Cadre Holdings Stock Earnings Reports

Cadre reported solid Q1 2026 results and reiterated full-year guidance. Q1 net sales were $155.4 million, up 19% year-over-year, and orders backlog reached a record $355 million (including a $108 million organic increase from Q4), driven in part by an $87 million, 7‑year blast attenuation seat contract with General Dynamics. Management reaffirmed 2026 guidance: net sales $736–$758 million and adjusted EBITDA $136–$141 million (implying ~20%+ growth at the midpoints) and expects organic revenue growth of ~3–5% for the year. Cadre completed two acquisitions in 2026 (Tier/TYR Tactical platform in January and Alien Gear Holsters for $10.3 million in April), continues to pursue disciplined M&A, and plans to use free cash flow for dividends, deleveraging and additional acquisitions. Financial position: net leverage just under 3x (falling to <2.5x when annualized including Tier), improving margins expected through the year as mix and scale shift to higher‑margin projects, and Q2 revenue expected around $178 million with ~17.5% adjusted EBITDA margin. Key near‑term risks/observations: softness in company‑owned distribution (discretionary third‑party products), mix headwinds in Armor and Nuclear in the quarter, and ongoing uncertainty on the plutonium down‑blending program. Management emphasized durable demand driven by defense/public‑safety tailwinds and a long‑term view on nuclear spending shifts toward defense-related applications.