--- title: "Cadre | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 155.43 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285992117.md" datetime: "2026-05-11T20:28:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285992117.md) - [en](https://longbridge.com/en/news/285992117.md) - [zh-HK](https://longbridge.com/zh-HK/news/285992117.md) --- # Cadre | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 155.43 M Revenue: As of FY2026 Q1, the actual value is USD 155.43 M, beating the estimate of USD 155.32 M. EPS: As of FY2026 Q1, the actual value is USD 0.05, missing the estimate of USD 0.072. EBIT: As of FY2026 Q1, the actual value is USD 7.102 M. ### Financial Performance Overview #### Net Sales Cadre Holdings, Inc. reported net sales of $155.4 million for the first quarter of 2026, an increase of 19% year-over-year compared to $130.1 million in the first quarter of 2025. This growth was primarily attributed to recent acquisitions, although partially offset by timing-related order fluctuations and reduced demand for existing nuclear safety products and hard goods within the Distribution segment. Net sales for Q1 2026 included $2.6 million of inventory step-up and $1 million in depreciation and amortization related to the Zircaloy and TYR acquisitions . #### Gross Profit and Margin Gross profit for Q1 2026 was $60.2 million, up from $56.1 million in Q1 2025. The gross profit margin decreased to 38.7% in Q1 2026 from 43.1% in Q1 2025. This decline was mainly due to an increase in inventory step-up amortization and an unfavorable product mix, which was partially offset by favorable pricing, net of material inflation . #### Net Income Net income for Q1 2026 was $2.0 million, a decrease from $9.2 million in Q1 2025. This reduction was primarily driven by increases in compensation expense, interest expense, transaction expense, and related party expense, partially mitigated by increased gross profit . #### Adjusted EBITDA and Margin Adjusted EBITDA for Q1 2026 increased to $21.1 million from $20.5 million in Q1 2025. The Adjusted EBITDA margin was 13.6% for Q1 2026, down from 15.8% in the prior year period . #### Operating Income Operating income for Q1 2026 was $7.491 million, a decrease from $13.552 million in Q1 2025 . #### Operating Expenses Selling, general and administrative expenses increased to $48.833 million in Q1 2026 from $41.753 million in Q1 2025. Restructuring and transaction costs rose to $1.842 million in Q1 2026 from $0.698 million in Q1 2025. Related party expense significantly increased to $2.000 million in Q1 2026 from $0.128 million in Q1 2025. Total operating expenses were $52.675 million in Q1 2026, compared to $42.579 million in Q1 2025 . #### Interest Expense, Net Net interest expense was -$4.271 million for Q1 2026, compared to -$2.231 million for Q1 2025 . #### Provision for Income Taxes Provision for income taxes was -$0.856 million for Q1 2026, compared to -$3.360 million for Q1 2025 . ### Cash Flow #### Cash and Cash Equivalents Cash and cash equivalents decreased by $81.6 million, from $122.9 million as of December 31, 2025, to $41.3 million as of March 31, 2026 . #### Net Cash Provided by Operating Activities Net cash provided by operating activities was $22.521 million for Q1 2026, up from $17.391 million for Q1 2025 . #### Net Cash Used in Investing Activities Net cash used in investing activities was -$156.233 million for Q1 2026, a significant increase from -$1.309 million for Q1 2025, primarily due to business acquisitions net of cash acquired of -$153.553 million . #### Net Cash Provided by Financing Activities Net cash provided by financing activities was $52.892 million for Q1 2026, compared to net cash used of -$7.812 million for Q1 2025. This included proceeds from revolving credit facilities of $62.500 million . ### Capital Expenditures Capital expenditures totaled $3.1 million for the three months ended March 31, 2026, an increase from $1.4 million for the same period in 2025 . ### Dividends Cadre Holdings, Inc. declared its 18th consecutive quarterly cash dividend of $0.10 per share in April 2026 . ### Capital Structure (as of March 31, 2026) - **Total Debt**: $365.8 million, an increase of $58.5 million from $307.3 million as of December 31, 2025 . - **Net Debt**: $324.6 million, an increase of $140.2 million from $184.4 million as of December 31, 2025 . - **Total Debt / LTM Adjusted EBITDA**: 3.3x . - **Net Debt / LTM Adjusted EBITDA**: 2.9x . - **LTM Adjusted EBITDA**: $112.322 million . ### Segment Performance (Q1 2026 vs. Q1 2025) #### Product Segment - Net sales: $140.639 million vs. $112.735 million . - Gross profit: $56.176 million vs. $50.110 million . - Gross profit margin: 39.9% vs. 44.4% . #### Distribution Segment - Net sales: $20.295 million vs. $27.862 million . - Gross profit: $3.988 million vs. $6.021 million . - Gross profit margin: 19.7% vs. 21.6% . ### Operational Highlights #### Orders Backlog The orders backlog reached a record $355 million at the end of Q1 2026, an increase of $166 million from the start of the year (Q4 2025 backlog of $189 million). This was driven by an $87 million organic blast attenuation seat contract award, a $57 million contribution from the TYR acquisition, and a $22 million increase from core organic armor and duty gear, alongside strong demand in duty gear and armor . #### Acquisitions Cadre Holdings, Inc. completed the acquisition of Alien Gear Holsters on April 7, 2026, for $10.3 million, marking its seventh acquisition. The company also acquired TYR Tactical on January 30, 2026 . #### Contract Award On March 10, 2026, Cadre’s subsidiary Med-Eng, LLC, was awarded two contracts totaling $86.4 million by General Dynamics European Land Systems (GDELS) to provide blast attenuation seats, with full-scale deliveries anticipated in 2027 . #### Other Operational Metrics Cadre Holdings, Inc. exceeded its target for pricing growth but experienced an unfavorable mix in Q1, primarily driven by the Armor, Nuclear, and Distribution segments . ### Outlook Cadre Holdings, Inc. expects full-year 2026 net sales to range from $736 million to $758 million and adjusted EBITDA to be between $136 million and $141 million. 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