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Exhibit 99.1

FOR IMMEDIATE RELEASE:CONTACT:
Geoff High, Vice President of Investor Relations
303-604-3924
DMC GLOBAL REPORTS SECOND QUARTER FINANCIAL RESULTS
Record Sales and Earnings reflect healthy demand
and improved operating efficiencies at all DMC businesses

Second quarter sales increase to $188.7 million, up 2% sequentially and 14% vs. Q2 2022
Consolidated gross margin improves to 33% from 28% in prior quarter and 31% in Q2 2022
Net income was $17.5 million, while net income attributable to DMC was $13.7 million
Adjusted net income attributable to DMC* was $14.1 million, or $0.72 per diluted share
Adjusted EBITDA attributable to DMC* was a record $31.8 million, up 58% sequentially and 42% vs. Q2 2022
Total adjusted EBITDA, inclusive of non-controlling interest (NCI), was $38.4 million, or 20% of sales

BROOMFIELD, Colo. - August 8, 2023 - DMC Global Inc. (Nasdaq: BOOM) today reported financial results for its second quarter ended June 30, 2023.

“Our consolidated sales were a quarterly record $188.7 million and reflect the resiliency of our industrial end markets, strong demand for our differentiated products, and outstanding execution by our employees,” said Michael Kuta, who was appointed DMC’s president and CEO yesterday. “All three of our businesses delivered adjusted EBITDA margins in excess of 20%, illustrating that the initiatives we implemented in early 2023 to streamline our cost structure, improve operating efficiencies and strengthen DMC’s profitability are delivering the desired results.”

Michael Kuta, president and CEO said, “Arcadia, our building products business, reported steady demand across its commercial construction and high-end residential markets. Sales of $79.2 million were comparable with the first quarter and up 4% versus the second quarter last year. Adjusted EBITDA margin was 21%, a sequential improvement of approximately 800 basis points.

“Arcadia’s improved profitability reflects its ability to hold pricing after selling through the balance of high-priced aluminum inventory that had compressed profit margins in recent quarters. Arcadia also benefited from several initiatives designed to reduce costs and strengthen manufacturing operations. Early in the third quarter, Arcadia completed its transition to a new enterprise resource planning (ERP) platform, which will improve visibility into key areas of Arcadia’s operations going forward.

“DynaEnergetics, our energy products business, reported sales of $84.8 million, which were up 3% sequentially, 26% versus last year’s second quarter, and was the second-best quarterly sales performance in Dyna’s history. The growth was driven by strong demand in both North American and international markets. Unit sales of Dyna’s flagship DS perforating system, which is used in North America’s unconventional oil and gas fields, reached another quarterly record.

"Dyna’s adjusted EBITDA margin of 23% was up approximately 500 basis points sequentially and 300 basis points versus last year’s second quarter. The improvements reflect lower litigation expense, enhanced operational efficiencies and implementation of new product designs."

“At NobelClad, our composite metals business, second quarter sales were $24.8 million, up 12% sequentially and 13% versus last year’s second quarter,” Kuta said. “A very favorable project mix helped drive adjusted EBITDA margins to 22%, up from 15% in the first quarter and 16% in last year’s second quarter. The growing demand for
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NobelClad’s composite metal products is reflected in its expanding order backlog, which increased to $64 million from $60 million in the first quarter. Rolling 12-month bookings improved to $108.4 million from $104.7 in the first quarter, and NobelClad’s book-to-bill ratio remained at a healthy 1.2. We are very encouraged by NobelClad’s strengthening end markets and improving growth prospects.

“Looking forward, pricing pressure associated with declining raw material costs in some of Arcadia’s commercial construction markets, as well as a recent slowdown in North American well completion activity, will likely taper adjusted EBITDA versus the record results we reported in the second quarter. Nevertheless, 2023 should represent a year of solid sales and earnings growth for DMC.”

Eric Walter, CFO, said, “We expect free cash flow to accelerate in the second half of 2023, which should continue to strengthen our balance sheet. Our debt-to-adjusted EBITDA leverage ratio improved to 1.3x at the end of the second quarter, representing the sixth consecutive quarter of de-levering our balance sheet. We expect to end 2023 with a leverage ratio approaching 1.0x. In addition, we expect our net-debt to adjusted EBITDA leverage ratio will be below 1.0x by the end of the year.”

Kuta concluded, “I am very encouraged by our recent financial and operational performance, as well as the long-term outlook for DMC and its stakeholders. I want to thank DMC’s employees for their outstanding effort and commitment to the company’s success. I also want to thank our chairman, David Aldous, who supported and collaborated with me as interim co-CEO for the past seven months. Finally, I want to thank DMC’s Board of Directors for their confidence in me and the Company.”

Summary Second Quarter Results

Three months endedChange
 Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$188,664 $184,341 $165,831 %14 %
Gross profit percentage32.8 %28.3 %31.4 %
SG&A29,226 39,324 29,361 (26)%— %
Net income17,526 2,139 6,459 719 %171 %
Net income attributable to DMC$13,703 $909 $5,552 1,407 %147 %
Diluted net income (loss) per share attributable to DMC$0.70 $(0.01)$0.20 7,100 %250 %
Adjusted net income attributable to DMC $14,131 $6,144 $5,640 130 %151 %
Adjusted diluted net income per share $0.72 $0.32 $0.29 125 %148 %
Adjusted EBITDA attributable to DMC$31,776 $20,091 $22,362 58 %42 %
Adjusted EBITDA before NCI allocation$38,370 $24,279 $28,879 58 %33 %

Second Quarter Notes

Improved gross profit percentage driven by strong gross margins across all three DMC businesses
Lower SG&A reflects reduced litigation expense at Dyna and leaner cost structure at Arcadia
Adjusted EBITDA improvement driven by 20%+ adjusted EBITDA margins at all DMC businesses


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Arcadia
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$79,158 $80,338 $76,462 (1)%%
Gross profit percentage34.7 %27.5 %34.3 %
Adjusted EBITDA attributable to DMC$9,892 $6,282 $9,775 57 %%
Adjusted EBITDA before NCI allocation16,486 10,470 16,292 57 %%
Improved gross profit percentage reflects increased pricing after selling through the balance of high-priced aluminum inventory


DynaEnergetics
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$84,754 $81,968 $67,517 %26 %
Gross profit percentage31.3 %29.8 %29.6 %
Adjusted EBITDA$19,461 $14,955 $13,276 30 %47 %
Sequential and year-over-year sales growth reflects strong demand in both North American and International markets and record unit sales of fully integrated DS perforating systems
Gross margin improvement driven by better absorption on higher sales and increased sales of higher margin products

NobelClad
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$24,752 $22,035 $21,852 12 %13 %
Gross profit percentage32.4 %26.2 %27.6 %
Adjusted EBITDA$5,407 $3,361 $3,404 61 %59 %
Sequential and year-over-year sales growth reflect robust pressure vessel construction and improving demand from multiple global industrial-processing markets
Gross margin improvement driven by favorable project mix and better absorption on higher sales

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Third Quarter 2023 Guidance

MeasureExpected Range
Sales
DMC Consolidated$178M - $188M
Arcadia$73M - $78M
DynaEnergetics$75M - $79M
NobelClad$30M - $31M
Consolidated Gross Margin29% - 30%
Consolidated SG&A$28M - $30M
Depreciation & Amortization~$9.2M
Interest Expense$2.4M
Annualized effective tax rate27% - 29%
Adjusted EBITDA attributable to DMC$24M - $27M
Adjusted EBITDA before NCI allocation$29M - $32M
Capital Expenditures$5M - $7M
Full Year Capital Expenditures $18M - $20M

Conference call information
The conference call will begin at 5 p.m. Eastern (3 p.m. Mountain) and will be accessible by dialing 800-245-3047 (or +1 203-518-9765 for international callers) and entering the conference ID: DMCQ2.

Investors are invited to listen to the webcast live via the Internet at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=WCM6TCSK

Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. The webcast also will be available on the Investor page of DMC’s website, located at: ir.dmcglobal.com. A replay of the webcast will be available for 6 months.

*Use of Non-GAAP Financial Measures
Adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings per share are non-GAAP (generally accepted accounting principles) financial measures used by management to measure operating performance and liquidity. Non-GAAP results are presented only as a supplement to the financial statements based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader’s understanding of DMC’s financial performance, but no non-GAAP measure should be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided within the schedules attached to this release.

EBITDA is defined as net income (loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation, restructuring and impairment charges and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance (as further described in the attached financial schedules). Adjusted net income (loss) is defined as net income (loss) attributable to DMC stockholders plus restructuring and impairment charges (if applicable) and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance. Adjusted diluted earnings per share is defined as diluted earnings per share plus restructuring and impairment charges (if applicable) and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income (loss) as an indicator of operating performance or any other GAAP measure.

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Management uses adjusted EBITDA in its operational and financial decision-making, believing that it is useful to eliminate certain items in order to focus on what it deems to be a more reliable indicator of ongoing operating performance. As a result, internal management reports used during monthly operating reviews feature adjusted EBITDA measures. Management believes that investors may find this non-GAAP financial measure useful for similar reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. In addition, management incentive awards are based, in part, on the amount of adjusted EBITDA achieved during relevant periods. EBITDA and adjusted EBITDA are also used by research analysts, investment bankers and lenders to assess operating performance. For example, a measure similar to adjusted EBITDA is required by the lenders under DMC’s credit facility.

Adjusted net income (loss) and adjusted diluted earnings per share are presented because management believes these measures are useful to understand the effects of restructuring and impairment charges (if applicable) and, when appropriate, other items that management does not utilize in assessing DMC’s operating performance, on DMC’s net income (loss) and diluted earnings per share, respectively.

Because not all companies use identical calculations, DMC’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures. For example, a company with greater GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, eliminating the effects of interest income and expense moderates the impact of a company’s capital structure on its performance.

All of the items included in the reconciliation from net income (loss) to EBITDA and adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangible assets and stock-based compensation) or (ii) items that management does not consider to be useful in assessing DMC’s operating performance (e.g., income taxes, restructuring and impairment charges, CEO transition expenses). In the case of the non-cash items, management believes that investors can better assess the company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect DMC’s ability to generate free cash flow or invest in its business. For example, by adjusting for depreciation and amortization in computing EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, management believes that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

About DMC Global Inc.
DMC Global is an owner and operator of innovative, asset-light manufacturing businesses that provide unique, highly engineered products and differentiated solutions. DMC’s businesses have established leadership positions in their respective markets and consist of: Arcadia, a leading supplier of architectural building products; DynaEnergetics, which serves the global energy industry; and NobelClad, which addresses the global industrial infrastructure and transportation sectors. DMC’s businesses are led by experienced, strategically focused management teams, which are supported with business resources and capital allocation expertise to advance their operating strategies and generate the greatest returns. Headquartered in Broomfield, Colorado, DMC trades on Nasdaq under the symbol “BOOM.” For more information, visit: HTTP://WWW.DMCGLOBAL.COM.

###

Safe Harbor Language
Except for the historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including guidance on sales, gross margin, SG&A, depreciation and amortization expense, interest expense, tax rate, adjusted EBITDA, and capital expenditures; our expectation that third quarter adjusted EBITDA will taper versus the second quarter, while 2023 should bring solid sales and earnings growth; our belief free cash flow will accelerate in the second half of 2023, and our balance sheet will
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strengthen; and our belief that our leverage ratios will improve by the end of the year. Such statements and information are based on numerous assumptions regarding present and future business strategies, the markets in which we operate, anticipated costs and the ability to achieve goals. Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results and performance to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: our ability to realize sales from our backlog; our ability to obtain new contracts at attractive prices; the execution of purchase commitments by our customers, and our ability to successfully deliver on those purchase commitments; the size and timing of customer orders and shipments; changes to customer orders; product pricing and margins; fluctuations in customer demand; our ability to successfully navigate slowdowns in market activity or execute and capitalize upon growth opportunities; the success of DynaEnergetics’ product and technology development initiatives; our ability to successfully protect our technology and intellectual property and the costs associated with these efforts; potential consolidation among DynaEnergetics’ customers; fluctuations in foreign currencies; fluctuations in tariffs and quotas; the cost and availability of energy; the cyclicality of our business; competitive factors; the timely completion of contracts; the timing and size of expenditures; the timing and price of metal and other raw material; the adequacy of local labor supplies at our facilities; our ability to attract and retain key personnel; current or future limits on manufacturing capacity at our various operations; government actions or other changes in laws and regulations; the availability and cost of funds; our ability to access our borrowing capacity under our credit facility; geopolitical and economic instability, including recessions, depressions, wars or other military actions; inflation; supply chain delays and disruptions; transportation disruptions; general economic conditions, both domestic and foreign, impacting our business and the business of our customers and the end-market users we serve; as well as the other risks detailed from time to time in our SEC reports, including the annual report on Form 10-K for the year ended December 31, 2022. We do not undertake any obligation to release public revisions to any forward-looking statement, including, without limitation, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Three months endedChange
 Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
NET SALES$188,664 $184,341 $165,831 %14 %
COST OF PRODUCTS SOLD126,774 132,130 113,732 (4)%11 %
Gross profit61,890 52,211 52,099 19 %19 %
Gross profit percentage32.8 %28.3 %31.4 %
COSTS AND EXPENSES:
General and administrative expenses17,526 26,500 18,816 (34)%(7)%
Selling and distribution expenses11,700 12,824 10,545 (9)%11 %
Amortization of purchased intangible assets5,667 5,667 12,793 — %(56)%
Restructuring expenses— — 13 —%(100)%
Total costs and expenses34,893 44,991 42,167 (22)%(17)%
OPERATING INCOME26,997 7,220 9,932 274 %172 %
OTHER EXPENSE:
Other (expense) income, net(439)(200)54 120 %913 %
Interest expense, net(2,432)(2,381)(1,263)%93 %
INCOME BEFORE INCOME TAXES24,126 4,639 8,723 420 %177 %
INCOME TAX PROVISION6,600 2,500 2,264 164 %192 %
NET INCOME17,526 2,139 6,459 719 %171 %
Less: Net income attributable to redeemable noncontrolling interest3,823 1,230 907 211 %321 %
NET INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS$13,703 $909 $5,552 1,407 %147 %
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS
Basic$0.70 $(0.01)$0.20 7,100 %250 %
Diluted$0.70 $(0.01)$0.20 7,100 %250 %
WEIGHTED AVERAGE SHARES OUTSTANDING:  
Basic19,497,87119,462,63619,374,714— %%
Diluted19,504,96319,462,63619,374,736— %%

Reconciliation to net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Three months ended
Jun 30, 2023Mar 31, 2023Jun 30, 2022
Net income attributable to DMC Global Inc. stockholders$13,703 $909 $5,552 
Adjustment of redeemable noncontrolling interest112 (1,138)(1,535)
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$13,815 $(229)$4,017 






7

DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Share and Per Share Data)
(unaudited)

Six months endedChange
 Jun 30, 2023Jun 30, 2022Year-on-year
NET SALES$373,005 $304,547 22 %
COST OF PRODUCTS SOLD258,904 215,542 20 %
Gross profit114,101 89,005 28 %
Gross profit percentage30.6 %29.2 %
COSTS AND EXPENSES:
General and administrative expenses44,026 36,534 21 %
Selling and distribution expenses24,524 20,635 19 %
Amortization of purchased intangible assets11,334 25,769 (56)%
Restructuring expenses— 45 (100)%
Total costs and expenses79,884 82,983 (4)%
OPERATING INCOME34,217 6,022 468 %
OTHER EXPENSE:
Other expense, net(639)(155)312 %
Interest expense, net(4,813)(2,287)110 %
INCOME BEFORE INCOME TAXES28,765 3,580 703 %
INCOME TAX PROVISION9,100 1,401 550 %
NET INCOME19,665 2,179 802 %
Less: Net income (loss) attributable to redeemable noncontrolling interest5,053 (85)6,045 %
NET INCOME ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS$14,612 $2,264 545 %
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO DMC GLOBAL INC. STOCKHOLDERS  
Basic$0.69 $(0.26)365 %
Diluted$0.69 $(0.26)365 %
WEIGHTED AVERAGE SHARES OUTSTANDING:  
Basic19,477,57619,338,049%
Diluted19,485,86319,338,049%

Reconciliation to net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest for purposes of calculating earnings per share
Six months ended
Jun 30, 2023Jun 30, 2022
Net income attributable to DMC Global Inc. stockholders$14,612 $2,264 
Adjustment of redeemable noncontrolling interest(1,026)(7,252)
Net income (loss) attributable to DMC Global Inc. stockholders after adjustment of redeemable noncontrolling interest$13,586 $(4,988)
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DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Arcadia
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$79,158 $80,338 $76,462 (1)%%
Gross profit27,459 22,094 26,227 24 %%
Gross profit percentage34.7 %27.5 %34.3 %
COSTS AND EXPENSES:
General and administrative expenses8,206 7,857 7,412 %11 %
Selling and distribution expenses4,021 5,452 3,960 (26)%%
Amortization of purchased intangible assets5,652 5,652 12,633 — %(55)%
Operating income9,580 3,133 2,222 206 %331 %
Adjusted EBITDA16,486 10,470 16,292 57 %%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(6,594)(4,188)(6,517)57 %%
Adjusted EBITDA attributable to DMC Global Inc.$9,892 $6,282 $9,775 57 %%

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Net sales$159,496 $144,430 10 %
Gross profit49,553 46,472 %
Gross profit percentage31.1 %32.2 %
COSTS AND EXPENSES:
General and administrative expenses16,063 13,555 19 %
Selling and distribution expenses9,473 7,697 23 %
Amortization of purchased intangible assets11,304 25,441 (56)%
Operating income12,713 (221)5,852 %
Adjusted EBITDA26,956 27,712 (3)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(10,782)(11,085)(3)%
Adjusted EBITDA attributable to DMC Global Inc.$16,174 $16,627 (3)%

DynaEnergetics
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$84,754 $81,968 $67,517 %26 %
Gross profit26,552 24,437 19,960 %33 %
Gross profit percentage31.3 %29.8 %29.6 %
COSTS AND EXPENSES:
General and administrative expenses3,577 6,197 4,411 (42)%(19)%
Selling and distribution expenses5,227 5,057 4,158 %26 %
Amortization of purchased intangible assets15 15 82 — %(82)%
Operating income17,733 13,168 11,309 35 %57 %
Adjusted EBITDA$19,461 $14,955 $13,276 30 %47 %

9

DMC GLOBAL INC.
SEGMENT STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(unaudited)

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Net sales$166,722 $116,404 43 %
Gross profit50,989 32,568 57 %
Gross profit percentage30.6 %28.0 %
COSTS AND EXPENSES:
General and administrative expenses9,774 9,733 — %
Selling and distribution expenses10,284 8,061 28 %
Amortization of purchased intangible assets30 167 (82)%
Operating income30,901 14,607 112 %
Adjusted EBITDA$34,416 $18,558 85 %

NobelClad
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net sales$24,752 $22,035 $21,852 12 %13 %
Gross profit8,021 5,783 6,026 39 %33 %
Gross profit percentage32.4 %26.2 %27.6 %
COSTS AND EXPENSES:
General and administrative expenses949 923 1,132 %(16)%
Selling and distribution expenses2,365 2,239 2,323 %%
Amortization of purchased intangible assets— — 78 —%(100)%
Restructuring expenses— — 13 —%(100)%
Operating income4,707 2,621 2,480 80 %90 %
Adjusted EBITDA$5,407 $3,361 $3,404 61 %59 %

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Net sales$46,787 $43,713 %
Gross profit13,804 10,207 35 %
Gross profit percentage29.5 %23.4 %
COSTS AND EXPENSES:
General and administrative expenses1,872 2,169 (14)%
Selling and distribution expenses4,604 4,647 (1)%
Amortization of purchased intangible assets— 161 (100)%
Restructuring expenses— 45 (100)%
Operating income7,328 3,185 130 %
Adjusted EBITDA$8,768 $5,056 73 %
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DMC GLOBAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

Change
Jun 30, 2023Mar 31, 2023Dec 31, 2022SequentialYear-end
(unaudited)(unaudited)
ASSETS  
Cash and cash equivalents$18,724 $19,647 $25,144 (5)%(26)%
Marketable securities2,414 — — 100 %100 %
Accounts receivable, net112,177 109,332 94,415 %19 %
Inventories190,947 179,545 156,590 %22 %
Prepaid expenses and other16,434 17,069 10,723 (4)%53 %
Total current assets340,696 325,593 286,872 %19 %
Property, plant and equipment, net128,627 128,795 129,445 — %(1)%
Goodwill141,725 141,725 141,725 — %— %
Purchased intangible assets, net206,593 212,258 217,925 (3)%(5)%
Other long-term assets92,706 95,632 103,011 (3)%(10)%
Total assets$910,347 $904,003 $878,978 %%
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Accounts payable$57,559 $71,408 $46,816 (19)%23 %
Contract liabilities32,863 31,198 32,080 %%
Accrued income taxes9,455 5,837 4,256 62 %122 %
Current portion of long-term debt15,000 15,000 15,000 — %— %
Other current liabilities40,259 38,508 29,898 %35 %
Total current liabilities155,136 161,951 128,050 (4)%21 %
Long-term debt108,069 111,686 117,798 (3)%(8)%
Deferred tax liabilities2,214 2,122 1,908 %16 %
Other long-term liabilities59,100 58,445 63,053 %(6)%
Redeemable noncontrolling interest187,522 187,522 187,522 — %— %
Stockholders’ equity398,306 382,277 380,647 %%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity$910,347 $904,003 $878,978 %%

11

DMC GLOBAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
(unaudited)

Three months endedSix months ended
 Jun 30, 2023Mar 31, 2023Jun 30, 2022Jun 30, 2023Jun 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net income$17,526 $2,139 $6,459 $19,665 $2,179 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation3,434 3,400 3,678 6,834 7,037 
Amortization of purchased intangible assets5,667 5,667 12,793 11,334 25,769 
Amortization of deferred debt issuance costs133 138 135 271 267 
Amortization of acquisition-related inventory valuation step-up— — 172 — 430 
Stock-based compensation1,699 5,027 2,291 6,726 4,649 
Deferred income taxes482 178 2,550 660 (164)
Other(28)(405)49 (433)90 
Change in working capital, net(17,434)(9,079)(21,007)(26,513)(37,721)
Net cash provided by operating activities11,479 7,065 7,120 18,544 2,536 
CASH FLOWS FROM INVESTING ACTIVITIES: 
Investment in marketable securities(2,414)— — (2,414)— 
Proceeds from escrow related to acquisition of business— — 640 — 640 
Acquisition of property, plant and equipment(2,896)(2,226)(4,783)(5,122)(6,319)
Net cash used in investing activities(5,310)(2,226)(4,143)(7,536)(5,679)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Repayments on term loan(3,750)(6,250)(3,750)(10,000)(7,500)
Payment of debt issuance costs— — (79)— (176)
Distribution to redeemable noncontrolling interest holder(3,711)(2,600)(2,600)(6,311)(7,000)
Net proceeds from issuance of common stock to employees and directors212 — — 212 — 
Treasury stock activity(14)(2,157)(6)(2,171)(1,094)
Net cash used in financing activities(7,263)(11,007)(6,435)(18,270)(15,770)
EFFECTS OF EXCHANGE RATES ON CASH171 671 (99)842 (78)
NET DECREASE IN CASH AND CASH EQUIVALENTS(923)(5,497)(3,557)(6,420)(18,991)
CASH AND CASH EQUIVALENTS, beginning of the period19,647 25,144 15,376 25,144 30,810 
CASH AND CASH EQUIVALENTS, end of the period$18,724 $19,647 $11,819 $18,724 $11,819 



12

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

DMC Global

EBITDA and Adjusted EBITDA
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Net income17,526 2,139 6,459 719 %171 %
Interest expense, net2,432 2,381 1,263 %93 %
Income tax provision6,600 2,500 2,264 164 %192 %
Depreciation3,434 3,400 3,678 %(7)%
Amortization of purchased intangible assets5,667 5,667 12,793 — %(56)%
EBITDA35,659 16,087 26,457 122 %35 %
Stock-based compensation1,699 5,027 2,291 (66)%(26)%
CEO transition expenses (1)
573 2,965 — (81)%100 %
Other expense (income), net439 200 (54)120 %913 %
Restructuring expenses— — 13 —%(100)%
Amortization of acquisition-related inventory valuation step-up— — 172 —%(100)%
Adjusted EBITDA$38,370 $24,279 $28,879 58 %33 %
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(6,594)(4,188)(6,517)57 %%
Adjusted EBITDA attributable to DMC Global Inc.$31,776 $20,091 $22,362 58 %42 %

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Net income$19,665 $2,179 802 %
Interest expense, net4,813 2,287 110 %
Income tax provision9,100 1,401 550 %
Depreciation6,834 7,037 (3)%
Amortization of purchased intangible assets11,334 25,769 (56)%
EBITDA51,746 38,673 34 %
Stock-based compensation6,726 4,649 45 %
CEO transition expenses (1)
3,538 — 100 %
Restructuring expenses— 45 (100)%
Amortization of acquisition-related inventory valuation step-up— 430 (100)%
Other expense, net639 155 312 %
Adjusted EBITDA $62,649 $43,952 43 %
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(10,782)(11,085)(3)%
Adjusted EBITDA attributable to DMC Global Inc.$51,867 $32,867 58 %

(1) The Company and its former CEO entered into a separation agreement in the first quarter of 2023. In conjunction with this event as well as a reprioritization of near-term initiatives, we incurred certain expenses during the six months ended June 30, 2023, primarily including: (a) severance-related charges for the former CEO and other impacted employees of $1,948; (b) CEO transition and executive search firm costs of $1,088; and (c) contract termination costs of $350.
13

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

Adjusted Net Income and Adjusted Diluted Earnings per Share
Three months ended June 30, 2023
Amount
Per Share (1)
Net income attributable to DMC Global Inc.(2)
$13,703 $0.70 
CEO transition expenses, net of tax428 0.02 
As adjusted$14,131 $0.72 
(1) Calculated using diluted weighted average shares outstanding of 19,504,963
(2) Net income attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest
Three months ended March 31, 2023
Amount
Per Share (1)
Net income attributable to DMC Global Inc.(2)
$909 $0.05 
CEO transition expenses and accelerated stock-based compensation, net of tax5,235 0.27 
As adjusted$6,144 $0.32 
(1) Calculated using diluted weighted average shares outstanding of 19,462,636
(2) Net income attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest

Three months ended June 30, 2022
Amount
Per Share (1)
Net income attributable to DMC Global Inc. (2)
$5,552 $0.29 
Amortization of acquisition-related inventory valuation step-up, net of tax79 — 
NobelClad restructuring expenses and asset impairments, net of tax— 
As adjusted$5,640 $0.29 
(1) Calculated using diluted weighted average shares outstanding of 19,374,736
(2) Net income attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest

Six months ended June 30, 2023
Amount
Per Share (1)
Net income attributable to DMC Global Inc. (2)
$14,612 $0.75 
CEO transition expenses and accelerated stock-based compensation, net of tax (3)
5,663 0.29 
As adjusted$20,275 $1.04 
(1) Calculated using diluted weighted average shares outstanding of 19,485,863
(2) Net income attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest
(3) Includes CEO transition expenses of $3,538 and accelerated stock-based compensation of $3,040 related to the vesting of the former CEO’s outstanding equity awards, net of tax.

Six months ended June 30, 2022
Amount
Per Share (1)
Net income attributable to DMC Global Inc. (2)
$2,264 $0.12 
Amortization of acquisition-related inventory valuation step-up, net of tax199 0.01 
NobelClad restructuring expenses, net of tax30 — 
As adjusted$2,493 $0.13 
(1) Calculated using diluted weighted average shares outstanding of 19,338,049
(2) Net income attributable to DMC Global Inc. prior to the adjustment of redeemable noncontrolling interest

14

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)

Segment Adjusted EBITDA

Arcadia
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Operating income, as reported$9,580 $3,133 $2,222 206 %331 %
Adjustments:
Depreciation889 817 870 %%
Amortization of purchased intangible assets5,652 5,652 12,633 — %(55)%
Stock-based compensation323 579 395 (44)%(18)%
CEO transition expenses42 289 — (85)%100 %
Amortization of acquisition-related inventory valuation step-up— — 172 — %(100)%
Adjusted EBITDA16,486 10,470 16,292 57 %%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(6,594)$(4,188)$(6,517)57 %%
Adjusted EBITDA attributable to DMC Global Inc.$9,892 $6,282 $9,775 57 %%

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Operating income (loss), as reported$12,713 $(221)5,852 %
Adjustments:
Depreciation1,706 1,411 21 %
Amortization of purchased intangible assets11,304 25,441 (56)%
Stock-based compensation902 651 39 %
CEO transition expenses331 — 100 %
Amortization of acquisition-related inventory valuation step-up— 430 (100)%
Adjusted EBITDA26,956 27,712 (3)%
Less: adjusted EBITDA attributable to redeemable noncontrolling interest(10,782)$(11,085)(3)%
Adjusted EBITDA attributable to DMC Global Inc.$16,174 $16,627 (3)%
15

DMC GLOBAL INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO MOST
DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(Amounts in Thousands)
(unaudited)


DynaEnergetics
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Operating income, as reported$17,733 $13,168 $11,309 35 %57 %
Adjustments:
Depreciation1,713 1,772 1,885 (3)%(9)%
Amortization of purchased intangible assets15 15 82 — %(82)%
Adjusted EBITDA$19,461 $14,955 $13,276 30 %47 %

Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Operating income, as reported$30,901 $14,607 112 %
Adjustments:
Depreciation3,485 3,784 (8)%
Amortization of purchased intangible assets30 167 (82)%
Adjusted EBITDA$34,416 $18,558 85 %

NobelClad
Three months endedChange
Jun 30, 2023Mar 31, 2023Jun 30, 2022SequentialYear-on-year
Operating income, as reported$4,707 $2,621 $2,480 80 %90 %
Adjustments:
Depreciation700 740 833 (5)%(16)%
Amortization of purchased intangible assets— — 78 —%(100)%
Restructuring expenses— — 13 —%(100)%
Adjusted EBITDA$5,407 $3,361 $3,404 61 %59 %


Six months endedChange
Jun 30, 2023Jun 30, 2022Year-on-year
Operating income, as reported$7,328 $3,185 130 %
Adjustments:
Depreciation1,440 1,665 (14)%
Amortization of purchased intangible assets— 161 (100)%
Restructuring expenses— 45 (100)%
Adjusted EBITDA$8,768 $5,056 73 %
16