Shares of Perimeter Solutions dropped after the company's loss widened in the second quarterand its revenue fell short of analyst projections.

The stock was down 14% at $32.17 in premarket trading. Shares had gained 35% year to date through Thursday's close.

The maker of firefighting chemicals said before the opening bell that sales rose 31% to $213.8 million. Analysts polled by FactSet had been targeting $216.9 million.

The company posted a quarterly loss of $181.6 million, or $1.11 a share, compared with a loss of $32.2 million, or 22 cents a share, a year earlier.

Adjusted earnings came in at 35 cents a share, shy of analyst estimates for 43 cents a share.

Perimeter said its total operating expenses more than doubled to $320.9 million from $127.7 million in the same quarter a year earlier. The company incurred a $266.3 million charge from founders advisory fees, up from $96.9 million a year earlier.

Part of the founders advisory fee is linked to the performance of the company's stock, which had strong gains during the quarter.