Revenue +31.5% as MMT acquisition closes; operating loss widens 674% on $169M founder fee surge

Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Operating loss widened 674% YoY to -$203M, driven by a $169M non-cash mark-to-market increase in founder advisory fees (share price rose from $21.93 to $35.53). Net loss widened 465% to -$181.6M but improved $27.3M relative to operating loss due to a $38.1M income tax benefit, partially offset by -$10.8M in non-operating/other items.

  MD&A: Operating Results verify on EDGAR →
• high

  MMT acquisition closed July 30, 2026 for $682.3M net cash, adding medical-device machinery and aftermarket consumables to Specialty Products. Funded with $550M in 6.25% senior secured notes due 2034 (issued January 2026) and cash on hand. Acquisition contributed $47.9M to Q2 revenue and added $306M goodwill, $303M customer lists.

  MD&A: Acquisitions; Notes: Business Combinations verify on EDGAR →
• high

  Revenue rose 31.5% YoY to $213.8M. Fire Safety contributed $8.8M (higher retardant/suppressant sales); Specialty Products contributed $42.4M, including $47.9M from recent acquisitions (primarily MMT) offset by a $5.5M decline in base businesses.

  MD&A: Revenue verify on EDGAR →