Cadre Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with net sales reaching $567.6 million, a 17.6% increase from $482.5 million in 2023. The company's net income, however, decreased to $36.1 million from $38.6 million in the previous year, attributed to rising selling, general, and administrative expenses, acquisition-related costs, and lower productivity due to cybersecurity incidents. Adjusted EBITDA also saw an increase, rising to $104.8 million from $85.8 million, reflecting the impact of recent acquisitions and operational improvements.
The company made notable strategic moves during the year, including the acquisition of ICOR Technology Inc. for $40.4 million and Alpha Safety Intermediate, LLC for $107.1 million. These acquisitions are expected to enhance Cadre's product offerings and market reach, particularly in the explosive ordnance disposal and nuclear safety sectors. The company also completed a secondary offering in March 2024, raising approximately $72.8 million, which will support its growth initiatives.
Operationally, Cadre Holdings reported an increase in its orders backlog, which rose to $128.8 million from $126.7 million in the previous year. This growth was primarily driven by acquisitions, although there were reductions in backlog for certain product categories due to large orders delivered in 2024. The company maintained a diverse customer base, with no single customer accounting for more than 10% of total revenue, and it continues to expand its international presence, serving clients in over 100 countries.
Looking ahead, Cadre Holdings expressed optimism about its growth trajectory, supported by strong demand for its safety equipment products driven by modernization and replacement cycles. The company plans to leverage its recent acquisitions and enhance its product development capabilities to capture additional market share. However, it also acknowledged potential risks, including fluctuations in government funding and ongoing cybersecurity threats, which could impact future performance. The company remains committed to maintaining its operational efficiency and profitability while navigating these challenges.
About Cadre Holdings, Inc.
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