Tue, May 6, 8:21 PM (11 days ago)
**CADRE HOLDINGS, INC. (CDRE) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $130.1 million (down 5.6% YoY from $137.9 million). - **Net Income:** $9.2 million (up 33.5% YoY from $6.9 million). - **Gross Profit:** $56.1 million (down 2.6% YoY from $57.6 million). - **Operating Income:** $13.6 million (up 13.1% YoY from $12.0 million). - **Cash Flow from Operations:** $17.4 million (up from $2.1 million YoY). - **Cash & Equivalents:** $133.4 million (up from $87.1 million YoY). **Profit Margins:** - **Gross Margin:** 43.1% (up from 41.8% YoY). - **Operating Margin:** 10.4% (up from 8.7% YoY). - **Net Margin:** 7.1% (up from 5.0% YoY). **Earnings Changes:** - **EPS (Basic):** $0.23 (up from $0.18 YoY). - **EPS (Diluted):** $0.23 (up from $0.18 YoY). **Quarterly Performance Discussion:** - **Revenue Decline:** Due to decreased sales in EOD and armor products, offset by recent acquisitions and international crowd control products. - **Income Increase:** Driven by non-recurrence of acquisition-related costs in 2024. - **Operating Expenses:** Increased by 2.5% YoY due to recent acquisitions. - **Interest Expense:** Increased by 36.3% YoY due to debt refinancing. - **Tax Rate:** 26.6% (up from 22.1% YoY due to state taxes and non-deductible executive compensation). **Trends & Uncertainties:** - **Orders Backlog:** Increased by $22.4 million QoQ, driven by EOD, chemiluminescent, duty gear, and structural armor products. - **Acquisitions:** Completed acquisitions of ICOR and Alpha Safety in 2024, and Carr's Engineering in April 2025. - **Debt:** $220.5 million in outstanding debt as of Q1 2025. - **Liquidity:** Strong liquidity position with $133.4 million in cash and cash equivalents. **Future Operations Impact:** - **Growth:** Continued focus on acquisitions and product innovation. - **Risks:** Exposure to market risks, including interest rate and foreign currency exchange rate fluctuations. - **Outlook:** Positive outlook driven by strong backlog, strategic acquisitions, and operational efficiencies. **Ticker:** CDRE