Cadre Holdings, Inc. (CDRE) SEC Filings & Earnings Calls

Net income decreased YoY despite revenue growth due to increased contingent consideration, compensation expense, and adverse FX.

“Net income was $11.4M vs $12.2M; decrease primarily due to increased contingent consideration expense, compensation expense and adverse foreign currency fluctuations.”

Acquisition integration and contingent consideration risk

“Net income decreased by $0.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily as a result of increased contingent consideration expense, increased compensation expense, and adverse foreign currency fluctuations.” · word for word

Foreign currency exposure

“Other (expense), net was $0.5 million for the three months ended June 30, 2026 as compared to Other income, net of $6.1 million for the three months ended June 30, 2025, primarily due to changes in foreign currency exchange rates.” · word for word

Leverage and debt service risk

“Interest expense, net increased by $1.4 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to the debt assumed as part of acquisitions.” · word for word

Standard loan covenants and default provisions; no material new risk.

“customary events of default...non-payment...violation of covenants...bankruptcy”

Insider selling pressure

“On June 15, 2026, Kanders SAF sold 100,000 shares... On June 16, 2026, Kanders SAF sold 100,000 shares... On June 17, 2026, Kanders SAF sold 25,000 shares” · word for word

Insider selling pressure

“On June 15, 2026, Kanders SAF sold 100,000 shares... On June 16, 2026, Kanders SAF sold 100,000 shares... On June 17, 2026, Kanders SAF sold 25,000 shares” · word for word

Increased leverage from acquisitions: net debt increased to $324.6M from $184.4M at year-end.

“Net debt increased by $140.2 million from $184.4 million as of December 31, 2025 to $324.6 million as of March 31, 2026”

Acquisition integration and cost overhang

“Net income decreased by $7.3 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily as a result of increases in compensation expense, interest expense, transaction expense and related party expense” · word for word

Product segment margin compression

“Product segment gross profit as a percentage of net sales decreased by 451 basis points to 39.9% for the three months ended March 31, 2026 from 44.4% for the three months ended March 31, 2025, mainly driven by an increase in inventory step-up amortization and unfavorable product mix” · word for word

Distribution segment demand weakness

“Distribution segment net sales decreased by $7.6 million, or 27.2%, from $27.9 million to $20.3 million for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to lower demand for hard goods.” · word for word

Related party transactions with CEO's firm

“the Company paid a fee of $1,000,000 to Kanders & Company, Inc. (“Kanders & Company”) in consideration of the significant support received by the Company from the employees of Kanders & Company... Mr. Warren B. Kanders, the Company’s Chairman of the Board is a member of the Company’s Board and is the sole stockholder of Kanders & Company.” · word for word

CEO concentration of power

“Warren B. Kanders... 27.1% beneficial ownership; combined Chairman and CEO role”

Acquisition integration risk

“In April 2025, the Company acquired Zircaloy for $98.9 million. In January 2026, the Company acquired TYR Tactical, LLC for $174.0 million.” · word for word

Debt leverage risk

“As of December 31, 2025 and December 31, 2024, we had $307.3 million and $223.2 million in outstanding debt, net of debt discounts and debt issuance costs, respectively, primarily related to the term loan facilities.” · word for word

Customer concentration risk

“Our target end user base includes domestic and international first responders such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing and wildlife enforcement and departments of corrections, as well as federal agencies including DoS, DoW, DoI, DoJ, DHS, DoC, DoE and numerous fo” · word for word

Q4 net sales declined 5% YoY due to prior year cyber incident pull-forward, indicating potential lumpiness in demand.

“Net sales of $167.2 million for the fourth quarter, as compared to $176.0 million for the quarter ended December 31, 2024. This decrease was primarily a result of higher than normal shipments in the prior year due to the cyber incident in the third quarter of 2024.” · word for word

EOD and existing nuclear safety product declines partially offset growth, suggesting product lifecycle or competitive risks.

“partially offset by a decline in EOD products and existing nuclear safety products” · word for word

Acquisition integration risk

“The Company acquired Zircaloy for $98.9 million. In October 2025, the Company signed a definitive agreement to acquire Tyr Tactical, LLC ... for approximately $175.0 million.” · word for word

Cybersecurity incident impact (prior period)

“the impact of the 2024 cybersecurity incident on the comparable period” · word for word

Debt leverage

“As of September 30, 2025 and December 31, 2024, we had $311.2 million and $223.2 million in outstanding debt, net of debt discounts and debt issuance costs, respectively” · word for word

Integration risk from acquisitions; reliance on government contracts.

“Acquisition of TYR Tactical; DoD contract award.”

Integration risk and potential dilution from acquisition financing.

“No financial terms disclosed; typical acquisition integration risks.”

Integration risk and potential failure to close the transaction.

“possibility that the Company’s contemplated acquisition of TYR Tactical will not be completed on the terms and conditions” · word for word