DMC Global Inc 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ANDEXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934FOR THE TRANSITION PERIOD FROM ______ TO ______Commission file number 001-14775 DMC Global Inc. (Exact name of Registrant as Specified in its Charter) 84-0608431 (I.R.S. Employer Identification No.) (303) 665-5700(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesoNox Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act from theirobligations under those sections. Yeso Nox Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. YesxNo o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit and post such files). Yesx Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated FilerxSmaller reporting company☐Emerging growth company☐ Large accelerated fileroNon-accelerated filero If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 under the Act). Yes☐Nox The approximate aggregate market value of the voting stock held by non-affiliates of the registrant was $155,821,973 as ofJune 30, 2025. The number of shares of Common Stock outstanding was 20,485,914 as of February 17, 2026. Certain information required by Items 10, 11, 12, 13 and 14 of Form 10-K is incorporated by reference into Part III hereof fromthe registrant’s proxy statement for its 2026 Annual Meeting of Stockholders, which is expected to be filed with the Securities andExchange Commission (“SEC”) within 120 days of the close of the registrant’s fiscal year ended December 31, 2025. TABLE OF CONTENTS PART I Forward-Looking Statements This Annual Report on Form 10-K (“Form 10-K” or “this report”) and the documents incorporated by reference into itcontain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended andSection 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All such statements are made pursuantto the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “expects,”“intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “continue,” “project,” “forecast,” and similar expressions,as well as statements in the future tense, identify forward-looking statements. Statements addressing events or developmentsthat we expect or anticipate will occur in the future, including statements relating to our future operating performance, any ofour businesses’ future financial and operational growth or technical and product expansions, the potential acquisition of the40% minority interest in Arcadia Products, LLC (“Arcadia Products”), our backlog and anticipated future sales and marketshare, as well as statements expressing