Foam suppression systems extinguish fire by separating the fuel from the oxygen. In more technical terms, these systems are used to “cool the fire and coat the fuel that the fire is consuming to prevent contact with oxygen and reduce combustion ability.”
To do this, the extinguishing agent (the foam) smothers or blankets the surface of the fuel. The water content of the foam then cools the fuel and the area of foam covering the fuel to prevent reignition via flammable vapors.