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Cadre Holdings Reports Second Quarter 2025 Financial Results

Increased Quarterly Net Sales 9% and Gross Profit 10% Year-Over-Year

Continued Strong Demand Trends for Mission Critical Safety Equipment

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Cadre Holdings, Inc. (NYSE: CDRE) (鈥淐adre鈥� or 鈥淐ompany鈥�), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today its consolidated operating results for the three and six months ended June 30, 2025.

• Net sales of $157.1 million for the second quarter; net sales of $287.2 million for the six months ended June 30, 2025.
• Gross profit margin of 40.9% for the second quarter; gross profit margin of 41.9% for the six months ended June 30, 2025.
• Net income of $12.2 million, or $0.30 per diluted share, for the second quarter; net income of $21.5 million, or $0.52 per diluted share, for the six months ended June 30, 2025.
• Adjusted EBITDA of $27.0 million for the second quarter; Adjusted EBITDA of $47.5 million for the six months ended June 30, 2025.
• Adjusted EBITDA margin of 17.2% for the second quarter; Adjusted EBITDA margin of 16.5% for the six months ended June 30, 2025.
• Declared quarterly cash dividend of $0.095 per share in July 2025.

鈥淲e delivered strong revenue growth and profitability in the second quarter, despite a fluid macro environment, which underscores the positive demand trends we continue to see for Cadre鈥檚 best-in-class safety products across our law enforcement, first responder, military and nuclear categories,鈥� said Warren Kanders, CEO and Chairman. 鈥淩evenue and gross profit increased year-over-year by 9% and 10%, respectively. We remain confident that the combination of Cadre鈥檚 track record of superior execution, resilience in the face of economic, political, geopolitical and other cycles, as well as our disciplined approach to capital allocation, will continue to drive strong results moving forward.鈥�

Mr. Kanders added, 鈥淎fter completing the acquisition of multiple leading, niche global nuclear brands from Carr鈥檚 Group in the second quarter, we are excited about the momentum in our nuclear safety business and opportunities to deepen our exposure to this attractive market segment. Today, the primary drivers of growth are related to significant environmental cleanup needs and expanding national defense programs, with the global upswing in nuclear power creating even greater demand for our suite of safety products and services in the future.鈥�

Mr. Kanders concluded, 鈥淎s we consider the Company鈥檚 2025 outlook, we have seen the timing of large opportunities shift more than in prior years, but we believe we are well positioned to continue to leverage our strong brands and drive growth over the long term. We expect our team's steadfast commitment to the Company鈥檚 life-saving mission, constant innovation, and the principles of the Cadre operating model will drive superior performance. Additionally, with cash on the balance sheet of $137 million and undrawn revolver capacity of $175 million, Cadre is well positioned to capitalize on meaningful organic and inorganic growth opportunities ahead.鈥�

Second Quarter and Six-Month 2025 Operating Results

For the quarter ended June 30, 2025, Cadre generated net sales of $157.1 million, as compared to $144.3 million for the quarter ended June 30, 2024. This increase was primarily a result of recent acquisitions.

For the six months ended June 30, 2025, Cadre generated net sales of $287.2 million, as compared to $282.2 million for the six months ended June 30, 2024, also mainly driven by recent acquisitions, as well as strong demand for nuclear safety and duty gear products, partially offset by large order shipment timing for explosive ordnance disposal (鈥淓OD鈥�) and armor products.

For the quarter ended June 30, 2025, Cadre generated gross profit of $64.2 million, as compared to $58.7 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, Cadre generated gross profit of $120.4 million, as compared to $116.3 million for the prior year period.

Gross profit margin was 40.9% for the quarter ended June 30, 2025, as compared to 40.6% for the quarter ended June 30, 2024, mainly driven by favorable pricing and product mix, the absence of inventory step-up amortization, and exchange rate favorability. Gross profit margin was 41.9% for the six months ended June 30, 2025, as compared to 41.2% for the prior year period.

Net income was $12.2 million for the quarter ended June 30, 2025, as compared to net income of $12.6 million for the quarter ended June 30, 2024. The decrease resulted primarily as a result of acquisition related costs offset by foreign exchange.

Net income was $21.5 million for the six months ended June 30, 2025, as compared to net income of $19.5 million for the prior year period, also primarily as a result of foreign exchange offset by interest expense.

Cadre generated $27.0 million of Adjusted EBITDA for the quarter ended June 30, 2025, as compared to $28.3 million for the quarter ended June 30, 2024. Adjusted EBITDA margin was 17.2% for the quarter ended June 30, 2025, as compared to 19.6% for the prior year period.

Cadre generated $47.5 million of Adjusted EBITDA for the six months ended June 30, 2025, as compared to $52.8 million for the prior period. Adjusted EBITDA margin was 16.5% for the six months ended June 30, 2024, as compared to 18.7% for the prior year period.

Product segment gross margin was 41.7% and 42.9% for the second quarter and first half of 2025, respectively, compared to 41.1% and 42.0% for the prior year periods.

Distribution segment gross margin was 23.1% and 22.3% for the second quarter and first half of 2025, respectively, compared to 22.9% and 23.2% for the prior year periods.

Liquidity, Cash Flows and Capital Allocation

• Cash and cash equivalents increased by $12.5 million from $124.9 million as of December 31, 2024 to $137.5 million as of June 30, 2025.
• Total debt increased by $91.9 million from $223.2 million as of December 31, 2024 to $315.2 million as of June 30, 2025.
• Net debt (total debt net of cash and cash equivalents) increased by $79.4 million from $98.3 million as of December 31, 2024 to $177.7 million as of June 30, 2025.
• Capital expenditures totaled $1.3 million for the second quarter and $2.7 million for the six months ended June 30, 2025, compared with $2.1 million for the second quarter and $3.4 million for the six months ended June 30, 2024.

Dividend

On July 22, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.095 per share, or $0.38 per share on an annualized basis. Cadre's dividend payment will be made on August 15, 2025 to shareholders of record as of the close of business on the record date of August 1, 2025. The declaration of any future dividend is subject to the discretion of the Company's Board of Directors.

2025 Outlook

For the full year 2025, Cadre expects to generate net sales in the range of $624 million to $630 million and Adjusted EBITDA in the range of $112 million and $116 million. We expect capital expenditures to be in the range of $7 million to $8 million. These ranges reflect our updated expectations around the timing of orders and do not incorporate impacts from the new tariffs announced July 31^st and expected to be effective in August. Cadre has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA. Therefore, we do not provide a reconciliation of Adjusted EBITDA guidance to net income guidance.

Conference Call

Management will host a conference call on Wednesday, August 6, 2025, at 10:00 a.m. EST to discuss the latest corporate developments and financial results. The dial-in number for callers in the US is (800)-715-9871 and the dial-in number for international callers is 646-307-1963. The access code for all callers is 9511718. A live webcast will also be available on the Company鈥檚 website at .

A replay of the call will be available through August 20, 2025. To access the replay, please dial 800-770-2030 in the U.S. or +1-609-800-9909 if outside the U.S., and then enter the access code 9511718.

About Cadre

Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland庐 and Med-Eng庐, amongst others.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (鈥淓BITDA鈥�), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin and (iv) last twelve months adjusted EBITDA. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period- over-period operating performance, and thereby enhances the user鈥檚 overall understanding of the Company鈥檚 current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measure Adjusted EBITDA for the fiscal year 2025 to net income for the fiscal year 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not Adjusted EBITDA. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company鈥檚 reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

Forward-Looking Statements

Please note that in this press release we may use words such as 鈥渁ppears,鈥� 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥減lans,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥渇uture,鈥� and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled 鈥淩isk Factors鈥� in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company鈥檚 Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.

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View source version on businesswire.com:

Gray Hudkins

Cadre Holdings, Inc.

203-550-7148

[email protected]

Investor Relations:

The IGB Group

Leon Berman / Matt Berkowitz

212-477-8438 / 212-227-7098

Source: Cadre Holdings, Inc.