and development, and other general corporate purposes. It may also increase our interest expense, particularly with respect to any borrowings under our revolving credit facility which are subject to variable rates, and limit our ability to refinance existing indebtedness or result in higher interest costs if rates rise. In addition, our debt level could negatively affect our credit ratings, increase our vulnerability to adverse economic and industry conditions, and limit our flexibility to respond to changes in our business or industry. Our substantial indebtedness may also restrict our ability to pursue strategic acquisitions, invest in and introduce new technologies, or capitalize on business opportunities, and could place us at a competitive disadvantage compared to our competitors with less indebtedness.
For example, on January 22, 2026, we consummated the MMT Acquisition and expect that the MMT Acquisition will result in various benefits, including strategic diversification into medical manufacturing, access to new original equipment manufacturer customer relationships, recurring aftermarket revenue streams, new opportunities for disciplined tuck‑in acquisitions and the application of our operating model to drive margin improvement and cash generation. Achieving the anticipated benefits of the MMT Acquisition is subject to a number of uncertainties, including whether our assets and businesses and the assets and businesses of MMT can be integrated in an efficient and effective manner. The optimization of our operations following the MMT Acquisition will be a complex, costly and time-consuming process and if we experience difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on us for an undetermined period.
Our attempt to expand our business into new markets and geographies through the MMT Acquisition may not be successful and exposes us to new and different risks.
We opportunistically seek to grow our business through, among other things, expanding into new industries and geographies with diverse product offerings. Our acquisition of MMT represents a significant expansion of our business into
the medical manufacturing industry, where we have limited experience and which operates under different business models, customer and regulatory requirements, and operational processes than our traditional fire safety and specialty products businesses. Our efforts to integrate MMT and expand our offerings into the medical manufacturing market may not succeed due to our lack of experience with that industry and expose us to new and different risks than those presented in our traditional fire safety and specialty products businesses, which could have a material adverse impact on our ability to manage that business and realize the benefits of the MMT Acquisition.
The medical manufacturing business requires very different products and services, sales and marketing channels, and internal operational systems and processes than our current operations. These requirements could disrupt our current operations and divert management attention from our core business. MMT may also operate in geographic markets where we have limited presence, requiring us to establish new distribution channels and customer relationships. There can be no assurance that our expansion into medical manufacturing will develop as anticipated or that we will succeed. If we are unsuccessful, we may be unable to recover our investment and may not realize the anticipated benefits of the acquisition, which could adversely impact our business, financial condition, and results of operations.
Additionally, the industries in which MMT’s customers operate are subject to extensive and complex regulatory oversight, including FDA regulations, thereby subjecting MMT to quality management system requirements and medical device regulations that are entirely different from our current regulatory environment. We may not be able to navigate this rapidly evolving regulatory environment or forecast and meet the continually changing regulatory demands.
For MMT, while it does not manufacture finished medical devices or engage in activities subject to FDA establishment registration or device listing requirements, its customers are regulated medical device manufacturers. These customers may require MMT to comply with certain quality management and manufacturing standards, such as FDA and ISO quality system regulations, to support their own regulatory compliance. Failure by MMT to meet these contractual or quality requirements could adversely affect customer relationships or result in loss of business.
We face potential liabilities under environmental, health and safety laws, and changes to these requirements, stricter enforcement, or discovery of contamination at our facilities or sites where our products have been used could materially and adversely affect our business and results of operations.
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
New in the latest 10-Q
9 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Former name, former address and former fiscal year, if changed since last report:
Read in the 10-Q
• our ability to successfully integrate acquired businesses and realize anticipated synergies;
Read in the 10-Q
• our ability to manufacture or obtain P₂S₅ for our Phosphorus Derivatives business unit on a timely and cost-effective basis;
Read in the 10-Q
Financial statements and notes
On July 30, 2026, the Company acquired Monaco Enterprises (“Monaco”), a provider of proprietary, mission-critical life safety and incident management systems for U.S. Government facilities, which is included within the Company’s Fire Safety segment. The acquisition was made to expand the Company’s products and services that support critical and complex customer missions across a range of niche applications. The consideration transferred consisted of $ 117.1 million in cash, net of cash acquired. The Company accounted for the transaction as a business combination under ASC 805 using the acquisition method and recorded the estimated fair values of the assets acquired and liabilities assumed in the condensed consolidated balance sheet, including inventories, intangible assets, property, plant and equipment, and goodwill.
Read in the 10-Q
Maturities of long-term debt as of September 30, 2026 are as follows (in thousands):
Read in the 10-Q
Show the other 4
Three Months Ended September 30, 2026 In Thousands Fire Safety Specialty Products Total ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net sales: Product $249,771 $76,911 $ 326,682 Services and others 62,774 409 63,183 Total net sales $312,545 $77,320 $ 389,865 Less: Adjusted cost of goods sold $100,871 $42,064 $ 142,935 Adjusted selling, general and administrative expense 10,039 13,354 23,393 Segment Adjusted EBITDA $201,635 $21,902 $ 223,537 Less: Depreciation and amortization 30,130 Interest and financing expense 20,369 Founders advisory fees - related party (239,469) Non-recurring expenses 2,781 Acquisition costs 5,965 Stock-based compensation expense 4,382 Purchase accounting impact - inventory step up 3,676 Foreign currency loss 294 Income before income taxes $ 395,409 Depreciation and amortization $15,072 $15,058 $ 30,130 Purchases of property and equipment $7,379 $5,295 $ 12,674
Read in the 10-Q
Risk Factors
Disruptions in the supply of P₂S₅ for our North American customers have adversely affected, and are expected to continue to adversely affect, the results of our Specialty Products segment.
Read in the 10-Q
Our P₂S₅ customers in North America have historically been served primarily by a third-party tolling facility in Sauget, Illinois. Supply from the facility has not been consistent with our customers’ requirements, and we are actively working to obtain permanent supply alternatives. We are currently supplying customers from multiple alternative sources at a higher cost, and we expect the associated costs to impact the operating results of our P₂S₅ business in the near term. Net sales of our P₂S₅ business declined in the three months ended September 30, 2026 compared to the prior-year period.
Read in the 10-Q
We cannot assure you that we will secure reliable long-term sources of supply on acceptable terms, if at all, or that our costs of supply will return to historical levels. A prolonged disruption, a loss of customers or the inability to obtain alternative sources of supply may prolong the adverse effect on the results of our Specialty Products segment and on our business, financial condition and results of operations.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 26, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:Except as set forth below, we are not aware of any material changes to the Company’s risk factors disclosed in Part I, Item 1A. “Risk Factors” of the Company’s 2025 Annual Report.
Read in the 10-Q
Added10-Q Nov 5, 2026 vs 10-K Feb 26, 2026
Our P₂S₅ customers in North America have historically been served primarily by a third-party tolling facility in Sauget, Illinois. Supply from the facility has not been consistent with our customers’ requirements, and we are actively working to obtain permanent supply alternatives. We are currently supplying customers from multiple alternative sources at a higher cost, and we expect the associated costs to impact the operating results of our P₂S₅ business in the near term. Net sales of our P₂S₅ business declined in the three months ended September 30, 2026 compared to the prior-year period.
Added10-Q Nov 5, 2026 vs 10-K Feb 26, 2026
We cannot assure you that we will secure reliable long-term sources of supply on acceptable terms, if at all, or that our costs of supply will return to historical levels. A prolonged disruption, a loss of customers or the inability to obtain alternative sources of supply may prolong the adverse effect on the results of our Specialty Products segment and on our business, financial condition and results of operations.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 26, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 20, 2025
mmt acquisition ×7medical manufacturing ×6medical device ×4land management ×3customer relationships ×3device manufacturers ×2different risks ×2traditional fire ×2quality management ×2
Where each one is used
- mmt acquisition: For example, on January 22, 2026, we consummated the MMT Acquisition and expect that the MMT Acquisition will result in various benefits, including strategic diversification into medical manufacturing, access to new original equipment manufacturer customer relationships, recurring aftermarket revenue streams, new...
- medical manufacturing: Our end markets experience constantly changing demand depending on a number of factors that are out of our control. In our fire retardant business, demand is dependent on the occurrence of fires, which are seasonal and dependent on environmental and other factors. Changes in the geographic location, occurrence,...
- medical device: Our end markets experience constantly changing demand depending on a number of factors that are out of our control. In our fire retardant business, demand is dependent on the occurrence of fires, which are seasonal and dependent on environmental and other factors. Changes in the geographic location, occurrence,...
- land management: We are dependent on sales to the USDA Forest Service, the U.S. Bureau of Land Management and the state of California, which account for a substantial portion of our revenue related to our Fire Safety segment.
- customer relationships: For example, on January 22, 2026, we consummated the MMT Acquisition and expect that the MMT Acquisition will result in various benefits, including strategic diversification into medical manufacturing, access to new original equipment manufacturer customer relationships, recurring aftermarket revenue streams, new...
- device manufacturers: Our end markets experience constantly changing demand depending on a number of factors that are out of our control. In our fire retardant business, demand is dependent on the occurrence of fires, which are seasonal and dependent on environmental and other factors. Changes in the geographic location, occurrence,...
- different risks: Our attempt to expand our business into new markets and geographies through the MMT Acquisition may not be successful and exposes us to new and different risks.
- traditional fire: the medical manufacturing industry, where we have limited experience and which operates under different business models, customer and regulatory requirements, and operational processes than our traditional fire safety and specialty products businesses. Our efforts to integrate MMT and expand our offerings into the...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
37 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PRM/export.csv") into a cell.