One potentially overlooked element of Perimeter's Fire Safety retardant moat is the management of fire bases. This is even more important given Perimeter's current five-year USFS agreement which stipulates:

• Perimeter handles retardant gallons and services to run the base.
• Perimeter finances and owns the equipment at the base.
• Contractually, no other company may sell product through Perimeter-run bases without Perimeter's approval.

A long thesis could be simplified as:

He who controls the airbase controls the product. - Former Global Director at Perimeter Solutions