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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2026
COMPASS DIVERSIFIED HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware   001-34927   57-6218917
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
COMPASS GROUP DIVERSIFIED HOLDINGS LLC
(Exact name of registrant as specified in its charter)
Delaware   001-34926   20-3812051
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
301 Riverside Avenue, Second Floor, Westport, CT 06880
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (203) 221-1703
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Shares representing beneficial interests in Compass Diversified Holdings CODI New York Stock Exchange
Series A Preferred Shares representing beneficial interests in Compass Diversified Holdings CODI PR A New York Stock Exchange
Series B Preferred Shares representing beneficial interests in Compass Diversified Holdings CODI PR B New York Stock Exchange
Series C Preferred Shares representing beneficial interests in Compass Diversified Holdings CODI PR C New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On January 14, 2026, Compass Diversified Holdings (NYSE: CODI) and Compass Group Diversified Holdings LLC (collectively “CODI”) issued a press release announcing its consolidated operating results for the three and nine months ended September 30, 2025.



Section 2     Financial Information
Item 2.02    Results of Operations and Financial Condition
A copy of the press release is furnished within this report as Exhibit 99.1.

Section 9     Financial Statements and Exhibits
Item 9.01    Financial Statements and Exhibits
(d)    Exhibits.
Exhibit Number Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 14, 2026 COMPASS DIVERSIFIED HOLDINGS
By: /s/ Stephen Keller
Stephen Keller
Regular Trustee
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 14, 2026 COMPASS GROUP DIVERSIFIED HOLDINGS LLC
By: /s/ Stephen Keller
Stephen Keller
Chief Financial Officer


EX-99.1 2 exhibit991earningsreleaseq.htm EX-99.1 Document

Exhibit 99.1
codilogo2025.jpg

Compass Diversified Reports Third Quarter 2025 Financial Results

Westport, Conn., January 14, 2026 – Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced today its consolidated operating results for the three and nine months ended September 30, 2025 and filed its Quarterly Report on Form 10-Q for the period.
“I’m pleased to report that with today’s filing we are now fully current with our SEC filings for 2025,” said Elias Sabo, Chief Executive Officer of Compass Diversified, “and we are in full compliance with the periodic reporting requirements of our credit facilities and bond indentures.”
Sabo continued, “Excluding Lugano, our eight operating subsidiaries continue to deliver solid performance in an uncertain macroeconomic environment. We are focused on executing against our strategic priorities with the objective of delivering consistent, long-term shareholder value by partnering with our management teams to drive performance, invest for growth, and enhance profitability.”
2025 Outlook
CODI now expects full-year 2025 subsidiary Adjusted EBITDA of $335 million to $355 million, excluding Lugano Holding, Inc.
Conference Call
Management will host a conference call today, Wednesday, January 14, 2026, at 5:00 p.m. E.T. / 2:00 p.m. P.T. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To avoid delays, we encourage participants to log in to the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.
Note Regarding Use of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted Earnings (Loss) are non-GAAP measures used by the Company to assess its performance. We have reconciled Adjusted EBITDA to Income (Loss) from Continuing Operations and Adjusted Earnings (Loss) to Net Income (Loss) on the attached schedules. We consider Income (Loss) from Continuing Operations to be the most directly comparable GAAP financial measure to Adjusted EBITDA and Net Income (Loss) to be the most directly comparable GAAP financial measure to Adjusted Earnings (Loss). We believe that Adjusted EBITDA and Adjusted Earnings (Loss) provide useful information to investors and reflect important financial measures as each excludes the effects of items that reflect the impact of long-term investment decisions, rather than the performance of near-term operations. When compared to Net Income (Loss) and Income (Loss) from Continuing Operations, Adjusted Earnings (Loss) and Adjusted EBITDA, respectively, are each limited in that they do not reflect the periodic costs of certain capital assets used in generating revenues of our businesses or the non-cash charges associated with impairments, as well as certain cash charges. The presentation of Adjusted EBITDA allows investors to view the performance of our businesses in a manner similar to the methods used by us and the management of our businesses, provides additional insight into our operating results and provides a measure for evaluating targeted businesses for acquisition. The presentation of Adjusted Earnings (Loss) provides insight into our operating results.



Pro forma net sales is defined as net sales including the historical net sales relating to the pre-acquisition periods of The Honey Pot Co., assuming that the Company acquired The Honey Pot Co. on January 1, 2024. We have reconciled pro forma net sales to net sales, the most directly comparable GAAP financial measure, on the attached schedules. We believe that pro forma net sales is useful information for investors as it provides a better understanding of sales performance, and relative changes thereto, on a comparable basis. Pro forma net sales is not necessarily indicative of what the actual results would have been if the acquisition had in fact occurred on the date or for the periods indicated nor does it purport to project net sales for any future periods or as of any date.
In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled 2025 Subsidiary Adjusted EBITDA to its comparable GAAP measure because we do not provide guidance on Net Income (Loss) from Continuing Operations or the applicable reconciling items as a result of the uncertainty regarding, and the potential variability of, these items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Adjusted EBITDA, Adjusted Earnings and pro forma net sales are not meant to be a substitute for GAAP measures and may be different from or otherwise inconsistent with non-GAAP financial measures used by other companies.
Forward Looking Statements
This press 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 without limitation, CODI’s expectations regarding its subsidiary Adjusted EBITDA and its future performance, liquidity and leverage, and the future performance of CODI’s subsidiaries. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believe,” “expect,” “may,” “could,” “would,” “plan,” “intend,” “estimate,” “predict,” “future,” “potential,” “continue,” “should” or “anticipate” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on beliefs and assumptions by CODI’s Board of Directors and management, and on information currently available to CODI’s Board of Directors and management. These statements involve risks and uncertainties that could cause actual results and outcomes to differ, perhaps materially, including but not limited to: changes in the economy, financial markets and political environment, including changes in inflation, interest rates and U.S. tariff and import/export regulations; risks associated with possible disruption in CODI’s operations or the economy generally due to terrorism, war, natural disasters, or social, civil or political unrest; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); environmental risks affecting the business or operations of our subsidiaries; disruption in the global supply chain, labor shortages and labor costs; our business prospects and the prospects of our subsidiaries; the impact of, and ability to successfully complete and integrate, acquisitions that we have made or may make; the ability to successfully complete divestitures that we may execute; the dependence of our future success on the general economy and its impact on the industries in which we operate; the ability of our subsidiaries to achieve their objectives; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our subsidiaries; CODI’s ability to regain compliance with NYSE continued listing requirements; the cooperation of, and future concessions granted by, CODI’s lenders; control deficiencies identified or that may be identified in the future that will result in material weaknesses in CODI’s internal control over financial reporting; and litigation relating to the Lugano Holding, Inc. (“Lugano”) investigation, including CODI’s representations regarding its financial statements, and current and future litigation, enforcement actions or investigations relating to CODI’s internal



controls, restatement reviews, the Lugano investigation or related matters. Please see CODI’s Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2024 filed with the SEC on December 8, 2025 for other risk factors that you should consider in connection with such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements have been made. Except as required by law, CODI does not undertake any public obligation to update any forward-looking statements to reflect events, circumstances, or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

Investor Relations
Compass Diversified
irinquiry@compassdiversified.com





Compass Diversified Holdings
Condensed Consolidated Balance Sheets
September 30, 2025 December 31, 2024
(in thousands) (Unaudited) (As Restated)
Assets
Current assets
Cash and cash equivalents $ 61,139  $ 59,659 
Accounts receivable, net 224,689  207,172 
Inventories, net 602,180  571,248 
Prepaid expenses and other current assets 122,742  126,692 
Total current assets 1,010,750  964,771 
Property, plant and equipment, net 214,451  244,746 
Goodwill 895,420  895,916 
Intangible assets, net 915,666  983,396 
Other non-current assets 210,881  208,593 
Total assets $ 3,247,168  $ 3,297,422 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 459,719  $ 421,715 
Due to related party 22,604  18,036 
Current portion, long-term debt 1,878,852  1,774,290 
Subsidiary financing arrangements 183,853  169,765 
Other current liabilities 53,910  49,617 
Total current liabilities 2,598,938  2,433,423 
Deferred income taxes 106,804  108,091 
Long-term debt —  — 
Other non-current liabilities 223,060  225,334 
Total liabilities 2,928,802  2,766,848 
Stockholders' equity
Total stockholders' equity attributable to Holdings 519,217  678,620 
Noncontrolling interest (200,851) (148,046)
Total stockholders' equity 318,366  530,574 
Total liabilities and stockholders’ equity $ 3,247,168  $ 3,297,422 




Compass Diversified Holdings
Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands, except per share data) (As Restated) (As Restated)
Net sales $ 472,562  $ 456,553  $ 1,405,027  $ 1,294,084 
Cost of sales 264,847  259,920  792,739  734,314 
Gross profit 207,715  196,633  612,288  559,770 
Operating expenses:
Selling, general and administrative expense 179,315  145,959  491,804  421,264 
Management fees 16,213  18,633  54,111  55,314 
Amortization expense 23,254  23,721  69,722  71,317 
Impairment expense —  —  31,515  8,182 
Operating income (loss) (11,067) 8,320  (34,864) 3,693 
Other income (expense):
Interest expense, net (66,721) (31,620) (136,668) (86,483)
Amortization of debt issuance costs (826) (1,005) (2,922) (3,014)
Loss on debt modification —  —  (2,827)
Gain (loss) on sale of Crosman —  388  —  (24,218)
Other income (expense), net (2,343) (37,769) (14,311) (125,853)
Net loss from continuing operations before income taxes (80,957) (61,686) (191,592) (235,875)
Provision for income taxes 5,763  2,772  25,659  21,475 
Loss from continuing operations (86,720) (64,458) (217,251) (257,350)
Income from discontinued operations, net of income tax —  (1,088) —  101 
Gain on sale of discontinued operations (523) —  2,326  3,345 
Net loss (87,243) (65,546) (214,925) (253,904)
Less: Net loss from continuing operations attributable to noncontrolling interest (13,228) (28,922) (59,700) (87,480)
Less: Net loss from discontinued operations attributable to noncontrolling interest —  (592) —  (1,163)
Net income (loss) attributable to Holdings $ (74,015) $ (36,032) $ (155,225) $ (165,261)
Amounts attributable to Holdings
Loss from continuing operations $ (73,492) $ (35,536) $ (157,551) $ (169,870)
Income from discontinued operations —  (496) —  1,264 
Gain on sale of discontinued operations, net of income tax (523) —  2,326  3,345 
Net loss attributable to Holdings $ (74,015) $ (36,032) $ (155,225) $ (165,261)
Basic income (loss) per common share attributable to Holdings
Continuing operations $ (1.20) $ (0.61) $ (2.53) $ (3.22)
Discontinued operations (0.01) (0.01) 0.03  0.06 
$ (1.21) $ (0.62) $ (2.50) $ (3.16)
Basic weighted average number of common shares outstanding 75,236  75,645  75,236  75,437 



Compass Diversified Holdings
Net Income (Loss) to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted EBITDA
(Unaudited)


Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except per share amounts) 2025 2024 2025 2024
(As Restated) (As Restated)
Net loss $ (87,243) $ (65,546) $ (214,925) $ (253,904)
Income from discontinued operations, net of tax —  (1,088) —  101 
Gain on sale of discontinued operations, net of tax (523) —  2,326  3,345 
Net loss from continuing operations $ (86,720) $ (64,458) $ (217,251) $ (257,350)
Less: loss from continuing operations attributable to noncontrolling interest (13,228) (28,922) (59,700) (87,480)
Net loss attributable to Holdings - continuing operations $ (73,492) $ (35,536) $ (157,551) $ (169,870)
Adjustments:
Distributions paid - preferred shares (9,715) (6,345) (27,863) (18,491)
Amortization expense - intangibles and inventory step up 23,254  23,721  69,722  75,006 
Impairment expense —  —  31,515  8,182 
(Gain) loss on sale of Crosman —  (388) —  24,218 
Tax effect - loss on sale of Crosman —  —  —  7,254 
Stock compensation 4,073  4,537  12,274  12,288 
Acquisition expenses —  —  —  3,479 
Integration services fee —  875  875  1,750 
 Other 3,155  964  8,582  1,368 
Adjusted Earnings $ (52,725) $ (12,172) $ (62,446) $ (54,816)
Plus (less):
Depreciation expense 10,884  10,178  34,247  31,249 
Income tax provision 5,763  2,772  25,659  21,475 
Interest expense 66,721  31,620  136,668  86,483 
Amortization of debt issuance costs 826  1,005  2,922  3,014 
Loss on debt modification —  —  2,827  — 
Tax effect - loss on sale of Crosman —  —  —  (7,254)
Income from continuing operations attributable to noncontrolling interest (13,228) (28,922) (59,700) (87,480)
Distributions paid - preferred shares 9,715  6,345  27,863  18,491 
Other (income) expense 2,343  37,769  14,311  125,853 
Adjusted EBITDA $ 30,299  $ 48,595  $ 122,351  $ 137,015 





Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2025
(Unaudited)




Corporate 5.11 BOA Lugano PrimaLoft THP Velocity Outdoor Altor Arnold Sterno Consolidated
Income (loss) from continuing operations $ (77,345) $ 9,628  $ 5,399  $ (34,211) $ (4,534) $ 196  $ 1,318  $ (714) $ 7,546  $ 5,997  $ (86,720)
Adjusted for:
Provision (benefit) for income taxes 9,601  3,006  1,573  —  (1,439) 76  (72) (265) (8,643) 1,926  5,763 
Interest expense, net 61,480  (1) (1) 5,084  (9) (1) 21  —  148  —  66,721 
Intercompany interest (40,752) 3,819  3,515  16,555  4,037  2,347  1,908  4,427  2,152  1,992  — 
Depreciation and amortization (251) 5,443  5,253  725  5,296  4,156  1,353  6,672  2,781  3,536  34,964 
EBITDA (47,267) 21,895  15,739  (11,847) 3,351  6,774  4,528  10,120  3,984  13,451  20,728 
Other (income) expense —  (257) 118  1,288  (21) (268) 1,587  (116) 2,343 
Noncontrolling shareholder compensation —  571  1,375  643  585  382  239  269  4,073 
Other (1)
—  —  —  —  —  —  —  2,889  149  117  3,155 
Adjusted EBITDA
$ (47,267) $ 22,209  $ 17,232  $ (9,916) $ 3,944  $ 7,135  $ 4,265  $ 14,835  $ 4,141  $ 13,721  $ 30,299 


(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold's facilities in the United States and severance costs related to chief executive officer at Arnold. For Altor, other includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam.





Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2024
(Unaudited)


Corporate 5.11 BOA Lugano PrimaLoft THP Velocity Outdoor Altor Arnold Sterno Consolidated
(As Restated) (As Restated)
Income (loss) from continuing operations $ (10,855) $ 9,737  $ 3,902  $ (72,736) $ (4,273) $ (160) $ 1,831  $ 2,682  $ 2,260  $ 3,154  $ (64,458)
Adjusted for:
Provision (benefit) for income taxes —  1,782  1,451  496  (2,315) (20) (2,223) 1,466  1,196  939  2,772 
Interest expense, net 27,239  (2) (4) 4,262  (10) (3) (1) —  139  —  31,620 
Intercompany interest (39,258) 3,334  4,925  15,080  4,480  2,907  2,038  1,735  1,816  2,943  — 
Depreciation and amortization 140  5,617  5,402  1,463  5,337  4,166  1,397  4,080  2,340  4,960  34,902 
EBITDA (22,734) 20,468  15,676  (51,435) 3,219  6,890  3,042  9,963  7,751  11,996  4,836 
Other (income) expense (1) 12  (110) 37,641  25  (164) 58  —  (82) 37,381 
Noncontrolling shareholder compensation —  544  1,504  459  828  540  186  237  235  4,537 
Integration services fee —  —  —  —  —  875  —  —  —  —  875 
Other —  —  —  —  —  —  —  880  83  966 
Adjusted EBITDA
$ (22,732) $ 21,024  $ 17,070  $ (13,335) $ 4,049  $ 8,330  $ 3,064  $ 10,258  $ 8,635  $ 12,232  $ 48,595 







Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2025
(Unaudited)



Corporate 5.11 BOA Lugano PrimaLoft THP Velocity Outdoor Altor Arnold Sterno Consolidated
Income (loss) from continuing operations $ (105,368) $ 18,392  $ 22,656  $ (154,653) $ (4,710) $ 2,785  $ (5,413) $ 492  $ (7,395) $ 15,963  $ (217,251)
Adjusted for:
Provision (benefit) for income taxes 9,601  5,468  3,796  (255) (511) 846  41  377  1,172  5,124  25,659 
Interest expense, net 115,406  (3) (3) 20,846  (22) (8) —  444  —  136,668 
Intercompany interest (121,688) 10,910  11,235  48,360  12,180  7,371  5,004  13,980  6,186  6,462  — 
Loss on debt extinguishment 2,827  —  —  —  —  —  —  —  —  —  2,827 
Depreciation and amortization (283) 16,746  15,749  3,793  15,950  12,475  4,090  19,787  8,062  10,522  106,891 
EBITDA (99,505) 51,513  53,433  (81,909) 22,887  23,469  3,730  34,636  8,469  38,071  54,794 
Other (income) expense 12  (394) 223  13,017  20  18  (478) 2,177  25  (309) 14,311 
Non-controlling shareholder compensation —  1,738  4,089  2,185  1,753  826  127  726  12  818  12,274 
Impairment expense —  —  —  31,515  —  —  —  —  —  —  31,515 
Integration services fee —  —  —  —  —  875  —  —  —  —  875 
Other (1)
—  —  —  —  —  —  —  5,943  2,359  280  8,582 
Adjusted EBITDA
$ (99,493) $ 52,857  $ 57,745  $ (35,192) $ 24,660  $ 25,188  $ 3,379  $ 43,482  $ 10,865  $ 38,860  $ 122,351 


(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold's facilities in the United States and severance costs related to chief executive officer at Arnold. For Altor, other includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam.





Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2024
(Unaudited)


Corporate 5.11 BOA Lugano PrimaLoft THP Velocity Outdoor Altor Arnold Sterno Consolidated
(As Restated) (As Restated)
Income (loss) from continuing operations $ (27,589) $ 18,594  $ 16,248  $ (218,166) $ (5,261) $ (7,764) $ (53,368) $ 6,076  $ 6,169  $ 7,711  $ (257,350)
Adjusted for:
Provision (benefit) for income taxes —  4,792  3,920  1,041  (1,731) (2,589) 7,074  3,192  3,182  2,594  21,475 
Interest expense, net 77,280  (3) (16) 8,992  (15) (28) 53  —  220  —  86,483 
Intercompany interest (115,845) 10,114  15,716  40,417  13,526  7,827  7,620  5,612  5,313  9,700  — 
Depreciation and amortization 624  17,198  16,251  3,865  15,987  14,811  6,679  12,250  6,754  14,850  109,269 
EBITDA (65,530) 50,695  52,119  (163,851) 22,506  12,257  (31,942) 27,130  21,638  34,855  (40,123)
Other (income) expense 462  86  22  121,477  (5) 25,734  2,722  (9) (423) 150,071 
Non-controlling shareholder compensation —  1,630  4,352  1,662  1,823  1,157  556  741  13  354  12,288 
Impairment expense —  —  —  —  —  8,182  —  —  —  8,182 
Acquisition expenses —  —  —  —  —  3,479  —  —  —  —  3,479 
Integration services fee —  —  —  —  —  1,750  —  —  —  —  1,750 
Other —  —  —  —  —  90  —  —  880  398  1,368 
Adjusted EBITDA
$ (65,068) $ 52,411  $ 56,493  $ (40,712) $ 24,334  $ 18,728  $ 2,530  $ 30,593  $ 22,522  $ 35,184  $ 137,015 



Compass Diversified Holdings
Non-GAAP Adjusted EBITDA
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands) (As Restated) (As Restated)
Branded Consumer
5.11 $ 22,209  $ 21,024  $ 52,857  $ 52,411 
BOA 17,232  17,070  57,745  56,493 
Lugano (9,916) (13,335) (35,192) (40,712)
PrimaLoft 3,944  4,049  24,660  24,334 
The Honey Pot Co. (1)
7,135  8,330  25,188  18,728 
Velocity Outdoor 4,265  3,064  3,379  2,530 
Total Branded Consumer $ 44,869  $ 40,202  $ 128,637  $ 113,784 
Niche Industrial
Altor Solutions 14,835  10,258  43,482  30,593 
Arnold Magnetics 4,141  8,635  10,865  22,522 
Sterno 13,721  12,232  38,860  35,184 
Total Niche Industrial $ 32,697  $ 31,125  $ 93,207  $ 88,299 
Corporate expense
(47,267) (22,732) (99,493) (65,068)
Total Adjusted EBITDA $ 30,299  $ 48,595  $ 122,351  $ 137,015 
(1) The above results for The Honey Pot Co. do not include management's estimate of Adjusted EBITDA, before the Company's ownership of $3.9 million for the nine months ended September 30, 2024. The Honey Pot Co. was acquired on January 31, 2024.





Compass Diversified Holdings
Net Sales to Pro Forma Net Sales Reconciliation
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2025 2024 2025 2024
(As Restated) (As Restated)
Net Sales $ 472,562  $ 456,553  $ 1,405,027  $ 1,294,084 
Acquisitions (1)
—  —  —  10,671 
Pro Forma Net Sales $ 472,562  $ 456,553  $ 1,405,027  $ 1,304,755 
(1) Acquisitions reflects the net sales for The Honey Pot Co. on a pro forma basis as if the Company had acquired The Honey Pot Co. on January 1, 2024.

Compass Diversified Holdings
Subsidiary Pro Forma Net Sales
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands) (As Restated) (As Restated)
Branded Consumer
5.11 $ 143,240  $ 139,218  $ 404,052  $ 387,393 
BOA 43,941  45,607  141,187  142,670 
Lugano 17,350  14,269  70,966  37,087 
PrimaLoft 13,294  13,686  61,794  61,518 
The Honey Pot (1)
34,727  31,545  103,716  55,018 
Velocity Outdoor 29,040  28,809  57,454  48,610 
Total Branded Consumer $ 281,592  $ 273,134  $ 839,169  $ 732,296 
Niche Industrial
Altor Solutions $ 79,824  52,129  $ 239,386  $ 157,746 
Arnold Magnetics 37,686  46,103  110,126  130,545 
Sterno 73,460  85,187  216,346  223,814 
Total Niche Industrial $ 190,970  $ 183,419  $ 565,858  $ 512,105 
Total Subsidiary Net Sales $ 472,562  $ 456,553  $ 1,405,027  $ 1,244,401 
(1) Net sales for The Honey Pot Co. are pro forma as if the Company had acquired this business on January 1, 2024.