Cadre Holdings, Inc.

What they do

Cadre designs and sells body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, radioactive material storage containers, and ventilation/containment systems. It also operates a distribution business that offers third-party first responder products such as uniforms, optics, boots, firearms, and ammunition. End users include state, local, and international law enforcement, fire and rescue, EOD technicians, nuclear power plants, and federal agencies. No single customer represents more than 10% of revenue.

Revenue drivers

• Body Armor — Top provider of soft body armor domestically; demand driven by mandatory use, refresh cycles, and law enforcement budgets.
• Duty Gear — Includes holsters and other duty equipment; 2025 growth was attributed to higher demand for duty gear products.
• Explosive Ordnance Disposal (EOD) Equipment — Global leader in EOD technician equipment; 2025 sales declined, partially offsetting overall growth.
• Nuclear Safety Solutions — Provides containers and ventilation/containment solutions for nuclear industry; 2025 saw a decline in existing nuclear safety products, but recent acquisitions boosted nuclear demand in Q2 2026.

Recent performance

In Q2 2026, net sales rose 32% year-over-year to $207.1 million, with gross profit up 36% to $87.1 million (gross margin 42.1%). Net income for Q2 2026 was $11.4 million ($0.26 diluted EPS) versus $12.2 million in Q2 2025. For the six months ended June 30, 2026, net sales were $362.6 million and net income was $13.4 million ($0.31 diluted EPS). Adjusted EBITDA for Q2 2026 was $42.0 million (20.3% margin). Orders backlog reached a record $368 million as of Q2 2026.

Strategy

Cadre pursues a strategy of bolt-on acquisitions, citing the January 2026 acquisition of TYR Tactical ($174.0 million) and April 2025 acquisition of Zircaloy ($98.9 million) as recent examples. The company aims to integrate acquired businesses under its Cadre Operating Model (COM) to improve profitability. It also invests in R&D for new product innovation and maintains a direct connection to end users. Management has stated that disciplined M&A remains a core component of its growth strategy, with a pipeline of complementary, mission-critical businesses.

Risks

• Product liability and warranty — The safety equipment sold is inherently risky and could give rise to product liability, warranty claims, and other loss contingencies.
• Competitive and technological change — Markets are highly competitive; failure to adapt to new technologies or product introductions could adversely affect operations.
• Acquisition integration — Future or recent acquisitions may incur losses or face integration difficulties, which could harm financial results.
• High leverage — Long-term debt was $354.3 million as of June 30, 2026, and the company has significant payment obligations under its debt.

Outlook

Management raised full-year 2026 guidance to net sales of $749–769 million and Adjusted EBITDA of $139–144 million, citing stronger-than-expected Q2 results and a record orders backlog. The company expects continued momentum into the second half of 2026, driven by strong demand for mission-critical safety equipment and the benefits of recent acquisitions. The CEO expressed confidence in delivering meaningful growth and profitability in 2026 and beyond.