# EDGAR Filing Document

**Accession Number:** 0000798081
**File Stem:** 0001193125-25-137813
**Filing Date:** 2025-6
**Character Count:** 60052
**Document Hash:** 9c464637a0d41203d8ddd0f7f6545400
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-137813.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001193125-25-137813

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250609

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAKELAND INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000798081
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 133115216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15535
- **FILM NUMBER:** 251034081

**BUSINESS ADDRESS:**
- **STREET 1:** 1525 PERIMETER PARKWAY, SUITE 325
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35806
- **BUSINESS PHONE:** 800-645-9291

**MAIL ADDRESS:**
- **STREET 1:** 1525 PERIMETER PARKWAY, SUITE 325
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35806

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) June 9, 2025

## Lakeland Industries, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-15535** | **13-3115216** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| |
|:---|
| **1525 Perimeter Parkway, Suite 325 Huntsville, AL 35806** |
| **(Address of principal executive offices) (Zip Code)** |

---

#### Registrant's telephone number, including area code: (256) 350-3873
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.01 Par Value LAKE | NASDAQ Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On June 9, 2025, Lakeland Industries, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended April 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

---

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the supplemental slides which will be discussed during the Company's earnings call at 4:30 p.m. ET on Monday June 9, 2025 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) *Exhibits*.

---

| | |
|:---|:---|
| 99.1 | [Press Release, dated June 9, 2025](d10408dex991.htm) |
| 99.2 | [Supplemental slides provided in connection with the Q1 FY2026 earnings call of the Company](d10408dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) is being "furnished" in accordance with Item 2.02 and Item 7.01 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| LAKELAND INDUSTRIES, INC. | LAKELAND INDUSTRIES, INC. |
|  | */s/ Roger D. Shannon* |
|  | Roger D. Shannon |
|  | Chief Financial Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: June 9, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g10408g0609235645535.jpg)

**Lakeland Industries Reports Fiscal First Quarter 2026 Financial Results** 

*Q1'26 Net Sales Increased 29% to a Record $46.7 Million Led by a 100% Increase in* 

*Fire Services Products, Representing 45% of Total Revenue* 

*U.S. Net Sales Increased 42% to $22.5 Million & Europe Net Sales Increased 102% to $12.1 Million* 

*Q1'26 Represented Full Impact of Tariff Uncertainty & Associated Mitigation Strategies to Build Inventory* 

*Improving Global Tariff Environment & Reduction in Mitigation Strategies Positions Company for Sequential Growth in Gross Margin and Adjusted EBITDA Excluding FX in Q2'26* 

*Maintains Previously Issued FY 2026 Revenue and Adjusted EBITDA Excluding FX Guidance Range* 

*Management to Host Conference Call Today at 4:30 p.m. Eastern Time* 

**HUNTSVILLE, AL – June 9, 2025 -** Lakeland Industries, Inc. ("Lakeland Fire + Safety" or "Lakeland") (NASDAQ: LAKE), a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders, has reported its financial and operational results for its fiscal first quarter ended April 30, 2025.

**Key Fiscal FY 2026 First Quarter and Subsequent Financial and Operational Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1 Comparison** | **Q1 Comparison** | **Q1 Comparison** | **Q1 Comparison** | **Q1 Comparison** |  |
| $ in millions | **FY Q1'26** | **FY Q1'25** | ***$ Change YoY*** | ***% Change YoY*** | ***% Change YoY*** |  |
|  Net Sales | $46.7 | $36.3 | $*10.4* | | *29* | *%* |
|  Gross Profit | $15.6 | $16.2 | *0.6* | | *(4* | *%)* |
|  Gross Margin | 33.5% | 44.6% | *—* | | *1,110BPS* | |
|  Net (Loss) Income | 3.9) | $1.7 | *5.6* | | *(337* | *%)* |
|  Adjusted EBITDA | 0.2) | $3.8 | *4.0* | | *(105* | *%)* |
|  Adjusted EBITDA ex. FX | $0.6 | $3.8 | *3.2* | | *(84* | *%)* |

---

**Management Commentary** 

"The first quarter of fiscal 2026 was highlighted by continued sales revenue growth of 29%, led by a 100% increase in Fire Services revenue and ongoing momentum from our recent acquisitions," said Jim Jenkins, President, Chief Executive Officer and Executive Chairman. "Robust growth in our U.S. Fire Services

------

Segment - both organic and acquisition-driven - was partially offset by softness in Latin America and Canada, where margins are typically above our corporate average. While first quarter revenue approached internal expectations, shortfalls in Latin America, due mainly to shipment timing, and in Canada, largely due to tariff-related delays, impacted results. Our outlook for Latin America and Canada remains positive, and we believe that once uncertainty surrounding tariffs subsides, momentum in these markets will rebound. To that end, we continue to focus on expanding opportunities in Latin America and expect a resumption of growth in FY26. Additional factors affecting revenue included tariff uncertainty and currency issues, as well as Pacific Helmets resulting from production issues and updates to product offerings. We continue to believe that a significant Jolly fire boots order—originally anticipated for shipment in Q2 of FY25—is still likely to materialize. While timing remains subject to the Italian Government's final procurement steps, we remain encouraged by ongoing engagement and the customer's reaffirmed intent to proceed.

"Looking ahead, we are focused on navigating the continued challenges from tariff uncertainties, growing top-line revenue in our fire services and industrial verticals, and implementing operating and manufacturing efficiencies to achieve higher margins. We also continue to pursue M&A opportunities, particularly within the fire suit rental, decontamination and services business, to further consolidate the fragmented fire market. Our acquisition pipeline remains strong, and we are actively engaged in several strategic discussions that align with our growth strategy. We believe that with the four recently completed acquisitions, which added product line extensions, innovative new products, and expanded our global markets, channels, and customer base, we are well-positioned to grow our global head-to-toe fire portfolio in this fragmented market. We look forward to sharing upcoming milestones in weeks and months ahead," concluded Mr. Jenkins.

***<u>Tariff Mitigation Measures Updates</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Inventory Buildup:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in net inventories of $3.1 million ahead of imposed tariffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inventories on April 30, 2025, totaled $85.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Tariff Mitigation Measures Updates</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic inventory stocking, including raw materials and finished goods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Production shift in Asia to lower-tariff countries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lakeland Mexico's USMCA-compliant products are tariff-exempt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Production of Lakeland Fire Gear in the U.S. at Veridian

***<u>Fiscal 2026 First Quarter</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales were a record $46.7 million for the first quarter of fiscal 2026, an increase of
$10.4 million or 29% compared to $36.3 million for the first quarter of fiscal 2025, driven by a 100% increase in Fire Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic revenue<sup>(1)</sup> increased 2% to $36.9 million for
the first quarter of fiscal 2026, compared to $36.3 million for the first quarter of fiscal 2025, due to strong growth in the U.S. and Europe, partially offset by weakness in Latin America and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic gross margin<sup>(1)</sup> decreased by 870 margin points to
35.9% for the first quarter of fiscal 2026, compared to 44.6% for the first quarter of fiscal 2025, due primarily to lower sales in our higher margin Latin American and Canadian markets and material price variance allocations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales of the Fire Services product line were $21.0 million for the first quarter of fiscal 2026, an increase
of $10.5 million or 100% compared to $10.5 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fire segment as a percentage of revenue grew to 45%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. net sales were $22.5 million for the first quarter of fiscal 2026, an increase of $6.6 million or
42% compared to $15.9 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Europe net sales, including Eagle, Jolly and LHD, were $12.1 million for the first quarter of fiscal 2026,
an increase of $6.1 million or 102% compared to $6.0 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LATAM net sales were $4.3 million for the first quarter of fiscal 2026, a decrease of $0.6 million or
12% compared to $4.9 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asia net sales were $12.0 million for the first quarter of fiscal 2026, an increase of $1.6 million or
15% compared to $10.4 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit for the first quarter of fiscal 2026 was $15.6 million, a decrease of $0.6 million, or 4%,
compared to $16.2 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA excluding FX<sup>(2)</sup> for the first quarter of
fiscal year 2026 was $0.6 million, a decrease of $3.2 million, or 84%, compared with $3.8 million for the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lakeland's LHD subsidiary has secured a contract renewal of up to 12 years with Fire and Emergency New
Zealand (FENZ), New Zealand's main firefighting and emergency services body, for a range of apparel and decontamination services, extending an established and longstanding relationship of over 22 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attended the 37th Annual Roth Conference and the Oppenheimer 10th Annual Emerging Growth Conference.

<sup>(1)</sup> Organic revenue and organic gross margin are total revenue and total gross margin, each excluding the effects of recent acquisitions, which management uses to assess the growth of its legacy business. Reconciliations are provided in the tables of this press release. 

<sup>(2)</sup> Adjusted EBITDA and Adjusted EBITDA excluding FX are non-GAAP financial measures. Reconciliations are provided in the tables of this press release.

**Fiscal 2026 First Quarter Financial Results** 

**Net sales** were $46.7 million for the first quarter of fiscal 2026, an increase of $10.4 million or 29% compared to $36.3 million for the first quarter of fiscal 2025. Sales from our recent acquisitions accounted for $9.9 million of the increase, while organic sales increased $0.6 million, or 2%, over the prior year. Sales of the Fire Services product line increased by $10.5 million year-over-year, driven by $9.9 million in sales from Veridian and LHD, as well as organic Fire Services growth of $0.6 million.

On a consolidated basis, for the first quarter of fiscal year 2026, domestic sales were $20.7 million, or 44% of total revenues, and international sales were $26.0 million, or 56% of total revenues, as our recent acquisitions continue to skew growth internationally. This compares with domestic sales of $14.3 million, or 39% of the total, and international sales of $22.0 million, or 61%, in the first quarter of fiscal year 2025.

**Gross profit** for the first quarter of fiscal 2026 was $15.6 million, a decrease of $0.6 million, or 4%, compared to $16.2 million for the first quarter of fiscal 2025. Gross profit as a percentage of net sales decreased to 33.5% for the first quarter of fiscal 2026 from 44.6% for the first quarter of fiscal 2025. Gross margin percentage decreased in the first quarter of fiscal 2026 due to geographic revenue mix, combined

------

with lower margins and the impact of purchase accounting in our acquired businesses, and higher manufacturing and freight costs. Margins in the acquired businesses were impacted by the amortization of the write-up in inventory as part of purchase accounting. Organic gross margin percentage decreased to 35.9% from 44.6% for the first quarter of fiscal 2026, primarily due to lower sales in our higher-margin Latin American and Canadian markets and material price variance allocations.

**Operating expenses** increased by $6.3 million, or 45%, from $14.0 million for the first quarter of fiscal 2025 to $20.3 million for the first quarter of fiscal 2026. Operating expenses increased due to the acquisitions of Veridian and LHD, which added $3.0 million to operating expenses, as well as severance costs, litigation expenses, and selling expenses. Adjusted operating expenses increased by $3.3 million, primarily due to acquired companies' operating expenses. Operating loss was $4.6 million for the first quarter of fiscal 2026, compared to an operating profit of $2.2 million for the first quarter of fiscal 2025, primarily due to the aforementioned impacts. Operating margins were (9.9%) for the first quarter of fiscal 2026, as compared to 6.1% for the first quarter of fiscal 2025.

**Net loss** was ($3.9) million, or ($0.41) per diluted earnings per share, for the first quarter of fiscal 2026, compared to net income of $1.7 million, or $0.22 per diluted earnings per share, for the first quarter of fiscal 2025.

**Adjusted EBITDA excluding FX** for the first quarter of fiscal year 2026 was $0.6 million, a decrease of $3.2 million, or 84%, compared with $3.8 million for the first quarter of fiscal year 2025. The decrease was driven by a materials purchase variance, where the full amount was reflected in COGS, rather than being partially capitalized and that we expect to reverse in subsequent quarters.

**Cash and cash equivalents** totaled $18.6 million as of April 30, 2025, and working capital was approximately $104.4 million. Cash and cash equivalents increased by $1.1 million, and working capital increased by $2.8 million from January 31, 2025, due to the balance sheet fluctuations.

As of April 30, 2025, we had borrowings of $19.8 million outstanding under the revolving credit facility, with an additional $20.2 million of available credit under the Loan Agreement.

**Net cash used in operating activities** was $4.8 million in the three months ended April 30, 2025, compared to net cash provided of $0.3 million in the three months ended April 30, 2024. The increase was driven by a net loss of ($3.9) million and an increase in working capital of $3.0 million, offset by non-cash charges of $2.1 million.

The Company's quarterly dividend of $0.03 per share was paid on May 22, 2025, to stockholders of record as of May 15, 2025.

Roger Shannon, Lakeland's Chief Financial Officer, added, "Our Fire Services acquisitions continued to support revenue growth in the fiscal first quarter. Revenue grew $10.4 million, or 29%, compared to the first quarter of fiscal year 2025. Veridian contributed revenue of $4.4 million in the first quarter. Revenues for Eagle, Pacific Helmets, Jolly, LHD and Veridian totaled $15.6 million. Organic revenue increased 2% to $36.9 million in the first quarter, driven by a return to growth in the U.S. and Europe.

------

"Our first quarter consolidated gross margin decreased to 33.5% due to geographic revenue mix coupled with lower margins in our acquired businesses, and higher manufacturing costs. Our margins in the acquired businesses were impacted by the amortization of the inventory write-up as part of the purchase accounting. This accounting treatment affected reported margins by $0.4 million. Profit in ending inventory is currently $1.3 million, having increased by approximately $0.3 million in the quarter due to a build-up in inventory, which slightly reduces the reported gross margin. Freight expenses were approximately $0.6 million above typical levels, driven by increased U.S. customer demand following the suspension of U.S. tariffs on certain personal protective equipment (PPE) products. To a lesser degree, Gross Profit was also diluted by acquisitions (LHD and Veridian), for which we are still working through the purchase accounting.

"Operating expenses increased by $6.3 million for the quarter, of which $3.0 million was attributable to the acquisition of Veridian and LHD, as well as severance costs, litigation expenses, and higher selling expenses.

"Adjusted EBITDA excluding FX was $0.6 million for the fiscal first quarter. The shortfall was a direct result of revenue falling in key high-margin regions, the impact of the purchase variance described above, elevated freight costs resulting from tariff-related inventory build, and dilution from acquisitions. We also experienced higher-than-expected SG&A expenses, including increased travel and trade show participation, as well as commission and incremental operating costs associated with the acquisition of Veridian. Considering that we completed four major acquisitions in the past twelve months, the full integration and implementation of which does take some time, we believe those benefits will begin translating into even greater improved financial performance, which will be recognized in the coming quarters.

"We maintain a strong balance sheet and expect a meaningful cash infusion from non-core asset dispositions and insurance recoveries from PFAS-related legal expenses. We have also identified up to $4 million in cash savings, excluding Veridian consolidation, which we believe will further improve financial performance and be recognized in the coming quarters. Additionally, we have listed our Decatur facility and are pursuing a short-term sale-leaseback transaction to enhance our financial flexibility as we evaluate more strategically located facilities. We anticipate that this transaction will be closed during the current fiscal year.

"Despite margin pressure in Q1, we remain confident in our long-term trajectory and current year outlook. Looking further ahead, we believe our cost discipline, acquisition strategy, and operational improvements will position the company for accelerated growth over the next three to four years. We continue to target EBITDA margins to expand incrementally, reaching the mid-to-high teens as we gain scale over the next 3-5 years, realize efficiencies, and drive stronger mix and pricing across our platform," concluded Shannon.

**FY 2026 Guidance and Outlook** 

This guidance is based on our current backlog of orders and current expectations. These metrics constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these metrics, see "Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995" below.

**<u>Revenue</u>** - We expect FY 2026 Revenue of $210 to $220 million. This Revenue expectation includes the recently completed Veridian acquisition.

------

**<u>Adjusted EBITDA excluding FX</u><u> </u>**— Due to lower margins, near-term order delays, uncertainty related to tariffs and higher operating expenses in the first quarter, we expect FY 2026 Adjusted EBITDA, excluding any material negative impact from foreign exchange, to be in the lower end of a range of $24 million to $29 million.<sup>(</sup><sup>1)</sup> 

(1) Excluding revenue, the Company does not provide guidance on a GAAP basis as certain items that impact Adjusted
EBITDA, such as equity compensation, foreign exchange gains or losses, acquisition expenses and employee separation expenses, which may be significant, are outside the Company's control and/or cannot be reasonably predicted. Please see the
"Reconciliation of GAAP Results to Non-GAAP Results" and the related footnotes at the end of this press release for detailed information on calculating non-GAAP measures. See the non-GAAP financial reconciliation tables in this release for a reconciliation of other non-GAAP financial measures.

**Fiscal First Quarter 2026 Results Conference Call** 

Lakeland President, Chief Executive Officer and Executive Chairman Jim Jenkins and Chief Financial Officer Roger Shannon will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company's website <u>here</u>.

To access the call, please use the following information:

---

| | |
|:---|:---|
| **Date:** | Monday, June 9, 2025 |
| **Time:** | 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) |
| **Dial-in:** | 1-877-407-9208 |
| **International Dial-in:** | 1-201-493-6784 |
| **Conference Code:** | 13754098 |
| **Webcast:** | <u>https://viavid.webcasts.com/starthere.jsp?ei=1722482&tp_key=314f41cd21</u> |

---

A telephone replay will be available commencing approximately three hours after the call and will remain available through September 9, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13754098. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available via the investor relations section of the Company's website <u>here</u>.

------

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES

Operating Results ($000) (Unaudited)

Reconciliation of GAAP Results to Non-GAAP Results

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | April 30, | April 30, |
|  | 2025 | 2024 |
| <u>Net income (loss) to EBITDA</u> |  |  |
|  Net income (loss) | 3913) | $1653 |
|  Interest expense | 583 | 172 |
|  Taxes (1) | (1198) | 388 |
|  Depreciation and amortization | 1138 | 647 |
|  **EBITDA** | **3390)** | $**2860** |
| <u>EBITDA to Adjusted EBITDA</u> |  |  |
|  (excluding non-cash expenses) |  |  |
|  EBITDA | 3390) | $2860 |
|  Amortization of step-up in inventory basis (2) | 447 |  |
|  Equity compensation (3) | 329 | 198 |
|  Other income (expense) (4) | (106) | (11) |
|  Acquisition expenses (5) | 946 | 972 |
|  Earnout revaluation (6) |  | (711) |
|  Severance and restructuring (7) | 623 |  |
|  New Monterrey, Mexico facility start-up costs (8) | 626 | 276 |
|  PFAS Litigation (9) | 189 | 247 |
|  ERP Project (10) | 160 |  |
|  **Adjusted EBITDA** | **176)** | $**3831** |
| <u>Adjusted EBITDA Margin</u> |  |  |
|  Adjusted EBITDA | 176) | $3831 |
|  Divided by net sales | $46746 | $36309 |
|  **Adjusted EBITDA Margin** | **-0.4%** | **10.6%** |
| <u>Adjusted EBITDA to Adjusted EBITDA excluding FX</u> |  |  |
|  Adjusted EBITDA | 176) | $3831 |
|  Currency Fluctuation | 778 | 7 |
|  **Adjusted EBITDA excluding FX** | $**602** | $**3838** |
| <u>Adjusted EBITDA Margin to Adjusted EBITDA excluding FX Margin</u> | <u>Adjusted EBITDA Margin to Adjusted EBITDA excluding FX Margin</u> |  |
|  Adjusted EBITDA excluding FX | $602 | $3838 |
|  Divided by net sales | $46746 | $36309 |
|  **Adjusted EBITDA excluding FX Margin** | **1.3%** | **10.6%** |

---

------

---

| | | |
|:---|:---|:---|
| <u>Operating Expenses to Adjusted Operating Expenses</u> |  |  |
|  Operating Expenses | $20278 | $13982 |
|  Depreciation and amortization | (817) | (462) |
|  Equity compensation (3) | (329) | (198) |
|  Acquisition expenses (5) | (946) | (972) |
|  Earnout revaluation (6) |  | 711 |
|  Severance and restructuring (7) | (623) |  |
|  New Monterrey, Mexico facility start-up costs (8) | (626) | (276) |
|  PFAS Litigation (9) | (189) | (247) |
|  ERP Project (10) | (110) |  |
|  FX | (778) | (7) |
|  **Adjusted Operating Expenses** | $**15859** | $**12531** |
| <u>Organic Revenue</u> |  |  |
|  Net Sales | $46748 | $36309 |
|  Revenue from previous year acquisitions | (9873) |  |
|  **Organic Revenue** | $**36875** | $**36309** |
| <u>Organic Gross Margin</u> |  |  |
|  Gross Profit | $15644 | $16184 |
|  Gross Profit from previous year acquisitions | 2410 |  |
|  Organic Gross Profit | 13234 | 16184 |
|  Divided by Organic Revenue | $36875 | $36309 |
|  **Organic Gross Margin** | **35.9%** | **44.6%** |

---

The financial data above includes non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA Margin, adjusted EBITDA excluding FX, adjusted EBITDA excluding FX Margin, Adjusted Operating Expenses, organic revenue, and organic gross margin. Management excludes from EBITDA and adjusted EBITDA all expenses for interest, taxes, depreciation and amortization, and Other Income which is comprised of interest income and gains (losses) from equity method investments. For adjusted EBITDA management also excludes equity compensation, acquisition-related expenses, severance and restructuring costs, start-up costs for our Mexican operations, PFAS litigation expenses, ERP Project related costs, and earnout revaluation. This press release also discusses (i) Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by GAAP net sales; (ii) Adjusted EBITDA excluding FX, which is calculated by subtracting foreign currency losses from Adjusted EBITDA and (iii) Adjusted EBITDA excluding FX margin, which is calculated by dividing Adjusted EBITDA excluding FX by GAAP net sales. Management excludes from organic revenue and organic gross margin the revenues and expenses associated with acquisitions completed within the previous fiscal year.

------

Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of the Company's strategic plan, and (3) provide investors with a better understanding of how management plans and measures the business. For organic revenue and organic gross margin, management excludes the effects of acquisitions completed within the prior twelve months to understand the trends in growth and profitability in the ongoing business without such effects. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures.

Additional information regarding the adjustments is provided below.

(1) Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors.

(2) Adjustments for the amortization of the step-up in basis for inventory acquired in connection with the Company's acquisitions.

(3) Adjustments for Equity Compensation, which consist of non-cash expenses for the grant of equity awards.

(4) Adjustments for Other Income, which consists of interest income and gains/(losses) from Investments accounted for under the equity method of accounting.

(5) Adjustments for acquisition-related expenses included advisory fees, due diligence expenses and legal fees related to the Company's acquisitions.

(6) Adjustments for the reduction of the estimated earnout payment related to the Eagle acquisition. The reduction to the accrued earnout payment was $0.7 million and reflected in operating expenses.

(7) Adjustments for accrued employee severance and restructuring costs.

(8) Adjustments for costs for our Mexican operations consist of external services and legal fees associated with a property-related dispute with the landlord of our manufacturing site in Monterrey, Mexico.

(9) Adjustment for PFAS Litigation.

(10) Adjustments for the implementation of the new ERP consisted of external services and employee-related expenses.

------

**About Lakeland Fire + Safety** 

Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire and industrial distributors and wholesale partners. Our authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. In addition, we supply federal, state, and local governmental agencies and departments, including fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security, and the Centers for Disease Control. Internationally, we sell to a mix of end-users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand.

For more information concerning Lakeland, please visit the Company online at <u>www.lakeland.com</u>.

**"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995** 

This press release contains estimates, predictions, opinions, goals and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for earnings, revenues, expenses, inventory levels, capital levels, liquidity levels, or other future financial or business performance, strategies or expectations, including without limitation our M&A strategy and tariff mitigation plans. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital, or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in press releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. With respect to our guidance for revenue and Adjusted EBITDA excluding FX, such metrics are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management; actual results will vary, and those variations may be material. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.

------

**Contacts** 

Lakeland Fire + Safety

256-600-1390

Roger Shannon

Chief Financial Officer

<u>rdshannon@lakeland.com</u> 

**Investor Relations** 

Chris Tyson

Executive Vice President

MZ Group - MZ North America

949-491-8235

<u>LAKE@mzgroup.us</u> 

<u>www.mzgroup.us</u> 

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

($000's except for share and per share information)

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br> April 30, | Three Months Ended<br> April 30, |
|  | 2025 | 2024 |
|  Net sales | $46746 | $36309 |
|  Cost of goods sold | 31102 | 20125 |
|  Gross profit | 15644 | 16184 |
|  Operating expenses | 20278 | 13982 |
|  Operating (loss) income | (4634) | 2202 |
|  Other income, net | 106 | 11 |
|  Interest expense | (583) | (172) |
| (Loss) income before taxes | (5111) | 2041 |
|  Income tax (benefit) expense | (1198) | 388 |
|  Net (loss) income | 3913) | $1653 |
|  Net (loss) income per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 0.41) | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 0.41) | $0.22 |
|  Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 9498604 | 7364757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 9498604 | 7582449 |

---

------

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(000's except for share information)

---

| | | |
|:---|:---|:---|
|  | April 30,<br>2025 | January 31,<br>2025 |
|  **ASSETS** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $18618 | $17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for doubtful accounts of $1,291 and $1,237 at April 30, 2025 and January 31, 2025, respectively | 27629 | 27607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 85823 | 82739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid VAT and other taxes | 2600 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable and other current assets | 6036 | 6111 |
|  Total current assets | 140706 | 136531 |
|  Property and equipment, net | 14612 | 13948 |
|  Operating leases right-of-use assets | 13563 | 13917 |
|  Deferred tax assets | 5637 | 6270 |
|  Other assets | 380 | 122 |
|  Goodwill | 17082 | 16240 |
|  Intangible assets, net | 26148 | 25503 |
|  Total assets | $218128 | $212531 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $14650 | $15742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation and benefits | 5116 | 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 9973 | 8130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payable | 1288 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of loans payable | 1632 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 3608 | 3602 |
|  Total current liabilities | 36267 | 34907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 3505 | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans payable – long term | 24651 | 16426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term portion of operating lease liabilities | 10323 | 10681 |
|  Total liabilities | 74746 | 65905 |
|  Commitments and contingencies (Note 11) |  |  |
|  Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.01 par; authorized 20,000,000 shares<br>Issued 10,872,551 and 10,856,812; outstanding 9,514,343 and 9,498,604 at April 30, 2025 and January 31, 2025, respectively | 109 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost; 1,358,208 shares at April 30, 2025 and January 31, 2025, respectively | (19979) | (19979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 123339 | 123136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 46122 | 50320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (6209) | (6960) |
|  Total stockholders' equity | 143382 | 146626 |
|  Total liabilities and stockholders' equity | $218128 | $212531 |

---

------

LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

($000's)

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br> April 30, | Three Months Ended<br> April 30, |
|  | 2025 | 2024 |
|  Cash flows from operating activities: |  |  |
|  Net (loss) income | 3913) | $1653 |
|  Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 243 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1138 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of step-up in inventory basis | 447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based and restricted stock compensation | 329 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in loss of equity investment |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of earnout consideration |  | (711) |
| (Increase) decrease in operating assets, net of effect of business acquisition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 160 | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (3505) | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid VAT and other taxes | (2) | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | (160) | (2255) |
|  Increase (decrease) in operating liabilities, net of effect of business acquisition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (1117) | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1708 | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (169) | 4 |
|  Net cash (used in) provided by operating activities | (4841) | 293 |
|  Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (1209) | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired |  | (8141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in convertible debt instruments |  | (639) |
|  Net cash (used in) investing activities: | (1209) | (9246) |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loan borrowings | 2555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term loan repayments | (237) | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit line - borrowings | 6600 | 12300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | (285) | (221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares returned to pay employee taxes under restricted stock program | (126) | (129) |
|  Net cash provided by financing activities | 8507 | 11586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents | (1315) | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in cash and cash equivalents | 1142 | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of period | 17476 | 25222 |
|  Cash and cash equivalents at end of period | $18618 | $28365 |
| <u>Supplemental disclosure of cash flow information:</u> |  |  |
|  Cash paid for interest | $581 | $174 |
|  Cash paid for taxes | $643 | $397 |

---

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g10408dsp001.jpg)

Fiscal First Quarter 2026 Financial Results C nference Call June 9, 2025 NASDAQ: LAKE Pr tect Y ur Pe ple® 1

------

![LOGO](g10408dsp002.jpg)

Safe Harb r & N n-GAAP Statements "SafeHarb r"StatementUnderthe PrivateSecurities Litigati nRef rmAct f1995 This statements presentati n include, c ntains with utestimates, limitati n,predicti ns, references t pini ns, the C mpany's g als and predicti ns ther "f rward r expectati ns -l king statements" f future business as that r phrase financial is defined perf rmance in theas Private well as Securities its g alsLitigati n and bjectives Ref rm f rAct future f 1995 perati ns, . Such business financial and perf rmance, business trends, strategies business r expectati ns, pr spects,including and management's with ut limitati n expectati ns ur M&A f r earnings, strategy and revenues, tariff mitigati n expenses,. invent ry All statements, levels, ther capitalthan levels, statements liquidity levels, f hist rical r ther facts, future which financial address r f rward Lakeland's -l king expectati ns statements f s urces . F rward r uses -l king f r capital, statements r which inv lve express risks,the uncertainties C mpany'sand expectati n assumpti ns f r the as described future with fr m respect timet t financial time in press perf rmance releases r and perating F rms 8strategies -K, presentati ns, can be identified registrati n as statements, Lakeland's future quarterly results andwill annual n t be rep rts materially and different ther rep rts fr mand th se filings described filed with herein theasSecurities "believed," and "pr jected," Exchange"planned," C mmissi n "intended," r made "anticipated," by management "can," . As"estimated" a result, there r "expected," can be n assurance r ther w rds that guidance which reflect f r revenue the current and Adjusted view f the EBITDA, C mpany suchwith metrics respect are subjectt t future significant events. We business, cauti n ec n mic readers that andthese c mpetitive f rwarduncertainties -l king statements and c ntingencies, speak nlymany as f f the which dateare here f bey nd . With therespect c ntr lt f ur the C mpany r revisi ns and t its any management; such statements actual t results reflectwill anyvary,and change inth se the C mpany's variati ns may expectati ns be material r any . The change C mpany in events, herebyc nditi ns expressly r disclaims circumstances any bligati n n which r undertaking such statement t release is based, publicly except any asupdates may be requiredby law. N n T supplement -GAAPFinancialMeasures its c ns lidated financial statements, which are prepared and presented in acc rdance with Generally Accepted Acc unting Principles (GAAP), the C mpany uses the f ll wing n n-GAAP Cash SG&A financial . Themeasures presentati n in f this thispresentati n: financial inf rmati n AdjustedisEBITDA n t intended and t Adjusted be c nsidered EBITDAinmargin, is lati nAdjusted r as a substitute EBITDA f r, excluding r superi r FX, Adjusted t , the financial EBITDA inf rmati n excludingprepared FX margin andand presented rganic in C mpany acc rdance believes with GAAP that.these The C mpany measuresuses pr vide these useful n n-inf rmati n GAAP financial ab ut measures perating f rresults, financial enhance and perati nal the veralldecisi n understanding -making f and past asfinancial a meansperf rmance t evaluate peri d and future -t -peri d pr spects, c mparis ns and all w . The f r greater maybedifferentfr m transparency with themeth dsusedby respectt key metrics therc mpanies used by management . in its financial and perati naldecisi n-making. The n n-GAAPfinancial measures used by the C mpany in this presentati n F r m re inf rmati n n the n n-GAAP financial measures, please see the Rec nciliati n f GAAP t n n-GAAP Financial Measures tables in this presentati n. These acc mpanying tables include details n theGAAPfinancialmeasuresthatarem stdirectlyc mparablet n n-GAAPfinancialmeasuresandtherelatedrec nciliati ns betweenthesefinancialmeasures. Pr tect Y ur Pe ple® 2

------

![LOGO](g10408dsp003.jpg)

Agenda: n the Call T day: C MPANY UPDATES FINANCIAL RESULTS KEY TAKEAWAYS Q&A CL SING SUMMARY James M. Jenkins R ger D. Shann n President, Chief Executive fficer and Chief Financial fficer and Executive Chairman Secretary Pr tect Y ur Pe ple® 3

------

![LOGO](g10408dsp004.jpg)

Q1 2026 perati nal & Business Updates Net sales increased 29% t a rec rd $46.7 milli n led by a 100% Tariff Envir nment increase in Fire Services pr ducts Q1'26 ass ciated represented mitigati n the strategies impact f t tariff build uncertainty invent ry and U.S. net sales increased 42% t $22.5 milli n and Eur pe net sales increased 102% t $12.1 milli n Impr ving gl bal tariff envir nment and tapering in mitigati n strategies p siti ns the c mpany f r sequential gr wth in Adjusted EBITDA excluding FX was $0.6 milli n, a decrease f gr ss margin and adjusted EBITDA excluding FX in Q2'26 $3.2 milli n, r 84%, c mpared with $3.8 milli n f r the Tariffs, uncertainties delayed decisi ns in the Canadian and c mparable year ag peri d Latin American industrial spaces, where margins typically Gr ss pr fit as a percentage f net sales decreased t 33.5% exceed the c mpany average fr m 44.6% f r the c mparable year ag peri d Increase in net invent ries f $3.1 milli n ahead f imp sed SG&A as rep rted increased $6.3M vs. Q1-FY25; rganic Cash tariffs. SG&A increased year- ver-year by $1.0M due t lab r c sts, Invent ries n April 30, 2025, t taled $85.8 milli n. Trade sh ws, and utb und Freight L king Ahead Capital Expenditures f $1.2 milli n principally relate t capital Reiterate previ usly issued FY 2026 revenue and adjusted investment in ur new ERP system EBITDA excluding FX guidance Strategic M&A pipeline remains str ng and actively engaged in strategic discussi ns aligned with gr wth strategy Maintain a str ng balance sheet and expect a meaningful cash infusi n fr m n n-c re asset disp sals Pr tect Y ur Pe ple® 4

------

![LOGO](g10408dsp005.jpg)

Q1 2026 FINANCIAL RESULTS Q1-FY26 Revenue by Pr duct Financial Highlights and Ge graphy Three M nths Ended Apr. 30 USA $ in Milli n 2025 2024 7% Revenue $46.7 $36.3 9% Eur pe 8% 44% ther N.A. Gr ss Margin 33.5% 44.6% 7% Asia perating Expenses (20.3) (14.0) Latin America 25% ther F reign Net Inc me (L ss) (3.9) 1.7 1 2% Disp sables Adjusted EBITDA excluding FX 0.6 3.8 12% Adjusted EBITDA 28% Fire 1 1.3% 10.5% 13% excluding FX Margin Chemical Apr. 30, 2025 Jan. 31, 2025 FR/AR 45% Perf rmance Cash & Cash Equivalents $18.6 $17.5 High Visibility Pr tect Y ur Pe ple® 1) See rec nciliati n tables f r n n-GAAP in appendix 5

------

![LOGO](g10408dsp006.jpg)

Fiscal 2026 First Quarter Financial Highlights Net Sales Adjusted EBITDA Excl. FX Gr ss Margin Net Inc me $46.7 $1.7 $3.8 44.6% $36.3 33.5% 13.1% 11.0 $0.6 -$3.9 2025Q1 2026Q1 2025Q1 2026Q1 2025Q1 2026Q1 2025Q1 2026Q1 Gr ss margin decreased t 33.5% Net l ss f $3.9 milli n,driven Adjusted EBITDA excluding FX was $0.6 Net sales increased $10.4 due t revenue mix c upled with by l wer margins and $1.8 milli n f r an AEBITDA excluding FX margin milli n, r 29% l wer gr ss margins fr m ur recent milli n f n n-cash expenses f 1.3% Driven by a 100% increase in Fire acquisiti ns, higher manufacturing Resulted in EPS diluted inc me Decrease was due t revenue falling in key Services and freight c sts. f $(0.41) high-margin regi ns, purchase variance U.S. net sales increased 42% t impact, elevated freight c sts fr m p st- $22.5 milli n & Eur pe net sales tariff demand, and diluti n fr m acquisiti ns increased 102% t $12.1 Milli n Pr tect Y ur Pe ple® 6

------

![LOGO](g10408dsp007.jpg)

TTM Revenue and Adjusted EBITDA 200 18 180 15 160 12 140 120 9 100 6 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 ct-24 N v-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Revenue Adjusted EBITDA Adjusted EBITDA—Excluding FX Apr-24 Jul-24 ct-24 Jan-25 Apr-25 Revenue 132.3 137.7 151.8 167.2 177.6 Adjusted EBITDA 13.1 10.7 11.7 15.0 11.0 Adjusted EBITDA—Excluding FX 16.5 14.5 14.7 17.4 14.1 Pr tect Y ur Pe ple® 7

------

![LOGO](g10408dsp008.jpg)

Q1 2026 Gr ss Margin and Adjusted EBITDA Bridge GR SS MARGIN % ADJUSTEDEBITDA Higher manufacturing and freight c sts related t invent ry price variances impacted GM% Purchase variance expensed thr ugh C GS Integrati n f newly acquired c mpanies is resulting in l wer gr ss margin Elevated freight c sts fr m p st-tariff demand Higher than expected SG&A expenses Pr tect Y ur Pe ple® 8

------

![LOGO](g10408dsp009.jpg)

Revenue Mix-Hist rical & Pr F rma with Acquisiti ns Lakeland rganic FY24 with full year Pacific Helmets, J lly Scarpe, LHD Lakeland rganic FY24 Gr up and Veridian (pr f rma) Q1-FY26 Revenue 8% 7% USA 7% 7% USA 13% USA Eur pe 9% Eur pe 44% 8% Eur pe ther N.A. 41% 8% 44% ther N.A. 11% 8% Latin America Asia ther F reign 7% Asia 11% Latin America 29% Asia Latin America 13% ther F reign 25% ther N.A. ther F reign 2% 5% Disp sables 4% Fire Disp sables 12% 12% 28% 17% Fire Disp sables 13% Fire 40% 13% 42% Chemical FR/AR Chemical Perf rmance 17% Chemical FR/AR FR/AR Perf rmance 29% High Perf rmance -Visibility 45% 21% High-Visibility High Visibility Pr tect Y ur Pe ple® 9

------

![LOGO](g10408dsp010.jpg)

Q1 2026 Balance Sheet 2026Q1 2025Q4 Variance 2026Q1 2025Q4 Variance Cash and cash equivalents 18.6 17.5 1.1 Acc unts Payable 14.6 15.7 (1.1) Acc unts Receivable 27.6 27.6 0.0 Accrued C mpensati n, Benefits & Expenses 15.1 12.6 2.5 Invent ries 85.8 82.7 3.1 Inc me tax payable 1.3 2.0 (0.7) Prepaid VAT and ther taxes 2.6 2.6 0.0 Current P rti n f perating Lease Liability 3.6 3.6 0.0 ther Current Assets 6.0 6.1 (0.1) ther Current Liabilities 1.6 0.9 0.7 Current Assets 140.7 136.5 4.2 Current liabilities 36.3 34.9 1.4 Pr perty and Equipment, Net 14.6 13.9 0.7 Deferred Inc me Taxes 3.5 3.9 (0.4) perating Leases Right- f-Use Assets 13.6 13.9 (0.4) L ng Term P rti n f Debt 24.7 16.4 8.2 Deferred Tax Assets 5.6 6.3 (0.6) L ng-Term P rti n f perating Lease Liabilit 10.3 10.7 (0.4) ther Assets 0.4 0.1 0.3 N n Current Liablities 38.5 31.0 7.5 Equity Investment ——Liabilities 74.7 65.9 8.8 G dwill 17.1 16.2 0.8 Additi nal Paid-In Capital 123.3 123.1 0.2 Intangible Assets, Net 26.1 25.5 0.6 ther Equity 20.1 23.5 (3.4) N n Current Assets 77.4 76.0 1.4 Equity 143.4 146.6 (3.2) Assets 218.1 212.5 5.6 Liabilities and St ckh lders Equity 218.1 212.5 5.6 Pr tect Y ur Pe ple® 10

------

![LOGO](g10408dsp011.jpg)

Q1 2026 Cash Fl w 2026Q1 2025Q1 Variance 2026Q1 2025Q1 Variance Net (l ss) inc me (3.9) 1.7 (5.6) Purchases f pr perty and equipment (1.2) (0.5) (0.7) Deferred inc me taxes 0.2 0.1 0.2 Investment in B dytrak—(0.6) 0.6 Depreciati n and am rtizati n 1.1 0.6 0.5 Acquisiti ns, net f cash acquired—(8.1) 8.1 Am rtizati n f step up in invent ry basis 0.4—0.4 Net cash used in investing activities (1.2) (9.2) 8.0 St ck based and restricted st ck c mpensati n 0.3 0.2 0.1 Term l an b rr wings 2.6—2.6 Revaluati n f earn ut c nsiderati n—(0.7) 0.7 Term l an payments (0.2) (0.4) 0.1 ther rec nciliati n adjustments (0.0) 0.1 (0.1) Credit Facility B rr wings 6.6 12.3 (5.7) Adjustments t rec ncile t net (l ss) inc me (1.8) 2.0 (3.7) Credit Facility Repayments — -Acc unts receivable 0.2 (0.4) 0.6 Dividends (0.3) (0.2) (0.1) Invent ries (3.5) 0.4 (3.9) UK b rr wings (repayments) under line f credit facility — -Prepaid VAT and ther taxes (0.1) (1.7) 1.6 Purchase f Treasury St ck under st ck repurchase pr gram — -(Increase) decrease in perating assets (3.5) (1.7) (1.8) Shares returned t pay empl yee taxes under restricted st c (0.1) (0.1) 0.0 Acc unts payable (1.1) 0.9 (2.0) Net cash pr vided by (used in) financing activities: 8.5 11.6 (3.1) Accrued expenses and ther liabilities 1.7 (0.9) 2.6 Effect f exchange rate changes n cash and cash equivalen (1.3) 0.5 (1.8) Change in ther perating assets and liabilities, net (0.2) 0.0 (0.2) Net increase (decrease) in cash and cash equivalents 1.1 3.1 (2.0) Increase (decrease) in perating liabilities 0.4 0.0 0.4 Cash and cash equivalents at beginning f year 17.5 25.2 (7.7) Net cash (used in) pr vided by perating activities (4.8) 0.3 (5.1) Cash and cash equivalents at end f peri d 18.6 28.4 (9.7) Pr tect Y ur Pe ple® 11

------

![LOGO](g10408dsp012.jpg)

Invent ry Invent ry rganic Invent ry Quarter ver Quarter Finished G ds vs Raw Materials 36.6 37.2 85.8 82.7 33.2 32.2 31.0 30.9 31.0 72.7 29.0 67.9 27.8 27.3 56.1 0.9 1.5 1.6 1.5 1.4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 rganic LHD Veridian Finished G ds Raw Materials W rk in Pr cess ? Q1-FY26 Lakeland invent ry is $85.8M? rganic Finished G ds is $37.2M in Q1-FY26 up $9.4M year ver ? rganic invent ry is up $14.8M year ver year year and up $0.7M quarter ver quarter? rganic invent ry is up $1.8M quarter ver quarter? rganic Raw Materials is $32.2M in Q1-FY26 up $4.9M year ver year ? Invent ry f LHD + Veridian is $15.0M and up $1.2M quarter ver quarter Pr tect Y ur Pe ple® 12

------

![LOGO](g10408dsp013.jpg)

Cl sing Summary Str ng Q1-FY26 Net Sales Gr wth –Increased 29% t $46.7 Milli n Near Term Strategy – Navigate the c ntinued challenges due t tariff uncertainties Gr w t p-line revenue in fire services and industrial verticals Implement perating and manufacturing efficiencies t achieve higher margins L ng Term Strategy – M&A pp rtunities, particularly within the fire suit rental, dec ntaminati n and services business, t further c ns lidate the fragmented fire market Acquisiti n pipeline remains str ng, and we are actively engaged in several strategic discussi ns aligned with ur gr wth strategy Str ng balance sheet and identified up t $4 milli n in cash savings, excluding Veridian c ns lidati n Str ng utl k -FY 2026 Revenue Guidance Range f $210 Milli n t $220 Milli n and Adjusted EBITDA Excluding FX f $24 Milli n t $29 Milli n Pr tect Y ur Pe ple® 13

------

![LOGO](g10408dsp014.jpg)

NASDAQ: LAKE C mpany Invest r Relati ns 1525 Perimeter Parkway Chris Tys n Suite 325 MZ Gr up Huntsville, AL 35806 949-491-8235 LAKE@mzgr up.us www.lakeland.c m 14 Pr tect Y ur Pe ple®

------

![LOGO](g10408dsp015.jpg)

Q1 2026 Financial Summary ($000's Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

------

![LOGO](g10408dsp016.jpg)

N n-GAAP Rec nciliati n – Q1 2026 ($000's Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

------

![LOGO](g10408dsp017.jpg)

N n-GAAP Rec nciliati n – Q1 2026 ($000's Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

------

![LOGO](g10408dsp018.jpg)

N n-GAAP Rec nciliati n – Q1 2026 ($000's Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®