# EDGAR Filing Document

**Accession Number:** 0001860543
**File Stem:** 0001104659-26-025862
**Filing Date:** 2026-3
**Character Count:** 394505
**Document Hash:** f933b073aca6eb391c3a377ef1075b47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025862.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001104659-26-025862

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 132

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cadre Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001860543
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 383873146
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40698
- **FILM NUMBER:** 26739573

**BUSINESS ADDRESS:**
- **STREET 1:** 13386 INTERNATIONAL PKWY
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32218
- **BUSINESS PHONE:** (904) 741-5400

**MAIL ADDRESS:**
- **STREET 1:** 13386 INTERNATIONAL PKWY
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32218

?xml version='1.0' encoding='ASCII'? CADRE HOLDINGS, INC._December 31, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

&nbsp;&nbsp;&nbsp;&nbsp;**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025**

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For The Transition Period From** **To**

**Commission file number: 001-40698**

**CADRE HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **38-3873146** |
| (State of Other Jurisdiction of incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **13386 International Parkway, Jacksonville, FL**  | **32218** |
| (Address of principal executive offices) | (Zip code) |

---

**Registrant's telephone number, including area code: (904) 741-5400**

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

---

| | | |
|:---|:---|:---|
|  |  | **Name Of Each Exchange** |
| **Title of Each Class** | **Trading Symbol(s)** | **On Which Registered** |
| **Common Stock, $0.0001 Par Value per Share**<br>| **CDRE**<br>| **New York Stock Exchange** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically; every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.0405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 <br> Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the shares of Cadre Holdings, Inc. common stock held by non-affiliates of the registrant as of June 30, 2025 was $577,497,860 based on the closing price of $32.70 as reported by the New York Stock Exchange.

As of March 6, 2026, there were 42,726,564 shares of common stock, par value $0.0001, outstanding

**Documents Incorporated by Reference**

Portions of the registrant's definitive proxy statement for its 2026 Annual Meeting of Stockholder, or the Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.

------

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [**PART I**](#PARTI_663112) |  |
| [Item 1. Business](#Item1Business_83594) | 5 |
| [Item 1A. Risk Factors](#Item1ARiskFactors_947881) | 13 |
| [Item 1B. Unresolved Staff Comments](#Item1BUnresolvedStaffComments_531399) | 32 |
| [Item 1C. Cybersecurity](#Item1CCybersecurity) | 32 |
| [Item 2. Properties](#Item2Properties_122046) | 34 |
| [Item 3. Legal Proceedings](#Item3LegalProceedings_556051) | 34 |
| [Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_877848) | 34 |
| [**PART II**](#PARTII_655880) |  |
| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquityRel) | 34 |
| [Item 6. \[Reserved\]](#Item6SelectedFinancialData_544639) | 36 |
| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussionandAnalysis_44) | 37 |
| [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu) | 46 |
| [Item 8. Financial Statements and Supplementary Data](#Item8FinancialStatementandSupplementaryD) | 48 |
| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9ChangesinandDisagreementswithAccoun) | 84 |
| [Item 9A. Controls and Procedures](#Item9AControlsandProcedures_787690) | 84 |
| [Item 9B. Other Information](#Item9BOtherInformation_742745) | 85 |
| [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#_Item_9C._Disclosure) | 85 |
| [**PART III**](#PARTIII_295991) |  |
| [Item 10. Directors, Executive Officers and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo) | 85 |
| [Item 11. Executive Compensation](#Item11ExecutiveCompensation) | 86 |
| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertainBenefici) | 86 |
| [Item 13. Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationshipsandRelatedTra_) | 86 |
| [Item 14. Principal Accounting Fees and Services](#Item14PrincipalAccountantsFeesand_815390) | 86 |
| [**PART IV**](#PartIV_472465) |  |
| [Item 15. Exhibits and Financial Statement Schedules](#Item15ExhibitsandFinancialStatement_3396) | 87 |

---

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***CAUTIONARY STATEMENT***

*This Annual Report on Form 10-K (this "Report") contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Except where the context otherwise requires or where otherwise indicated, the terms "Company", "Cadre", "we," "us," and "our," refer to the consolidated business of Cadre Holdings, Inc. and its consolidated subsidiaries. All statements in this Report, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, hopes, beliefs, intentions, and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. In some cases, you can identify forward-looking statements because they contain words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "predict," "potential," "seem," "seek," "future," "outlook," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, incident to its business.*

*Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These forward-looking statements are based on information available as of the date of this Report (or, in the case of any forward-looking statements incorporated herein by reference, as of the date of the applicable filed document) and on current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Report. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. Our forward-looking statements do not reflect the potential impact of any future acquisitions, partnerships, mergers, dispositions, joint ventures, or investments we may make.*

*As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:*

● *the availability of capital to satisfy our working capital requirements;* 

● *anticipated trends and challenges in our business and the markets in which we operate;* 

● *our ability to anticipate market needs or develop new or enhanced products to meet those needs;* 

● *our expectations regarding market acceptance of our products;* 

● *the success of competing products by others that are or become available in the market in which we sell our products;* 

● *the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception;* 

● *changes in political, economic or regulatory conditions generally and in the markets in which we operate;* 

● *the impact of political unrest, natural disasters or other crises, terrorist acts, acts of war and/or military operations;* 

● *our ability to maintain or broaden our business relationships and develop new relationships with strategic alliances, suppliers,* 

*customers, distributors or otherwise;*

● *our ability to retain and attract senior management and other key employees;* 

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● *our ability to quickly and effectively respond to new technological developments;* 

● *the effect of an outbreak of disease or similar public health threat on the Company's business;* 

● *logistical challenges related to supply chain disruptions and delays;* 

● *the impact of inflationary pressures and our ability to mitigate such impacts with pricing and productivity;* 

● *the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors;* 

● *the operation of our information technology systems without material interruption , including due to natural disasters, vendor business interruptions , or other causes;* 

● *our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems;* 

● *cybersecurity incidents, including previously experienced incidents, information technology outages, and evolving privacy and cybersecurity requirements, which could disrupt operations and expose us to liability and reputational harm, depending in part on the effectiveness of our response and mitigation efforts;* 

● *our ability to protect our trade secrets or other proprietary rights and operate without infringing upon the proprietary rights of others and prevent others from infringing on the proprietary rights of the Company;* 

● *our ability to maintain a quarterly dividend;* 

● *the expenses associated with being a public company, including but not limited to expenses associated with disclosure and reporting obligations;* 

● *our ability to comply with additional reporting, governance, and internal control requirements when we cease to be an emerging growth company;* 

● *evolving climate and ESG related stakeholder expectations and regulatory requirements, which are uncertain and may result in increased compliance costs, litigation, and reputational harm;* 

● *any material differences in the actual financial results of the Company's past and future acquisitions as compared with the Company's expectations;* 

● *our ability to integrate the operations of the businesses we have acquired or may acquire in the future;* 

● *the impact of changes in tariffs, tax laws, global trade policies as well as instability and volatility in global markets; and* 

● *other risks and uncertainties set forth in the section entitled "Risk Factors" of this Report, which is incorporated herein by reference.* 

*Any expectations based on these forward-looking statements are subject to risks and uncertainties and other important factors, including those discussed in this Report, specifically the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Other risks and uncertainties are and will be disclosed in our prior and future filings with the Securities and Exchange Commission ("SEC"). The following information should be read in conjunction with the Consolidated Financial Statements included in this Report.*

*Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.*

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**PART I**

#### Item 1. Business

#### BUSINESS

#### Business Overview
We are a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms, and ammunition. A substantial portion of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance, and regulatory compliance.

Domestically, we are a top provider of safety holsters and soft body armor for first responders, as well as a top provider of nuclear safety solutions. Globally, we are a leading provider of explosive ordnance disposal technician equipment. We believe we have achieved these positions through our high-quality standards, innovation and a direct connection to the end users. We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety equipment in the markets we serve. Our target end user base includes state, local, and international law enforcement, fire and rescue, explosive ordnance disposal technicians, commercial nuclear power plants, emergency medical technicians ("EMT"), fishing and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State ("DoS"), U.S. Department of War ("DoW"), U.S. Department of Interior ("DoI"), U.S. Department of Justice ("DoJ"), U.S. Department of Homeland Security ("DHS"), U.S. Department of Corrections ("DoC"), the Department of Energy ("DoE"), numerous foreign government agencies and other companies involved in the nuclear industry. We have a large and diverse customer base, with no individual customer representing more than 10% of our total revenue.

Our mission that binds our leading brands as one is Together, We Save Lives. This mission lives in the hearts and minds of our associates around the world and remains in the forefront as we innovate new products and services and focus on processes to bring high quality standards to our customers. In our law enforcement and military focused brands, we are committed to honoring those who put their lives in danger through the SAVES CLUB<sup>®</sup>, which pays homage to first responders who experience a life-threatening incident in the line of work in which our armor or duty gear contributes to saving their lives. The SAVES CLUB<sup>®</sup> currently has over 2,274 members and counting.

Our mission is supported by our Cadre Operating Model ("COM"). The COM is a behavior-based, leadership centric, operating model that enables us to create greater value for our customers and stakeholders. It guides how we work, innovate, solve problems, improve and engage with each other, our customers and our communities.

#### Industry Overview
The market for safety equipment focuses on providing a diverse set of protective and mission enhancing products and solutions to our target end users. The market is driven by multiple factors including customer refresh cycles, growing number of personnel employed, equipment replacement and modernization trends, greater emphasis on public and first responders' safety, increasing needs to modernize the U.S. nuclear stockpile, increasing demands for energy, and disposal and remediation of nuclear sites and products.

*Body Armor, Duty Gear and Explosive Ordnance Disposal*

Body armor, duty gear, and explosive ordnance disposal equipment are key product areas in the safety equipment market. Law enforcement personnel growth is a significant driver for our business. The U.S. Bureau of Labor Statistics projects that the number of

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openings for law enforcement personnel in the U.S. to grow by 3% annually from 2024 to 2034. Demand for first responder safety equipment is also fueled by increasing law enforcement budgets and increases in expenditures per officer.

In addition, increasing mandatory body armor use and refresh policies, and evolving technical standards continue to drive the need for safety equipment for first responders. The significant increase (70%) in active shooter incidents from 2020 to 2024 compared to the prior five-year period, continues to be a tailwind that leaves law enforcement agencies with making the decision to upgrade body armor or armored equipment that provides higher protection to officers due to these threats. Meanwhile, the explosive ordnance disposal equipment market is driven by the continued emergence of new global threats while duty gear is driven mainly by product use and replacement cycles as a result of changing or accessorizing firearms.

Our management estimates the serviceable available market for soft body armor (including tactical soft armor) to be approximately $870 million. We also estimate explosive ordnance disposal equipment to have an addressable market of approximately $245 million over the seven-to-ten year life cycle of the products' installed base. Finally, the annual addressable market for safety holsters for the global law enforcement and military is estimated to be approximately $380 million.

The international law enforcement market is also poised for growth as foreign governments face increasingly complex safety challenges and seek to replace legacy equipment. Additionally, we foresee the demand for safety equipment from overseas markets to increase due to heightened awareness of the importance and effectiveness of such products and as countries are exposed to new threats. Our management estimates our addressable number of total law enforcement personnel outside the U.S. to be approximately 6.1 million, representing a substantial market opportunity.

*Nuclear Safety Products*

The demand drivers for our highly engineered technical products center around a global effort to ensure safe nuclear operations and material handling. The three key end markets, which are highly regulated and that our products and services fulfill, are environmental safety, national security and nuclear energy. Any interaction with radioactive materials requires highly engineered safety solutions and domain expertise.

Demand pertaining to environmental safety is fueled by DoE mandated cleanup that exists from energy research and nuclear weapons production dating back to World War II and the Cold War, where the liability is estimated at $545 billion. Demand pertaining to national security is driven by the recent mandate of the DoE to increase production to 80 plutonium pits per year by 2030, which has not occurred regularly since 1989. Lastly, demand pertaining to nuclear energy is driven by ongoing nuclear plant operation, the decommissioning of nuclear plants, as well as the push by the DOE to expand US nuclear capacity. Our management estimates the total addressable market for our nuclear safety products to be between $3 billion and $6 billion based on the need for our products by the U.S. government and the U.S. commercial nuclear market.

Our management team believes that the safety equipment industry represents a stable and growing market with long-term opportunities. Given our strong market standing, direct connection to the end users, extensive distribution network, long history of innovations and high-quality standards, we believe we are well positioned to capitalize on the positive market dynamics.

#### Competitive Strengths
*Leading, independent global provider of safety equipment.* Our history as a leading provider of high-quality safety equipment dates back to 1964. Our differentiated value proposition is built on superior quality combined with an unwavering focus on critical safety standards, making us a trusted brand name.

*Strong market positions.* Based on data we collect related to end users and publicly available information on awarded contracts and purchases, we believe we have leading market positions across multiple product categories through superior quality and performance differentiating us from our competition. By way of reference, we sell concealable, tactical or hard armor, or duty retention holsters to the majority of the top 50 police departments in the U.S. by size. For explosive ordnance disposal equipment, we are a party to single and multi-year contracts for the largest bomb suit teams in the world including the DoW. Furthermore, our engineered container solution for the nuclear industry, the SAVY 400, is the only DoE compliant container. Our products continually exceed stringent industry safety standards and are recognized for advancements in performance through innovation and technological enhancement.

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*Mission-critical products with recurring demand characteristics.* Our products provide critical protection to their end users as well as those around them, with limited or no room for error. As a result, stringent safety standards and customary warranty provisions create refresh cycles on over 60% of the equipment we supply via our Product segment. Demand associated with these refresh cycles drives a highly predictable recurring revenue stream. The majority of our remaining revenue is associated with consumable products driving recurring sales based on replenishment needs.

*Attractive macro-economic and secular tailwinds driving demand and visibility for our products.* The majority of our end markets are acyclical in nature, as their demand is driven primarily by first responder budgets, and relatively unaffected by economic cycles. Our business has benefited from key shifts serving as tailwinds to our growth strategy including the increasing focus on safety, replacement and modernization trends.

*Compelling organic and inorganic growth roadmap.* Leveraging our differentiated product development process and technical know-how, leading domestic market position and first mover advantage with our suppliers, we plan to drive profitable organic revenue growth via new product development and geographic expansion. In particular, international expansion is an especially important initiative in our organic growth roadmap due to the significant market share opportunity and increasing investments in safety equipment in various key geographic markets. We expect to supplement our organic growth through a targeted merger and acquisition ("M&A") program spanning our existing core products and markets as well as attractive adjacencies.

*Attractive financial profile with strong EBITDA margins and free cash flow generation.* We generate strong profitability through diligent portfolio management of customers and contracts and continued focus on cost structure to drive operating leverage. Our strong profitability combined with low capital expenditure requirements result in high free cash flow generation, which is a key driver for our internal research and development initiatives and targeted M&A program.

*Tenured management with significant public company platforms.* Our management team is comprised of executive officers with extensive experience at public company platforms including Armor Holdings Inc., Danaher Corporation, General Electric Company and IDEX Corporation. Together they bring an established track record of strong performance operating and growing public companies both organically and via acquisitions. This experience has created a differentiated approach to our operating model through their expertise in building a culture of operational and cultural excellence, complexity reduction, and innovation.

*Long-term customer relationships across diverse end markets and geographies.* We maintain long-term relationships with over 23,000 first responders and federal agencies both domestically and internationally, with many top customer relationships in excess of 15 years. Our global presence spans over 100 countries across North America, Europe and other regions.

#### Products
We design and manufacture a diversified product portfolio of critical safety equipment. We maintain clear market-leadership positions in certain core product categories including body armor, explosive ordnance disposal equipment and duty gear. Over 60% of our product sales are tied to customary or mandated refresh cycles of between five and ten years, which drives a highly predictable recurring revenue stream. Our remaining revenue is split between consumable products and products intended for the nuclear market. Our overall strategy is to drive growth by leveraging our leading market shares and competitively differentiated offerings in each of our core product categories, including:

*Body Armor.* We offer a full range of field-proven advanced armor solutions. Our products incorporate cutting-edge technology, innovative materials and processes in order to provide the best protection, reduce weight and optimize ergonomics for the end user. The majority of our armor products, which comply with the National Institute of Justice ("NIJ") standards or other applicable standards, are made-to-measure.

Our principal body armor product offerings include concealable, corrections and tactical armor, which provide varying levels of protection against ballistic or sharp instrument threats. Our body armor products are sold under the well-known Safariland<sup>®</sup> and Protech<sup>®</sup> Tactical brand names. We also sell products in partnership with industry leading developer Hardwire LLC.

In January 2026, we completed the acquisition of TYR Tactical, LLC ("TYR"), a leading provider of mission-critical tactical gear and related technologies, including soft armor, tactical vests, plate carriers, and ballistic plates and shields, for military and law enforcement globally. TYR is headquartered in Peoria, Arizona, with additional facilities in Texas, Canada and Denmark. We believe that the

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acquisition of TYR will enable Cadre to expand its product portfolio, add attractive new international customers, particularly in Europe, and capitalize on operational synergies while advancing product development and manufacturing technologies to deliver best-in-class solutions to customers. TYR derives approximately 66% of its revenue from customers outside of the U.S., expanding the global reach of our portfolio of products.

Our body armor panels manufactured in the United States are designed to meet applicable ballistic performance standards established by the NIJ. We also manufacture body armor in Canada, England and Lithuania that is certified to meet applicable U.S. and international armor standards. We also distribute a variety of third-party items, including helmets, plates and face shields for protection from blunt trauma, ballistic threats and explosive shrapnel.

![Graphic](cdre-20251231x10k001.jpg)

*Explosive Ordnance Disposal.* We are the global leader of a highly engineered portfolio of critical operator survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories and vehicle blast attenuation seats for bomb safety technicians. As the most trusted brand in the market, Med-Eng is the go-to source for explosive ordnance solutions in the developed world. Our products provide end users with the latest protective technologies integrated with electronic components and communications equipment. The addition of ICOR, acquired in January 2024, gives us the ability to sell a full platform of robots suitable for bomb safety technicians but also meet the needs of law enforcement tactical teams as well. In 2025, we announced a $50M IDIQ contract with the DoW to provide blast sensors to service members. These sensors will measure and record blast overpressure exposures experienced in training operations as part of a DoW brain health program.

Med-Eng has a fielded installed base of bomb suits in over 100 countries, yielding predictable, recurring replacement cycles. Our continuous investment in R&D supported by our existing IP portfolio, drives next-generation technologies designed to meet the ever-evolving threats for operators in the field. Select customers include the U.S. Army, U.S. Navy, U.S. Air Force, U.S. Marines, FBI, ATF and all the armed forces of NATO countries.

![Graphic](cdre-20251231x10k002.jpg)

*Duty Gear.* We are the industry leader in holster innovation and safety engineering and our products incorporate industry standard safety locking mechanisms on which a majority of first responders are trained. The end user base for our holster products includes state and local law enforcement, federal agencies including the DoS, DoW, DoI, DHS, and DoC, foreign police and military agencies, and the commercial concealed carry market. We also offer a complementary line of officer duty gear including belts and accessories.

In connection with the mission critical nature of duty gear products, we dedicate significant product development resources to ensure efficient and effective performance of our products. In 2025, we launched a new family of duty holsters, the Ballast. The product was engineered for extreme durability and a long list of use enhancements like open muzzle design, removable red dot sight optic lid, extreme temperature tolerance and a minimalist footprint. We manufacture and sell duty gear and commercial offerings under the widely recognized Safariland<sup>®</sup>, Radar<sup>®</sup> and Bianchi<sup>®</sup> brands.

![Graphic](cdre-20251231x10k003.jpg)

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*Nuclear Safety.* Founded in 1986, Alpha Safety is a global provider of highly engineered technical products and services spanning the nuclear value chain. Its partnership with key customers is approaching 40 years. We offer turnkey solutions to customers who rely on its decades of design, application and technical know-how to protect critical operational personnel and the environment. Select customers include the DoE, LANL, BWXT and Veolia.

In April 2025, we completed our acquisition of Carr's Engineering Limited (excluding Chirton Engineering) and Carr's Engineering (US), Inc. (collectively, "Zircaloy"). The Zircaloy businesses are comprised of Wälischmiller, CarrsMSM, Bendalls Engineering, NW Total Engineered Solutions, and NuVision Engineering, Inc. With operations in the U.K., Germany, and the U.S., Zircaloy designs, manufactures, and services engineered equipment, vessels, precision components, process systems, large-scale fabrications, and remote handling systems for nuclear markets, enhancing safety and operational efficiency by reducing human exposure to hazardous environments. Zircaloy serves customers globally, including in the U.S., Europe, and Asia, providing us with a more balanced geographical revenue split.

Zircaloy complements Alpha Safety and broadens Cadre's nuclear safety offerings, expanding Cadre's product portfolio and international presence across nuclear power generation, waste management, research, and related clean energy applications. Alpha Safety supplies ventilation and containment, radiometric instrumentation, engineered and advanced containers, and field services with long-term recurring revenue, while Zircaloy provides complementary hard engineering and remote-handling products; together they deliver an integrated equipment-and-services platform and deepen access to multi-year nuclear projects across waste management, defense, decommissioning, and medical fields.

*Other Protective Equipment.* Supplementary to our core product offerings, we design, manufacture, assemble, and market a suite of equipment to round out our product portfolio. Key products include chem light solutions, communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. These products are marketed under several well-known niche brands. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms and ammunition.

#### Growth Strategy
Our growth plan consists of a multi-pronged approach that includes driving profitable core revenue growth through new product introductions and international market expansion combined with targeted acquisitions, enhanced through our operating model.

*Profitable Core Revenue Growth.* We believe that our leading market positions across a range of core categories will continue to yield significant growth opportunities. Our management team is focused on delivering new product launches, increasing customer wallet share, executing on key new contract opportunities and expanding our high-margin e-commerce and direct-to-consumer capabilities to continue to drive revenue growth. Examples of recent product innovation include the development of Safariland SXHP, the thinnest, lightest, and most protective hybrid ballistic armor ever developed, the next generation Ballast holster, the H.O.L.E. duty belt system for direct attachment mounting, a variety of consumer-focused holsters, and working with key suppliers on the use of emerging materials for utilization in new armor products.

*International Market Expansion.* We are also committed to increasing our market share internationally. Given our leading domestic market position and our products' high-quality standards and performance, we believe we are well positioned to take advantage of the growth in international demand for safety equipment for first responders. We intend to penetrate certain international markets through leveraging existing relationships, building local market teams and expansion into relevant market adjacencies, as well as through our targeted M&A program.

*Targeted M&A Program.* To supplement organic growth and internal research and development, our management team has historically undertaken a targeted M&A program, completing 18 transactions to date. These strategic acquisitions have allowed us to expand our product and technology offerings, enter new markets and expand geographically to achieve attractive returns.

We maintain a robust pipeline of M&A opportunities, spanning our existing core products and markets as well as attractive adjacencies within the safety landscape. We plan to utilize our free cash flow generation and historical success in acquisitions to drive favorable acquisition structures and efficient integration. Our operating model, passion around connecting with customers and expansive channel help maximize the value created from our acquisitions.

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*Continuous Margin Improvement Initiatives.* Our management team has shown a strong track record of achieving cost structure optimization to drive operating leverage, as evidenced by past years' margin improvements. Our operating model starts with complexity reduction then uses lean tools and methods to continuously improve operational and commercial processes. Strategic initiatives completed over the past few years including, among others, rationalizing the Company's manufacturing footprint, divesting non-core activities, enhancing our supply chain and optimizing customer relationships and key contracts. Together these activities have helped enhance the Company's manufacturing and sales operations, ultimately driving profitability growth.

#### Customers and Selling Channels
We sell our products through distributors and work directly with agencies to effectively reach end users. We classify our customers into four categories: U.S. State and Local Agencies, International, U.S. Federal Agencies, and Commercial (which includes our direct-to-consumer sites).

*U.S. State and Local Agencies.* We have built relationships with the majority of domestic law enforcement agencies in the country, selling at least one product category to each of the top 50 major departments. Other end users in this category include fire and rescue, explosive ordnance disposal technicians, EMT, fishing and wildlife enforcement and departments of corrections. We sell our products through a network of longstanding third-party distributors as well as an owned distribution platform, both of which interact directly with agencies and end users.

*International.* Over the past three years, we have sold products to more than 100 countries globally. We service foreign defense ministries, foreign national law enforcement agencies and other foreign agencies directly, through our distribution partners as well as through agency agreements with representatives to help service broad regions.

*U.S. Federal Agencies.* We sell to a variety of federal agencies including the DoS, DoW, DoI, DoJ, DHS, and DoE. Furthermore, we have long-standing contracts with key departments within the U.S. Army, U.S. Air Force, U.S. Navy and U.S. Marine Corps.

*Commercial.* Our Commercial channel consists primarily of sales through largely recognized e-commerce companies and retailers as well as through our own e-commerce sites.

We service each of our channels through in-field technical salespeople and an owned distribution network. Our traditional distribution network consists of longstanding distribution partners and agents, retailers and e-commerce platforms and our own website where we sell directly to the end user. We pair our in-house expertise with outside partners in order to provide our customers with the best service possible while maintaining a real-time understanding of end user needs. In total, we have 71 salespeople domestically and 24 internationally. We believe that by combining our third-party network with our in-house salesforce and our extensive owned distribution network, we create continuous customer interaction and best- in-class service and training, providing us with a distinct advantage over our peers.

Our brand name recognition and reputation among our customers, diversified product line and extensive distribution network are central to our marketing strategy.

#### Manufacturing and Raw Materials
We operate a global manufacturing footprint with sites across North America and Europe. Each site has capacity to scale up without significant further material investment in machinery and equipment. Additionally, we manage a diverse global supplier base of leading textile, fabric and raw material providers. We have multiple sources for each input in order to limit our dependency on any single vendor. No supplier makes up more than 10% of total purchases.

We are reliant on certain suppliers that provide us with the raw materials and components that we utilize in manufacturing our ballistic resistant garments. Although in some cases substitutable alternative materials and components may be obtained from other commercially available sources, any change in the materials and components that we utilize in manufacturing our ballistic resistant garments may require additional research and development, recertification as well as customer acceptance.

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#### Competition
We compete in the large public safety and outdoor and recreation markets amongst other ancillary addressable markets. Competition in the public safety markets depends on the specific product in question but is generally based on a number of factors including product quality, safety performance, fit, price, and brand recognition. We believe that we have been able to compete successfully driven by the combination of our brand and product dependability, superior engineering and manufacturing capabilities, industry-leading product innovations, as well as on the breadth of our offering to customers.

Our primary competitors include, but are not limited to, Point Blank Enterprises, Inc., Avon Protection Systems, Inc., Central Lake Armor Express, Inc. (d/b/a Armor Express), Alien Gear Holsters, and Blackhawk a division of Revelyst. None of our competitors compete effectively in all of our product verticals, making us the only one-stop provider of critical safety equipment solutions in the market.

Certain of our products cross over into the broader outdoor and recreation market, which is highly fragmented and highly competitive. While we believe that acceptance in this market is principally driven by the ability to bring new and innovative products to market, price point is critical.

#### Human Capital
We have a total of 2,533 employees. Of these employees, 1,805 were engaged in manufacturing, 236 in sales, marketing, product management and customer support, 211 in corporate functions (IT, Finance, HR, Legal and Compliance, etc.), 219 in R&D, technical engineering, manufacturing engineering and project management, 27 retail store associates and 35 in various executive and administrative functions. None of our employees are represented by a union in collective bargaining with us. We believe that our employee relations are good. Our human capital objectives center around identifying, recruiting, retaining, incentivizing and integrating our existing and new employees.

#### Research and Development
Our significant IP portfolio combined with best-in-class product development and advanced materials processing separates us from our competitors. We have dedicated research and development groups at our manufacturing sites that specialize in product categories, including ballistics developments and state-of-the-art testing laboratory in Ontario, California, blast impact and technology development for explosive ordnances in Ottawa, Canada, and holster development and design in Jacksonville, Florida and Ontario, California, each of which focuses on quality and product performance in order to generate critical real-time feedback. We aim to achieve efficient integration of quality materials and latest technologies to develop our products, which will allow us to leverage our first mover advantage from our suppliers.

#### Intellectual Property and Trademarks
We own significant intellectual property, including patents, trademarks, manufacturing processes and trade secrets related to our products, processes and business. Although our intellectual property plays an important role in maintaining our competitive position, we do not consider any single patent, trademark, manufacturing process or trade secret to be of material importance to any segment or to the business as a whole.

We own a total of 607 patents and pending patent applications worldwide, of which 514 are patents granted and 93 are pending patent applications, with expiry dates ranging from 2026 to 2049 in 36 jurisdictions. Of those 607 patents and pending patent applications, 378 are for utility patents and 229 are for design patents. We own patents and pending patent applications in the United States, Australia, Austria, Belgium, Brazil, Canada, the People's Republic of China, Croatia, Czech Republic, Denmark, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, and the United Kingdom, as well as in the European Union.

The loss of patent protection for patents expiring in 2026 is not expected to have a material effect on our business.

Our material registered trademarks include SAFARILAND<sup>®</sup> and MED-ENG<sup>®</sup>.

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The following table describes the material patents and patent applications owned or licensed by us, segregated by product category, including the range of expiry dates:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Product Category** | <br>**Ownership** | <br>**Number of**<br>**Patents**<br>**Granted** | **Range of**<br>**Expiration**<br>**Dates for**<br>**Granted Patents** | <br>**Number of**<br>**Pending Patent**<br>**Applications** | **Range of**<br>**Expiration Dates**<br>**(if Pending Patent**<br>**Granted)** |
| Body Armor | Safariland, LLC | 39 | 2026 – 2043 | 10 | 2042 – 2045 |
| Duty Gear | Safariland, LLC | 197 | 2026 – 2049 | 54 | 2039 – 2045 |
| Duty Gear | Radar Leather Division S.r.l. | 56 | 2028 – 2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| EOD | Med-Eng, LLC | 86 | 2026 – 2045 | 1 | 2045 |
| Crowd Control | Defense Technology, LLC | 53 | 2026 – 2048 | 2 | 2042 – 2048 |
| Crowd Control | Safariland, LLC | 1 | 2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Crowd Control | Radar Leather Division S.r.l. | 5 | 2029 – 2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Other – Diversified | Safariland, LLC | 33 | 2026 – 2048 | 1 | 2045 |
| Other – Diversified | Cyalume Technologies | 38 | 2027 – 2042 | 25 | 2038 – 2044 |
| Nuclear Safety | NucFil, LLC | 6 | 2027 – 2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |

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#### Government Regulation
We are subject to federal licensing requirements with respect to the sale of some of our products in foreign countries. In addition, we are obligated to comply with a variety of federal, state and local regulations, both domestically and abroad, governing certain aspects of our operations and workplace.

The export of certain of our products from the U.S. is subject to various U.S. regulations, including laws and regulations relating to import-export controls, technology transfers, the International Traffic in Arms Regulations ("ITAR"), and the Export Administration Regulations ("EAR"). More specifically, to export some of our products in accordance with ITAR or EAR, we must obtain export authorizations or licenses from the U.S. government, primarily the DoS for ITAR and the U.S. Department of Commerce for EAR. Also, the Arms Export Control Act of 1976 ("AECA") requires that a certification be provided to the U.S. Congress prior to the granting of any license or other approval for certain transactions involving exports of any defense articles and defense services and for exports of major defense equipment.

Our business in Canada is subject to the Canadian Controlled Good Directorate Registration regime, which regulates commerce in controlled goods, meaning those that require a license to export, including ITAR items.

We are subject to the Foreign Corrupt Practices Act ("FCPA") along with similar anti-corruption laws worldwide which prohibit improper payments to foreign governments and their officials by U.S. and other business entities. However, FCPA enforcement priorities and processes changed in 2025, as discussed in further detail under Item 1A. "Risk Factors," under the heading "We are subject to extensive government regulations, and our failure or inability to comply with these regulations could materially restrict our operations and subject us to substantial penalties."

The transportation of certain of our products is subject to U.S. Department of Transportation Hazardous Material Regulations ("HMR"), which govern the transportation of hazardous and radioactive materials in interstate, intrastate, and foreign commerce. Prior to transportation into and within the United States, explosives must be tested and classified by the U.S. Department of Transportation.

Domestically, the manufacture, sale, and purchase of certain products are subject to extensive federal, state, and local governmental regulation, with the primary regulatory body being the U.S. Bureau of Alcohol, Firearms, and Explosives ("ATF"). The primary federal laws are the National Firearms Act of 1934, the Gun Control Act of 1968 and the AECA. Among other things, the ATF conducts periodic audits of our facilities that hold Federal Firearms Licenses.

The Federal Acquisition Regulation ("FAR") governs the majority of our contracts with U.S. federal agencies, mandating uniform policies and procedures across agencies and with each agency supplementing the FAR as needed. For example, the DoW implements the FAR through the Defense Federal Acquisition Regulation Supplement. Finally, agencies routinely audit and review government contractors for performance and compliance with applicable laws, regulations, and standards.

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In addition, like many other manufacturers, we are subject to compliance with the Fair Labor Standards Act, the Occupational Safety and Health Act, data privacy laws, and many other regulations surrounding employment law, environmental law, taxation, and consumer protection.

The operations of our Alpha Safety business are highly regulated by the U.S. Government, including without limitation, the U.S Nuclear Regulatory Commission ("NRC"), the DoE as well as the states of New Mexico, Colorado and Connecticut where its operations are located.

#### Environmental Laws and Regulations
Our operations are subject to a variety of federal, state, and local laws and regulations relating to environmental protection, including those governing the discharge, treatment, storage, transportation, remediation, and disposal of hazardous materials including, without limitation, radioactive materials and waste; the restoration of damages to the environment; and health and safety matters. We have an excellent workplace safety track record and believe that our operations are in material compliance with these laws and regulations. We incur expenses in complying with environmental requirements and could incur higher costs in the future as a result of more stringent requirements that may be enacted in the future.

#### Available Information
Our Internet address is www.cadre-holdings.com. We make available free of charge on or through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, and the proxy statement for our annual meeting of stockholders as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Forms 3, 4 and 5 filed with respect to our equity securities under Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are also available on our website. All of the foregoing materials are located at the ''SEC Filings'' tab. The information found on our website shall not be deemed incorporated by reference by any general statement incorporating by reference this report into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or under the Exchange Act, and shall not otherwise be deemed filed under such laws. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. In addition, you may request a copy of any such materials, without charge, by submitting a written request to: Cadre Holdings, Inc., c/o the Secretary, 13386 International Parkway, Jacksonville, FL 32218. The contents of the websites identified above are not incorporated into this Annual Report on Form 10-K.

#### Item 1A. Risk Factors

#### RISK FACTORS
*In addition to other information contained in this Annual Report on Form 10-K, the following risk factors should be carefully considered in evaluating our business, because such factors may have a significant impact on our business, operating results, liquidity and financial condition. As a result of the risk factors set forth below, actual results could differ materially from those mentioned in any forward-looking statements. Additional risks and uncertainties not presently known to us, or that we currently consider to be immaterial, may also impact our business, operating results, liquidity and financial condition. If any of the following risks occur, our business, operating results, liquidity and financial condition, and the price of our common stock, could be materially adversely affected.*

**Risk Factor Summary**

● The products we sell are inherently risky and could give rise to product liability, product warranty claims, and other loss contingencies.

● Our markets are highly competitive, and if we are unable to compete effectively, we will be adversely affected.

● Technological advances, the introduction of new products, and new design and manufacturing techniques could adversely affect our operations unless we are able to adapt to the resulting change in conditions.

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● We may seek to raise additional funds, finance acquisitions or develop strategic relationships by issuing capital stock that would dilute your ownership.

● We may be unsuccessful in our future acquisition endeavors, if any, which may have an adverse effect on our business; in addition, some of the businesses we acquire may incur significant losses from operations.

● Our business and growth may suffer if we are unable to attract and retain key officers or employees, including our Chief Executive Officer, Warren B. Kanders, as well as any loss of officers or employees due to illness or other events outside of our control.

● We are uncertain of our ability to manage our growth.

● We have significant payment obligations under the terms of our long-term debt, $309.1 million of which was outstanding as of December 31, 2025.

● The concentration of our capital stock ownership with insiders may limit your ability to influence corporate matters.

● We may face difficulty in integrating the operations of the businesses we have acquired and may acquire in the future.

● Cybersecurity incidents, IT outages, and evolving privacy and cybersecurity requirements could disrupt operations and expose us to liability and reputational harm.

● Climate and ESG related stakeholder expectations and regulatory requirements are evolving and uncertain and may result in increased compliance costs, litigation, and reputational harm.

● Changes in tariffs, tax laws, global trade policies and instability and volatility in global markets could adversely affect our business and results of operations.

● If we fail to adequately protect our intellectual property rights, competitors may manufacture and market products similar to ours, which could adversely affect our market share and results of operations.

#### Risks Related to Our Industry

#### The products we sell are inherently risky and could give rise to product liability, product warranty claims, and other loss contingencies.
The products that we manufacture are typically used in applications and situations that involve high levels of risk of personal injury. Failure to use our products for their intended purposes, failure to use or care for them properly, or their malfunction, or, in some limited circumstances, even correct use of our products, could result in serious bodily injury or death. Given this potential risk of injury, proper maintenance of our products is critical. Our products include, among others: body armor and plates designed to protect against ballistic and sharp instrument penetration; explosive ordnance disposal products; police duty gear; and crowd control products.

Claims have been made, and are pending against certain of our subsidiaries, involving permanent physical injury and death allegedly caused by our products or arising from the design, manufacture or sale of such goods. If these claims are decided against us and we are found to be liable, we may be required to pay substantial damages and our insurance costs may increase significantly as a result, which could have a material adverse effect on our business, financial condition and results of operations. Also, a significant or extended lawsuit, such as a class action, could divert significant amounts of management's time and attention.

We cannot assure you that our insurance coverage would be sufficient to cover the payment of any potential claims. In addition, we cannot assure you that this or any other insurance coverage will continue to be available or, if available, that we will be able to obtain it at a reasonable cost. Any material uninsured loss could have a material adverse effect on our business, financial condition and results of operations. In addition, the inability to obtain product liability coverage would prohibit us from bidding for orders from certain governmental customers because, at present, many bids from governmental entities require such coverage, and any such inability would have a material adverse effect on our business, financial condition, results of operations and liquidity.

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Furthermore, while our products are rigorously tested for quality, our products nevertheless do, and may continue to, fail to meet customer expectations from time-to-time. Also, not all defects are immediately detectible. Failures could result from faulty design or problems in manufacturing. In either case, we could incur significant costs to repair and/or replace defective products under warranty. We have experienced such failures in the past, and remain exposed to such failures. In some cases, product redesigns and/or rework may be required to correct a defect, and such occurrences could adversely impact future business with affected customers. Our business, financial condition, results of operations and liquidity could be materially and adversely affected by any unexpected significant warranty costs.

**We are subject to extensive government regulations, and our failure or inability to comply with these regulations could materially restrict our operations and subject us to substantial penalties.**

We are subject to federal licensing requirements with respect to the export of some of our products. In addition, we are obligated to comply with a variety of federal, state and local regulations, both domestically and abroad, governing certain aspects of our sales, operations and workplace, including regulations promulgated by, among others, the U.S. Departments of Commerce, Defense, Justice, Treasury, State and Transportation, the Federal Aviation Administration, the U.S. Environmental Protection Agency, the ATF, the NRC, the DoE, and the Equal Employment Opportunity Commission. The ATF also regulates our manufacturing and distribution of certain destructive devices, firearms, and explosives. We also ship toxic, hazardous and radioactive materials, and in doing so, must comply with the regulations of the DoT for packaging and labeling. We are also required to comply with Controlled Goods Directorate Registration regime in Canada for explosive ordnance disposal products. Additionally, the failure to obtain applicable governmental approval and clearances could materially adversely affect our ability to continue to service the government contracts we maintain. Exports of some of our products to certain international destinations may require export authorization from U.S. export control authorities, including the U.S. Departments of Commerce and State, and authorizations may be conditioned on re-export restrictions. Failure to receive these authorizations may materially adversely affect our revenues and in turn our business, financial condition, results of operations and liquidity from international sales. Furthermore, we have material contracts with governmental entities and are subject to rules, regulations and approvals applicable to government contractors. We are also subject to routine audits to ensure our compliance with these requirements

While we continually work to enhance our international trade compliance programs, we cannot assure you that we are or will be in full compliance at all times with applicable laws and regulations governing the export and deemed export of defense articles, defense services, and dual-use products and services that are controlled by U.S. and/or foreign governments. In those instances where we have identified actual or potential non-compliance, we may incur remediation costs, reputational harm, and could be subject to enhanced oversight, penalties, suspension, or debarment, even where we take corrective actions. We also import significant volumes of foreign-made components and materials for use in our manufacturing processes, which may be subject to import duties and other regulations. Violations of international trade (export/ import) controls in the U.S. and elsewhere may result in severe criminal and/or civil penalties, which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

Like other companies operating internationally, we are subject to the Foreign Corrupt Practices Act (the "FCPA") and other anti-corruption, anti-money laundering, and sanctions laws that prohibit improper payments and other misconduct by us, our employees, agents, distributors, and other third parties with whom we do business. We operate, and may seek to expand, in markets where corruption and bribery risks may be heightened, and we rely on third parties in certain jurisdictions. We have implemented policies, procedures, training, and internal controls designed to promote compliance, but we cannot assure you that our employees or third parties will comply, that our controls will be effective, or that we will not be subject to investigations, enforcement actions, or private litigation.

On February 10, 2025, Executive Order 14209 directed the U.S. Department of Justice ("DOJ") to pause certain FCPA enforcement activity for a review period, and DOJ issued updated enforcement guidelines in June 2025 and resumed FCPA enforcement with a stated focus on matters implicating U.S. economic and national security interests. These developments, and any future shifts in enforcement priorities, do not eliminate our compliance obligations, and enforcement may increase or decrease over time. In addition, the SEC retains civil enforcement authority relating to, among other things, the FCPA's accounting provisions (books and records and internal controls), and we could face significant penalties, compliance costs, business disruption, reputational harm, and loss of business if we, our employees, or third parties are alleged to have violated applicable laws.

In addition, we are subject to governmental laws, regulations and other legal obligations related to privacy, data protection, cybersecurity, and the collection, use, storage, sharing and transfer of personal data and other regulated or sensitive information. The legal and regulatory landscape in this area is rapidly evolving and increasingly complex, including an expanding patchwork of U.S.

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state privacy and cybersecurity laws, evolving global requirements (including in the European Union and other jurisdictions where we do business), and enhanced disclosure expectations for public companies regarding cybersecurity risk management, strategy and governance. These obligations may require us to implement and maintain additional administrative, technical and physical safeguards; conduct assessments and audits; provide expanded notices and consumer rights mechanisms; implement vendor and supply-chain controls; and devote significant management time and resources.

Any actual or alleged non-compliance, or any cybersecurity incident or other compromise of our systems or those of our vendors, could result in investigations, enforcement actions, fines, penalties, contractual liability, remediation costs, litigation (including class actions), and reputational harm. In addition, certain incidents may trigger public disclosure or notification obligations, and public reporting could increase our legal exposure and the cost and complexity of responding to such incidents.

**A reduction in U.S. federal government funding or a shift in spending priorities could have a significant impact on our business, financial condition, results of operations, cash flows, and equity.** 

Changes in federal spending often have a cascading effect, influencing not only federally funded programs but also state and local government budgets that rely on federal support.

Our U.S. federal government programs must compete not only with other government contractors but also with broader policy initiatives for limited resources within the budget and appropriations process. Decisions on federal budget allocations are beyond our control and may have long-term consequences for our business.

Furthermore, reductions in federal funding or shifts in spending priorities could place financial strain on state and local governments, which often rely on federal grants, matching funds, and other support to sustain their own programs. A decrease in federal allocations to states and municipalities could result in reduced spending at those levels, potentially leading to delays or cutbacks in projects and initiatives that impact our operations.

#### We have significant international operations and assets and, therefore, are subject to additional financial and regulatory risks.
We sell our products in foreign countries and seek to increase our level of international business activity. Our overseas operations are subject to various risks, including: U.S.-imposed embargoes and/or sanctions of sales to specific countries (which could prohibit sales of our products there); foreign import controls (which may be arbitrarily imposed and enforced and which could interrupt our supplies or prohibit customers from purchasing our products); exchange rate fluctuations; dividend remittance restrictions; expropriation of assets; war, civil uprisings and riots; government instability; the necessity of obtaining government approvals for both new and continuing operations; and legal systems of decrees, laws, taxes, regulations, interpretations and court decisions that are not always fully developed and that may be retroactively or arbitrarily applied.

One component of our strategy is to expand our operations into selected international markets. Military procurement, for example, has traditionally had a large international base. We actively market our products in Europe, North and South America, the Middle East, Africa, and Asia. However, we may be unable to execute our business model in these markets or new markets. Further, foreign providers of competing products and services may have a substantial advantage over us in attracting customers and businesses in their countries due to earlier established businesses in those countries, greater knowledge with respect to the cultural differences of customers and businesses located in those countries and/or their focus on a single market. In pursuing our international expansion strategy, we face several additional risks, including:

● foreign laws and regulations, which may vary by country, that may impact how we conduct our business;

● uncertain costs of doing business in foreign countries, including different employment laws;

● potential adverse tax consequences if taxing authorities in different jurisdictions worldwide disagree with our interpretation of various tax laws or our determinations as to the income and expenses attributable to specific jurisdictions, which could result in our paying additional taxes, interest and penalties;

● technological differences that vary by marketplace, which we may not be able to support;

● longer payment cycles and foreign currency fluctuations;

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● economic downturns; and

● uncertainty of sustained revenue growth outside of the United States.

We may also be subject to unanticipated income taxes, excise duties, import taxes, export taxes or other governmental assessments. In addition, a percentage of the payments to us in our international markets are often in local currencies. Although most of these currencies are presently convertible into U.S. dollars, we cannot be sure that convertibility will continue. Even if currencies are convertible, the rate at which they convert is subject to substantial fluctuation. Our ability to transfer currencies into or out of local currencies may be restricted or limited. Any of these events could result in a loss of business or other unexpected costs, which could reduce revenue or profits and have a material adverse effect on our business, financial condition, results of operations and liquidity.

We routinely operate in areas where local government policies regarding foreign entities and the local tax and legal regimes are often uncertain, poorly administered and in a state of flux. We cannot, therefore, be certain that we are in compliance with, or will be protected by, all relevant local laws and taxes at any given point in time. A subsequent determination that we failed to comply with relevant local laws and taxes could have a material adverse effect on our business, financial condition, results of operations and liquidity. One or more of these factors could adversely affect our future international operations and, consequently, could have a material adverse effect on our business, financial condition, results of operation and liquidity.

**Changes in global cultural, political, and financial market conditions, including but not limited to tariffs, tax laws and global trade policies, could impair our international operations and financial performance.**

We are subject to risks generally associated with doing business internationally. Some of our operations are conducted or products are sold in countries where economic growth has slowed, or where economies have suffered economic, social and/or political instability or hyperinflation. A particularly significant risk is the ongoing and potential future impact of tariffs and trade restrictions. These measures, whether imposed by the U.S. or foreign governments, can disrupt our ability to source materials, manufacture products, or deliver goods across borders in a cost-effective manner. Increased tariffs on imports and exports may substantially raise our operating costs, making it more difficult to maintain competitive pricing, and potentially leading to lost market share. Furthermore, we may face retaliatory tariffs from other countries, which could disrupt existing relationships with suppliers or customers. Additionally, global economic uncertainty relating to the effects of fiscal and political crises and political and economic disputes, current or future 'trade wars,' changes in consumer spending, foreign currency exchange rate fluctuations, political unrest, wars, terrorist acts, and/or military operations, could have a material adverse effect on our financial condition, results of operations and cash flows.

**The conflict between Russia and Ukraine and the conflicts in the Middle East, and the potential for these and other geopolitical conflicts to expand or intensify, including through the emergence of additional conflicts or heightened tensions in other regions, could have a material adverse effect on our operations, results of operations, financial condition, liquidity and business outlook.**

There is continued, sustained military conflict between Russia and Ukraine as well as in the Middle East, and continued disruption in these regions and the broader global economic environment is likely. The uncertain consequences and duration of these conflicts, and the risk that they may expand in scope, escalate, or result in broader regional or global instability, including through the emergence of additional conflicts or heightened tensions in other regions, including the potential effects of any sanctions and countersanctions against officials, individuals and industries relating to these regions, including Russia, and the potential response to any such sanctions, as well as prolonged unrest and/or intensified military activities impacting these regions could have a material adverse effect on our operations, results of operations, financial condition, liquidity and business outlook.

**Pandemics, epidemics or other disease outbreaks may negatively impact our business operations, financial condition, liquidity, and consolidated results of operations.**

A widespread outbreak of disease can adversely affect the operation of our customers' businesses, which could lead to a material decline in demand for our products and services and our customers' ability to pay us for the products and services we have provided to them. A pandemic could also have material negative impact on the operation of our vendors' and suppliers' businesses and affect their ability to provide us the products and services we rely on to conduct our business and provide products and services to our customers. A widespread outbreak could potentially result in the infection of the Company's employees and diminish our ability to operate our business, service our customers or produce and sell our products. These potential negative impacts to our business could negatively

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impact our financial results and thereby reduce our operating results and borrowing capacity, which could limit our ability to operate our business. These situations can also lead to a general downturn in the equity markets which could negatively impact the value of the Company's shares as well as increase the cost to the Company to raise equity capital. Any and all of the above situations could have a material adverse impact on our operations, results of operations, financial condition, liquidity and business outlook. We cannot predict whether future variants of COVID-19 or other pandemics might cause further slowdowns or cessation of business activities, nor can we predict the impact that pandemics akin to COVID-19 might have on our business and operating results in the future.

#### Risks Related to Our Business

#### Many of our customers have fluctuating budgets, which may cause substantial fluctuations in our results of operations.
Customers for our products include domestic and international first responders such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fish and wildlife enforcement and departments of corrections, as well as federal agencies and numerous foreign government agencies. Government tax revenues and budgetary constraints, which fluctuate from time to time, can affect budgetary allocations for these customers. Many domestic and foreign government agencies have in the past experienced budget deficits that have led to decreased spending in defense, law enforcement and other military and security areas. In addition, first responder budgets have been the subject of increased discussion as a result of controversies relating to police reform. Our results of operations may be subject to substantial period-to-period fluctuations because of these and other factors affecting military, law enforcement and other governmental spending. A reduction of funding for state, local, municipal as well as federal and foreign governmental agencies could have a material adverse effect on sales of our products and our business, financial condition, results of operations and liquidity.

**Because our markets are highly competitive, and our business depends significantly on winning contracts from government customers, if we are unable to compete effectively, we will be adversely affected.** 

The markets in which we operate are highly competitive, encompassing a broad range of competitors, from small businesses to multinational corporations. To remain competitive, we must continuously adapt to changing technologies, customer preferences, and industry trends. If we are unable to differentiate our services from those of our competitors, our revenues may decline. Additionally, many of our competitors have established relationships with each other or with third parties, enhancing their ability to address customer needs and creating the potential for new competitive alliances that may outperform us.

A significant portion of our revenue depends on securing contracts from government agencies at the national, state, and local levels. The procurement process for government contracts is highly competitive, with agencies often using competitive bidding processes that subject us to increased pricing pressure and heightened competition. Certain government contracts, particularly those issued by the U.S. federal government, require multiple competitive bidding rounds, further increasing the risk of losing business to competitors, some of whom have greater financial resources, specialized expertise, or more extensive operational capabilities.

Additionally, the competitive bidding process requires substantial investment of time and resources, with no guarantee of success. Even when we secure contracts, we may face challenges in accurately estimating the resources and costs required for execution. We may also choose not to participate in certain bidding opportunities, which could limit our revenue potential. Moreover, competitors frequently challenge awarded contracts through bid protests, potentially leading to delays, increased costs, modifications, or even contract rescission.

Any of these competitive pressures, whether in the broader market or within government procurement, could have a material adverse effect on our business, financial condition, results of operations, and liquidity.

#### There are limited sources for some of our raw materials and components, which may significantly curtail our manufacturing operations.
The raw materials and components that we use to manufacture our products, include SpectraShield<sup>®</sup>, a patented product of Honeywell, Inc.; Kevlar<sup>®</sup>, a patented product of E.I. du Pont de Nemours Co., Inc.; Dyneema<sup>®</sup>, a patented product of Koninklijke DSM N.V.; and Twaron<sup>®</sup>, a patented product of Teijin Limited, amongst others, which we use in manufacturing ballistic resistant garments. We purchase the materials and components that we use in manufacturing ballistic resistant garments directly from these suppliers and also through five independent weaving companies. The supply of the materials and components that we use to

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manufacture our products may be constrained by a number of factors, including a supplier's need to prioritize the manufacture of rated orders issued under the Defense Production Act of 1950 (the "DPA"). We cannot predict when the United States government will invoke the DPA, and in the past we have faced shortages from our sources of materials and components when the DPA has been invoked, including shortages in the raw materials and components that we use in manufacturing ballistic resistant garments.

Should these materials or components become unavailable for any reason, we would not necessarily be able to replace them with materials or components of like weight and strength, as our ballistic resistant garments must be manufactured to specific standards using specific materials and components that are not necessarily interchangeable based on metrics such as weight and strength. When we have faced shortages in the past, we have been able to ameliorate the issue by obtaining substitutable alternative materials and components from other commercially available sources. However, the use of alternative materials and components in our ballistic resistant garments requires research and development, recertification, as well as customer acceptance of the new products utilizing these alternative materials and components, and there is no guarantee that any such recertification or acceptance will be obtained by us. Thus, if our supply of any of these materials or components were materially reduced or cut off or if there was a material increase in the prices of these materials or components, our manufacturing operations could be adversely affected and our costs increased, and our business, financial condition, results of operations and liquidity could be materially adversely affected.

#### Our resources may be insufficient to manage demand.
As we expand our operations, any growth may place significant demands on our management, administrative, operating and financial resources. The growth of our customer base, the types of services and products offered and the geographic markets we serve could place a significant strain on our resources. In addition, we cannot easily identify and hire personnel qualified both in the provision and marketing of our products and systems. Our future performance and profitability will depend in large part on our ability to attract and retain additional management and other key personnel; our ability to implement successful enhancements to our management, accounting and information technology systems; and our ability to adapt those systems, as necessary, to respond to any growth in our business.

#### We are dependent on industry relationships.
A number of our products are components in our customers' final products. Accordingly, to gain market acceptance, we must demonstrate that our products will provide advantages to the manufacturers of final products, including increasing the safety of their products, providing such manufacturers with competitive advantages or assisting such manufacturers in complying with existing or new government regulations affecting their products. There can be no assurance that our products will be able to achieve any of these advantages for the products of our customers. Furthermore, even if we are able to demonstrate such advantages, there can be no assurance that such manufacturers will elect to incorporate our products into their final products, or if they do, that our products will be able to meet such customers' manufacturing requirements. Additionally, there can be no assurance that our relationships with our manufacturer customers will ultimately lead to volume orders for our products. The failure of manufacturers to incorporate our products into their final products could have a material adverse effect on our business, financial condition, results of operations and liquidity.

#### We may be unable to protect our proprietary technology.
We depend upon a variety of methods and techniques that we regard as proprietary trade secrets. We also depend upon a variety of trademarks, service marks and designs to promote brand name development and recognition. We rely on a combination of trade secret, copyright, patent, trademark, unfair competition and other intellectual property laws as well as contractual agreements to protect our rights to such intellectual property. Due to the difficulty of monitoring unauthorized use of and access to intellectual property, however, such measures may not provide adequate protection. It is possible that our competitors may access our intellectual property and proprietary information and use it to their advantage. In addition, there can be no assurance that courts will always uphold our intellectual property rights, or enforce the contractual arrangements that we have entered into to protect our proprietary technology. Any unenforceability or misappropriation of our intellectual property could have a material adverse effect on our business, financial condition, results of operations and liquidity.

Furthermore, we cannot assure you that any pending patent application or trademark application made by us will result in an issued patent or registered trademark, or that, if a patent is issued, it will provide meaningful protection against competitors or competitor technologies. In addition, if we bring or become subject to litigation to defend against claimed infringement of our rights or

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of the rights of others or to determine the scope and validity of our intellectual property rights, such litigation could result in substantial costs and diversion of our resources, which could have a material adverse effect on our business, financial condition, results of operations and liquidity. Unfavorable results in such litigation could also result in the loss or compromise of our proprietary rights, subject us to significant liabilities, require us to seek licenses from third parties on unfavorable terms, or prevent us from manufacturing or selling our products, any of which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

**Technological advances, the introduction of new products, and new design and manufacturing techniques could adversely affect our operations unless we are able to adapt to the resulting change in conditions.**

Our future success and competitive position depend to a significant extent upon our proprietary technology. We must make significant investments to continue to develop and refine our technologies. We will be required to expend substantial funds for and commit significant resources to research and development activities, the engagement of additional engineering and other technical personnel, the purchase of advanced design, production and test equipment, and the enhancement of design and manufacturing processes and techniques. Our future operating results will depend to a significant extent on our ability to continue to provide design and manufacturing services for new products that compare favorably on the basis of time to introduction, cost and performance with the design and manufacturing capabilities. The success of new design and manufacturing services depends on various factors, including utilization of advances in technology, innovative development of new solutions for customer products, efficient and cost-effective services, timely completion and delivery of new product solutions and market acceptance of customers' end products. Because of the complexity of our products, we may experience delays from time to time in completing the design and manufacture of new product solutions. In addition, there can be no assurance that any new product solutions will receive or maintain customer or market acceptance. If we are unable to design and manufacture solutions for new products of our customers on a timely and cost-effective basis, such inability could have a material adverse effect on our business, financial condition, results of operations and liquidity.

#### We may be adversely affected by applicable environmental, health and safety laws and regulations.
We are subject to federal, state, local and foreign laws and regulations governing environment, health and safety ("EHS") matters, including those regulating discharges to the air and water, the management of wastes, the control of noise and odors, and the maintenance of a safe and healthy operating environment for our employees. We cannot assure you that we are at all times in complete compliance with all such requirements. Like all companies in our industry, we are subject to potentially significant fines or penalties if we fail to comply with various EHS requirements. Such requirements are complex, change frequently, and could become more stringent in the future. Accordingly, we cannot assure you whether these requirements will change in a manner requiring material capital or operating expenditures or will otherwise have a material adverse effect on us in the future. In addition, we are also subject to environmental laws requiring the investigation and clean-up of environmental contamination. We may be subject to liability, including liability for clean-up costs, if contamination is discovered at one of our current or former facilities, in some circumstances even if such contamination was caused by a third party such as a prior owner. We also may be subject to liability if contamination is discovered at a landfill or other location where we have disposed of waste, notwithstanding that historic disposal practices may have been in accordance with all applicable requirements. We use Orthochlorabenzalmalononitrile and Chloroacetophenone chemical agents in connection with our production of our crowd control products, and these chemicals are hazardous and could cause environmental damage if not handled and disposed of properly. Moreover, private parties may bring claims against us based on alleged adverse health impacts or property damage caused by our operations. The amount of liability for cleaning up contamination or defending against private party claims could be material and have a material adverse effect on our business, financial condition, results of operations and liquidity.

**The effects of climate change, together with increased focus by governmental and non-governmental organizations, customers and investors on sustainability issues, including evolving climate and sustainability related disclosure expectations, may adversely affect our business and financial results and damage our reputation.**

Climate change is occurring around the world and may impact our business in numerous ways. Such change could lead to, among other things, increased costs (including energy, raw materials and packaging), supply chain disruptions, damage to or interruption of operations at our facilities or those of suppliers due to extreme weather events, increased insurance costs or limited availability of coverage, changes in customer demand, and impacts on our employees and communities. In addition, we may incur increased costs to measure, monitor and manage climate-related risks and to satisfy actual or proposed legal requirements, contractual obligations and market expectations relating to climate and sustainability matters.

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Investor advocacy groups, institutional investors, lenders, customers and other stakeholders have increasingly focused on environmental, social and governance ("ESG") practices and disclosure. We may face increased requests for ESG information, contractual requirements, and expectations regarding targets, policies or performance. We may also face reputational harm, litigation or regulatory scrutiny (including so-called "greenwashing" claims) if our disclosures, statements or actions are perceived as inaccurate, incomplete or misleading. The SEC adopted climate-related disclosure rules on March 6, 2024, but the rules have been stayed and remain subject to litigation and potential changes, including the SEC's March 2025 vote to cease defending the rules in court. Even if the SEC rules are modified, rescinded or never become effective, climate and ESG related requirements and expectations in the United States and other jurisdictions may continue to evolve and could increase our compliance costs and legal exposure.

#### We may lose money or generate less than expected profits on our fixed-price contracts.
Our direct government contracts are primarily fixed-price for a specified term. Under these contracts, we agree to perform a specific scope of work or deliver a certain quantity of end items for a fixed price. Typically, we assume more risk with fixed-price contracts since we are subject to rising labor costs and commodity price risk. Fixed-price contracts require us to price our contracts by forecasting our expenditures. When making proposals for fixed-price contracts, we rely on our estimates of costs and timing for completing these projects. These estimates reflect management's judgments regarding our capability to complete projects efficiently and timely. Our production costs may, however, exceed forecasts due to unanticipated delays or increased cost of materials, components, labor, capital equipment or other factors. Therefore, we may incur losses on fixed price contracts that we had expected to be profitable, or such contracts may be less profitable than expected, which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

Fixed-price contracts represented approximately 18% and 65% of 2025 Product and Distribution segment net sales, respectively.

**Our business is subject to various laws and regulations favoring the U.S. government's contractual position, and our failure to comply with such laws and regulations could harm our operating results and prospects.**

Furthermore, as a direct and indirect contractor to the U.S. government, we must comply with laws and regulations relating to the formation, administration and performance of federal government contracts, which affect how we do business with our clients and may impose added costs on our business. These rules generally favor the U.S. government's contractual position.

For example, these regulations and laws include provisions that subject contracts we have been awarded to:

● protest or challenge by unsuccessful bidders; and

● unilateral termination, reduction or modification by the government without penalty.

The accuracy and appropriateness of certain costs and expenses used to substantiate our direct and indirect costs for the U.S. government under both cost-plus and fixed-price contracts are subject to extensive regulation and audit by the Defense Contract Audit Agency, an arm of the DoW. Responding to governmental audits, inquiries or investigations may involve significant expense and divert management's attention. Our failure to comply with these or other laws and regulations could result in contract termination, suspension or debarment from contracting with the federal government, civil fines and damages and criminal prosecution and penalties, any of which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

#### Our Chief Executive Officer has divided responsibilities and is not required to devote any specified amount of time to our business.
Our Chief Executive Officer, Warren B. Kanders, is also the Executive Chairman of Clarus Corporation, which is in the business of designing, manufacturing, and marketing equipment for outdoor recreation activities. Our employment agreement with Mr. Kanders requires that he devote his time, attention, energy, knowledge, best professional efforts and skills to the duties assigned to him by us, but he is permitted to pursue other professional endeavors and investments that do not violate the terms of his employment agreement, including provisions relative to non-competition. Mr. Kanders' employment agreement does not require him to devote any specific amount of time to the Company. Accordingly, it is possible that Mr. Kanders will fail to devote the necessary time to our Company which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

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**We may be subject to disruptions, failures or cyber-attacks in our information technology systems and network infrastructures that could disrupt our operations, damage our reputation and adversely affect our business, operations, and financial results.**

We maintain and rely extensively on information technology systems and network infrastructures for the effective operation of our business, including manufacturing, order fulfillment, financial reporting, and communications with customers and suppliers. Techniques used to gain unauthorized access to networks, compromise systems, or obtain data are constantly evolving, and we may be unable to anticipate or prevent all incidents. We and our third-party vendors are vulnerable to computer viruses, malware, ransomware, phishing and other social engineering attacks, denial-of-service attacks, insider threats, and other malicious activities. Any such incident could lead to interruptions, delays, or shutdowns; loss, corruption, or unauthorized access to data (including personally identifiable information); and increased costs and diversion of management attention. For example, in July 2024 we experienced a cybersecurity incident involving unauthorized access to certain systems that required containment and mitigation measures and resulted in temporary interruptions to certain operations, and in September 2024 we experienced a second incident that required containment actions.

In addition, public companies are subject to evolving cybersecurity disclosure and governance requirements, including SEC rules adopted in July 2023 that require disclosure of material cybersecurity incidents on Form 8-K and enhanced annual disclosures regarding cybersecurity risk management, strategy and governance. Compliance may require additional processes, controls, and resources, and may increase the risk of regulatory scrutiny, private litigation, and reputational harm. Moreover, disclosure of information about incidents or our cybersecurity controls could be costly, could expose us to additional risks (including by providing threat actors with information), and could adversely affect our relationships with customers, suppliers, and other stakeholders.

**Our use of emerging technologies (including artificial intelligence) and reliance on third-party service providers could expose us to operational, regulatory, intellectual property, and reputational risks.**

We may use, or our employees, suppliers and business partners may use, emerging technologies, including automated decision-making tools and artificial intelligence ("AI") systems (including generative AI), in areas such as product development, customer service, procurement, security, and back-office functions. The use of such tools may introduce risks, including errors or hallucinated outputs, bias, cybersecurity vulnerabilities, unauthorized disclosure of confidential information or personal data, loss of intellectual property or trade secrets, infringement allegations, and failures to comply with evolving laws and regulations governing AI, privacy, consumer protection, and workplace practices. In addition, reliance on third-party AI providers and other vendors may increase concentration and resiliency risks, including outages, changes in terms of service, model behavior changes, or restrictions on use. Any of these risks could result in operational disruption, regulatory investigations, litigation, reputational harm, and increased costs.

**Initiatives to upgrade our business processes and information technology systems to optimize our operational and financial performance involve many risks which could result in, among other things, business interruptions, higher costs and lost profits.**

We regularly implement business process improvement and information technology initiatives intended to optimize our operational and financial performance. Transitioning to these new or upgraded processes and systems requires significant capital investments and personnel resources. Implementation is also highly dependent on the coordination of numerous employees, contractors and software and system providers. The interdependence of these processes and systems is a significant risk to the successful completion and continued refinement of these initiatives, and the failure of any aspect could have a material adverse effect on the functionality of our overall business. We may also experience difficulties in implementing or operating our new or upgraded business processes or information technology systems, including, but not limited to, ineffective or inefficient operations, significant system failures, system outages, delayed implementation and loss of system availability, which could lead to increased implementation and/or operational costs, loss or corruption of data, delayed shipments, excess inventory and interruptions of operations resulting in lost sales and/or profits.

**We rely on information technology systems, including third-party cloud-based solutions, and any failure of these systems, including, without limitation, due to outages and/or cyberattacks, may result in disruptions or outages, loss of processing capabilities, and/or loss of data, any of which may have a material adverse effect on our business, operations, and financial results.**

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Our reputation and ability to attract, retain and serve customers is dependent upon the reliable performance of our underlying technology infrastructure and external service providers, including third-party cloud-based solutions. These systems are vulnerable to damage or interruption and we have experienced interruptions in the past. We rely on cloud-based solutions furnished by third parties primarily to allocate resources, pay vendors, collect from customers, process transactions, develop demand and supply plans, manage product design, production, transportation, and distribution, forecast and report operating results, meet regulatory requirements and administer employee payroll and benefits, among other functions. We have also designed a significant portion of our software and computer systems to utilize data processing and storage capabilities from third-party cloud solution providers. Both our on-premises and cloud-based infrastructure may be susceptible to outages due to any number of reasons, including, human error, fire, floods, power loss, telecommunications failures, terrorist attacks and similar events. Despite the implementation of security measures that we believe to be reasonable, both our on-premises and our cloud-based infrastructure may also be vulnerable to hacking, computer viruses, the installation of malware and similar disruptions either by third-parties or employees, which may result in outages. We do not have redundancy for all of our systems and our disaster recovery planning may not account for all eventualities. If we or our existing third-party cloud-based solution providers experience interruptions in service regularly or for a prolonged basis, or other similar issues, our business could be seriously harmed and, in some instances, our customers may not be able to purchase our products, which could significantly and negatively affect our sales. Additionally, our existing cloud-based solution providers have broad discretion to change and interpret their terms of service and other policies with respect to us, and they may take actions beyond our control that could harm our business. We also may not be able to control the quality of the systems and services we receive from our third-party cloud-based solution providers. Any transition of the cloud-based solutions currently provided to different cloud providers would be difficult to implement and may cause us to incur significant time and expense.

If we and/or our cloud-based solution providers are not successful in preventing or effectively responding to outages and cyberattacks, such as the cybersecurity incidents occurring in July and September 2024, our business, operations, and financial results could be materially and adversely affected.

Additionally, information technology systems require periodic modifications, upgrades, and replacement that subject us to costs and risks, including potential disruption to our internal control structure, substantial capital expenditures, additional administration and operating expenses, retention of sufficiently skilled personnel or outside firms to implement and operate existing or new systems, and other risks and costs of delays or difficulties in transitioning to new or modified systems or of integrating new or modified systems into our current systems. In addition, challenges implementing new or modified technology systems may cause disruptions in our business operations and, if not anticipated and appropriately mitigated, could have a material adverse effect on our business operations.

#### Misuse of our products may adversely affect the Company's reputation.
The target end users of the products that we sell, which include firearms, ammunition and body armor, include licensed professionals such as state and local law enforcement, federal agencies, foreign police, military agencies as well as private security firms. However, if any misuse of our products were to occur, the Company's reputation could be harmed. The occurrence of any misuse of our products could seriously damage our reputation and the image of our brands or cause our customers to consider alternatives to the Company's products, which could have a material adverse effect on our business, financial condition, results of operations and liquidity.

**Adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception, could negatively impact our business.**

Negative claims or publicity involving us, our board of directors, our brands, our products, services and experiences, consumer data, or any of our key employees, or suppliers could seriously damage our reputation and the image of our brands, regardless of whether such claims are accurate. Social media, which accelerates and potentially amplifies the scope of negative publicity, can increase the challenges of responding to negative claims. Negative attention or scrutiny on the various products sold by our brands can also possibly result in negative publicity. For example, heightened governmental scrutiny of the safety of crowd control products has resulted in requests by two subcommittees of the U.S. House Committee on Oversight and Reform for information from major U.S. manufacturers, including us, relating to the production, sale, safety, and regulation of crowd control products. Congressional scrutiny and other similar inquiries by governmental bodies may damage our reputation and may also result in potential legislation designed to regulate the various products sold by our brands.

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Adverse publicity could also damage our reputation and the image of our brands, undermine consumer confidence in us and reduce long-term demand for our products, even if such adverse publicity is unfounded or not material to our operations. If the reputation, culture or image of any of our brands is tarnished or receives negative publicity, then our business, financial condition, results of operations and liquidity could be materially adversely affected.

**The terms of our outstanding long-term debt and any requirements to incur further indebtedness or refinance our outstanding indebtedness in the future could have a material adverse effect on our business and results of operations.**

Our significant payment obligations under the terms of our long-term debt, $309.1 million of which was outstanding as of December 31, 2025, together with any additional indebtedness we may incur in the future (including under the 2024 Credit Agreement (herein defined)), could adversely affect our business, financial condition, results of operations and prospects. For example, our indebtedness or any additional financing may:

● make it more difficult for us to pay or refinance debts as they become due;

● require us to use a larger portion of cash flow for debt service, reducing funds available for other purposes;

● limit our ability to pursue business opportunities, such as potential acquisitions, and to react to changes in market or industry conditions;

● reduce the funds available for other purposes, such as implementing our strategy, funding capital expenditures and making distributions to stockholders;

● increase our vulnerability to adverse economic, industry or competitive developments;

● affect our ability to obtain additional financing;

● decrease our profitability or cash flow, or require us to dispose of significant assets in order to satisfy debts and other obligations if we are not able to satisfy these obligations using cash from operations or other sources; and

● disadvantage us compared to competitors.

Any of the foregoing, alone or in combination, could have a material adverse effect on our business, financial condition, results of operations and prospects. A breach of, or the inability to comply with, the covenants in our term loan facility and revolving credit agreement could result in an event of default, in which case the lenders will have the right to declare all borrowings to be immediately due and payable, which would have a material adverse effect on our business, financial condition, results of operations and prospects and could lead to foreclosure on our assets.

In the future, we may need to refinance our indebtedness. However, additional financing may not be available on favorable commercial terms to us, or at all. If, at such time, market conditions are materially different or our credit profile has deteriorated, the cost of refinancing such debt may be significantly higher than our indebtedness existing at that time. Furthermore, we may not be able to procure refinancing at all. Any failure to meet any future debt service obligations through use of cash flow, refinancing or otherwise, could have a material adverse effect on our business, financial condition, results of operations and prospects.

**Our business is significantly dependent on our ability to meet our labor needs.**

The success of our business depends significantly on our ability to hire and retain quality employees, which include but are not limited to managers and other personnel. Competition for non-entry-level personnel, particularly those with experience in our industry, is highly competitive. We may be unable to meet our labor needs and control our costs due to external factors such as the availability of a sufficient number of qualified persons in the workforce of the markets in which we operate, competition, unemployment levels, demand for certain labor expertise, prevailing wage rates, wage inflation, changing demographics, health and other insurance costs, adoption of new or revised employment and labor laws and regulations, and the impacts of man-made or natural disasters, such as tornadoes, hurricanes, and public health emergencies, such as the COVID-19 pandemic. We have experienced, and expect to continue to experience, a shortage of labor for certain functions, which has increased our labor costs and negatively impacted our profitability. The extent and duration of the effect of these labor market challenges are subject to numerous factors, including the availability of qualified persons in the markets where we and our vendors and customers operate and unemployment levels within these markets, behavioral changes, prevailing wage rates and other benefits, inflation, adoption of new or revised employment and

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labor laws and regulations (including increased minimum wage requirements) or government programs, safety levels of our operations, and our reputation within the labor market.

Recent or potential future legislative initiatives may seek to increase the federal minimum wage in the United States, as well as the minimum wage in a number of individual states or markets. As federal or state minimum wage rates increase, we may need to increase not only the wage rates of our minimum wage employees, but also the wages paid to our other hourly employees as well. Further, should we fail to increase our wages competitively in response to increasing wage rates, the quality of our workforce could decline, causing our customer service to suffer. Additionally, the U.S. Department of Labor has enacted rules that may have salary and wage impact for "exempt" employees, which could result in a substantial increase in store payroll expense. Any increase in the cost of our labor could have an adverse effect on our operating costs, financial condition and results of operations, which in turn can materially adversely affect our business.

Although none of our employees are currently covered under collective bargaining agreements, we cannot guarantee that employees will not elect to be represented by labor unions in the future. If some or our entire workforce were to become unionized and collective bargaining agreement terms were significantly different from our current compensation arrangements or work practice, it could have a material adverse effect on our business, financial condition, results of operations and liquidity.

**Reductions in the availability of energy supplies or an increase in energy costs may increase our operating costs.**

Electricity and natural gas are used to operate equipment at our manufacturing facilities. Over the past several years, prices for electricity and natural gas have fluctuated significantly. An outbreak or escalation of hostilities between the United States and any foreign power, or between foreign powers, including conflicts or heightened tensions in regions that are significant producers, processors or transit routes for energy supplies, or a natural disaster, or the emergence of additional conflicts or heightened tensions in other regions, could result in a real or perceived shortage of petroleum and/or natural gas, which could result in an increase in the cost of electricity or energy generally as well as an increase in the cost of our raw materials, of which many are petroleum-based. In addition, increased energy costs negatively impact our freight costs due to higher fuel prices. Future limitations on the availability, transportation, distribution or consumption of petroleum products and/or an increase in energy costs, particularly electricity for plant operations, could have a material adverse effect upon our business, financial condition, results of operations and liquidity.

**Our nuclear operations subject us to various environmental, regulatory, financial, and other risks.**

Our nuclear operations involve the design and manufacture of nuclear material handling, transportation, and storage products, as well as radioactive material identification, protection, and alarm systems and services, including onsite support services, for commercial and governmental sectors. These operations subject us to various risks, including:

● Potential liabilities relating to harmful effects on the environment and human health resulting from nuclear operations and the storage, handling, and disposal of radioactive materials.

● Unplanned expenditures relating to maintenance, operation, security, defects, upgrades, and repairs required by the NRC and other government agencies.

● Limitations on insurance coverage for the amounts and types of losses that might arise in connection with nuclear operations.

Potential liabilities arising from a nuclear, radiological, or criticality incident, whether or not it is within our control. Our nuclear operations are subject to various safety-related requirements imposed by the U.S. Government, including the DoE and NRC. In the event of non-compliance, these agencies might increase regulatory oversight, impose fines, or shut down our operations, depending upon the severity of the situation.

**Our business also supplies equipment and services to operators of nuclear energy facilities, including facilities operated by the DoE.** 

Pursuant to the Price-Anderson Act, the DoE has provided indemnification by incorporating its Nuclear Hazards Indemnity Agreement into contracts deemed to involve a risk of nuclear liability. This indemnity protects subcontractors in work that entails radiological risk.

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While the DoE has provided indemnification pursuant to the Price-Anderson Act, there could be delays in obtaining reimbursement for costs from the DoE, and the DoE may determine that some or all costs are not reimbursable under the indemnification. In addition, the Price-Anderson Act indemnification does not cover loss or damage to property located on a nuclear energy facility due to a nuclear incident. These claims could include allegations of damages that are not covered by the Price-Anderson Act. If the DoE were to determine that the Price-Anderson Act did not apply to any claims or allegations asserted against the Company, we would have to pay all or part of any damages awarded as a result of such claims, and the cost to us, including legal fees, could adversely affect our results of operations and financial condition.

The Price-Anderson Act's indemnification provisions may not apply to all liabilities that we might incur while performing services as a contractor for the DoE and the nuclear power industry. If an incident or evacuation is not covered under the Price-Anderson Act's indemnification provisions, we could be held liable for damages, regardless of fault, which could have an adverse effect on our financial condition and results of operations.

Our business seeks to protect itself from liability associated with accidents, but there can be no assurance that such contractual limitations on liability will be effective in all cases or that our Company or its customers' insurance will cover all the liabilities it has assumed under those contracts. The costs of defending against a claim arising out of a nuclear incident or precautionary evacuation, and any damages awarded as a result of such a claim, could adversely affect our results of operations and financial condition.

We maintain insurance coverage as part of our overall risk management strategy and due to requirements, we also maintain specific coverage for some of our contracts. These policies do not protect against all liabilities associated with accidents or unrelated claims. In addition, comparable insurance may not continue to be available to us in the future at acceptable prices, or at all.

**Our business may suffer if it or its employees are unable to obtain the security clearances or other qualifications needed to perform services for its customers.**

Our Company derives a portion of its revenue from programs with the U.S. government and its agencies that provide access to classified information, technology, facilities, or programs. If our Company or its employees lose or are unable to obtain necessary security clearances, we may not be able to win new business, and existing government customers could terminate or decide not to renew their contracts with us. To the extent our Company cannot obtain or maintain the required clearances, our results of operations and financial condition could be materially and adversely affected.

#### Risks Related to our Acquisition Strategy
**A number of other companies are seeking to make acquisitions in our industry, which may make our acquisition strategy more difficult or expensive to pursue.**

We compete with many other companies, and certain of them have greater financial resources than we do for pursuing and consummating acquisitions and to further develop and integrate acquired businesses. Our strategy of growing through the acquisition of businesses and assets relies on our ability to consummate acquisitions to develop and offer new products that foster the growth of our core business, and to establish ourselves in other geographic regions and related businesses in which we do not currently operate. Increased competition for acquisition opportunities may impede our ability to acquire these companies because they choose another acquirer. It could also increase the price that we must pay for these companies. Either of these outcomes could reduce our growth, harm our business and adversely impact our ability to consummate acquisitions.

#### We may be unsuccessful in identifying suitable acquisition candidates, which may negatively impact our competitive position and our growth strategy.
In addition to organic growth, our future growth will be driven by our selective acquisition of additional businesses, our competitors and complementary businesses. Our growth through acquisitions, to date, has consisted of 17 acquisitions and two divestitures. We may be unable to identify other suitable targets for future acquisition or acquire businesses at favorable prices, which would negatively impact our growth strategy. We may not be able to execute our growth strategy through organic expansion, and if we are unable to identify and successfully acquire new businesses complementary to ours, we may not be able to offer new products in line with industry trends.

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**The due diligence process that we undertake in connection with acquisitions may not reveal all facts that may be relevant in connection with an investment.**

Before making acquisitions and other investments, we conduct due diligence of the target company that we deem reasonable and appropriate based on the facts and circumstances applicable to each acquisition. The objective of the due diligence process is to assess the investment opportunities based on the facts and circumstances surrounding an investment or acquisition. When conducting due diligence, we may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues. The due diligence process may at times be subjective with respect to newly-organized companies for which only limited information is available. Accordingly, we cannot be certain that the due diligence investigation that we conduct with respect to any investment or acquisition opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. For example, instances of fraud, accounting irregularities and other deceptive practices can be difficult to detect. Executive officers, directors and employees may be named as defendants in litigation involving a company we are acquiring or have acquired. Even if we conduct extensive due diligence on a particular investment or acquisition, we may fail to uncover all material issues relating to such investment, including regarding the controls and procedures of a particular target or the full scope of its contractual arrangements. We rely on our due diligence to identify potential liabilities in the businesses we acquire, including such things as potential or actual lawsuits, contractual obligations or liabilities imposed by government regulation. However, our due diligence process may not uncover these liabilities, and where we identify a potential liability, we may incorrectly believe that we can consummate the acquisition without subjecting ourselves to that liability. If our due diligence fails to identify issues specific to an investment or acquisition, we may obtain a lower return from that transaction than the investment would return or otherwise subject ourselves to unexpected liabilities.

#### We may face difficulty in integrating the operations of the businesses we have acquired and may acquire in the future.
Acquisitions have been and will continue to be an important component of our growth strategy; however, we will need to integrate these acquired businesses successfully in order for our growth strategy to succeed and for our Company to be profitable. We will implement, and the management teams of the acquired businesses will adopt, our policies, procedures and best practices. We may face difficulty with the integration of the businesses we acquire, such as coordinating geographically dispersed organizations, integrating personnel with disparate business backgrounds and combining different corporate cultures. Furthermore, we may fail in implementing our policies and procedures, or the policies and procedures may not be effective or provide the results we anticipate for a particular business. Further, we will be relying on these policies and procedures in preparing our financial and other reports as a public company, so any failure of acquired businesses to properly adopt these policies and procedures could impair our public reporting. Management of the businesses we acquire may not have the operational or business expertise that we require to successfully implement our policies, procedures and best practices.

**We typically retain the management of the businesses we acquire and rely on them to continue running their businesses, which leaves us vulnerable in the event they leave our Company.**

We seek to acquire businesses that have strong management teams that will continue to run the business after the acquisition. We often rely on these individuals to conduct the day-to-day operations, and pursue the growth, of these acquired businesses. Although we typically seek to sign employment agreements with the managers of acquired businesses, it remains possible that these individuals will leave our organization. This would harm the prospects of the businesses they manage, potentially causing us to lose money on our investment and harming our growth and financial results.

**We may be required to take write downs or write-offs, restructuring, and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all of your investment.**

In connection with our general growth strategy of acquiring businesses and assets, we may be forced to write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in us reporting losses. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about us or our common stock.

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#### Risks Related to Ownership of Our Common Stock
**Our executive officers, directors and principal stockholders, if they choose to act together, will continue to have the ability to control all matters submitted to stockholders for approval.**

As of the date hereof, our executive officers, directors and stockholders who own more than 5% of our outstanding common stock and their respective affiliates beneficially owned, in the aggregate, 59.5% of the Company, accounting for the shares of common stock and derivatives exercisable for shares of common stock within sixty days that they own. As a result, if these stockholders were to choose to act together, they would be able to control or significantly influence all matters submitted to our stockholders for approval, as well as our management and affairs. For example, these persons, if they choose to act together, would control or significantly influence the election of directors and approval of any merger, consolidation or sale of all or substantially all of our assets. This concentration of ownership control may:

● delay, defer or prevent a change in control;

● entrench our management and the board of directors; or

● impede a merger, consolidation, takeover or other business combination involving us that other stockholders may desire.

**Shares of our common stock have been, and may continue to be, thinly traded, which may contribute to volatility in our stock price and less liquidity for investors.**

The trading volume of our common stock has varied, and at times may be characterized as thinly traded. As a result of this thin trading market or "float" for our common stock, our common stock has been, and may continue to be, less liquid than the common stock of companies with broader public ownership. If our common stock is thinly traded, the trading of a relatively small volume of our common stock may have a greater impact on the trading price of our common stock than would be the case if our float were larger. As a result, the trading prices of our common stock may be more volatile than the common stock of companies with broader public ownership, and an investor may be unable to liquidate an investment in our common stock at attractive prices.

We cannot predict the prices at which our common stock will trade in the future. Variations in financial results, announcements of material events, changes in our dividend policy, technological innovations or new products by us or our competitors, our quarterly operating results, changes in general conditions in the economy or government spending on law enforcement and military, other developments affecting us or our competitors or general price and volume fluctuations in the market are among the many factors that could cause the market price of our common stock to fluctuate substantially.

#### Our stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors.
The market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our results of operations;

● the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

● failure of securities analysts to initiate or maintain coverage of our company, changes in financial estimates or ratings by any securities analysts who follow our company or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, operating results or capital commitments;

● changes in operating performance and stock market valuations of other technology or retail companies generally, or those in our industry in particular;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● changes in our board of directors or management;

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● sales of large blocks of our common stock, including sales by our executive officers, directors and significant stockholders;

● lawsuits threatened or filed against us;

● changes in laws or regulations applicable to our business;

● the expiration of contractual lock-up agreements;

● changes in our capital structure, such as future issuances of debt or equity securities;

● short sales, hedging and other derivative transactions involving our capital stock;

● general economic conditions in the United States and abroad;

● other events or factors, including those resulting from war, pandemics, incidents of terrorism or responses to these events; and

● the other factors described in the sections of the Annual Report on Form 10-K titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements."

In addition, stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and have a materially adverse effect on our business, financial condition, results of operations and liquidity.

**Substantial future sales of shares of our common stock could cause the market price of our common stock to decline.**

We have outstanding an aggregate of 42,726,564 shares of our common stock as of March 6, 2026. This includes 11,447,685 shares of common stock that are owned by Mr. Kanders, our CEO and Chairman of the Board, and his affiliates, of which he has 3,750,000 shares pledged as security for loans from financial institutions and that may be sold by such financial institutions in the event of a foreclosure of these loans.

Sales of a substantial number of shares of our common stock in the public market, or the perception that these sales might occur, including sales of the shares beneficially owned by Mr. Kanders, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may have on the prevailing market price of our common stock.

**If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our share price and trading volume could decline.**

The trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business, our market and our competitors. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

**We are an emerging growth company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies could make our common stock less attractive to investors.**

We are an "emerging growth company," as defined in the JOBS Act, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies, including:

● not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act");

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● reduced disclosure obligations regarding executive compensation in our periodic reports and annual report on Form 10-K;

● the ability to delay adoption of new or revised accounting standards; and

● exemptions from the requirements of holding non-binding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Our status as an emerging growth company will cease no later than December 31, 2026.

We cannot predict if investors will find our common stock less attractive if we choose to rely on any of the exemptions afforded emerging growth companies. If some investors find our common stock less attractive because we rely on any of these exemptions, there may be a less active trading market for our common stock and the market price of our common stock may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies. Therefore, our consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates.

#### Compliance with changing laws, regulations and standards of corporate governance and public disclosure may result in additional expenses.
Changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, new Securities and Exchange Commission regulations and NYSE rules, are creating uncertainty for companies such as ours. These new or changed laws, regulations, and standards are subject to varying interpretations, often due to their lack of specificity. As a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies, which could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We are committed to maintaining high standards of corporate governance and public disclosure. As a result, our efforts to comply with evolving laws, regulations, and standards have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.

**Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock, which may also have the consequence of depressing the market price of our common stock.**

Our status as a Delaware corporation and the anti-takeover provisions of Delaware law may discourage, delay, or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, even if a change of control would be beneficial to our existing stockholders. In addition, our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the following:

● permitting the board of directors, and not stockholders, to establish the number of directors and fill any vacancies and newly created directorships;

● authorizing the issuance of "blank check" preferred stock that our board of directors could use to implement a stockholder rights plan;

● restricting the forum for certain litigation against us to Delaware;

● establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings;

● preventing stockholders from taking any action except at a formal meeting of stockholders;

● requiring certain amendments to our amended and restated certificate of incorporation to be approved by the holders of at least 66 2/3% of our then-outstanding common stock; and/or

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● requiring that any special meeting of our stockholders will only be able to be called by a majority of our board of directors, the chairperson of our board of directors, our Chief Executive Officer, or our President.

These provisions, alone or together, may (a) frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to select or replace members of our board of directors, which is responsible for appointing the members of our management; (b) discourage, delay, or prevent a transaction involving a change in control of our Company; and/or (c) discourage proxy contests, any of which, under certain circumstances, could limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and could also affect the market price of our common stock.

**Our second amended and restated bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.**

Our second amended and restated bylaws provide that the Court of Chancery of the State of Delaware (or the federal district court for the State of Delaware if the Court of Chancery does not have jurisdiction) is the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our certificate of incorporation or our bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine or any action asserting an "internal corporate claim" as that term is defined in Section 115 of the Delaware General Corporation Law. Our second amended and restated bylaws provide that, unless we consent in writing to an alternative forum, the federal district courts of the United States of America will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable. To the extent it is enforceable, however, the provision may have the effect of discouraging lawsuits against our directors and officers, and our stockholders cannot waive our compliance with federal securities laws and the rules and regulations thereunder.

**Our payment of future quarterly dividends on our common stock is subject to the discretion and approval of our board of directors.**

On January 20, 2026, the Company announced that its board of directors approved the continuation of a quarterly cash dividend policy of $0.10 per share of the Company's common stock (the "Quarterly Cash Dividend") or $0.40 per share on an annualized basis, representing an increase of 2 cents over the previous annualized dividend of $0.38 per share. While we intend to pay regular Quarterly Cash Dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared at the discretion and approval of our board of directors and will depend upon, among other things, our results of operations, capital requirements, general business conditions, contractual restrictions under our 2024 Credit Agreement on the payment of dividends, legal and regulatory restrictions on the payment of dividends, and other factors our board of directors deems relevant. Therefore, you should not purchase our common stock if you need immediate or future income by way of dividends from your investment. In addition, upon an event of default under our 2024 Credit Agreement, we are prohibited from declaring or paying any dividends on our common stock or generally making other distributions to our stockholders.

#### We could be subject to securities class action litigation.
In the past, securities class action litigation has often been brought against a company following a decline in the market price of its securities. If we face such litigation, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

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#### Our amended and restated certificate of incorporation authorizes the issuance of shares of blank check preferred stock.
Our amended and restated certificate of incorporation provides that our board of directors will be authorized to issue from time to time, without further stockholder approval, up to 10,000,000 shares of preferred stock in one or more series and to fix or alter the designations, preferences, rights and any qualifications, limitations or restrictions of the shares of each series, including the dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, including sinking fund provisions, redemption price or prices, liquidation preferences and the number of shares constituting any series or designations of any series. Such shares of preferred stock could have preferences over our common stock with respect to dividends and liquidation rights. We may issue additional preferred stock in ways which may delay, defer or prevent a change in control of us without further action by our stockholders. Such shares of preferred stock may be issued with voting rights that may adversely affect the voting power of the holders of our common stock by increasing the number of outstanding shares having voting rights, and by the creation of class or series voting rights.

**We may issue a substantial amount of our common stock in connection with future acquisitions, and the sale of those shares could adversely affect our stock price.**

As part of our acquisition strategy, we anticipate issuing additional shares of common stock as consideration for such acquisitions. To the extent that we are able to grow through acquisitions and issue shares of our common stock as consideration, the number of outstanding shares of common stock that will be eligible for sale in the future is likely to increase substantially. Persons receiving shares of our common stock in connection with these acquisitions may be more likely to sell large quantities of their common stock, which may influence the price of our common stock. In addition, the potential issuance of additional shares in connection with anticipated acquisitions could lessen demand for our common stock and result in a lower price than would otherwise be obtained.

**Techniques employed by short sellers or other derivative traders may drive down the market price of our common stock and/or spur litigation or regulatory action.**

Short selling is the practice of selling securities that a seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. Short sellers hope to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement securities, as short sellers expect to pay less in that purchase than they received in the sale. As it is in short sellers' interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

If we were to become the subject of unfavorable allegations contained in short reports, whether such allegations are proven to be true or untrue, we may have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would prefer to strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short sellers by principles of freedom of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could divert management's attention from our day-to-day operations. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact the market price of our common stock and our business operations.

#### Item 1B. Unresolved Staff Comments
None.

#### Item 1C. Cybersecurity

#### Risk Management and Strategy
We have established policies and processes for assessing, identifying, and managing cybersecurity risks, including risks from cybersecurity threats that could be material to the Company, and have integrated these processes into our overall risk management systems and processes. We routinely assess cybersecurity threats, including any potential unauthorized occurrence on or conducted

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through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein and the data we process, store, or transmit.

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF and AI Risk Management Framework) and seek to follow industry best practices to identify, assess, and manage cybersecurity risks relevant to our business. While we use these frameworks to help evaluate and enhance our controls and processes, we do not represent that our program fully satisfies any particular technical standard, specification, or requirement. We conduct annual risk assessments to identify cybersecurity threats to our critical systems, information, services, and our broader enterprise IT environment. These risk assessments include identifying reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls, and other safeguards in place to manage such risks. As part of our risk management process, we may engage third party experts to help identify and assess risks from cybersecurity threats. Our risk management and assessment process also encompasses cybersecurity risks associated with our use of third-party service providers.

As part of our overall risk management and assessment program, we design, implement, and maintain reasonable safeguards to minimize potential risks, including cybersecurity risks; reasonably address any identified gaps in existing safeguards; update existing safeguards as necessary; and monitor the effectiveness of our safeguards which may include, as appropriate: (i) vulnerability management (including patching, configuration management, and remediation tracking); (ii) security monitoring and detection designed to identify anomalous activity; (iii) access controls and identity management practices intended to support least-privilege access; (iv) data protection practices (including, where appropriate, encryption and backup processes); (v) incident response planning and readiness activities, including tabletop exercises and lessons-learned reviews; and (vi) business continuity and disaster recovery planning for certain systems and processes. We also regularly provide cybersecurity awareness training to our employees at all levels and departments across the Company. The Company believes that we have allocated adequate resources to address the cybersecurity threats that may reasonably affect us. We evaluate our resourcing and investments in cybersecurity on an ongoing basis in light of our risk profile, business needs, and the evolving threat landscape.

Our cybersecurity team, consisting of our Vice President of Information Technology and our Information Security Officer manage the Company's cybersecurity risk assessment as well as mitigation process and also oversee our Incident Response Team which also includes Vice Presidents of Legal, Human Resources and Tax. The Company also participates in a cybersecurity risk insurance policy, intended to help mitigate certain losses and expenses associated with cybersecurity incidents; however, such insurance may not cover all losses or all types of claims.

In July 2024, we experienced a cybersecurity incident involving unauthorized access to certain systems, which required us to implement containment and mitigation measures. Although we acted promptly and effectively to address the issue, the incident led to temporary interruptions in our business operations, including impacts to production and order fulfillment at some of our facilities. Additionally, in September 2024, we experienced another, albeit negligible, cybersecurity incident that similarly required containment actions out of an abundance of caution. Although the September incident had a minimal impact on our operations, it underscores the persistent and evolving nature of cybersecurity risks we face. We believe the impacts of these cybersecurity incidents, either measured together or individually, were not material to our financial condition or results of operations. In addition, we do not believe that risks from cybersecurity threats have materially affected our business strategy, financial condition, or results of operations. However, there is no guarantee that future cybersecurity incidents will not have a material impact in the future.

For additional information regarding cybersecurity threats that may materially affect the Company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, "Risk Factors," in this Annual Report on Form 10-K , including the risk factors entitled "We may be subject to disruptions, failures or cyber-attacks in our information technology systems and network infrastructures that could disrupt our operations, damage our reputation and adversely affect our business, operations, and financial results," and "We rely on information technology systems, including third-party cloud-based solutions, and any failure of these systems, including, without limitation, due to outages and/or cyberattacks, may result in disruptions or outages, loss of processing capabilities, and/or loss of data, any of which may have a material adverse effect on our business, operations, and financial results."

#### Governance
One of the functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for overseeing and assessing strategic risk exposure, and our executive

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officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole and through its committees. In particular, the Audit Committee of our Board of Directors plays a large role in overseeing and assessing our financial, legal and operational risks, and receives reports from the management team regarding organizational risk as well as particular areas of concern, which includes, but is not limited to cybersecurity risks, related mitigation, and other related responses and activities. Material cybersecurity matters are escalated to the Board and/or the Audit Committee based on their nature, scope, and potential impact.

Our Vice President of Information Technology and our Information Security Officer are primarily responsible for assessment and management of material risks from cybersecurity threats.

Our VP of Information Technology oversees key cybersecurity policies and processes, including those described in "Risk Management and Strategy" above. Our Board of Directors and Audit Committee are informed at least annually about the Company's policies and processes to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents. In addition, the VP of Information Technology will also report any cybersecurity risks and activities including but not limited to any cybersecurity threats and related responses and any cybersecurity systems testing.

#### Item 2. Properties
We own our corporate headquarters located at 13386 International Parkway, Jacksonville, FL 32218 where we occupy approximately 36,941 square feet of office space and 95,283 square feet of manufacturing space. As of December 31, 2025, we operate facilities in the U.S., Canada, Mexico, United Kingdom, Lithuania, Italy, France, and Germany. Additionally, we lease retail locations across the East Coast that service our Distribution segment. In total, we operate approximately 41 facilities (9 owned) spanning approximately 1,658,448 square feet. Our properties are well maintained, and we consider them to be sufficient for our existing capacity requirements.

The following table summarizes our facilities by segment as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
|  | | **Location** | **Location** | **Owned/Leased** | **Owned/Leased** |
|  | <br>**Total** | **Domestic** | **International** | **Owned** | **Leased** |
| Products | 1600924 | 702670 | 898254 | 573714 | 1027210 |
| Distribution | 57524 | 57524 |  |  | 57524 |
|  | 1658448 | 760194 | 898254 | 573714 | 1084734 |

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#### Item 3. Legal Proceedings
Refer to Note 15 of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

#### Item 4. Mine Safety Disclosures
Not applicable.

#### PART II

#### Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

#### Market Information
Our common stock has been listed on the New York Stock Exchange under the symbol "CDRE" since November 4, 2021. Prior to that date, there was no public trading market for our common stock.

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#### Holders of Record
As of March 6, 2026, there were 9 holders of record of our common stock. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.

#### Dividend Policy
On January 20, 2026, the Company announced that its board of directors approved the continuation of a quarterly cash dividend policy of $0.10 per share of the Company's common stock or $0.40 per share on an annualized basis, representing an increase of 2 cents over the previous annualized dividend of $0.38 per share. In 2025, our total cash dividends were $15.4 million. We expect to continue to pay a quarterly cash dividend of $0.10 per share, or $0.40 on an annualized basis, on our common stock for the foreseeable future, but we may elect to retain all of our future earnings, if any, to finance the growth and development of our business. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be dependent on a number of factors, including the terms of our 2024 Credit Agreement, our earnings, capital requirements, our overall financial condition and other factors that our board of directors considers relevant.

#### Performance Graph
The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the S&P 500 Index and the S&P 500 Industrials Index. The graph assumes an initial investment of $100 in our common stock at the market close on November 4, 2021, which was our initial trading day, and the reinvestment of dividends. Data for the S&P 500 Index and the S&P 500 Industrials Index assume an initial investment of $100 at market close on October 31, 2021 and the reinvestment of dividends.

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Historical stock price performance should not be relied on as indicative of future stock price performance.

![Graphic](cdre-20251231x10k004.jpg)

#### Recent Sales of Unregistered Securities
None.

#### Issuer Repurchases of Equity Securities
None.

#### Item 6. [Reserved]

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#### Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of the financial condition and results of operations of Cadre Holdings, Inc. (D/B/A The Safariland Group) ("Cadre," "the Company" "we," "us" and "our") should be read together with our audited consolidated financial statements together with related notes thereto, included elsewhere in this Annual Report on Form 10-K. A discussion of changes in our financial condition and the results of operations from the year ended December 31, 2024 to December 31, 2023 can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 11, 2025. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside of Cadre's control. Our actual results may differ significantly from those projected in the forward- looking statements. Factors that might cause future results to differ materially from those projected in the forward- looking statements include, but are not limited to, those discussed in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" included elsewhere in this Annual Report on Form 10-K. Certain total amounts may not foot due to rounding.*

#### Overview and 2025 Financial Highlights
Cadre is a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms and ammunition. The majority of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance and regulatory compliance.

We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety equipment. 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 foreign government agencies in over 100 countries.

In April 2025, the Company acquired Zircaloy for $98.9 million.

In January 2026, the Company acquired TYR Tactical, LLC for $174.0 million.

The following table sets forth a summary of our financial highlights for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>**(in thousands)** | **2025** | **2024** |
| Net sales | $610308 | $567561 |
| Net income | $44139 | $36133 |
| Adjusted EBITDA<sup>(1)</sup> | $111708 | $104840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted EBITDA is a non-GAAP financial measure. See "*Non-GAAP Measures*" below for our definition of, and additional information about, Adjusted EBITDA, and for a reconciliation to net income, the most directly comparable U.S. GAAP financial measure.

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Net sales increased by $42.7 million for the year ended December 31, 2025 as compared to December 31, 2024, primarily as a result of the recent acquisitions and higher demand for duty gear products, partially offset by a decline in EOD products and existing nuclear safety products.

Net income increased by $8.0 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily as a result of higher gross profit partially offset by an increase in selling, general and administrative expenses from acquisitions, acquisition related costs, higher interest expense, and higher stock compensation expense.

#### KEY PERFORMANCE METRICS

#### Orders backlog
We monitor our orders backlog, which we believe is a forward-looking indicator of potential sales. Our orders backlog for products includes all orders that have been received and are believed to be firm. Due to municipal government procurement rules, in certain cases orders included in backlog are subject to budget appropriation or other contract cancellation clauses. Consequently, our orders backlog may differ from actual future sales. Orders backlog can be helpful to investors in evaluating the performance of our business and identifying trends over time.

The following table presents our orders backlog as of the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Orders backlog | $189799 | $128814 |

---

Orders comprising backlog as of a given balance sheet date are typically invoiced in subsequent periods. A substantial portion of our products are processed and shipped within 60 days of an order being placed, though the fulfillment time for certain products, for example, explosive ordnance disposal equipment, may take three months or longer. Our orders backlog could experience volatility between periods, including as a result of customer order volumes and the speed of our order fulfillment, which in turn may be impacted by the nature of products ordered, the amount of inventory on hand and the necessary manufacturing lead time.

Orders backlog increased by $61.0 million as of December 31, 2025 compared to December 31, 2024, primarily due to increases of $51.3 million from the Zircaloy acquisition, $12.5 million from global EOD, $3.7 million from chemiluminescent products and $1.6 million from U.S. government and international channels for duty gear holsters, partially offset by reductions of $7.7 million from existing nuclear safety products.

#### DESCRIPTION OF CERTAIN COMPONENTS OF FINANCIAL DATA

#### Net sales
We recognize revenue when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied by transferring the goods or service to the customer. The performance obligation is considered satisfied when control transfers, which is generally determined when products are shipped or delivered to the customer but could be delayed until the receipt of customer acceptance, depending on the terms of the contract. The Company also has certain long-term contracts that contain performance obligations that are satisfied over time. The Company invoices the customer once the billing milestone is reached and collects under customary short-term credit terms. For long-term contracts, the Company recognizes revenue using the input method based on costs incurred, as this method is an appropriate measure of progress toward the complete satisfaction of the performance obligation.

At the time of revenue recognition, we also provide for estimated sales returns and miscellaneous claims from customers as reductions to revenues. Charges for shipping and handling fees billed to customers are included in net sales. Taxes collected from customers and remitted to government authorities are reported on a net basis and are excluded from sales. See Note 1 "Significant Accounting Policies — Revenue Recognition" to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

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We generate sales primarily through our four main sales channels: U.S. state and local agencies, international, U.S. federal agencies, and commercial.

#### Costs and Expenses
*Cost of goods sold*. Cost of goods sold includes raw material purchases, manufacturing-related labor costs, contracted labor, project costs, shipping costs, allocated manufacturing overhead, facility costs, depreciation and amortization, and product warranty costs.

*Selling, general and administrative.* Selling, general and administrative ("SG&A") expense includes personnel-related costs, professional services, marketing and advertising expense, research and development, depreciation and amortization, and impairment charges.

*Restructuring and transaction costs.* Restructuring costs consist primarily of termination benefits and relocation of employees, termination of operating leases and other contracts related to consolidating or closing facilities. Transaction costs consist of legal fees and consulting costs related to one-time transactions.

*Related party expense.* Related party expense primarily consists of one-time fees paid to related parties for transaction related services.

*Interest expense*. Interest expense consists primarily of interest on outstanding debt.

*Other income (expense), net*. Other income (expense), net primarily consists of gains and losses from foreign currency transactions.

*Provision for income taxes*. A provision or benefit for income tax is calculated for each of the jurisdictions in which we operate. The provision or benefit for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The benefit or provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the book and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. See Note 16 "Income Taxes" in our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

#### RESULTS OF OPERATIONS
In order to reflect the way our chief operating decision maker reviews and assesses the performance of the business, Cadre has determined that it has two reportable segments — the Product segment, which is comprised of components that manufacture and sell products, and the Distribution segment, which is comprised of our business that serves as a one-stop shop for law enforcement agencies that sells goods produced by the Product segment, as well as other third-party products. Segment information is consistent with how the chief operating decision maker, our chief executive officer, reviews the business, makes investing and resource allocation decisions and assesses operating performance.

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The following table presents data from our results of operations for the years ended December 31, 2025 and 2024 (in thousands unless otherwise noted):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | |
|  | **2025** | **2024** | <br>**% Chg** |
| Net sales | $610308 | $567561 | 7.5% |
| Cost of goods sold | 350680 | 334080 | 5.0% |
| **Gross profit** | 259628 | 233481 | 11.2% |
| Operating expenses |  |  |  |
| Selling, general and administrative | 183128 | 158323 | 15.7% |
| Restructuring and transaction costs | 7696 | 6007 | 28.1% |
| Related party expense | 1453 | 2390 | (39.2)% |
| **Total operating expenses** | 192277 | 166720 | 15.3% |
| **Operating income** | 67351 | 66761 | 0.9% |
| Other expense |  |  |  |
| Interest expense, net | (12480) | (7822) | 59.5% |
| Other income (expense), net | 7455 | (4721) | (257.9)% |
| **Total other expense, net** | (5025) | (12543) | (59.9)% |
| Income before provision for income taxes | 62326 | 54218 | 15.0% |
| Provision for income taxes | (18187) | (18085) | 0.6% |
| **Net income** | $44139 | $36133 | 22.2% |

---

The following table presents segment data for the years ended December 31, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $543713 | $104904 | $(38309) | $610308 |
| Cost of goods sold | 307056 | 81846 | (38222) | 350680 |
| &nbsp;&nbsp;Gross profit | $236657 | $23058 | $(87) | $259628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $497624 | $105397 | $(35460) | $567561 |
| Cost of goods sold | 287864 | 81631 | (35415) | 334080 |
| &nbsp;&nbsp;Gross profit | $209760 | $23766 | $(45) | $233481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.

#### Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024
*Net sales.* Product segment net sales increased by $46.1 million, or 9.3%, from $497.6 million to $543.7 million for the year ended December 31, 2025 as compared to 2024, primarily due to increases of $49.2 million from the Zircaloy acquisition and $19.0 million from stronger demand for global duty gear products, partially offset by decreases of $15.5 million from EOD and $6.7 million from existing nuclear safety products. Distribution segment net sales decreased by $0.5 million or 0.5%, from $105.4 million to $104.9 million for the year ended December 31, 2025 as compared to 2024, primarily due to decreased agency demand for hard goods. Reconciling items consist primarily of intercompany eliminations.

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*Cost of goods sold.* Product segment cost of goods sold increased by $19.2 million, or 6.7%, from $287.9 million to $307.1 million for the year ended December 31, 2025 as compared to 2024 primarily due to the Zircaloy acquisition, increased volume, and increased costs to manufacture product, partially offset by a decrease in inventory step-up amortization and continuous improvement projects. Product segment gross profit as a percentage of net sales increased by 137 basis points to 43.5% in 2025 from 42.2% in 2024 mainly driven by increased volume, favorable pricing net of material inflation, and a decrease in inventory step-up amortization, partially offset by labor and overhead inflation. Distribution segment cost of goods sold increased by $0.2 million, or 0.3%, from $81.6 million to $81.8 million for the year ended December 31, 2025 as compared to 2024 primarily due to driven by unfavorable mix. Distribution segment gross profit as a percentage of net sales decreased by 57 basis points to 22.0% in 2025 from 22.5% in 2024 mainly driven by unfavorable mix. Reconciling items consist primarily of intercompany eliminations.

*Selling, general and administrative.* SG&A increased by $24.8 million, or 15.7%, for the year ended December 31, 2025 as compared to 2024 primarily due to the Zircaloy acquisition, increased employee compensation and associated benefits, and professional services expenses.

*Restructuring and transaction costs.* Restructuring and transaction costs increased by $1.7 million for the year ended December 31, 2025 as compared to 2024 primarily due to the Zircaloy and TYR acquisitions.

*Related party expense.* Related party expense decreased by $0.9 million for the year ended December 31, 2025 as compared to 2024 and primarily consisted of a $1.0 million fee paid to Kanders & Company, Inc., a company controlled by our Chief Executive Officer, in connection with the acquisition of Zircaloy for the year ended December 31, 2025, and a $1.8 million fee paid to Kanders & Company, Inc. in connection with the acquisition of Alpha Safety for the year ended December 31, 2024, in each case the expense is related to transaction services.

*Interest expense.* Interest expense increased by $4.7 million for the year ended December 31, 2025 as compared to 2024 primarily due to the addition of the incremental debt related to recent acquisitions.

*Other income (expense), net.* Other income, net was $7.5 million for the year ended December 31, 2025 compared to Other expense, net of $4.7 million for the year ended December 31, 2024, primarily due to changes in foreign currency exchange rates.

*Provision for income taxes.* Provision for income taxes increased by $0.1 million for the year ended December 31, 2025 as compared to 2024. The effective tax rate was 29.2% for the year ended December 31, 2025 and was higher than the statutory rate due to state taxes, acquisition related expenses and executive compensation, partially offset by equity-based compensation. For the year ended December 31, 2024, the effective tax rate was 33.4% and was higher than the statutory rate due to state taxes, transaction expenses and executive compensation, partially offset by research and development tax credits.

#### NON-GAAP MEASURES
This Annual Report on Form 10-K includes EBITDA and Adjusted EBITDA, which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. GAAP. EBITDA is defined as net income before depreciation and amortization expense, interest expense and provision for income tax. Adjusted EBITDA represents EBITDA that excludes restructuring and transaction costs, other (income) expense, net, stock-based compensation expense, stock-based compensation payroll tax expense, long-term incentive plan ("LTIP") bonus, amortization of inventory step-up, and contingent consideration expense as these items do not represent our core operating performance.

EBITDA and Adjusted EBITDA are performance measures that we believe are useful to investors and analysts because they illustrate the underlying financial and business trends relating to our core, recurring results of operations and enhance comparability between periods. Adjusted EBITDA is considered by our board of directors and management as an important factor in determining performance-based compensation.

EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP and are not intended to be a substitute for any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly-titled measures of performance of other companies. Investors should exercise caution in comparing our non-GAAP measures to any similarly titled measures used by other companies. These non-GAAP financial measures exclude certain items required by U.S. GAAP and should not be considered as alternatives to information reported in accordance with U.S. GAAP.

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The table below presents our EBITDA and Adjusted EBITDA reconciled to the most directly comparable GAAP financial measures for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>***(in thousands)*** | **2025** | **2024** |
| Net income | $44139 | $36133 |
| &nbsp;&nbsp;Add back: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 18633 | 16420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 12480 | 7822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 18187 | 18085 |
| **EBITDA** | $93439 | $78460 |
| &nbsp;&nbsp;Add back: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transaction costs<sup>(1)</sup> | 8696 | 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net<sup>(2)</sup> | (7455) | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(3)</sup> | 12239 | 8369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation payroll tax expense<sup>(4)</sup> | 1566 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTIP bonus<sup>(5)</sup> |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of inventory step-up<sup>(6)</sup> | 1296 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration expense<sup>(7)</sup> | 1927 | 1185 |
| **Adjusted EBITDA** | $111708 | $104840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the "Restructuring and transaction costs" line item on our consolidated statements of operations and comprehensive income, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a $1.0 million fee paid to Kanders & Company, Inc. for services related to the acquisition of Zircaloy for the year ended December 31, 2025 and fees of $1.8 million and $0.3 million paid to Kanders & Company, Inc. for services related to the acquisition of Alpha Safety and execution of our debt refinancing, respectively, for the year ended December 31, 2024, which are included in related party expense in the Company's consolidated statements of operations and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the "Other income (expense), net" line item on our consolidated statements of operations and comprehensive income and primarily includes transaction gains and losses due to fluctuations in foreign currency exchange rates .

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects compensation expense related to equity classified stock-based compensation plans .

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reflects payroll taxes associated with vested stock-based compensation awards .

&nbsp;&nbsp;&nbsp;&nbsp;(5) Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years .

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects amortization expense related to the step-up inventory adjustment recorded as a result of our recent acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects contingent consideration expense related to the acquisition of ICOR.

Adjusted EBITDA increased by $6.9 million for the year ended December 31, 2025 as compared to 2024, primarily due to recent acquisitions and favorable pricing net of material inflation, partially offset by an increase in selling, general and administrative expenses.

#### LIQUIDITY AND CAPITAL RESOURCES
Liquidity refers to our ability to generate sufficient cash flows to meet the cash requirements of our business operations, including working capital needs, capital expenditures, debt service, acquisitions and other commitments. Our principal sources of liquidity have been cash provided by operating activities, cash on hand and amounts available under our revolving loans and other available borrowings under our existing credit facilities.

For the year ended December 31, 2025, net cash provided from operating activities was $63.7 million and as of December 31, 2025, cash and cash equivalents totaled $122.9 million. We believe that our cash flows from operations and cash on hand, and available borrowing capacity under our existing credit facilities (as described below) will be adequate to meet our liquidity requirements for at least the twelve months following the date of this Annual Report on Form 10-K. Our future capital requirements will depend on several factors, including (i) the timing and extent of capital expenditures, including investments in our manufacturing facilities and

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equipment, (ii) the size and timing of acquisitions and other strategic investments, (iii) the timing of debt service requirements, and (iv) general economic conditions and other factors affecting our business. We could be required, or could elect, to seek additional funding through public or private equity or debt financings; however, additional funds may not be available on terms acceptable to us, if at all. If we raise additional funds through the issuance of equity or convertible debt securities, our existing stockholders may experience dilution, and any new indebtedness could include restrictive covenants that limit our operating flexibility.

#### Debt
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.

*2024 Credit Agreement*

On December 20, 2024 (the "2024 Credit Agreement Closing Date"), the Company refinanced its existing credit facilities and entered into an Amended and Restated Credit Agreement (the "2024 Credit Agreement"), whereby Safariland, LLC, as borrower (the "2024 Borrower"), the Company, and certain domestic subsidiaries of the 2024 Borrower, as guarantors (the "2024 Guarantors"), closed on and received funding under the 2024 Credit Agreement with PNC, as administrative agent, swingline lender, and issuing lender, along with several other lenders (collectively, the "2024 Lenders"). The 2024 Credit Agreement amends and restates the 2021 Credit Agreement in its entirety.

Pursuant to the 2024 Credit Agreement, the 2024 Borrower (i) borrowed $225.0 million under a term loan facility (the "2024 Term Loans"), (ii) may borrow up to $175.0 million under a revolving credit facility (the "2024 Revolving Loan"), including up to $30.0 million for letters of credit and up to $10.0 million for swingline loans, (iii) may borrow up to $115.0 million under a delayed draw term loan A-1 facility (the "DDTL A-1 Facility") available through June 20, 2025, and (iv) may borrow up to $75.0 million under a delayed draw term loan A-2 facility (the "DDTL A-2 Facility") available through June 20, 2026. Each of these facilities matures on December 20, 2029. The proceeds of the 2024 Term Loans were used to refinance the outstanding term loans under the 2021 Credit Agreement and to pay fees and expenses incurred in connection with entering into the 2024 Credit Agreement. The 2024 Credit Agreement also permits the 2024 Borrower, subject to certain requirements, to arrange with lenders for an aggregate of $100.0 million (or more if certain leverage ratios are met) of additional revolving and/or term loan commitments (both of which are currently uncommitted).

The 2024 Borrower may elect to have borrowings under the 2024 Credit Agreement bear interest at either (i) a base rate plus an applicable margin ranging from 0.50% to 1.50% per annum or (ii) a term SOFR rate plus an applicable margin ranging from 1.50% to 2.50% per annum, in each case based on the Company's consolidated total net leverage ratio. The 2024 Borrower is also required to pay a commitment fee on the unused portion of the 2024 Revolving Loan, the DDTL A-1 Facility, and the DDTL A-2 Facility, ranging from 0.175% to 0.25% per annum, based on the Company's consolidated total net leverage ratio.

The 2024 Term Loans require scheduled quarterly principal payments of 1.25% of the original aggregate principal amount, beginning March 31, 2025, with the balance due at maturity.

The 2024 Credit Agreement is guaranteed, jointly and severally, by the 2024 Guarantors and, subject to certain exceptions, secured by a first-priority security interest in substantially all of the assets of the 2024 Borrower and the 2024 Guarantors pursuant to an Amended and Restated Security and Pledge Agreement and an Amended and Restated Guaranty and Suretyship Agreement, each dated as of the 2024 Credit Agreement Closing Date.

The 2024 Credit Agreement contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the 2024 Borrower or any 2024 Guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions, dispositions, and mandatory prepayments in connection with certain liquidity events. Additionally, the 2024 Credit Agreement contains certain restrictive debt covenants, which require us to: (i) maintain a minimum fixed charge coverage ratio of 1.25 to 1.00, starting with the quarter ended December 31, 2024, which is to be determined for each quarter end on a trailing four quarter basis and (ii) maintain a quarterly maximum consolidated total net leverage ratio of 4.00 to 1.00 from the quarter ended December 31, 2024 until the quarter ended March 31, 2026, and thereafter 3.50 to 1.00, which is in each case to be determined on a trailing four quarter basis; provided that under certain circumstances and subject to certain limitations, in the event of a material acquisition, we may temporarily increase the consolidated total net leverage ratio by up to 0.50 to 1.00 for four fiscal quarters following such acquisition, subject to a maximum

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consolidated total net leverage ratio of 4.00 to 1.00. Furthermore, the 2024 Credit Agreement also includes customary events of default, including non-payment of principal, interest, or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payments on other material indebtedness, bankruptcy and insolvency events, material judgments, and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the 2024 Credit Agreement may be accelerated, and the Lenders could foreclose on their security interests in the assets of the Borrower and the Guarantors.

In April 2025, in connection with the Zircaloy acquisition, the Company drew $97.5 million of the $115.0 million available under the DDTL- A-1 Facility. The DDTL- A-1 Facility has the same terms and conditions as the 2024 Term Loan, including such items as interest rate, quarterly amortization payment requirements, and maturity date.

There were no amounts outstanding under the 2024 Revolving Loan or the DDTL A-2 Facility as of December 31, 2025 and 2024. As of March 6, 2026, there was $62.5 million outstanding under the 2024 Revolving Loan.

As of December 31, 2025, the Company was in compliance with all applicable covenants under the 2024 Credit Agreement.

The foregoing description of the 2024 Credit Agreement does not purport to be complete and is qualified in its entirety by reference to [Exhibit 10.1](https://www.sec.gov/Archives/edgar/data/1860543/000110465924131303/tm2431797d1_ex10-1.htm) to our Current Report on Form 8-K filed on December 23, 2024, and is incorporated herein by reference as though fully set forth herein.

*Canadian Credit Facility*

On October 14, 2021, Med-Eng Holdings ULC and Pacific Safety Products Inc., the Company's Canadian subsidiaries, as borrowers (the "Canadian Borrowers"), and Safariland, LLC, as guarantor (the "Canadian Guarantor"), closed on a line of credit pursuant to a Loan Agreement (the "Canadian Loan Agreement") and a Revolving Line of Credit Note (the "Note") with PNC Bank Canada Branch ("PNC Canada"), as lender pursuant to which the Canadian Borrowers may borrow up to CDN$10.0 million under a revolving line of credit (including up to $3.0 million for letters of credit) (the "Revolving Canadian Loan"). The Revolving Canadian Loan matures on July 23, 2026. The Canadian Loan Agreement is guaranteed by the Canadian Guarantor pursuant to a Guaranty and Suretyship Agreement.

The Canadian Borrowers may elect to have borrowings either in United States dollars or Canadian dollars under the Canadian Loan Agreement, which will bear interest at a base rate or SOFR, in each case, plus an applicable margin, in the case of borrowings in United States dollars, or at a Canadian Prime Rate (as announced from time to time by PNC Canada) or a Canadian deposit offered rate ("CDOR") as determined from time to time by PNC Canada in accordance with the Canadian Loan Agreement. The applicable margin for these borrowings will range from 0.50% to 1.50% per annum, in the case of base rate borrowings and Canadian Prime Rate borrowings, and 1.50% to 2.50% per annum, in the case of SOFR borrowings and CDOR borrowings. The Canadian Loan Agreement also requires the Canadian Borrowers to pay (i) an unused line fee on the unused portion of the loan commitments in an amount ranging between 0.175% and 0.25% per annum, based upon the level of the Company's consolidated total net leverage ratio, and (ii) an upfront fee equal to 0.25% of the principal amount of the Note.

There were no amounts outstanding under the Revolving Canadian Loan as of December 31, 2025 and 2024.

The Canadian Loan Agreement also contains customary representations and warranties, and affirmative and negative covenants, including, among others, limitations on additional indebtedness, entry into new lines of business, entry into guarantee agreements, making of any loans or advances to, or investments in, any other person, restrictions on liens on the assets of the Canadian Borrowers and mergers, transfers of assets and acquisitions. The Canadian Loan Agreement and Note also contain customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Canadian Loan Agreement may be accelerated. As of March 6, 2026, there were no amounts outstanding under the Revolving Canadian Loan.

The foregoing description of the Canadian Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the Canadian Loan Agreement, which is exhibit [10.18](https://www.sec.gov/Archives/edgar/data/1860543/000110465921131165/tm2115376d28_ex10-28.htm) to our Annual Report on Form 10-K for the year ended December 31, 2022, and is incorporated herein by reference as though fully set forth herein.

[**Table of Contents**](#TOC)

#### Cash Flows
The following table presents a summary of our cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>**(in thousands)** | **2025** | **2024** |
| Net cash provided by operating activities | $63705 | $31777 |
| Net cash used in investing activities | (96369) | (147426) |
| Net cash provided by (used in) financing activities | 31586 | 152667 |
| Effects of foreign exchange rates on cash, cash equivalents and restricted cash | 1472 | 224 |
| Change in cash, cash equivalents and restricted cash | 394 | 37242 |
| Cash, cash equivalents and restricted cash, beginning of period | 124933 | 87691 |
| Cash, cash equivalents and restricted cash, end of period | $125327 | $124933 |

---

*Net cash provided by operating activities*

During the year ended December 31, 2025, net cash provided by operating activities of $63.7 million resulted primarily from net income of $44.1 million, a $18.6 million add back to net income for depreciation and amortization, a $12.2 million add back to net income for stock-based compensation, a $2.4 million deduction for unrealized foreign exchange transaction gains and a $16.2 million deduction from net income from changes in operating assets and liabilities. Changes in operating assets and liabilities were driven by a $16.4 million decrease in accounts payable and other liabilities, a $3.6 million increase in inventory, and a $4.5 million increase in prepaid expenses and other assets, partially offset by a decrease in accounts receivable of $8.4 million.

During the year ended December 31, 2024, net cash provided by operating activities of $31.8 million resulted primarily from net income of $36.1 million, a $16.4 million add back to net income for depreciation and amortization, a $8.4 million add back to net income for stock-based compensation, a $3.9 million add back for amortization of inventory step-up and a $36.4 million deduction from net income from changes in operating assets and liabilities. Changes in operating assets and liabilities were primarily driven by an increase in accounts receivable of $24.9 million and a decrease in accounts payable and other liabilities of $15.6 million, partially offset by a decrease in inventories of $10.0 million.

*Net cash used in investing activities*

During the year ended December 31, 2025, we used $96.4 million of cash in investing activities, primarily consisting of $89.6 million for the acquisition of Zircaloy and $6.9 million for purchases of property and equipment.

During the year ended December 31, 2024, we used $147.4 million of cash in investing activities, primarily consisting of $141.8 million for the acquisition of ICOR and Alpha Safety and $5.7 million for purchases of property and equipment.

*Net cash provided by (used in) financing activities*

During the year ended December 31, 2025, net cash provided by financing activities of $31.6 million resulted primarily from proceeds from term loans of $97.5 million and proceeds from option exercises of $3.4 million, partially offset by principal payments on term loans of $13.8 million, taxes paid in connection with employee stock transactions of $40.2 million and dividends distributed of $15.4 million.

During the year ended December 31, 2024, net cash provided by financing activities of $152.7 million resulted primarily from proceeds from term loans of $129.4 million and proceeds from the secondary offering, including option exercise, of $91.8 million, partially offset by principal payments on term loans of $43.3 million, payments for debt issuance costs of $3.1 million, taxes paid in connection with employee stock transactions of $5.3 million and dividends distributed of $13.9 million.

[**Table of Contents**](#TOC)

#### Contractual Obligations
The following table summarizes our significant contractual obligations as of December 31, 2025 by period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**(in thousands)** | <br>**Total** | **Less than**<br>**1 year** | <br>**1-3 Years** | <br>**3-5 Years** | **More than**<br>**5 Years** |
| Lease obligations<sup>(1)</sup> | $29975 | $6856 | $9689 | $4888 | $8542 |
| Debt<sup>(2)</sup> | 309095 | 16266 | 32391 | 260438 |  |
| Interest on debt<sup>(3)</sup> | 53542 | 14380 | 26498 | 12664 |  |
| **Total contractual obligations** | $**392612** | $**37502** | $**68578** | $**277990** | $**8542** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes future minimum lease payments required under non-cancelable operating and capital leases.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes scheduled cash principal payments on our debt, excluding interest, original issuance discount and debt issuance costs.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the effect of our interest rate swap and assumes (a) one-month SOFR rate in effect as of December 31, 2025; (b) applicable margins remain constant; (c) only mandatory debt repayments are made; and (d) no refinancing occurs at debt maturity.

#### Off-Balance Sheet Arrangements
We do not engage in off-balance sheet financing arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.

#### Critical Accounting Policies and Significant Judgments and Estimates
Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. Preparation of the financial statements requires us to make judgments, estimates and assumptions that impact the reported amount of net sales and expenses, assets and liabilities and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and when the use of different judgments, estimates and assumptions could have a material impact on our consolidated financial statements. While our significant accounting policies are described in more detail in Note 1 of our consolidated financial statements, we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial statements.

#### Business Combinations
We allocate the purchase price, including our estimate of contingent consideration, of our acquisitions to the assets and liabilities acquired, including identifiable intangible assets, based on their fair values at the date of acquisition. The fair values are primarily based on third-party valuations using our management assumptions that require significant judgments and estimates. The purchase price allocated to intangibles is based on unobservable factors, including but not limited to, projected revenues, expenses, customer attrition rates, royalty rates, and weighted average cost of capital, among others. The weighted average cost of capital uses a market participant's cost of equity and after-tax cost of debt and reflects the risks inherent in the cash flows. The unobservable factors we use are based upon assumptions believed to be reasonable but are subject to estimation uncertainty.

#### Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We have in the past and may in the future be exposed to certain market risks, including fluctuations in interest rates and foreign currency exchange rates, in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial condition or results of operations due to adverse changes in financial market prices and rates. These risks are not significant to our results of operations, but they may be in the future. We do not hold or issue financial instruments for speculative or trading purposes. There have not been material changes in market risk exposures as of December 31, 2025.

[**Table of Contents**](#TOC)

#### Interest rate risk
Changes in interest rates affect the amount of interest expense we are required to pay on our floating rate debt. As of December 31, 2025, we had $308.8 million in outstanding floating rate debt, which bears interest at one-month SOFR (3.72% as of December 31, 2025) plus applicable margin.

We entered into the Swap Agreements to convert a portion of the interest rate exposure on our floating rate debt from variable to fixed and designated them as cash flow hedges. Under the terms of the Swap Agreements, we receive payments based on the 1-month SOFR. A portion of the amount included in accumulated other comprehensive income (loss) is reclassified into interest expense, net as a yield adjustment when interest is either paid or received on the hedged debt. The fair value of our Swap Agreements is based upon Level 2 inputs. We have considered our own credit risk and the credit risk of the counterparties when determining the fair value of our Swap Agreements.

We performed a sensitivity analysis on the principal amount of debt as of December 31, 2025, as well as the effect of our Swap Agreements. Further, in this sensitivity analysis, the change in interest rates is assumed to be applicable for an entire year. On an annual basis, a change of 100 basis points in the applicable interest rate would cause a change in interest expense of $3.1 million on the principal amount of debt and $0.4 million when including the effect of our Swap Agreements.

As of December 31, 2025, we had the following Swap Agreements (in thousands):

---

| | | |
|:---|:---|:---|
| **Effective Date** | **Notional Amount** | **Fixed Rate** |
| September 30, 2021 through July 23, 2026 | $78750 | 0.812% |
| May 31, 2023 through July 23, 2026 | $43125 | 3.905% |
| February 14, 2025 through December 20, 2029 | $37406 | 4.080% |
| April 7, 2025 through December 20, 2029 | $48125 | 3.545% |
| July 31, 2025 through December 20, 2029 | $97500 | 3.449% |

---

During the year ended December 31, 2025, there were no interest rate swap agreements that expired.

**Foreign currency exchange rate risk**

Our operations are geographically diverse and we are exposed to foreign currency exchange risk, primarily the Canadian dollar and Mexican peso, related to our transactions and our subsidiaries' balances that are denominated in currencies other than the U.S. dollar, which is our functional currency.

The Company has entered into forward contracts to hedge forecasted Mexican peso denominated costs associated with our Mexican subsidiary. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities in the consolidated balance sheets. Any changes in the fair value of designated cash flow hedges are recorded in other comprehensive income (loss) and are reclassified from accumulated other comprehensive income (loss) into earnings in the period the hedged item impacts earnings.

Significant currency fluctuations could impact the comparability of our results of operations between periods. A 10% increase or decrease in the value of the Canadian dollar to the U.S. dollar would have caused our reported net sales to increase or decrease by approximately $1.8 million for the year ended December 31, 2025. A 10% increase or decrease in the value of the Canadian dollar to the U.S. dollar would have caused our reported net income to increase or decrease by approximately $0.4 million for the year ended December 31, 2025, excluding unrealized gains or losses from remeasurement. A 10% increase or decrease in the value of the Mexican peso to the U.S. dollar would have caused our reported net income to increase or decrease by approximately $1.9 million for the year ended December 31, 2025, excluding unrealized gains or losses from remeasurement and the impact of cash flow hedges.

[**Table of Contents**](#TOC)

#### Item 8. Financial Statements and Supplementary Data
**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublic) (PCAOB ID 185) | 49 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#ConsolidatedBalanceSheets) | 50 |
| [Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofOperationsandCom) | 51 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofCashFlows) | 52 |
| [Consolidated Statements of Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofEquity) | 53 |
| [Notes to the Consolidated Financial Statements](#NotestoConsolidatedFinancials) | 54 |

---

[**Table of Contents**](#TOC)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors

Cadre Holdings, Inc.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Cadre Holdings, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2014.

Jacksonville, Florida

March 10, 2026

[**Table of Contents**](#TOC)

#### CADRE HOLDINGS, INC.
**Consolidated Balance Sheets**

#### (In thousands, except for share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $122898 | $124933 |
| &nbsp;&nbsp;Restricted cash | 2429 |  |
| &nbsp;&nbsp;Accounts receivable, net  | 110607 | 93523 |
| &nbsp;&nbsp;Inventories | 100263 | 82351 |
| &nbsp;&nbsp;Prepaid expenses | 14574 | 19027 |
| &nbsp;&nbsp;Other current assets | 15095 | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 365866 | 327571 |
| Property and equipment, net  | 78822 | 45243 |
| Operating lease assets | 19778 | 15454 |
| Deferred tax assets, net | 4816 | 4552 |
| Intangible assets, net | 114984 | 107544 |
| Goodwill | 181406 | 148157 |
| Other assets | 4359 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $770031 | $652713 |
| **Liabilities, Mezzanine Equity and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable | $22325 | $29644 |
| &nbsp;&nbsp;Accrued liabilities | 61066 | 46413 |
| &nbsp;&nbsp;Income tax payable | 4838 | 6693 |
| &nbsp;&nbsp;Current portion of long-term debt | 16266 | 11375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 104495 | 94125 |
| Long-term debt | 290987 | 211830 |
| Long-term operating lease liabilities | 15039 | 10733 |
| Deferred tax liabilities | 30058 | 18758 |
| Other liabilities | 11648 | 5752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 452227 | 341198 |
| **Commitments and contingencies (Note 15)** |  |  |
| Mezzanine equity |  |  |
| &nbsp;&nbsp;Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024) |  |  |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;Common stock ($0.0001 par value, 190,000,000 shares authorized, 42,160,656 and 40,607,988 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | 4 | 4 |
| &nbsp;&nbsp;Additional paid-in capital | 282570 | 306821 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 460 | (1389) |
| &nbsp;&nbsp;Accumulated earnings | 34770 | 6079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 317804 | 311515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine equity and shareholders' equity** | $770031 | $652713 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TOC)

#### CADRE HOLDINGS, INC.
**Consolidated Statements of Operations and Comprehensive Income**

***(In thousands, except for share and per share amounts)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Net sales | $610308 | $567561 | $482532 |
| Cost of goods sold | 350680 | 334080 | 281806 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 259628 | 233481 | 200726 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 183128 | 158323 | 140519 |
| &nbsp;&nbsp;Restructuring and transaction costs | 7696 | 6007 | 2192 |
| &nbsp;&nbsp;Related party expense | 1453 | 2390 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 192277 | 166720 | 144207 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 67351 | 66761 | 56519 |
| Other expense |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (12480) | (7822) | (4531) |
| &nbsp;&nbsp;Other income (expense), net | 7455 | (4721) | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (5025) | (12543) | (3595) |
| Income before provision for income taxes | 62326 | 54218 | 52924 |
| Provision for income taxes | (18187) | (18085) | (14283) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $44139 | $36133 | $38641 |
| **Net income per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.08 | $0.90 | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.02 | $0.90 | $1.02 |
| **Weighted average shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 40866776 | 39945982 | 37533818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 43432872 | 40332042 | 37920488 |
| Net income | $44139 | $36133 | $38641 |
| Other comprehensive income: |  |  |  |
| &nbsp;&nbsp;Unrealized holding (losses) gains on derivative instruments, net of tax<sup>(1)</sup> | (284) | 1507 | 775 |
| &nbsp;&nbsp;Reclassification adjustments for gains included in net income, net of tax<sup>(2)</sup> | (2625) | (3261) | (3157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unrealized loss on derivative instruments, net of tax | (2909) | (1754) | (2382) |
| &nbsp;&nbsp;Foreign currency translation adjustments, net of tax<sup>(3)</sup> | 4758 | (269) | 929 |
| Other comprehensive income (loss) | 1849 | (2023) | (1453) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive income, net of tax** | $45988 | $34110 | $37188 |

---

(1) Net of income tax of $95, $501 and $258 for the years ended December 31, 2025, 2024 and 2023, respectively.

(2) Amounts reclassified to net income relate to gains on interest rate swaps and foreign currency hedges and are included in interest expense above. Amounts are net of income tax of $874, $1,089 and $1,052 for the years ended December 31, 2025, 2024 and 2023, respectively.

(3) Net of income tax of $409, $303 and $257 for the years ended December 31, 2025, 2024 and 2023, respectively.

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TOC)

**Consolidated Statements of Cash Flows**

***(In thousands)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| **Cash Flows From Operating Activities:** |  |  |  |
| &nbsp;&nbsp;Net income | $44139 | $36133 | $38641 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 18633 | 16420 | 15737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of original issue discount and debt issue costs | 1321 | 1109 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of inventory step-up | 1296 | 3858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 2388 | (2064) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 12239 | 8369 | 9368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of contingent consideration | 1927 | 1185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Recoveries from) provision for losses on accounts receivable | (108) | 764 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange transaction (gain) loss | (2356) | 1880 | (602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other loss (gain) | 390 | 496 | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of impact of acquisitions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 8363 | (24902) | 6602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (3617) | 10019 | (10223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (4503) | (5866) | (302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | (16407) | (15624) | 14034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 63705 | 31777 | 73209 |
| **Cash Flows From Investing Activities:** |  |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (6856) | (5668) | (6727) |
| &nbsp;&nbsp;Proceeds from disposition of property and equipment | 77 | 55 | 207 |
| &nbsp;&nbsp;Business acquisitions, net of cash acquired | (89590) | (141813) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (96369) | (147426) | (6520) |
| **Cash Flows From Financing Activities:** |  |  |  |
| &nbsp;&nbsp;Proceeds from revolving credit facilities |  | 5500 |  |
| &nbsp;&nbsp;Principal payments on revolving credit facilities |  | (5500) |  |
| &nbsp;&nbsp;Proceeds from term loans | 97500 | 129422 |  |
| &nbsp;&nbsp;Principal payments on term loans | (13823) | (43334) | (10000) |
| &nbsp;&nbsp;Proceeds from insurance premium financing |  |  | 3949 |
| &nbsp;&nbsp;Principal payments on insurance premium financing |  | (2187) | (3973) |
| &nbsp;&nbsp;Payments for debt issuance costs |  | (3105) |  |
| &nbsp;&nbsp;Taxes paid in connection with employee stock transactions | (40227) | (5311) | (2725) |
| &nbsp;&nbsp;Proceeds from exercise of stock options | 3377 |  |  |
| &nbsp;&nbsp;Proceeds from secondary offering, net of underwriter discounts |  | 91776 |  |
| &nbsp;&nbsp;Deferred offering costs |  | (683) |  |
| &nbsp;&nbsp;Dividends distributed | (15448) | (13948) | (12006) |
| &nbsp;&nbsp;Other | 207 | 37 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 31586 | 152667 | (24722) |
| Effect of foreign exchange rates on cash, cash equivalents and restricted cash | 1472 | 224 | 438 |
| Change in cash, cash equivalents and restricted cash | 394 | 37242 | 42405 |
| Cash, cash equivalents and restricted cash, beginning of period | 124933 | 87691 | 45286 |
| Cash, cash equivalents and restricted cash, end of period | $125327 | $124933 | $87691 |
| **Supplemental Disclosure of Cash Flows Information:** |  |  |  |
| &nbsp;&nbsp;Cash paid for income taxes, net  | $24920 | $24207 | $8729 |
| &nbsp;&nbsp;Cash paid for interest | $17842 | $14431 | $10090 |
| **Supplemental Disclosure of Non-Cash Investing and Financing Activities:** |  |  |  |
| &nbsp;&nbsp;Accruals and accounts payable for capital expenditures | $139 | $176 | $234 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

[**Table of Contents**](#TOC)

**Consolidated Statements of Shareholders' Equity**

***(In thousands, except for share amounts)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | <br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (loss)** | <br>**Accumulated**<br>**Earnings (Deficit)** | <br>**Shareholders'**<br>**Equity** |
| Balance, December 31, 2022 | 37332271 | $4 | $206540 | $2087 | $(42741) | $165890 |
| &nbsp;&nbsp;Net income  |  |  |  |  | 38641 | 38641 |
| &nbsp;&nbsp;Dividends declared ($0.08 per share) |  |  |  |  | (12006) | (12006) |
| &nbsp;&nbsp;Stock-based compensation |  |  | 8782 |  |  | 8782 |
| &nbsp;&nbsp;Common stock issued under employee compensation plans | 395837 |  |  |  |  |  |
| &nbsp;&nbsp;Common stock withheld related to net share settlement of stock-based compensation | (142077) |  | (2725) |  |  | (2725) |
| &nbsp;&nbsp;Exercise of stock options | 1405 |  | 33 |  |  | 33 |
| &nbsp;&nbsp;Foreign currency translation adjustments |  |  |  | 929 |  | 929 |
| &nbsp;&nbsp;Change in fair value of derivative instruments |  |  |  | (2382) |  | (2382) |
| Balance, December 31, 2023 | 37587436 | $4 | $212630 | $634 | $(16106) | $197162 |
| &nbsp;&nbsp;Net income  |  |  |  |  | 36133 | 36133 |
| &nbsp;&nbsp;Issuance of common stock in secondary offering, net of underwriter discounts and issuance costs | 2745719 |  | 91093 |  |  | 91093 |
| &nbsp;&nbsp;Dividends declared ($0.0875 per share) |  |  |  |  | (13948) | (13948) |
| &nbsp;&nbsp;Stock-based compensation |  |  | 8372 |  |  | 8372 |
| &nbsp;&nbsp;Common stock issued under employee compensation plans | 423688 |  |  |  |  |  |
| &nbsp;&nbsp;Common stock withheld related to net share settlement of stock-based compensation | (150680) |  | (5311) |  |  | (5311) |
| &nbsp;&nbsp;Exercise of stock options | 1825 |  | 37 |  |  | 37 |
| &nbsp;&nbsp;Foreign currency translation adjustments |  |  |  | (269) |  | (269) |
| &nbsp;&nbsp;Change in fair value of derivative instruments |  |  |  | (1754) |  | (1754) |
| Balance, December 31, 2024 | 40607988 | $4 | $306821 | $(1389) | $6079 | $311515 |
| &nbsp;&nbsp;Net income  |  |  |  |  | 44139 | 44139 |
| &nbsp;&nbsp;Dividends declared ($0.095 per share) |  |  |  |  | (15448) | (15448) |
| &nbsp;&nbsp;Stock-based compensation |  |  | 12599 |  |  | 12599 |
| &nbsp;&nbsp;Common stock issued under employee compensation plans | 2347430 |  |  |  |  |  |
| &nbsp;&nbsp;Common stock withheld related to net share settlement of stock-based compensation | (936424) |  | (40227) |  |  | (40227) |
| &nbsp;&nbsp;Exercise of stock options | 141662 |  | 3377 |  |  | 3377 |
| &nbsp;&nbsp;Foreign currency translation adjustments |  |  |  | 4758 |  | 4758 |
| &nbsp;&nbsp;Change in fair value of derivative instruments |  |  |  | (2909) |  | (2909) |
| Balance, December 31, 2025 | 42160656 | $4 | $282570 | $460 | $34770 | $317804 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Notes to Consolidated Financial Statements**

**(In thousands, except for share amounts)**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SIGNIFICANT ACCOUNTING POLICIES** 

#### Nature of Operations and Basis of Presentation
Cadre Holdings, Inc. (the "Company", "Cadre", "we", "us", and "our"), a Delaware corporation, began operations on April 12, 2012. The Company, headquartered in Jacksonville, Florida, is a global leader in manufacturing and distributing safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. The business operates through manufacturing plants within the U.S., Mexico, Canada, the United Kingdom, Germany, Italy, France, and Lithuania, and sells its products worldwide through its direct sales force, distribution channel and distribution partners, online stores, and third-party resellers.

#### Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP" or "U.S. GAAP") and include the accounts of Cadre Holdings, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

#### Emerging Growth Company
We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or golden parachute arrangements.

In addition, an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies. Therefore, our consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates. We will cease to be an emerging growth company no later than December 31, 2026, the last day of the fiscal year in which the fifth anniversary of our initial public offering occurs. Following that date, we will no longer be entitled to rely on the reduced disclosure and other accommodations available to emerging growth companies.

#### Use of Estimates
The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

#### Fair Value Measurements
The Company follows the guidance of Accounting Standards Codification ("ASC") Topic 820, *Fair Value Measurements and Disclosures,* which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This guidance also establishes the following three-level hierarchy based upon the transparency of inputs to the valuation of an asset or liability on the measurement date:

Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets.

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Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Unobservable inputs that reflect assumptions about what market participants would use in pricing assets or liabilities based on the best information available.

The Company's financial instruments consist principally of cash and cash equivalents (which consist of money market funds), restricted cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, income taxes payable and debt. The carrying amounts of certain of these financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities and income taxes payable approximate their current fair value due to the relatively short-term nature of these accounts.

#### Cash and Cash Equivalents and Restricted Cash
Cash equivalents are defined as highly-liquid, short-term investments having an original maturity of three months or less. Included in cash and cash equivalents are deposits with banks, cash on hand in stores, amounts due from credit card transactions and money market funds. Restricted cash consists of cash balances held by financial institutions as collateral for letters of credit. These balances are reclassified to cash and cash equivalents when the underlying obligation is satisfied. Restricted cash balances expected to become unrestricted during the next twelve months are recorded as current assets. As of December 31, 2025, the Company had $2,944 in outstanding letters of credits that were collateralized by restricted cash.

The following table provides a reconciliation of cash and cash equivalents and restricted cash presented in our consolidated balance sheets to the total cash, cash equivalents and restricted cash presented in our consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
| Cash and cash equivalents | $122898 | $124933 |
| Restricted cash | 2429 |  |
| &nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $125327 | $124933 |

---

#### Accounts Receivable
Trade accounts receivable consists of amounts owed to the Company and is stated net of allowances for known and potential losses. The Company's outstanding accounts receivable balances are exposed to credit risk and valuation allowances are established for estimated losses resulting from non-collection of outstanding amounts due from customers.

The estimate of expected credit losses is based on the Company's historical loss experience, adjusted for current and reasonable and supportable forecasts of economic conditions and other pertinent factors affecting the Company's customers such as known credit risk or industry trends. In addition, specific reserves are established for customer accounts as known collection problems occur due to insolvency, disputes, or other collection issues. The amounts of these specific reserves are estimated by management based on the customer's financial position, the age of the customer's receivables and the reasons for any disputes. The allowance for doubtful accounts is reduced by any write-off of uncollectible customer accounts.

#### Inventories
Inventories are stated at the lower of cost, determined using the first-in, first-out ("FIFO") or average cost methods, or net realizable value. Elements of cost in the Company's manufactured inventories generally include raw materials, direct labor, indirect labor, manufacturing overhead and freight-in. The Company periodically reviews its inventories considering sales forecasts and historical experience to identify excess, close-out, or slow-moving items and makes provisions as necessary to properly reflect inventory value at the lower of cost or net realizable value.

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#### Property and Equipment
Property and equipment, including those acquired under capital lease agreements, is stated at cost less accumulated depreciation and amortization, except for assets acquired using acquisition accounting, which are initially recorded at fair value. Depreciation is computed using the straight-line method over the following estimated useful lives:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buildings and improvements** | 5 to 39 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Furniture and fixtures** | 2 to 10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computer hardware and software** | 3 to 5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery and equipment** | 3 to 8 years |

---

Leasehold improvements are amortized over the lesser of the estimated useful life of the improvement or the life of the lease. Major replacements, which extend the useful lives of property and equipment, are capitalized and depreciated over the remaining useful life of the asset. Normal repair and maintenance items are expensed as incurred.

The recoverability of the carrying amount of property and equipment is assessed when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If it is determined that the carrying amount of an asset or asset group is not recoverable based upon expected undiscounted future cash flows of the asset or asset group, an impairment loss equal to the excess of the carrying amount over the estimated fair value of the asset or asset group is recorded.

#### Cloud Computing Arrangements
The Company capitalizes implementation costs incurred in cloud computing arrangements that are service contracts. The short-term portion of deferred implementation costs is included in prepaid expenses in the consolidated balance sheets, which is the same line as the prepaid hosting fees, while the long-term portion of these deferred costs is included in other assets in the consolidated balance sheets. Capitalized costs are amortized on a straight-line basis over the term of the related hosting agreement, taking into consideration renewal options. Amortization expense is recorded within selling, general, and administrative expenses in the Company's consolidated statements of operations and comprehensive income, which is within the same line item as the related hosting fees. Unamortized deferred implementation costs were $3,758 and $2,075 as of December 31, 2025 and 2024, respectively, of which $943 and $592 was recorded in prepaid expenses for the respective years. The Company recorded amortization expense of $321, $218 and $16 for the years ended December 31, 2025, 2024 and 2023, respectively.

#### Leases
Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised.

Variable lease payments are generally expensed as incurred and include certain non-lease components, such as common area maintenance and other services provided by the lessor, and other charges such as utilities, insurance and property taxes included in the lease. Leases with an initial term of twelve months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Non-lease components are excluded from the right-of-use ("ROU") asset and lease liability present value computations. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

#### Goodwill and Intangible Assets
The Company classifies intangible assets into three categories: i) intangible assets with definite lives subject to amortization, ii) intangible assets with indefinite lives not subject to amortization and iii) goodwill. The Company determines the useful lives of its identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact

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the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis over their useful lives.

The Company tests goodwill and intangible assets determined to have indefinite useful lives for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. The Company performs these annual impairment tests as of October 31<sup>st</sup> each year. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment.

In evaluating goodwill and indefinite-lived intangible assets for impairment, qualitative factors can be considered to determine whether it is more likely than not that the fair value of a reporting unit or intangible asset is less than its respective carrying amount. Some of these qualitative factors may include macroeconomic conditions, industry and market considerations, a change in financial performance, or entity-specific events. If, through this qualitative assessment, the conclusion is made that it is more likely than not that a reporting unit or intangible asset's fair value is less than its respective carrying amount, the Company performs a quantitative analysis to compare the fair value of a reporting unit or intangible asset to its respective carrying value.

If a quantitative analysis is performed, the Company determines the fair value of reporting units based on a combination of the income approach and market approach, weighted based on the circumstances. Under the income approach, the discounted cash flow model determines fair value based on the present value of projected cash flows over a specific projection period and a residual value related to future cash flows beyond the projection period. Both values are discounted using a rate that reflects the Company's best estimate of the weighted average cost of capital of a market participant and is adjusted for appropriate risk factors. The Company performs sensitivity tests with respect to growth rates and discount rates used in the income approach. Under the market approach, valuation multiples are derived based on a selection of comparable companies and acquisition transactions and applied to projected operating data for each reporting unit to arrive at an indication of fair value.

The Company tests definite-lived intangible assets for recoverability when changes in circumstances indicate the carrying value may not be recoverable. Events that trigger a test for recoverability include:

● material adverse changes in projected revenues and expenses;

● significant underperformance relative to historical and projected future operating results;

● significant negative industry or economic trends; and,

● a significant adverse change in the manner in which an asset group is used or in its physical condition.

Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified.

When a triggering event occurs, a test for recoverability is performed by comparing projected undiscounted future cash flows to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group's fair value is measured relying primarily on a discounted cash flow method. An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amount of those assets is depreciated over their remaining useful life. We did not have any events or circumstances indicating impairment of our long-lived assets for the years presented.

#### Revenue Recognition
The Company derives revenue primarily from the sale of physical products. The Company recognizes such revenue at point-in-time when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied by transferring the goods or service to the customer. The performance obligation is considered satisfied when control transfers, which is generally determined when products are shipped or delivered to the customer. Sales are made on normal and customary short-term credit terms or upon delivery for point-of-sale transactions.

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The Company enters into contractual arrangements primarily with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms.

The Company has certain long-term contracts that contain performance obligations that are satisfied over time. The Company invoices the customer once billing milestones are reached and collects under customary short-term credit terms. For long-term contracts, the Company recognizes revenue using the input method based on costs incurred, as this method is an appropriate measure of progress toward the complete satisfaction of the performance obligation. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident.

At the time of revenue recognition, the Company also provides for estimated sales returns and miscellaneous claims from customers as reductions to revenues. The estimates are based on historical rates of product returns and claims. The Company accrues for such estimated returns and claims with an estimated accrual and associated reduction of revenue. Additionally, the Company records inventory that it expects to be returned as part of inventories, with a corresponding reduction to cost of goods sold.

Charges for shipping and handling fees billed to customers are included in net sales and the corresponding shipping and handling expenses are included in cost of goods sold in the accompanying consolidated statements of operations and comprehensive income. We consider our costs related to shipping and handling after control over a product has transferred to a customer to be a cost of fulfilling the promise to transfer the product to the customer.

Sales commissions paid to employees as compensation are expensed as incurred for contracts with service periods less than one year. For contracts with service periods greater than one year, these costs have historically been immaterial and are capitalized and amortized over the life of the contract. Commission costs are recorded in selling, general and administrative expenses in the Company's consolidated statements of operations and comprehensive income.

#### Product Warranty
Some of the Company's manufactured products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company's history of warranty repairs and replacements, and is recorded in cost of goods sold in the Company's consolidated statements of operations and comprehensive income.

The following table sets forth the changes in the Company's accrued warranties, which is recorded in accrued liabilities in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
| Beginning accrued warranty expense | $1760 | $1610 |
| &nbsp;&nbsp;Current period claims | (96) | (647) |
| &nbsp;&nbsp;Provision for current period sales | 408 | 797 |
| Ending accrued warranty expense | $2072 | $1760 |

---

#### Cost of Goods Sold
Cost of goods sold includes raw material purchases, manufacturing-related labor costs, contracted labor, project costs, shipping costs, allocated manufacturing overhead, facility costs, depreciation and amortization, and product warranty costs.

#### Selling, General & Administrative Expenses
Selling, general and administrative expense includes personnel-related costs, including stock-based compensation, professional services, marketing and advertising expense, research and development, and depreciation and amortization.

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#### Advertising Expenses
Advertising costs are expensed in the period incurred. Advertising expenses primarily consist of marketing, promotions, catalog, and trade show expenses and were $6,762, $5,936 and $6,145 for the years ended December 31, 2025, 2024 and 2023, respectively. Advertising expenses are included in selling, general and administrative expenses in the Company's consolidated statements of operations and comprehensive income.

#### Research and Development
Research and development expenses are expensed as incurred and included within selling, general and administrative expenses in the Company's consolidated statements of operations and comprehensive income. Total research and development costs were $11,396, $8,380 and $6,954 for the years ended December 31, 2025, 2024 and 2023, respectively.

***Debt Issuance Costs***

The Company capitalizes costs related to the issuance of debt under the provisions of ASC Subtopic 835-30, *Interest — Imputation of Interest.* Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability and subsequently amortized on a straight-line method which approximates the effective interest method over the life of the related loan. Debt issuance costs related to line-of-credits are presented in the consolidated balance sheets as an asset and subsequently amortized ratably over the term of the respective arrangement. Debt issuance costs related to unfunded delayed draw facilities are presented in the consolidated balance sheets as an asset and amortized ratably over the availability period. If a delayed draw facility is funded, the proportionate amount of unamortized debt issuances costs is reclassed as a direct deduction from the carrying amount of that debt liability and subsequently amortized over the life of the related loan. Amortization of debt issuance costs is included as a component of interest expense in the Company's consolidated statements of operations and comprehensive income.

***Stock-Based Compensation***

The Company records compensation expense for all stock-based awards granted based on the fair value of the award at the time of the grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions and estimates that the Company believes are reasonable. The fair value of restricted stock awards is measured based on the closing market value of the Company's common stock on the date of the grant. For restricted stock awards subject to market conditions, the fair value of each restricted stock award has been estimated as of the date of grant using a Monte-Carlo pricing model. The Company recognizes the cost of the stock-based awards on a straight-line basis over the requisite service period of the award and recognizes forfeitures in the period they occur. Stock options granted have contractual terms of up to ten years. Upon vesting of restricted stock awards, the Company issues shares from those authorized and reserved for issuance.

***Derivatives***

The Company mitigates the impact of changes in interest rates with interest rate swaps and foreign currency transaction risk with forward contracts, both of which are accounted for as designated hedges pursuant to ASC Topic 815, *Derivatives and Hedging* ("ASC 815"). ASC 815 requires that an entity recognize all derivatives as either assets or liabilities on the balance sheet, measure those instruments at fair value and recognize changes in the fair value of derivatives in earnings in the period of change unless the derivative qualifies as a designated cash flow hedge that offsets certain exposures. Certain criteria must be satisfied in order for derivative financial instruments to be classified and accounted for as a cash flow hedge. Changes in the fair value of derivatives that are not elected for hedge accounting treatment are recorded immediately into earnings.

The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if it is determined that designation of the derivative as a hedge instrument is no longer appropriate.

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***Restructuring Costs***

Restructuring costs consist primarily of termination benefits and relocation of employees, termination of operating leases and other contracts related to consolidating or closing facilities. The Company applies the provisions of ASC Topic 420, *Exit or Disposal Cost Obligations* ("ASC 420") and ASC Topic 712, *Nonretirement Postemployment Benefits* ("ASC 712") in the recording of severance costs. Severance costs accounted for under ASC 420 are recognized when management with the proper level of authority commits to a restructuring plan and communicates those actions to employees and other applicable criteria. Severance costs accounted for under ASC 712 are recognized when it is probable that employees are entitled to benefits and the amount could be reasonably estimated. Other exit costs are accounted for under ASC 420 and are either deferred or expensed as incurred based on the nature of the expense.

***Income Taxes***

The Company accounts for income taxes under the provisions of ASC Topic 740, *Income Taxes*. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and are classified as noncurrent in the consolidated balance sheets.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Changes in tax laws and rates could have a material impact on the deferred tax assets and liabilities recorded.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant estimates are used in the evaluation of the need for a valuation allowance including estimates regarding future taxable income. Changes to those estimates could impact management's conclusions regarding the need for valuation allowances on some or all of the deferred tax assets. The Company releases the income tax effects of deferred tax balances that have a valuation allowance from accumulated other comprehensive income once the reason the tax effects were established ceases to exist.

The Company is subject to income taxes in the United States and several foreign jurisdictions. In the United States, the Company files a consolidated income tax return with its domestic subsidiaries. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely than-not threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Further information regarding the Company's tax positions is included in Note 16*, Income Taxes*.

#### Accumulated Other Comprehensive Income (Loss)
Comprehensive income represents all changes in equity of the Company that result from recognized transactions and other economic events during the period. Other comprehensive income (loss) refers to revenues, expenses, gains, and losses that under GAAP are included in comprehensive income but excluded from net income.

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#### Foreign Currency
Translation

Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using the exchange rates in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of unrealized exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are accumulated as the cumulative translation adjustment included in accumulated other comprehensive (loss) income in the consolidated balance sheets.

Transaction

Transactions denominated in foreign currency are recorded at the exchange rate on the date of each transaction. Realized gains and losses on foreign currency transactions are included in other income (expense), net in the consolidated statements of operations and comprehensive income, except on certain intercompany balances which the Company has determined are of a long-term investment nature, which are included in accumulated other comprehensive (loss) income in the consolidated balance sheets. Monetary assets and liabilities are remeasured at the balance sheet date at end-of-period exchange rates. Unrealized gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations and comprehensive income in the period in which they occur.

#### Net Income per Share
Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding during the periods presented. Diluted income per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. The calculation of weighted average shares outstanding and net income per share are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Net income | $44139 | $36133 | $38641 |
| Weighted average shares outstanding - basic | 40866776 | 39945982 | 37533818 |
| Effect of dilutive securities: |  |  |  |
| &nbsp;&nbsp;Stock-based awards | 2566096 | 386060 | 386670 |
| Weighted average shares outstanding - diluted | 43432872 | 40332042 | 37920488 |
| Net income per share: |  |  |  |
| &nbsp;&nbsp;Basic | $1.08 | $0.90 | $1.03 |
| &nbsp;&nbsp;Diluted | $1.02 | $0.90 | $1.02 |

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For the years ended December 31, 2025, 2024, and 2023, equity awards of 644,823, 328,474, and 649,459, respectively, were outstanding and anti-dilutive and therefore not included in the calculation of net income per share for these periods.

#### Risk and Uncertainties
Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and accounts receivable. Risks associated with cash within the United States and foreign countries are mitigated by banking with federally insured, creditworthy institutions, although certain of our cash deposits exceed the federally insured limits. As of December 31, 2025 and 2024, the Company had deposits of $32,462 and $10,002, respectively, at foreign financial institutions.

Accounts receivable are financial instruments that also expose the Company to concentration of credit risk. Such exposure is limited by the large number of customers comprising the Company's customer base and their dispersion across different geographic areas. In addition, the Company routinely assesses the financial strength of its customers and maintains an allowance for doubtful

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accounts that management believes will adequately provide for credit losses. Accordingly, the Company performs ongoing credit evaluations of its customers and maintains allowances for possible losses as considered necessary by management.

#### Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires a public entity to disclose in its rate reconciliation table additional categories of information about federal, state and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. The guidance requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. The Company adopted this standard in the current fiscal year on a prospective basis. See Note 16 for further information.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Comprehensive Income (Topic 220) – Disaggregation of Income Statement Expenses, to improve financial reporting by requiring disclosures in the notes to financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements are able to be applied prospectively with the option for retrospective application. The Company is evaluating the impact the adoption of this guidance will have on its consolidated financial statements and related disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **ACQUISITIONS** 

*Zircaloy Acquisition*

On April 22, 2025, the Company completed the acquisition of Carr's Engineering Limited (excluding Chirton Engineering) and Carr's Engineering (US), Inc. (collectively "Zircaloy"), each a subsidiary of Carr's Group plc.

The acquisition was accounted for as a business combination. Total acquisition-related costs for the acquisition of Zircaloy were $4,520, including $1,000 paid to a related party as discussed in Note 18.

Total consideration, net of cash acquired, was $89,590 for 100% of the equity interests in Zircaloy. The total consideration was as follows:

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| | |
|:---|:---|
| Cash paid | $98895 |
| Less: cash and cash equivalents acquired | (6896) |
| Less: restricted cash acquired | (2409) |
| Total consideration, net | $89590 |

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The following table summarizes the total purchase price consideration and the preliminary amounts recognized for the assets acquired and liabilities assumed, which have been estimated at their fair values. Since our initial purchase price allocation, we have increased goodwill by $7,144 for changes in assumptions used to fair value intangible assets, property, plant and equipment, and current and deferred tax liabilities. The fair value measurements of identifiable assets and liabilities, specifically deferred tax assets and liabilities, and the resulting goodwill related to the Zircaloy acquisition are subject to change and the final purchase price allocation could be different from the amounts presented below. We expect to finalize the valuations as soon as practicable, but no later than one year from the date of the acquisition. The excess of purchase consideration over the assets acquired and liabilities assumed is recorded as goodwill. Goodwill for the Zircaloy acquisition is included in the Product segment and reflects synergies and additional legacy growth and profitability expected from this acquisition through expansion into new markets and customers.

---

| | |
|:---|:---|
| Total consideration, net | $89590 |
| Accounts receivable | $24099 |
| Inventories | 14025 |
| Prepaid expenses and other current assets | 2403 |
| Property and equipment | 34431 |
| Operating lease assets | 5146 |
| Intangible assets | 14400 |
| Goodwill | 30947 |
| &nbsp;&nbsp;Total assets acquired | 125451 |
| Accounts payable | 3028 |
| Accrued liabilities | 16446 |
| Long-term operating lease liabilities | 4564 |
| Deferred tax liabilities | 9208 |
| Other liabilities | 2615 |
| &nbsp;&nbsp;Total liabilities assumed | 35861 |
| Net assets acquired | $89590 |

---

In connection with the acquisition, the Company acquired exclusive rights to Zircaloy's trademarks, customer relationships, and product technologies. The amounts assigned to each class of intangible asset and the related average useful lives are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross** | **Average Useful Life** |
| Customer relationships | $5600 | 17 |
| Technology | 3500 | 13 |
| Trademarks | 5300 | 13 |
| &nbsp;&nbsp;Total | $14400 |  |

---

The full amount of goodwill is expected to be non-deductible for tax purposes. No pre-existing relationships existed between the Company and Zircaloy prior to the acquisition. Zircaloy revenue is included in the Product segment from the date of acquisition and amounted to $49,220 for the year ended December 31, 2025. It is not practical to determine the amount of earnings related to Zircaloy from the date of acquisition. The acquisition is not expected to be material to our operations and consequently we have not included any pro-forma information.

*ICOR Acquisition*

On January 9, 2024, Med-Eng, ULC, a wholly-owned subsidiary of the Company, completed the acquisition of ICOR Technology Inc. ("ICOR"), a trusted global supplier of high-quality, reliable, innovative, and cost-effective explosive ordnance disposal robots.

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Total consideration, net of cash acquired, was $39,282 for 100% of the equity interests in ICOR. The total consideration was as follows:

---

| | |
|:---|:---|
| Cash paid | $40350 |
| Less: cash acquired | (1068) |
| Plus: Contingent consideration | 2226 |
| Total consideration, net | $41508 |

---

The following table summarizes the total purchase price consideration and the amounts recognized for the assets acquired and liabilities assumed, which have been estimated at their fair values. The excess of purchase consideration over the assets acquired and liabilities assumed is recorded as goodwill. Goodwill for the ICOR acquisition is included in the Product segment and reflects synergies and additional legacy growth and profitability expected from this acquisition through expansion into new markets and customers.

---

| | |
|:---|:---|
| Total consideration, net | $41508 |
| Accounts receivable | $2352 |
| Inventories | 8086 |
| Prepaid expenses and other current assets | 612 |
| Property and equipment | 239 |
| Operating lease assets | 1369 |
| Intangible assets | 17200 |
| Goodwill | 18602 |
| &nbsp;&nbsp;Total assets acquired | 48460 |
| Accounts payable | 635 |
| Accrued liabilities | 1455 |
| Long-term operating lease liabilities | 967 |
| Deferred tax liabilities | 3895 |
| &nbsp;&nbsp;Total liabilities assumed | 6952 |
| Net assets acquired | $41508 |

---

In connection with the acquisition, the Company acquired exclusive rights to ICOR's trademarks, customer relationships, and product technologies. The amounts assigned to each class of intangible asset and the related average useful lives are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross** | **Average Useful Life** |
| Customer relationships | $1496 | 10 |
| Technology | 14283 | 10 |
| Trademarks | 1421 | 10 |
| &nbsp;&nbsp;Total | $17200 |  |

---

The full amount of goodwill of $18,602 is expected to be non-deductible for tax purposes.

As part of the ICOR acquisition, the purchase agreement with respect to the acquisition provided for the payment of contingent consideration of up to CDN$8,000 (approximately $5,797 on the acquisition date) based upon future cumulative net sales during the three-year period ended January 9, 2027. Using a Monte-Carlo pricing model, the Company estimated the fair value of the contingent consideration to be $2,225 as of January 9, 2024. Significant unobservable inputs used in the valuation include a discount rate of 6.2% and the probability adjusted net sales during the contingency period. The contingent consideration liability is remeasured at the estimated fair value at the end of each reporting period with the change in fair value recognized within operating income in the

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consolidated statements of operations and comprehensive income for such period. We measure the initial liability and remeasure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements.

As the contingent consideration liability is remeasured to fair value each reporting period, significant increases or decreases in projected sales, discount rates or the time until payment is made could have resulted in a significantly lower or higher fair value measurement. Our determination of fair value of the contingent consideration liabilities could change in future periods based on our ongoing evaluation of these significant unobservable inputs.

The following table summarizes the changes in the contingent consideration liability for the years ended December 31, 2025 and 2024:

---

| | |
|:---|:---|
| Balance, December 31, 2023 | $— |
| &nbsp;&nbsp;ICOR acquisition | 2226 |
| &nbsp;&nbsp;Fair value adjustment | 1185 |
| &nbsp;&nbsp;Foreign currency translation adjustments | (200) |
| Balance, December 31, 2024 | $3211 |
| &nbsp;&nbsp;Fair value adjustment | 1927 |
| &nbsp;&nbsp;Foreign currency translation adjustments | 188 |
| Balance, December 31, 2025 | $5326 |

---

*Alpha Safety Acquisition*

On February 29, 2024, Safariland, LLC, a wholly-owned subsidiary of the Company, completed the acquisition of Alpha Safety Intermediate, LLC ("Alpha Safety"), a provider of highly engineered technical products and services spanning the nuclear value chain.

Total consideration, net of cash acquired, was $102,531 for 100% of the equity interests in Alpha Safety. The total consideration was as follows:

---

| | |
|:---|:---|
| Cash paid | $107138 |
| Less: cash acquired | (4607) |
| Total consideration, net | $102531 |

---

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The following table summarizes the final purchase price consideration and the amounts recognized for the assets acquired and liabilities assumed, which have been estimated at their fair values. The excess of purchase consideration over the assets acquired and liabilities assumed is recorded as goodwill. Goodwill for the Alpha Safety acquisition is included in the Product segment and reflects synergies and additional legacy growth and profitability expected from this acquisition through expansion into new markets and customers.

---

| | |
|:---|:---|
| Total consideration, net | $102531 |
| Accounts receivable | $9189 |
| Inventories | 8527 |
| Prepaid expenses and other current assets | 1889 |
| Property and equipment | 2189 |
| Operating lease assets | 2262 |
| Intangible assets | 57800 |
| Goodwill | 49133 |
| &nbsp;&nbsp;Total assets acquired | 130989 |
| Accounts payable | 1896 |
| Accrued liabilities | 12570 |
| Long-term operating lease liabilities | 1573 |
| Deferred tax liabilities | 12419 |
| &nbsp;&nbsp;Total liabilities assumed | 28458 |
| Net assets acquired | $102531 |

---

In connection with the acquisition, the Company acquired exclusive rights to Alpha Safety's trademarks, customer relationships, and product technologies. The amounts assigned to each class of intangible asset and the related average useful lives are as follows:

---

| | | |
|:---|:---|:---|
|  | **Gross** | **Average Useful Life** |
| Customer relationships | $17900 | 20 |
| Technology | 35200 | 15 |
| Trademarks | 4700 | 10 |
| &nbsp;&nbsp;Total | $57800 |  |

---

The full amount of goodwill of $49,133 is expected to be non-deductible for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **ACCOUNTS RECEIVABLE, NET** 

The following is a reconciliation of the changes in our allowance for doubtful accounts during 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
| Beginning allowance for doubtful accounts | $876 | $635 |
| (Recoveries) provision | (108) | 764 |
| &nbsp;&nbsp;Write-offs | (495) | (523) |
| Ending allowance for doubtful accounts | $273 | $876 |

---

4. 66

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REVENUE RECOGNITION** 

The following tables disaggregate net sales by channel and geography:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| U.S. state and local agencies (a) | $300115 | $298276 | $282318 |
| Commercial | 47159 | 44498 | 42406 |
| U.S. federal agencies | 105998 | 100336 | 57447 |
| International | 148903 | 112342 | 97058 |
| Other | 8133 | 12109 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $610308 | $567561 | $482532 |

---

(a) Includes all Distribution sales

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| United States | $461405 | $455219 | $385474 |
| International | 148903 | 112342 | 97058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $610308 | $567561 | $482532 |

---

Revenue by product is not disclosed, as it is impractical to do so.

*Contract Assets and Liabilities*

Contract assets represent unbilled amounts resulting from certain long-term contracts that contain performance obligations that are satisfied over time. In these contracts, the revenue recognized exceeds the amount billed to the customer. The Company has determined that it has an unconditional right to consideration for these amounts and therefore includes contract assets in accounts receivable, net in the Company's consolidated balance sheets and totaled $17,875 and $9,550 as of December 31, 2025 and 2024, respectively.

Contract liabilities are recorded when customers are billed or remit cash payments in advance of the Company satisfying performance obligations. Contract liabilities are recognized into revenue when the performance obligation is satisfied. Contract liabilities are included in accrued liabilities in the Company's consolidated balance sheets as they are expected to be recognized in revenue within one year. Contract liabilities totaled $12,023 and $7,470 as of December 31, 2025 and 2024, respectively, with $6,159 of the 2024 contract liabilities being recognized in revenue during the year ended December 31, 2025.

*Remaining Performance Obligations*

As of December 31, 2025, we had $72,900 of remaining unfulfilled performance obligations, which included amounts that will be invoiced and recognized in future periods. The remaining performance obligations are limited only to arrangements that meet the definition of a contract under Topic 606, *Revenue from Contracts with Customers*, as of December 31, 2025. We expect to recognize approximately 69% of this balance over the next twelve months and expect the remainder to be recognized in the following two years.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **FAIR VALUE MEASUREMENTS** 

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 consisted of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | **Fair Value** | **Fair Value** | **Fair Value** | | **Fair Value** | **Fair Value** | **Fair Value** |
|  | **Carrying** <br>**Amount** | **Level 1** | **Level 2** | **Level 3** | **Carrying** <br>**Amount** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $84092 | $84092 | $— | $— | $110671 | $110671 | $— | $— |
| &nbsp;&nbsp;Derivative instruments (Note 11) | $1181 | $— | $1181 | $— | $4465 | $— | $4465 | $— |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivative instruments (Note 11) | $1701 | $— | $1701 | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;Contingent consideration (Note 2) | $5326 | $— | $— | $5326 | $3211 | $— | $— | $3211 |

---

There were no transfers of assets or liabilities between levels during the years ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **INVENTORIES** 

The following table sets forth a summary of inventories, stated at lower of cost or net realizable value, as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Finished goods | $31055 | $31209 |
| Work-in-process | 10007 | 8321 |
| Raw materials and supplies | 59201 | 42821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $100263 | $82351 |

---

7. &nbsp;&nbsp;&nbsp;&nbsp;**7.** **PROPERTY AND EQUIPMENT** 

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Land | $9462 | $7522 |
| Building and improvements | 45451 | 24527 |
| Furniture and fixtures | 2428 | 1994 |
| Computer hardware and software | 24829 | 23633 |
| Machinery and equipment | 53597 | 35044 |
| Finance leases | 3012 |  |
| Construction in progress | 3168 | 6907 |
|  | 141947 | 99627 |
| Less accumulated depreciation | (63125) | (54384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $78822 | $45243 |

---

The Company recorded depreciation expense of $9,413, $7,167 and $7,943 for the years ended December 31, 2025, 2024 and 2023, respectively, of which $6,437, $3,957 and $4,590 was included in cost of goods sold in the consolidated statements of operations and comprehensive income for the respective years.

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&nbsp;&nbsp;&nbsp;&nbsp;**8.** **GOODWILL AND OTHER INTANGIBLE ASSETS** 

*Goodwill*

The following table summarizes the changes in goodwill during the years ended December 31, 2025 and 2024 by reporting segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Product** | **Distribution** | **Total** |
| Balance, December 31, 2023 | $79051 | $2616 | $81667 |
| &nbsp;&nbsp;ICOR acquisition | 18980 |  | 18980 |
| &nbsp;&nbsp;Alpha Safety acquisition | 48554 |  | 48554 |
| &nbsp;&nbsp;Measurement period adjustments | 201 |  | 201 |
| &nbsp;&nbsp;Foreign currency translation adjustments | (1245) |  | (1245) |
| Balance, December 31, 2024 | $145541 | $2616 | $148157 |
| &nbsp;&nbsp;Zircaloy acquisition | 23803 |  | 23803 |
| &nbsp;&nbsp;Measurement period adjustments | 7144 |  | 7144 |
| &nbsp;&nbsp;Foreign currency translation adjustments | 2302 |  | 2302 |
| Balance, December 31, 2025 | $178790 | $2616 | $181406 |

---

*Impairment of Goodwill*

No impairment losses were recorded during the years ended December 31, 2025, 2024 and 2023. Gross goodwill and accumulated impairment losses were $188,991 and $7,585, respectively, as of December 31, 2025 and $155,742 and $7,585, respectively, as of December 31, 2024.

*Intangible Assets*

Intangible assets such as certain customer relationships and patents on core technologies and product technologies are amortizable over their estimated useful lives. Certain trade names and trademarks which provide exclusive and perpetual rights to manufacture and sell their respective products are deemed indefinite-lived and are therefore not subject to amortization.

Intangible assets consisted of the following as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Gross** | <br>**Accumulated** <br>**Amortization** | <br>**Net** | **Weighted** <br>**Average** <br>**Useful Life** |
| Definite-lived intangibles: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $112693 | $(73577) | $39116 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 69056 | (20587) | 48469 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradenames | 18045 | (8078) | 9967 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compete agreements | 1037 | (1037) |  | - |
|  | $200831 | $(103279) | $97552 |  |
| Indefinite-lived intangibles: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradenames | 17432 |  | 17432 | Indefinite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $218263 | $(103279) | $114984 |  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | <br>**Gross** | <br>**Accumulated** <br>**Amortization** | <br>**Net** | **Weighted** <br>**Average** <br>**Useful Life** |
| Definite-lived intangibles: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $105060 | $(69118) | $35942 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | 64600 | (15819) | 48781 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradenames | 12596 | (6941) | 5655 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compete agreements | 996 | (996) |  | - |
|  | $183252 | $(92874) | $90378 |  |
| Indefinite-lived intangibles: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradenames | 17166 |  | 17166 | Indefinite |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $200418 | $(92874) | $107544 |  |

---

The Company recorded amortization expense of $9,220, $9,253 and $7,794 for the years ended December 31, 2025, 2024 and 2023, respectively, of which $4,612, $3,962 and $465 was included in cost of goods sold in the consolidated statements of operations and comprehensive income for the respective years.

The estimated amortization expense for definite-lived intangible assets for the next five years and thereafter is as follows:

---

| | |
|:---|:---|
| 2026 | $9326 |
| 2027 | 9145 |
| 2028 | 9145 |
| 2029 | 9043 |
| 2030 | 8330 |
| Thereafter | 52563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $97552 |

---

**9.** &nbsp;&nbsp;&nbsp;&nbsp;**9.** **ACCRUED LIABILITIES** 

Accrued liabilities as of December 31, 2025 and 2024 consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Accrued expenses | $3903 | $5371 |
| Accrued compensation and payroll tax | 26762 | 23762 |
| Accrued interest payable | 159 | 142 |
| Accrued warranties | 2072 | 1760 |
| Contract liabilities and customer credits | 12737 | 4915 |
| Current lease liabilities | 5543 | 4824 |
| Other accrued liabilities | 9890 | 5639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $61066 | $46413 |

---

**10.** 70

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&nbsp;&nbsp;&nbsp;&nbsp;**10.** **DEBT** 

The Company's debt is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Short-term debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of term loan | $16125 | $11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of other | 141 | 125 |
|  | $16266 | $11375 |
| Long-term debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loan | 292688 | 213750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 141 | 251 |
|  | $292829 | $214001 |
| Unamortized debt discount and debt issuance costs | (1842) | (2171) |
| Total long-term debt, net | $290987 | $211830 |

---

The following summarizes the aggregate principal payments of our long-term debt, excluding debt discount and debt issuance costs:

---

| | |
|:---|:---|
| 2026 | $16266 |
| 2027 | 16266 |
| 2028 | 16125 |
| 2029 | 260438 |
| Total principal payments | $309095 |

---

*2024 Credit Agreement*

On December 20, 2024 (the "2024 Credit Agreement Closing Date"), the Company refinanced its existing credit facilities and entered into an Amended and Restated Credit Agreement (the "2024 Credit Agreement"), whereby Safariland, LLC, as borrower (the "2024 Borrower"), the Company, and certain domestic subsidiaries of the 2024 Borrower, as guarantors (the "2024 Guarantors"), closed on and received funding under the 2024 Credit Agreement with PNC, as administrative agent, swingline lender, and issuing lender, along with several other lenders (collectively, the "2024 Lenders"). The 2024 Credit Agreement amends and restates the prior credit agreement in its entirety.

The Company performed an analysis on a creditor-by-creditor basis for debt modifications and extinguishments to determine the appropriate accounting treatment of associated issuance costs. In connection with the refinancing, the Company recorded a loss on debt modification of $139 for the year ended December 31, 2024.

In connection with the 2024 Credit Agreement, the Company paid financing costs totaling $2,759, of which $1,052 related to the Term Loan, $818 related to the Revolving Loan and $888 related to the delayed draw facilities. Total financing costs consisted of $2,293 of fees paid to lenders and $466 of debt issuance costs. Costs incurred in connection with the Term Loan were deferred and recorded as an offset to long-term debt. Costs incurred in connection with the Revolving Loan and delayed draw facilities were deferred and recorded to other current assets and other assets in the Company's consolidated balance sheets.

As of December 31, 2025 and 2024, the Company had unamortized deferred debt costs of $1,842 and $2,171, respectively, included as an offset to debt in the consolidated balance sheets.

There were no amounts outstanding under any revolving loans as of December 31, 2025 and 2024. As of December 31, 2025, there were $1,975 in outstanding letters of credit and $173,025 of availability.

As of December 31, 2025 and 2024, the term loan outstanding principal balance was $308,813 and $225,000 and bore interest at 5.47% and 6.13%, respectively.

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Pursuant to the 2024 Credit Agreement, the 2024 Borrower (i) borrowed $225,000 under a term loan facility (the "2024 Term Loans"), (ii) may borrow up to $175,000 under a revolving credit facility (the "2024 Revolving Loan"), including up to $30,000 for letters of credit and up to $10,000 for swingline loans, (iii) may borrow up to $115,000 under a delayed draw term loan A-1 facility (the "DDTL A-1 Facility") available through June 20, 2025, and (iv) may borrow up to $75,000 under a delayed draw term loan A-2 facility (the "DDTL A-2 Facility") available through June 20, 2026. Each of these facilities matures on December 20, 2029. The proceeds of the 2024 Term Loans were used to refinance the outstanding term loans under the prior credit agreement and to pay fees and expenses incurred in connection with entering into the 2024 Credit Agreement. The 2024 Credit Agreement also permits the 2024 Borrower, subject to certain requirements, to arrange with lenders for an aggregate of $100,000 (or more if certain leverage ratios are met) of additional revolving and/or term loan commitments (both of which are currently uncommitted).

The 2024 Borrower may elect to have borrowings under the 2024 Credit Agreement bear interest at either (i) a base rate plus an applicable margin ranging from 0.50% to 1.50% per annum or (ii) a term SOFR rate plus an applicable margin ranging from 1.50% to 2.50% per annum, in each case based on the Company's consolidated total net leverage ratio. The 2024 Borrower is also required to pay a commitment fee on the unused portion of the 2024 Revolving Loan, the DDTL A-1 Facility, and the DDTL A-2 Facility, ranging from 0.175% to 0.25% per annum, based on the Company's consolidated total net leverage ratio.

The 2024 Term Loans require scheduled quarterly principal payments of 1.25% of the original aggregate principal amount, beginning March 31, 2025, with the balance due at maturity.

The 2024 Credit Agreement is guaranteed, jointly and severally, by the 2024 Guarantors and, subject to certain exceptions, secured by a first-priority security interest in substantially all of the assets of the 2024 Borrower and the 2024 Guarantors pursuant to an Amended and Restated Security and Pledge Agreement and an Amended and Restated Guaranty and Suretyship Agreement, each dated as of the 2024 Credit Agreement Closing Date.

The 2024 Credit Agreement contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the 2024 Borrower or any 2024 Guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions, dispositions, and mandatory prepayments in connection with certain liquidity events. Additionally, the 2024 Credit Agreement contains certain restrictive debt covenants, which require us to: (i) maintain a minimum fixed charge coverage ratio of 1.25 to 1.00, starting with the quarter ended December 31, 2024, which is to be determined for each quarter end on a trailing four quarter basis and (ii) maintain a quarterly maximum consolidated total net leverage ratio of 4.00 to 1.00 from the quarter ended December 31, 2024 until the quarter ended March 31, 2026, and thereafter 3.50 to 1.00, which is in each case to be determined on a trailing four quarter basis; provided that under certain circumstances and subject to certain limitations, in the event of a material acquisition, we may temporarily increase the consolidated total net leverage ratio by up to 0.50 to 1.00 for four fiscal quarters following such acquisition, subject to a maximum consolidated total net leverage ratio of 4.00 to 1.00. Furthermore, the 2024 Credit Agreement also includes customary events of default, including non-payment of principal, interest, or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payments on other material indebtedness, bankruptcy and insolvency events, material judgments, and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the 2024 Credit Agreement may be accelerated, and the Lenders could foreclose on their security interests in the assets of the 2024 Borrower and the Guarantors.

In April 2025, in connection with the Zircaloy acquisition, the Company drew $97,500 of the $115,000 available under the DDTL- A-1 Facility. The DDTL- A-1 Facility has the same terms and conditions as the 2024 Term Loan, including such items as interest rate, quarterly amortization payment requirements, and maturity date

*Canadian Credit Facility*

On October 14, 2021, Med-Eng Holdings ULC and Pacific Safety Products Inc., the Company's Canadian subsidiaries, as borrowers (the "Canadian Borrowers"), and Safariland, LLC, as guarantor (the "Canadian Guarantor"), closed on a line of credit pursuant to a Loan Agreement (the "Canadian Loan Agreement") and a Revolving Line of Credit Note (the "Note") with PNC Bank Canada Branch ("PNC Canada"), as lender pursuant to which the Canadian Borrowers may borrow up to CDN$10,000 under a revolving line of credit (including up to $3,000 for letters of credit) (the "Revolving Canadian Loan"). The Revolving Canadian Loan

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matures on July 23, 2026. The Canadian Loan Agreement is guaranteed by the Canadian Guarantor pursuant to a Guaranty and Suretyship Agreement (the "Canadian Guaranty Agreement").

The Canadian Borrowers may elect to have borrowings either in United States dollars or Canadian dollars under the Canadian Loan Agreement, which will bear interest at a base rate or SOFR, in each case, plus an applicable margin, in the case of borrowings in United States dollars, or at a Canadian Prime Rate (as announced from time to time by PNC Canada) or a Canadian deposit offered rate ("CDOR") as determined from time to time by PNC Canada in accordance with the Canadian Loan Agreement. The applicable margin for these borrowings range from 0.50% to 1.50% per annum, in the case of base rate borrowings and Canadian Prime Rate borrowings, and 1.50% to 2.50% per annum, in the case of SOFR borrowings and CDOR borrowings. The Canadian Loan Agreement also requires the Canadian Borrowers to pay (i) an unused line fee on the unused portion of the loan commitments in an amount ranging between 0.175% and 0.25% per annum, based upon the level of the Company's consolidated total net leverage ratio, and (ii) an upfront fee equal to 0.25% of the principal amount of the Note.

There were no amounts outstanding under the Revolving Canadian Loan as of December 31, 2025 and 2024.

*Fair Value of Debt*

The fair value of our long-term debt obligations equaled the carrying value as of December 31, 2025. The Company classifies its long-term debt within Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **DERIVATIVES** 

#### Interest Rate Swaps
We entered into interest rate swap agreements to hedge forecasted monthly interest rate payments on our floating rate debt. Under the terms of the interest rate swap agreements ("Swap Agreements"), we receive payments based on the 1-month SOFR (3.72% as of December 31, 2025). We had the following Swap Agreements as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Effective Date** | **Notional Amount** | **Fixed Rate** |
| September 30, 2021 through July 23, 2026 | $78750 | 0.812% |
| May 31, 2023 through July 23, 2026 | $43125 | 3.905% |
| February 14, 2025 through December 20, 2029 | $37406 | 4.080% |
| April 7, 2025 through December 20, 2029 | $48125 | 3.545% |
| July 31, 2025 through December 20, 2029 | $97500 | 3.449% |

---

During the year ended December 31, 2025, there were no Swap Agreements that expired.

We designated the Swap Agreements as cash flow hedges. A portion of the amount included in accumulated other comprehensive (loss) income is reclassified into interest expense, net as a yield adjustment as interest is either paid or received on the hedged debt. The fair value of our Swap Agreements is based upon Level 2 inputs. We have considered our own credit risk and the credit risk of the counterparties when determining the fair value of our Swap Agreements.

It is our policy to execute such instruments with creditworthy banks and not to enter into derivative financial instruments for speculative purposes. We believe our interest rate swap counterparty will be able to fulfill their obligations under our agreements, and we believe we will have debt outstanding through the expiration date of the swap agreements such that the occurrence of future cash flow hedges remains probable.

The estimated fair value of our Swap Agreements in the consolidated balance sheets was as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| <br>**Balance Sheet Accounts** | **2025** | **2024** |
| Other current assets | $1181 | $2749 |
| Other assets | $— | $1298 |
| Accrued liabilities | $472 | $— |
| Other liabilities | $1229 | $— |

---

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A cumulative gain, net of tax, of $431 and $2,917 is recorded in accumulated other comprehensive (loss) income as of December 31, 2025 and 2024, respectively.

The amount of gain, net of tax, recognized in other comprehensive income for the years ended December 31, 2025, 2024 and 2023 was $722, $1,821 and $6,444, respectively. There was a gain, net of tax, of $2,626, $3,261 and $618 reclassified from accumulated other comprehensive income (loss) into earnings for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, approximately $652 is expected to be reclassified from accumulated other comprehensive income (loss) into interest expense over the next twelve months.

#### Foreign Currency Hedge
We entered into forward contracts to hedge forecasted Mexican Peso ("MXN") denominated costs associated with our Mexican subsidiary. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities in the consolidated balance sheets. Any changes in the fair value of designated cash flow hedges are recorded in other comprehensive income (loss) and are reclassified from accumulated other comprehensive income (loss) into earnings in the period the hedged item impacts earnings.

As of December 31, 2025, the Company had outstanding contracts with a total notional amount of $125,063 MXN and recognized a cumulative loss, net of tax, in accumulated other comprehensive income (loss) of $125 and $314 as of December 31, 2025 and 2024, respectively.

The Company recognized a gain, net of tax, of $438 and $314 in other comprehensive income (loss) for the years ended December 31, 2025 and 2024, respectively. There was a gain, net of tax, of $1 and $— reclassified from accumulated other comprehensive income (loss) into earnings for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, approximately $125 is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **SHAREHOLDERS' EQUITY** 

#### Secondary Offering
On March 19, 2024, the Company completed a secondary offering in which the Company issued and sold 2,200,000 shares of common stock at a price of $35.00 per share. The Company's net proceeds from the sale of shares were $72,813 after underwriter discounts and commissions, fees and expenses of $4,187.

On April 1, 2024, the underwriters exercised the full amount of their over-allotment option and purchased an additional 545,719 shares of common stock at a price of $35.00 per share, resulting in net proceeds to the Company of $18,280 after underwriter discounts and commissions, fees and expenses of $820.

*Dividends*

On January 21, 2025, the Company announced that its board of directors approved the continuation of a quarterly cash dividend policy of $0.095 per share of the Company's common stock, or $0.38 per share on an annualized basis, representing an increase of 3 cents over the previous annualized dividend of $0.35 per share. The declaration and payment of future quarterly cash dividends is subject to the discretion of and approval of the Company's board of directors. Our cash dividends totaled $15,448, $13,948 and $12,006 for the years ended December 31, 2025, 2024 and 2023, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;**13.** **STOCK-BASED COMPENSATION** 

***2021 Phantom Restricted Share Plan***

The Company maintained a cash-based executive compensation plan for certain employees. The Company's board of directors awarded 1,433,500 interests in the plan ("units"). Each unit represents an unfunded and unsecured right, subject to certain conditions as set forth by the plan. One-third of the units granted to any holder will vest on each of the first, second, and third anniversaries of March 18, 2021 during the term of such holder's employment with the Company. Payment of a holder's vested balance is dependent upon a transaction or series of related transactions constituting a qualifying exit event, as defined by the executive compensation plan.

On March 9, 2022, the Company's board of directors modified the performance condition, specifically the definition of a qualifying exit event. In addition, the board of directors approved the settlement of vested and unvested units in common stock rather than cash, which resulted in a change in classification of the outstanding units from liability to equity. As a result, modification of the units occurred on March 9, 2022 with a grant date fair value of $23.45, the closing stock price of the Company on the date of modification.

Compensation cost related to phantom awards was $0, $552 and $4,371 for the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded in selling, general, and administrative expense. As of December 31, 2024, there were no remaining awards outstanding.

***2021 Stock Incentive Plan***

In November 2021, we adopted the 2021 Stock Incentive Plan (the "2021 Plan"). The 2021 Plan provides for the grant of incentive stock options to our employees and any parent and subsidiary companies' employees, and for the grant of non-statutory stock options, restricted stock, restricted stock units ("RSUs"), stock appreciation rights ("SARs"), performance units, and performance shares to our employees, directors, and consultants and our parent and subsidiary companies' employees and consultants. As of December 31, 2025, 8,692,050 shares of common stock were reserved and available for issuance under the 2021 Plan.

*Performance Awards*

On November 4, 2021, the Company issued and granted to certain employees a total of 2,600,000 RSUs under the 2021 Plan, of which 2,250,000 will vest upon satisfaction of a market condition and 350,000 will vest upon satisfaction of a market and service condition. The market condition was defined as the Fair Market Value (as defined in the Plan) of the Company's common stock shall have equaled or exceeded $40.00 per share for twenty consecutive trading days on or before November 8, 2031. The fair value of the performance awards grant has been estimated as of the date of grant using the Monte-Carlo pricing model with the assumptions below.

---

| | |
|:---|:---|
|  | **2021** |
| Number issued | 2600000 |
| Vesting period | $40.00 stock price target |
| Grant price (per share) | $4.65  |
| Dividend yield | 0.0% |
| Expected volatility | 32.08% |
| Risk-free interest rate | 1.59% |
| Expected term (years) | 5.67 |
| Weighted average fair value (per share) | $4.65 |

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A summary of our performance awards activity for the year ended December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**Shares** | **Weighted Average** <br>**Grant Date**<br>**Fair Value** |
| Outstanding at December 31, 2024 | 2600000 | $4.65 |
| Granted |  |  |
| Vested | (2250000) | 4.65 |
| Forfeited |  |  |
| Outstanding at December 31, 2025 | 350000 | $4.65 |

---

The market condition was satisfied on November 20, 2025, resulting in the acceleration of unrecognized compensation cost related to the portion of performance awards containing a market condition only. The remaining unvested performance awards will be ratably expensed through the explicit service period ending November 8, 2026. Compensation cost related to performance awards was $5,074, $2,138 and $2,132 for the years ended December 31, 2025, 2024 and 2023 and is recorded in selling, general, and administrative expense. As of December 31, 2025, there was $276 of unrecognized compensation cost related to unvested performance awards, which is expected to be recognized over a weighted-average period of 0.9 years.

*Stock Options*

Stock options granted under the 2021 Plan are non-qualified and are granted with an exercise price equal to the market value of the Company's common stock on the date of grant, and vest from one to three years from the date of grant. Stock options are granted with ten-year terms. We recorded compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model uses various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility, and the expected dividend yield.

The fair value of each option grant has been estimated as of the date of grant with the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Number issued | 381220 | 328474 | 395253 |
| Vesting period | 1 - 3 years | 1 - 3 years | 1 - 3 years |
| Grant price (per share) | $32.77 - $34.91 | $34.66  | $20.53  |
| Dividend yield | 1.09% - 1.16% | 1.01% | 1.56% |
| Expected volatility | 28.50% - 28.73% | 28.70% | 31.40% |
| Risk-free interest rate | 3.96% - 4.19% | 4.36% | 3.68% |
| Expected term (years) | 4.68 - 6.00 | 4.68 - 6.00 | 4.68 - 6.00 |
| Weighted average fair value (per share) | $10.88  | $8.13  | $6.34 |

---

A summary of our stock option activity for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Options** | **Weighted** <br>**Average** <br>**Exercise Price** | **Aggregate**<br>**Intrinsic**<br>**Value** | **Weighted Average** <br>**Remaining Contractual**<br>**Life (in years)** |
| Outstanding at December 31, 2024 | 1088108 | $25.81 | $7839 | 8.2 |
| Granted | 381220 | 34.55 |  |  |
| Exercised | (141662) | 23.68 | 2577 |  |
| Forfeited |  |  |  |  |
| Outstanding at December 31, 2025 | 1327666 | $28.55 | $16323 | 7.8 |
| Exercisable at December 31, 2025 | 709898 | $25.31 | $11025 | 7.1 |
| Vested and expected to vest at December 31, 2025 | 1327666 | $28.55 | $16323 | 7.8 |

---

Compensation cost related to stock options was $3,248, $2,841 and $1,619 for the years ended December 31, 2025, 2024 and 2023 and is recorded in selling, general, and administrative expense. As of December 31, 2025, there was $4,096 of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 1.8 years.

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*Restricted Stock Units*

Restricted stock units generally vest in either three equal installments over a three-year period or cliff vest after a three-year period from the date of grant and have a grant date fair value of the Company's closing stock price on the date of grant.

A summary of our RSU activity for the year ended December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**Shares** | **Weighted Average** <br>**Grant Date**<br>**Fair Value** |
| Outstanding at December 31, 2024 | 264555 | $29.11 |
| Granted | 130523 | 34.91 |
| Vested | (88600) | 26.22 |
| Forfeited |  |  |
| Outstanding at December 31, 2025 | 306478 | $32.41 |

---

Compensation cost related to RSUs was $3,913, $2,816 and $1,267 for the years ended December 31, 2025, 2024 and 2023 and is recorded in selling, general, and administrative expense. As of December 31, 2025, there was $5,655 of unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 1.8 years.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **COMPENSATION AND DEFINED CONTRIBUTION PLANS** 

The Company and its wholly owned subsidiaries sponsor Internal Revenue Code Section 401(k) defined contribution plans for the benefit of all full-time and part-time employees. Employees are entitled to make tax-deferred contributions up to the maximum allowed by law of their eligible compensation.

The Company sponsors various other non-U.S. Defined Contribution and Defined Profit-Sharing Plans that are offered by the Company's foreign subsidiaries. Many of these plans were assumed through the Company's acquisitions or are required by local regulatory requirements. The Company may deposit funds for these plans with insurance companies, or into government-managed accounts consistent with local regulatory requirements, as applicable.

Contributions to the plans are made by both the employee and the Company. The Company's contributions to the plans were $4,801, $3,811 and $2,380 for the years ended December 31, 2025, 2024 and 2023, respectively.

*Long-Term Incentive Plan* 

In March 2021, the Company initiated a cash-based long-term incentive plan. Each award granted under the plan shall be eligible to vest in three equal annual installments over a period of three consecutive one-year performance periods, with each installment of the award vesting on the last day of the applicable performance period, subject to the achievement of the performance metrics established by the board of directors for the applicable annual performance period.

Total compensation expense related to this plan was $0, $49 and $860 for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in selling, general and administrative in the Company's consolidated statements of operations and comprehensive income. As of December 31, 2024, there were no remaining awards outstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;**15.** **COMMITMENTS AND CONTINGENCIES** 

*Legal Proceedings*

The Company is also involved in various legal disputes and other legal proceedings and claims that arise from time to time in the ordinary course of business. The Company vigorously defends itself against all lawsuits and evaluates the amount of reasonably possible losses that the Company could incur as a result of these matters. While any litigation contains an element of uncertainty, the Company believes that the reasonably possible losses that the Company could incur in excess of insurance coverage would not have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity.

*Insurance*

The Company has various insurance policies, including product liability insurance, covering risks and in amounts it considers adequate. There can be no assurance that the insurance coverage maintained by the Company is sufficient or will be available in adequate amounts or at a reasonable cost.

*International*

As an international company, we are, from time to time, the subject of investigations related to the Company's international operations, including under U.S. export control laws (such as ITAR), the FCPA and other similar U.S. and foreign laws. To the best of the Company's knowledge, there are not any potential or pending investigations at this time.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **INCOME TAXES** 

Consolidated income from continuing operations before provision for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| U.S. operations | $45085 | $51153 | $49603 |
| Foreign operations | 17241 | 3065 | 3321 |
| Income before provision for income taxes | $62326 | $54218 | $52924 |

---

The provision for income taxes is detailed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Current tax provision: |  |  |  |
| &nbsp;&nbsp;Federal | $6689 | $13458 | $9969 |
| &nbsp;&nbsp;State | 1872 | 3424 | 1811 |
| &nbsp;&nbsp;Foreign | 7238 | 3267 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current provision | 15799 | 20149 | 14493 |
| Deferred tax provision (benefit) : |  |  |  |
| &nbsp;&nbsp;Federal | 3661 | (300) | 1692 |
| &nbsp;&nbsp;State | 698 | (57) | 322 |
| &nbsp;&nbsp;Foreign | (1971) | (1707) | (2224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred provision (benefit) | 2388 | (2064) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for income taxes | $18187 | $18085 | $14283 |

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The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the Company's consolidated financial statements for the year ended December 31, 2025 in accordance with ASU 2023-09:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2025** |
|  | **Amount** | **Percentage** |
| U.S. Federal statutory income tax rate | $13088 | 21.0% |
| State income taxes, net of federal income taxes<sup>(1)</sup> | 2147 | 3.5 |
| Foreign tax effects |  |  |
| &nbsp;&nbsp;Canada: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate differential | 1021 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related contingent consideration | 649 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 261 | 0.4 |
| &nbsp;&nbsp;Other jurisdictions | 357 | 0.6 |
| Effect of cross-border tax laws |  |  |
| &nbsp;&nbsp;Global intangible low taxed income | 278 | 0.5 |
| &nbsp;&nbsp;Other | (25) | (0.1) |
| Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;Executive compensation | 2418 | 3.9 |
| &nbsp;&nbsp;Equity based compensation | (2342) | (3.7) |
| &nbsp;&nbsp;Acquisition related transaction costs | 964 | 1.6 |
| &nbsp;&nbsp;Other | (31) | (0.1) |
| Changes in unrecognized tax benefits | (598) | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tax provision and effective tax rate | $18187 | 29.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) State taxes in California, Florida, Massachusetts and New Jersey make up the majority of the tax effect in this category.

The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the Company's consolidated financial statements for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2024** | **2023** |
| Federal statutory rate | 21.0% | 21.0% |
| Increase (decrease) in income taxes resulting from: |  |  |
| &nbsp;&nbsp;State income taxes, net of federal income taxes | 5.7 | 4.6 |
| &nbsp;&nbsp;Change in valuation allowance |  |  |
| &nbsp;&nbsp;Current year tax credits | (0.7) | (0.7) |
| &nbsp;&nbsp;Difference between foreign and federal tax rate | 0.9 | 0.7 |
| &nbsp;&nbsp;Permanent items | 6.2 | 1.6 |
| &nbsp;&nbsp;Reserve for uncertain tax positions |  |  |
| &nbsp;&nbsp;Other | 0.3 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | 33.4% | 27.0% |

---

The following is a summary of income taxes paid, net of refunds received, by jurisdiction for the year ended December 31, 2025, in accordance with ASU 2023-09:

---

| | |
|:---|:---|
|  | **2025** |
| U.S. Federal | $15736 |
| U.S. State and local | 3125 |
| Foreign |  |
| &nbsp;&nbsp;Canada | 2963 |
| &nbsp;&nbsp;Germany | 1660 |
| &nbsp;&nbsp;Other | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total taxes paid, net of amounts refunded | $24920 |

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Deferred taxes have not been recognized for the excess financial reporting basis over the tax basis of investments of foreign subsidiaries. It is the Company's intent to permanently reinvest the earnings of those foreign subsidiaries in those jurisdictions. It is not practical to determine the amount of any unrecognized deferred tax liability on this item.

Deferred income tax assets and liabilities are determined based on the difference between the financial reporting carrying amounts and tax bases of existing assets and liabilities and operating loss and tax credit carryforwards. The tax effects of temporary differences giving rise to significant components of the Company's deferred income tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Net operating loss and other carry forwards | $5278 | $5684 |
| &nbsp;&nbsp;Accrued liabilities | 6770 | 4676 |
| &nbsp;&nbsp;Reserves and other | 3820 | 4020 |
| &nbsp;&nbsp;263A uniform capitalization costs | 262 | 205 |
| &nbsp;&nbsp;Other deferred tax assets | 4985 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 21115 | 21589 |
| Valuation allowance | (1064) | (1354) |
| &nbsp;&nbsp;Net deferred tax assets | 20051 | 20235 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;Intangibles | (23193) | (20994) |
| &nbsp;&nbsp;Depreciation | (7343) | (3625) |
| &nbsp;&nbsp;Goodwill | (10975) | (9673) |
| &nbsp;&nbsp;Other | (3782) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (45293) | (34441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred income taxes | $(25242) | $(14206) |

---

In assessing the realizability of deferred income tax assets, the Company performs an evaluation of whether it is more likely than not that some portion, or all, of its deferred income tax assets will not be realized. During the course of this evaluation, the Company considers all available positive and negative evidence and if, based upon the weight of available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded. The Company established a valuation allowance of $1,064 and $1,354 as of December 31, 2025 and 2024, respectively, primarily relating to certain net operating loss and tax credit carryforwards that the Company believes are not more likely than not to be realized.

As of December 31, 2025, the Company had state and foreign net operating loss carryforwards with a range of lives from 20 years to indefinite that begin expiring in 2026. As of December 31, 2025, the Company had U.S. federal tax credit carryforwards that expire in 2027.

The total amount of unrecognized benefits on uncertain tax positions that, if recognized, would affect the Company's effective tax rate was $1,460 as of December 31, 2025. A reconciliation of the change in the unrecognized income tax benefit for the years ended December 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** |
| Beginning unrecognized tax benefits | $1977 | $2052 |
| &nbsp;&nbsp;Additions to tax positions of prior years | 81 |  |
| &nbsp;&nbsp;Reductions to tax positions of prior years |  | (75) |
| &nbsp;&nbsp;Reductions for lapse of statute | (598) |  |
| Ending unrecognized tax benefits | $1460 | $1977 |

---

The Company recognizes interest expense and penalties related to unrecognized tax benefits as income tax expense. No amounts representing penalties and interest were recorded as income tax expense during the years ended December 31, 2025, 2024 and 2023. The Company had no interest or penalties accrued in the consolidated balance sheets as of December 31, 2025 and 2024.

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The Company and its subsidiaries file income tax returns in the U.S. federal, various state and local, and certain foreign jurisdictions. As of December 31, 2025, the Company's tax years subsequent to 2017 are subject to examination by tax authorities.

**17.**LEASES

The Company has operating leases for certain manufacturing and office space, retail locations, and equipment and finance leases for certain buildings and equipment. Lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has elected the practical expedient and does not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company's incremental borrowing rate is the rate for collateralized borrowings based on the current economic environment, credit history, credit rating, value of leases, currency in which the lease obligation is satisfied, rate sensitivity, lease term and materiality.

The amount of assets and liabilities related to our leases were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **December 31,**  | **December 31,**  |
|  | <br>**Balance Sheet Accounts** | **2025** | **2024** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;Operating lease assets | Operating lease assets | $19778 | $15454 |
| &nbsp;&nbsp;Finance lease assets | Property and equipment, net | 2751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease assets |  | $22529 | $15454 |
| **Liabilities:** |  |  |  |
| Current: |  |  |  |
| &nbsp;&nbsp;Operating lease liabilities | Accrued liabilities | $5543 | $4824 |
| &nbsp;&nbsp;Finance lease liabilities | Accrued liabilities | 277 |  |
| Long-term: |  |  |  |
| &nbsp;&nbsp;Operating lease liabilities | Long-term operating lease liabilities | 15039 | 10733 |
| &nbsp;&nbsp;Finance lease liabilities | Other liabilities | 2490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities |  | $23349 | $15557 |

---

The components of lease expense are recorded to cost of sales and selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. The components of lease expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | $169 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 112 |  |  |
| Fixed operating lease costs<sup>(1)</sup> | 6603 | 5445 | $3981 |
| Variable operating lease costs | 1953 | 1334 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $8837 | $6779 | $5422 |

---

(1) Includes short-term leases, which are immaterial.

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The weighted average remaining lease term and weighted average discount rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Weighted average remaining lease term (years): |  |  |
| &nbsp;&nbsp;Operating leases | 5.9 | 3.1 |
| &nbsp;&nbsp;Finance leases | 27.2 |  |
| Weighted average discount rate: |  |  |
| &nbsp;&nbsp;Operating leases | 3.72% | 3.14% |
| &nbsp;&nbsp;Finance leases | 5.34% |  |

---

The estimated future minimum lease payments under leases as of December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Finance Leases** | **Operating Leases** |
| 2026 | $450 | $6406 |
| 2027 | 396 | 5038 |
| 2028 | 396 | 3859 |
| 2029 | 367 | 2783 |
| 2030 | 386 | 1352 |
| Thereafter | 3985 | 4557 |
| Total future lease payments | 5980 | 23995 |
| Less: Amount representing interest  | (3213) | (3413) |
| Present value of lease liabilities | $2767 | $20582 |

---

Supplemental cash flow information related to leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Operating cash flows - operating leases | $6845 | $5266 |
| &nbsp;&nbsp;Financing cash flows - finance leases | $272 | $— |
| Right-of-use assets obtained in exchange for lease liabilities: |  |  |
| &nbsp;&nbsp;Operating leases | $11371 | $10044 |
| &nbsp;&nbsp;Finance leases | $2873 | $— |

---

**18.**RELATED PARTY TRANSACTIONS

The Company incurred the following expenses from Kanders & Company, Inc., a company controlled by Warren Kanders, our Chief Executive Officer, for transaction-related services including strategic planning, market and financial analysis, operational reviews, regulatory and compliance review, and post-closing integration support. These expenses are included in related party expense in the Company's consolidated statements of operations and comprehensive income for the respective year.

For the year ended December 31, 2025, $1,000 for services related to the acquisition of Zircaloy.

For the year ended December 31, 2024, $250 for services related to the execution of our debt refinancing and $1,750 for services related to the acquisition of Alpha Safety

For the year ended December 31, 2023, $1,000 for services related to the acquisition of ICOR.

[**Table of Contents**](#TOC)

**19.**SEGMENT DATA

Our segment disclosure is intended to provide the users of our consolidated financial statements with a view of the business that is consistent with management of the Company.

Our operations are comprised of two operating and reportable segments: Product and Distribution. The Product segment is comprised of components that manufacture and sell products, while the Distribution segment is comprised of our business that serves as a one-stop shop for law enforcement agencies that sells goods produced by the Product segment, as well as other third-party products. Segment information is consistent with how the chief operating decision maker ("CODM"), our chief executive officer, reviews the business, makes investing and resource allocation decisions and assesses operating performance. The CODM evaluates segment performance and decides how to allocate resources based on segment gross profit. The CODM is not regularly provided asset information or operating expenses by segment as that information is not available.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $543713 | $104904 | $(38309) | $610308 |
| Cost of goods sold | 307056 | 81846 | (38222) | 350680 |
| &nbsp;&nbsp;Gross profit | $236657 | $23058 | $(87) | $259628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $497624 | $105397 | $(35460) | $567561 |
| Cost of goods sold | 287864 | 81631 | (35415) | 334080 |
| &nbsp;&nbsp;Gross profit | $209760 | $23766 | $(45) | $233481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $410825 | $102371 | $(30664) | $482532 |
| Cost of goods sold | 233937 | 78335 | (30466) | 281806 |
| &nbsp;&nbsp;Gross profit | $176888 | $24036 | $(198) | $200726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.

**20. SUBSEQUENT EVENTS**

In January 2026, the Company completed the acquisition of TYR Tactical, LLC ("TYR") and certain real property owned by an affiliate of TYR for approximately $174,000. The purchase consideration was comprised of $150,000 of cash and $24,000 of Cadre common stock, subject to finalization of normal working capital adjustments.

The acquisition will be accounted for using the acquisition method of accounting whereby the acquired assets and liabilities of TYR will be recorded at their respective fair values and added to those of the Company, including an amount for goodwill representing the difference between the acquisition consideration and the fair value of the identifiable net assets. Results of operations of TYR will be included in the operations of the Company beginning on the closing date. As of the date of the filing of this Form 10-K, the initial purchase price allocation has not been prepared as there has not been sufficient time to complete the related analyses.

Also in January 2026, in connection with the acquisition of TYR, the Company drew $62,500 on the 2024 Revolving Loan.

[**Table of Contents**](#TOC)

#### Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

#### Item 9A. Controls and Procedures
**Evaluation of Disclosure Controls and Procedures**

The Company's management carried out an evaluation, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, its principal executive officer and principal financial officer, respectively, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025. Such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in reports the Company file or submit under the Exchange Act is (i) recorded, processed, summarized, evaluated and reported, as applicable, within the time periods specified in the SEC's rules and forms, and (ii) accumulated and communicated to the appropriate management on a basis that permits timely decisions regarding disclosure. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures as of December 31, 2025 were effective.

**Management's Report on Internal Control Over Financial Reporting**

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company's internal control over financial reporting includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As required by Section 404 of the Sarbanes-Oxley Act of 2002, management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in *Internal Control-Integrated Framework (2013)*.

On April 22, 2025, the Company completed the acquisition of Zircaloy. Management excluded Zircaloy from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, because it was impracticable to conduct an assessment of Zircaloy's internal control over financial reporting within the required timeframe. Zircaloy's combined financial statements constitute 12% of total assets (excluding goodwill and intangible assets, which are included within the assessment) and 8% of total sales of the consolidated financial statement amounts as of and for the year ended December 31, 2025.

Based on our assessment and those criteria, management concluded that the Company maintained effective internal control over financial reporting as of December 31, 2025.

[**Table of Contents**](#TOC)

#### Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

#### Limitations on Effectiveness of Controls and Procedures
Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls can prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There are inherent limitations in all control systems, including the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of one or more persons. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential conditions. Because of the inherent limitations in any control system, misstatements due to error or fraud may occur and not be detected.

#### Item 9B. Other Information
During the three month period ended December 31, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K, nor did the Company during such three month period ended December 31, 2025 adopt or terminate any "Rule 10b5-1 trading arrangement".

#### Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Not applicable.

#### PART III

#### Item 10. Directors, Executive Officers, and Corporate Governance
Information concerning the executive officers of the Company required by this item is incorporated and made part hereof by reference to the material appearing under the heading "Executive Officers" in the Company's Proxy Statement for the 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission, pursuant to Regulation 14A, no later than 120 days after the end of the fiscal year (the "Proxy Statement for the 2026 Annual Meeting of Stockholders"). References in this Part III to headings in the Proxy Statement for the 2026 Annual Meeting of Stockholders are intended to refer to such headings or similar captions. Information concerning directors of the Company required by this item is incorporated and made part hereof by reference to the material appearing under the heading "Election of Directors" in the Proxy Statement for the 2026 Annual Meeting of Stockholders. Information concerning the Audit Committee of the Company's Board of Directors, and its financial expert required by this item is incorporated and made part hereof by reference to the material appearing under the heading "Governance of the Company– Audit Committee" in the Proxy Statement for the 2026 Annual Meeting of Stockholders. Information concerning the Compensation Committee of the Company's Board of Directors is incorporated and made part hereof by reference to the material appearing under the heading "Governance of the Company– Compensation Committee" in the Proxy Statement for the 2026 Annual Meeting of Stockholders. Information regarding the Nominating/Corporate Governance Committee required by this item is incorporated and made part hereof by reference to the material appearing under the heading "Governance of the Company– Nominating/Corporate Governance Committee" in the Proxy Statement for the 2026 Annual Meeting of Stockholders. Information regarding the ability of stockholders to communicate with the Board of Directors is incorporated and made part hereof by reference to the material appearing under the heading "Communications with Directors" in the Proxy Statement for the 2026 Annual Meeting of Stockholders. Information regarding compliance with Section 16(a) of the Exchange Act required by this item is incorporated and made part hereof by reference to the material appearing under the heading "Section 16(a) Beneficial Ownership Reporting Compliance" in the Proxy Statement for the 2026 Annual Meeting of Stockholders.

[**Table of Contents**](#TOC)

The Company has adopted a Code of Business Conduct and Ethics that applies to all of its directors and employees, including the chief executive officer, chief financial officers, and all senior financial officers of the Company and its subsidiaries, including the principal financial officer, principal accounting officer, controller and internal audit staff of the Company and its subsidiaries. In addition, such officers are also subject to the Code of Ethics for Senior Executive Officer and Senior Financial Officers. These documents may be accessed at www.cadre-holdings.com, our Internet website, at the tab "Governance" under the section called "Governance Documents." The Company intends to disclose future amendments to, or waivers from, certain provisions of its codes of conduct, if any, on the above website within five business days following the date of such amendment or waiver.

We intend to post all required disclosures concerning any amendments to or waivers from, our Code of Business Conduct and Code of Ethics for Senior Executive Officer and Senior Financial Officers on our website. The Company does not intend to incorporate the contents of our website into this Annual Report on Form 10-K.

The Company has an Insider Trading Policy governing the purchase, sale and other dispositions of its securities by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations and New York Stock Exchange listing standards. The Insider Trading Policy is filed with this Form 10-K as Exhibit 19.1 and is incorporated herein by reference.

#### Item 11. Executive Compensation
Information required by this item is incorporated and made part hereof by reference to the material appearing under the headings "Director Summary Compensation Table," "Discussion of Director Compensation," "Involvement in Certain Legal Proceedings", "Anti-Hedging Policy", "Summary Compensation Table", "Narrative Disclosure to Summary Compensation Table", and "Outstanding Equity Awards at 2025 Year End" in the Proxy Statement for the 2026 Annual Meeting of Stockholders.

#### Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information required by this item is incorporated and made part hereof by reference to the material appearing under the headings "Beneficial Ownership of Certain Beneficial Owners and Management" and "Equity Compensation Plan Information" in the Proxy Statement for the 2026 Annual Meeting of Stockholders.

#### Item 13. Certain Relationships and Related Transactions, and Director Independence
Information required by this item is incorporated and made part hereof by reference to the material appearing under the headings "Certain Relationships and Related Transactions" and "Governance of the Company– Director Independence" in the Proxy Statement for the 2026 Annual Meeting of Stockholders.

#### Item 14. Principal Accountant Fees and Services
Information required by this item is incorporated and made part hereof herein by reference to the material appearing under the heading "Independent Registered Public Accounting Firm" in the Proxy Statement for the 2026 Annual Meeting of Stockholders.

[**Table of Contents**](#TOC)

#### Part IV

#### Item 15. Exhibits and Financial Statement Schedules

#### Financial Statements, Financial Statement Schedules and Exhibits

#### (a)(1) The Financial Statements. The Financial Statements of the Company are included in Item 8 above.
**(a)(2) Financial Statement Schedules. No schedules are included because the required information is inapplicable, not required or are presented in the financial statements or the related notes thereto.** 

#### (a)(3) The following Exhibits are hereby filed as part of this Annual Report on Form 10-K:

[**Table of Contents**](#TOC)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **ExhibitNumber** | **Description** |
| 2.1 | [Unit Purchase Agreement, by and among Alpha Safety Holdings, LLC, Alpha Safety Intermediate, LLC, Cadre Holdings, Inc. and Safariland, LLC, dated February 16, 2024 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on February 23, 2024).](https://www.sec.gov/Archives/edgar/data/1860543/000110465924027033/tm246903d1_ex2-1.htm) |
| 2.2 | [Share Purchase Agreement, by and among, Cadre Holdings, Inc., Zircaloy Holdings, LLC and Carr's Group Plc, dated January 15, 2025 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on January 21, 2025).](https://www.sec.gov/Archives/edgar/data/1860543/000110465925004898/tm253828d1_ex2-1.htm) |
| 2.3 | [Share Purchase Agreement dated December 22, 2023, by and among 1000694376 Ontario Inc., Hany Guirguis, 2491189 Ontario Inc., the Guirguis Family Trust, Alexander Grant, 2491191 Ontario Inc., the Grant Family Trust, Kenneth Molnar, 2491190 Ontario Inc. and the Molnar Family Trust (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed December 29, 2023).](https://www.sec.gov/Archives/edgar/data/1860543/000110465923130479/tm2333719d1_ex2-1.htm) |
| 2.4 | [Securities Purchase Agreement, by and among Cadre Holdings, Inc., Safariland, LLC and RG Beck AZ, Inc., dated as of October 28, 2025 (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed November 3, 2025).](https://www.sec.gov/Archives/edgar/data/1860543/000110465925105558/tm2529948d1_ex2-1.htm) |
| 2.5 | [Amendment No. 1 to Securities Purchase Agreement, by and among Cadre Holdings, Inc., Safariland, LLC, and RG Beck AZ, Inc., dated as of January 29, 2026 (incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed February 2, 2026).](https://www.sec.gov/Archives/edgar/data/1860543/000110465926008994/tm264600d1_ex2-2.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-1 filed on July 12, 2021).](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 8, 2024).](https://www.sec.gov/Archives/edgar/data/1860543/000110465924115878/tm2427935d1_ex3-1.htm) |
| 4.1 | See Exhibits [3.1](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex3-1.htm) and [3.2](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex3-2.htm) for provisions of the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of the Company defining rights of the holders of Common Stock of the Company. |
| 10.01 | [2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.15 to the Company's Registration Statement on Form S-1 filed on July 12, 2021). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex10-15.htm) |
| 10.02 | [Form of Option Agreement under the 2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement on Form S-1 filed on July 12, 2021). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex10-16.htm) |
| 10.03 | [Form of Stock Award Agreement under the 2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company's Registration Statement on Form S-1 filed on July 12, 2021). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex10-17.htm) |
| 10.04 | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10.18 to the Company's Registration Statement on Form S-1 filed on July 12, 2021).](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex10-18.htm) |
| 10.05 | [Employment Agreement between Cadre Holdings, Inc. and Warren B. Kanders, dated as of July 9, 2021 (incorporated by reference to Exhibit 10.19 to the Company's Registration Statement on Form S-1 filed on July 12, 2021). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465921091236/tm2115376d6_ex10-19.htm) |
| 10.6 | [First Amendment to Employment Agreement between Cadre Holdings, Inc. and Warren B. Kanders, dated September 1, 2021 (incorporated by reference to Exhibit 10.25 to Amendment No. 3 to the Company's Registration Statement on Form S-1 filed on September 13, 2021). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465921114793/tm2115376d26_ex10-25.htm) |
| 10.7 | [Employment Agreement between Cadre Holdings, Inc. and Brad Williams, dated as of January 24, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 27, 2025). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465925006329/tm254519d1_ex10-1.htm) |
| 10.8 | [Employment Agreement between Cadre Holdings, Inc. and Blaine Browers, dated as of January 24, 2025 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on January 27, 2025). +](https://www.sec.gov/Archives/edgar/data/1860543/000110465925006329/tm254519d1_ex10-2.htm) |
| 10.9 | [Credit Agreement, dated July 23, 2021, by and among Cadre Holdings, Inc., certain of its domestic subsidiaries, as guarantors, PNC Bank, National Association, as administrative agent, and the several lenders from time to time party](https://www.sec.gov/Archives/edgar/data/1860543/000110465921096126/tm2115376d9_ex10-22.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
|  | [thereto (incorporated by reference to Exhibit 10.22 to Amendment No. 1 to the Company's Registration Statement on Form S-1 filed on July 27, 2021).](https://www.sec.gov/Archives/edgar/data/1860543/000110465921096126/tm2115376d9_ex10-22.htm) |
| 10.10 | [First Amendment to Credit Agreement, dated August 20, 2021, by and among Cadre Holdings, Inc., certain of its domestic subsidiaries, as guarantors, PNC Bank, National Association, as administrative agent, and the several lenders from time to time party thereto (incorporated by reference to Exhibit 10.24 to Amendment No. 3 to the Company's Registration Statement on Form S-1 filed on September 13, 2021).](https://www.sec.gov/Archives/edgar/data/1860543/000110465921114793/tm2115376d26_ex10-24.htm) |
| 10.11 | [Second Amendment to Credit Agreement, dated December 14, 2022, by and among Cadre Holdings, Inc., certain of its domestic subsidiaries, as guarantors, PNC Bank, National Association, as administrative agent, and the several lenders from time to time party thereto (incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K filed March 15, 2023).](https://www.sec.gov/Archives/edgar/data/1860543/000155837023003915/cdre-20221231xex10d17.htm) |
| 10.12 | [Third Amendment to Credit Agreement, dated May 31, 2023, by and among Cadre Holdings, Inc., certain of its domestic subsidiaries, as guarantors, PNC Bank, National Association, administrative agent, and the several lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed August 8, 2023).](https://www.sec.gov/Archives/edgar/data/1860543/000155837023013955/cdre-20230630xex10d1.htm) |
| 10.13 | [Incremental Facility Amendment to Credit Agreement and Guaranty Joinder, dated as of March 1, 2024, by and among Safariland, LLC, the New Subsidiaries party thereto, the other Guarantors party thereto, the Lenders party thereto, and PNC bank, National Association, as Administrative Agent, Swingline Loan Lender and an Issuing Lender (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 6, 2024).](https://www.sec.gov/Archives/edgar/data/1860543/000110465924031464/tm247781d1_ex10-1.htm) |
| 10.14 | [Amended and Restated Credit Agreement, dated as of December 20, 2024, by and among, Safariland, LLC, the Guarantors party thereto, the Lenders party thereto and PNC Bank, National Association, as Administrative Agent, Swingline Loan Lender and an Issuing Lender (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 23, 2024).](https://www.sec.gov/Archives/edgar/data/1860543/000110465924131303/tm2431797d1_ex10-1.htm) |
| 10.15 | [Loan Agreement, dated as of October 14, 2021, by and among Med-Eng Holdings ULC and Pacific Safety Products Inc., as borrowers, and PNC Bank Canada Branch, as lender (incorporated by reference to Exhibit 10.28 to Amendment No. 4 to the Company's Registration Statement on Form S-1 filed on October 28, 2021).](https://www.sec.gov/Archives/edgar/data/1860543/000110465921131165/tm2115376d28_ex10-28.htm) |
| 10.16 | [Cadre Holdings, Inc. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 5, 2025).+](https://www.sec.gov/Archives/edgar/data/1860543/000110465925056881/tm2517192d1_ex10-1.htm) |
| 19.1\* | [Cadre Holdings, Inc. Insider Trading Policy.](cdre-20251231xex19d1.htm) |
| 21.1\* | [Subsidiaries of the Company.](cdre-20251231xex21d1.htm) |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm.](cdre-20251231xex23d1.htm) |
| 31.1\* | [Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cdre-20251231xex31d1.htm) |
| 31.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](cdre-20251231xex31d2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](cdre-20251231xex32d1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](cdre-20251231xex32d2.htm) |
| 97.1 | [Cadre Holdings, Inc. Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K filed on March 12, 2024).](https://www.sec.gov/Archives/edgar/data/1860543/000155837024002995/cdre-20231231xex97d1.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |

---

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101. PRE\* Inline XBRL Taxonomy Extension Presentation Linkbase Document. <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

\* Filed herewith

\*\* Furnished herewith

+ Indicates management contract or compensatory plan

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#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 10, 2026.

---

| | |
|:---|:---|
| CADRE HOLDINGS, INC. | CADRE HOLDINGS, INC. |
| By: | /s/ Blaine Browers |
|  | Blaine Browers |
|  | *Chief Financial Officer* |
|  | *(Principal Financial Officer and*<br>*Principal Accounting Officer)* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on March 10, 2026 by the following persons on behalf of the registrant and in the capacities indicated:

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Warren B. Kanders | Chief Executive Officer |
| Warren B. Kanders | (Principal Executive Officer) |
| /s/ Blaine Browers | Chief Financial Officer |
| Blaine Browers | (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Hamish Norton | Director |
| Hamish Norton |  |
| /s/ Gianmaria C. Delzanno | Director |
| Gianmaria C. Delzanno |  |
| /s/ William Quigley | Director |
| William Quigley |  |
| /s/ Deborah A. DeCotis | Director |
| Deborah A. DeCotis |  |

---

## Exhibit 19.1

**Exhibit 19.1**

![Graphic](cdre-20251231xex19d1001.jpg)

#### Cadre Holdings, Inc. Policy on Insider Trading
This Insider Trading Policy (the "**Policy**") describes the standards of Cadre Holdings, Inc. and its subsidiaries (the "**Company**") on trading, and causing the trading of, the Company's securities or securities of certain other companies while in possession of material nonpublic information. This Policy is divided into two parts: the first part prohibits trading in certain circumstances and applies to all directors, officers and employees of the Company and their respective "immediate family members," and the second part imposes special additional trading restrictions and applies to all (i) members of the board of directors of Cadre Holdings, Inc., (ii) executive officers of Cadre Holdings, Inc. (together with members of the board of directors of Cadre Holdings, Inc., "**Company Insiders**"), (iii) (a) officers and employees of Cadre Holdings, Inc. at the level of Vice President and above, (b) the Company's employees involved in the accounting and financial reporting functions of the Company, and/or (c) employees of the Company that report directly to any of the Company Insiders (collectively, "**Covered Persons**") and (iv) certain other employees that the Company may designate from time to time as "Covered Persons" because of their position, responsibilities or their actual or potential access to material nonpublic information.

One of the principal purposes of the federal securities laws is to prohibit so-called "insider trading." Simply stated, insider trading occurs when a person uses material nonpublic information obtained through involvement with the Company to make decisions to purchase, sell, gift or otherwise trade the Company's securities or the securities of certain other companies or to provide that information to others outside the Company. The prohibitions against insider trading apply to trades, tips and recommendations by virtually any person, including all persons associated with the Company, if the information involved is "material" and "nonpublic." These terms, as well as "immediate family member," are defined in this Policy under Part I, Section 3 below. The prohibitions would apply to any director, officer or employee who buys or sells securities on the basis of material nonpublic information that he or she obtained about the Company, its customers, suppliers, partners, competitors or other companies with which the Company has contractual relationships or may be negotiating transactions.

&nbsp;&nbsp;**PART I**<br>

**1. Applicability**

This Policy applies to all trading or other transactions in (i) the Company's securities, including common stock, options and any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as well as to derivative securities relating to any of the Company's securities, and (ii) the securities of certain other companies, including common stock, options and other securities issued by those companies as well as derivative securities relating to any of those companies' securities, where the person trading used material nonpublic information obtained while working for the Company.

This Policy applies to all employees, officers and members of the board of directors of the Company and their respective immediate family members.

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![Graphic](cdre-20251231xex19d1001.jpg)

**2. General Policy: No Trading or Causing Trading While in Possession of Material Nonpublic Information**

**(a)** No director, officer or employee or any of their immediate family members may purchase or sell, or offer to purchase or sell, any Company security, while in possession of material nonpublic information about the Company. (The terms "**material**" and "**nonpublic**" are defined in Part I, Section 3(a) and (b) below.)

**(b)** No director, officer or employee or any of their immediate family members who knows of any material nonpublic information about the Company may communicate that information to "**tip**" any other person, including family members and friends, or otherwise disclose such information.

**(c)** No director, officer or employee or any of their immediate family members may purchase or sell any security of any other company while in possession of material nonpublic information that was obtained in the course of his or her involvement with the Company. No director, officer or employee or any of their immediate family members who knows of any such material nonpublic information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information.

**(d)** For compliance purposes, you should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that you have reason to believe is material and nonpublic unless you first consult with, and obtain the advance approval of, the Compliance Officer (which is defined in Part I, Section 3(c) below).

**(e) Company Insiders and** Covered Persons must "pre-clear" all trading in securities of the Company in accordance with the procedures set forth in Part II, Section 1 below.

**3. Definitions**

**(a) Material.** Insider trading restrictions come into play only if the information you possess is "**material**." Materiality, however, involves a relatively low threshold. Information is generally regarded as "material" if it has market significance, that is, if its public dissemination is likely to affect the market price of securities, or if it otherwise is information that a reasonable investor would want to know before making an investment decision.

Information dealing with the following subjects is reasonably likely to be found material in particular situations:

(i) significant changes in the Company's prospects;

(ii) significant write-downs in assets or increases in reserves;

(iii) developments regarding significant litigation or government agency investigations;

(iv) liquidity problems;

(v) changes in earnings estimates or unusual gains or losses in major operations;

(vi) major changes in the Company's management or the board of directors;

(vii) changes in dividends;

(viii) extraordinary borrowings;

(ix) major changes in accounting methods or policies;

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![Graphic](cdre-20251231xex19d1001.jpg)

(x) award or loss of a significant contract;

(xi) cybersecurity risks and incidents, including vulnerabilities and breaches;

(xii) changes in debt ratings;

(xiii) proposals, plans or agreements, even if preliminary in nature, involving mergers, acquisitions, divestitures, recapitalizations, strategic alliances, licensing arrangements, or purchases or sales of substantial assets; and

(xiv) offerings of Company securities.

Material information is not limited to historical facts but may also include projections and forecasts. With respect to a future event, such as a merger, acquisition or introduction of a new product, the point at which negotiations or product developments are determined to be material is determined by balancing the probability that the event will occur against the magnitude of the effect the event would have on a company's operations or stock price should it occur. Thus, information concerning an event that would have a large effect on stock price, such as a merger, may be material even if the possibility that the event will occur is relatively small. When in doubt about whether particular nonpublic information is material, you should presume it is material. **If you are unsure whether information is material, you should either (i) consult the Compliance Officer before making any decision to disclose such information (other than to persons who need to know it) or to trade based on such information, or (ii) assume that the information is material.**

**(b) Nonpublic.** Insider trading prohibitions come into play only when you possess information that is material and "**nonpublic**." The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public" the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information about the Company, you must wait until the opening of business on the third trading day after the information was publicly disclosed before you can treat the information as public.

Nonpublic information may include:

(i) information available to a select group of analysts or brokers or institutional investors;

(ii) undisclosed facts that are the subject of rumors, even if the rumors are widely circulated; and

(iii) information that has been entrusted to the Company on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information (normally two trading days).

**As with questions of materiality, if you are not sure whether information is considered public, you should either consult with the Compliance Officer or assume that the information is nonpublic and treat it as confidential.**

**(c) Compliance Officer.** The Company has appointed the Vice President, Legal & Compliance, as the Compliance Officer for this Policy. The duties of the Compliance Officer include, but are not limited to, the following:

(i) assisting with implementation and enforcement of this Policy;

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![Graphic](cdre-20251231xex19d1001.jpg)

(ii) circulating this Policy to all directors, officers and employees and ensuring that this Policy is amended as necessary to remain up-to-date with insider trading laws;

(iii) pre-clearing all trading in securities of the Company by Company Insiders and Covered Persons in accordance with the procedures set forth in Part II, Section 1 below; and

(iv) providing approval of any Rule 10b5-1 plans under Part I, Section 4(c) below.

**(d) Immediate Family Members.** For purposes of this Policy, "**immediate family member**" means a director's, officer's and/or employee's respective child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and any person (other than a tenant or employee) in each such case sharing the household of such director, officer and/or employee.

**4. Blackout Periods**

All Company Insiders and Covered Persons are prohibited from trading in the Company's securities during blackout periods as defined below.

**(a) Quarterly Blackout Periods.** Trading in the Company's securities is prohibited during the period beginning on the seventh day prior to the end of each fiscal quarter and ending upon the opening of business on the third trading day following the date the Company's financial results are publicly disclosed by the filing of the Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K with the Securities and Exchange Commission (the "**SEC**"). During these periods, Company Insiders and Covered Persons possess or are presumed to possess material nonpublic information about the Company's financial results.

**(b) Other Blackout Periods.** From time to time, other types of material nonpublic information regarding the Company (such as negotiation of mergers, acquisitions or dispositions, investigation and assessment of cybersecurity incidents or new product developments) may be pending and not be publicly disclosed. While such material nonpublic information is pending, the Company may impose special blackout periods during which any designated directors, officers and/or employees of the Company under this Policy are prohibited from trading in the Company's securities. If the Company imposes a special blackout period, it will notify any directors, officers and/or employees that are affected.

**(c) Exception.** These trading restrictions do not apply to transactions under a pre-existing written plan, contract, instruction, or arrangement under Rule 10b5-1 under the Securities Exchange Act of 1934 (an "**Approved 10b5-1 Plan**") that meet the following requirements:

(i) it has been reviewed and approved by the Compliance Officer at least five days in advance of being entered into (or, if revised or amended, such proposed revisions or amendments have been reviewed and approved by the Compliance Officer at least five days in advance of being entered into);

(ii) it provides that no trades may occur thereunder until expiration of the applicable cooling-off period specified in Rule 10b5-1(c)(ii)(B). For Company Insiders, the cooling-off period ends on the later of (x) ninety days after adoption or certain modifications of the 10b5-1 plan; or (y) the opening of the third business day following disclosure of the Company's financial results in a Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the SEC for the quarter in which the 10b5-1 plan was adopted, but in any event not to exceed 120 days after adoption of

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![Graphic](cdre-20251231xex19d1001.jpg)

the plan. For all Covered Persons and other employees, the cooling-off period ends 30 days after adoption or modification of the 10b5-1 plan. This required cooling-off period will apply to the entry into a new 10b5-1 plan and any revision or modification of a 10b5-1 plan;

(iii) it is entered into in good faith, and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1, at a time when the applicable director, officer and/or employee is not in possession of material nonpublic information about the Company; and, the 10b5-1 plan must include representations by the applicable director, officer and/or employee certifying to that effect;

(iv) it gives a third party the discretionary authority to execute such purchases and sales, outside the control of the applicable director, officer and/or employee, so long as such third party does not possess any material nonpublic information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions; and

(iv) it is the only outstanding Approved 10b5-1 Plan entered into by the applicable director, officer and/or employee (subject to the exceptions set out in Rule 10b5-1(c)(ii)(D)).

**No Approved 10b5-1 Plan may be adopted and/or amended during a blackout period**.

If any director, officer and/or employee is considering entering into, modifying or terminating an Approved 10b5-1 Plan or have any questions regarding Approved Rule 10b5-1 Plans, please contact the Compliance Officer. You should consult your own legal and tax advisors before entering into, or modifying or terminating, an Approved 10b5-1 Plan. A trading plan, contract, instruction or arrangement will not qualify as an Approved 10b5-1 Plan without the prior review and approval of the Compliance Officer as described above.

**5. Trading Window**

All directors, officers and/or employees of the Company are permitted to trade in the Company's securities when no blackout period is in effect, provided that they are not then in possession of material nonpublic information. **Generally, this means that all directors, officers and/or employees of the Company as well as any of their immediate family members can trade during the period beginning on the opening of the third trading day following the filing of the Company's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K with the SEC and ending on the seventh day before the end of the third month of the quarter to shut the window before the results of such quarter are released**. This means that you cannot trade, either directly or indirectly, through family members (as well as other members of your household) or other persons or entities, the Company's securities outside of these trading windows.

However, even during this trading window, any director, officer and/or employee of the Company as well as any of their immediate family members who is in possession of any material nonpublic information should not trade in the Company's securities until the information has been made publicly available for at least two trading days or is no longer material. In addition, the Company may close this trading window if a special blackout period under Part I, Section 4(b) above is imposed and will re-open the trading window once the special blackout period has ended.

**6. Exception for Certain Exercises of Stock Options and ESPP Purchases**

The trading restrictions of this Policy do not apply to: (a) the exercise of stock options granted under the Company's 2021 Stock Incentive Plan for cash or through the delivery of previously

------

![Graphic](cdre-20251231xex19d1001.jpg)

owned Company stock, or (b) purchases of shares under the Company's Employee Stock Purchase Plan (the "ESPP") resulting from periodic contributions made in accordance with elections made at the time of enrollment in the ESPP. This Policy also does not apply to purchases of shares resulting from lump-sum contributions to the ESPP, provided that the participant elected lump-sum payment at the beginning of the applicable enrollment period. However, this Policy does apply to a participant's election to participate, cease participation, or otherwise alter participation in the ESPP. In addition, the sale of any shares issued upon the exercise of Company-granted stock options, any cashless exercise of such options, and/or the sale of shares acquired under the ESPP is subject to the trading restrictions under this Policy.

**7. Violations of Insider Trading Laws**

Penalties for trading on or communicating material nonpublic information can be severe, both for individuals involved in such unlawful conduct and their employers and supervisors, and may include jail terms, criminal fines, civil penalties and civil enforcement injunctions. Given the severity of the potential penalties, compliance with this Policy is absolutely mandatory.

**(a) Legal Penalties.** A person who is convicted of violating insider trading laws by engaging in transactions in a company's securities when he or she has material nonpublic information can be sentenced to a substantial jail term and required to pay a criminal penalty of several times the amount of profits gained or losses avoided.

In addition, a person who tips others may also be liable for transactions by the tippees to whom he or she has disclosed material nonpublic information. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large penalties even when the tipper did not profit from the transaction.

The SEC can also seek substantial civil penalties from any person who, at the time of an insider trading violation, "directly or indirectly controlled the person who committed such violation," which would apply to the Company and/or management and supervisory personnel. These control persons may be held liable for fines, including fines based on a multiple of the amount of the profits gained or losses avoided. Even for violations that result in a small or no profit, the SEC can seek penalties from a company and/or its management and supervisory personnel as control persons.

**(b) Company-Imposed Penalties.** A person who violates this Policy may be subject to disciplinary action by the Company, including dismissal for cause. Any exceptions to the Policy, if permitted, may only be granted by the Compliance Officer and must be provided before any activity contrary to the above requirements takes place.

**8.** **Acknowledgment and Certification**

All Company Insiders and Covered Persons are required to sign the attached acknowledgment and certification.

**9. Inquiries**

If you have any questions regarding any of the provisions of this Policy, please contact the Compliance Officer.

&nbsp;&nbsp;**PART II**<br>

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![Graphic](cdre-20251231xex19d1001.jpg)

#### 1 . Pre-Clearance of Securities Transactions
**(a)** Because Company Insiders and Covered Persons are likely to obtain material nonpublic information on a regular basis, the Company requires all such persons to refrain from trading, even during a trading window under Part I, Section 5 above, without first pre-clearing all transactions in the Company's securities.

**(b)** Subject to the exemption in subsection (d) below, no Company Insider or Covered Person may, directly or indirectly, purchase or sell any Company security at any time without first obtaining prior approval from the Compliance Officer. These procedures also apply to transactions by such person's spouse, other persons living in such person's household and minor children and to transactions by entities over which such person exercises control.

**(c)** The Compliance Officer shall record the date each request is received and the date each request is approved or disapproved. Unless revoked, a grant of permission will normally remain valid until the close of trading 30 days following the day on which it was granted, or if earlier, the commencement of a blackout period. If the transaction does not occur during such period, pre-clearance of the transaction must be re-requested. Please note that there is no obligation on the part of the Compliance Officer to approve a transaction submitted for pre-clearance. If your pre-clearance and permission to engage in a transaction is denied, then you must refrain from initiating any transaction involving the Company's securities.

**(d)** Pre-clearance is not required for purchases and sales of securities under an Approved 10b5-1 Plan once the applicable cooling-off period has expired. No trades may be made under an Approved 10b5-1 Plan until the expiration of the applicable cooling-off period. With respect to any purchase or sale under an Approved 10b5-1 Plan, the third-party effecting transactions on behalf of the Company Insider and Covered Person should be instructed to send duplicate confirmations of all such transactions to the Compliance Officer. Further, pre-clearance is not required for purchases under the ESPP resulting from periodic contributions made in accordance with elections made at the time of enrollment in the ESPP.

**(e) No Company Insider may make gifts of any Company security at any time without first providing written notice to the Compliance Officer. This notice requirement also applies to gifts by such person's spouse, other persons living in such person's household and minor children and to transactions by entities over which such person exercises control.**

**2. Prohibited Transactions**

**(a)** Company Insiders are prohibited from trading in the Company's equity securities during a blackout period imposed under an "individual account" retirement or pension plan of the Company, during which at least 50% of the plan participants are unable to purchase, sell or otherwise acquire or transfer an interest in equity securities of the Company, due to a temporary suspension of trading by the Company or the plan fiduciary.

**(b)** Company Insiders who purchase and/or sell the Company's securities may not engage in an opposite transaction (selling or purchasing) in the Company's securities of the same class for at least six months after their initial purchase and/or sale of such securities, except in connection with the exercise and sale of options and the underlying stock under a shareholder approved stock incentive plan.

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![Graphic](cdre-20251231xex19d1001.jpg)

**(c) Company Insiders and** Covered Persons, including any person's spouse, other persons living in such person's household and minor children and entities over which such person exercises control, are prohibited from engaging in the following transactions in the Company's securities:

(i) selling the Company's securities short;

(ii) buying or selling puts or calls or other derivative securities on the Company's securities; and

(iii) entering into hedging or monetization transactions or similar arrangements or contracts which may have short selling features to them (e.g. forward sales contracts) with respect to Company securities without the approval of the Executive Chairman of the Board or the Chairman's designee.

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]*

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## Exhibit 21.1

**EXHIBIT 21.1** 

**SUBSIDIARIES OF CADRE HOLDINGS, INC.** 

The following are subsidiaries of Cadre Holdings, Inc. as of December 31, 2025 and the jurisdictions in which they are organized.

---

| | |
|:---|:---|
| **Company** | **State or Jurisdiction of Incorporation/Organization** |
| Safariland, LLC | Delaware |
| Safariland Global Sourcing, LLC | Delaware |
| Horsepower, LLC | Delaware |
| Sencan Holdings, LLC | Delaware |
| Med-Eng, LLC | Delaware |
| Atlantic Tactical, Inc. | Pennsylvania |
| GH Armor Systems Inc. | Delaware |
| Defense Technology, LLC | Delaware |
| Safariland Distribution, LLC | Delaware |
| United Uniform Distribution, LLC | Delaware |
| Safariland Internacional S.A. de C.V. | Mexico |
| The Safariland Group Hong Kong Limited | Hong Kong |
| The Safariland Group Nederland B.V. | Netherlands |
| UAB Safariland Lithuania | Lithuania |
| The Safariland Group SPRL | Belgium |
| Med-Eng Holdings ULC | British Columbia |
| Pacific Safety Products Inc. | Canada |
| TSG UK Investment Holdings Limited | England and Wales |
| Safariland UK Holding Limited | England and Wales |
| Safariland UK Ltd. | England and Wales |
| LBA International Limited | England and Wales |
| SenCan Limited | England and Wales |
| TSG Italy Investment Holdings S.r.l. | Italy |
| Radar Leather Division S.r.l. | Italy |
| Cyalume Technologies, Inc. | Delaware |
| CT SAS Holdings, Inc. | Delaware |
| Cyalume Technologies SAS | France |
| ICOR Technology, Inc. | Canada |
| Alpha Safety Intermediate, LLC | Delaware |
| NucFil, LLC | Colorado |
| Pajarito Scientific Corporation | Delaware |
| NFT-EPD, LLC | Colorado |
| Pajarito Scientific Security Corporation | New Mexico |
| Pajarito Scientific Corporation, Canada | Canada |
| Pajarito Scientific Corporation UK LTD | England and Wales |
| Zircaloy Holdings, LLC | Delaware |
| Zircaloy Engineering US, Inc. | Delaware |
| NuVision Engineering, Inc. | Pennsylvania |
| Bendalls Engineering Limited | England and Wales |

---

------

---

| | |
|:---|:---|
| NW Total Engineered Solutions Limited | England and Wales |
| Wälischmiller Engineering GmbH | Germany |

---

------

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (No. 333-261813) on Form S-8, (No. 333-288034) on Form S-8, and (No. 333-271328) of Form S-3 of our report dated March 10, 2026, with respect to the consolidated financial statements of Cadre Holdings, Inc.

---

| |
|:---|
| &nbsp;&nbsp;/s/ KPMG LLP |
| &nbsp;&nbsp;Jacksonville, Florida |
| &nbsp;&nbsp;March 10, 2026 |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, Warren B. Kanders, certify that:

1. I have reviewed this Annual Report on Form 10-K of Cadre Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 10, 2026 | By: | /s/ Warren B. Kanders |
|  | Name: | Warren B. Kanders |
|  | Title: | Chief Executive Officer  |
|  |  | (Principal Executive Officer) |

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------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Blaine Browers, certify that:

1. I have reviewed this Annual Report on Form 10-K of Cadre Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 10, 2026 | By: | /s/ Blaine Browers |
|  | Name: | Blaine Browers |
|  | Title: | Chief Financial Officer  |
|  |  | (Principal Financial Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Cadre Holdings, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Warren B. Kanders, Chief Executive Officer, certify to my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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|:---|:---|:---|
| 2<br>|  |  |
| Date: March 10, 2026 | By: | /s/ Warren B. Kanders |
|  | Name: | Warren B. Kanders |
|  | Title: | Chief Executive Officer  |
|  |  | (Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Cadre Holdings, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Blaine Browers, Chief Financial Officer, certify to my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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| | | |
|:---|:---|:---|
| Date: March 10, 2026 | By: | /s/ Blaine Browers |
|  | Name: | Blaine Browers |
|  | Title: | Chief Financial Officer  |
|  |  | (Principal Financial Officer) |

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