$CDRE

Cadre Holdings, Inc.

CIK:0001860543|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Net sales

$ 207,126

$ 157,109

$ 362,555

$ 287,215

Cost of goods sold

119,991

92,860

215,254

166,835

Gross profit

87,135

64,249

147,301

120,380

Operating expenses

Selling, general and administrative

63,220

45,129

112,053

86,882

Restructuring and transaction costs

1,453

3,326

3,295

4,024

Related party expense

1,109

2,000

1,237

Total operating expenses

64,673

49,564

117,348

92,143

Operating income

22,462

14,685

29,953

28,237

Other expense

Interest expense, net

(5,019)

(3,590)

(9,290)

(5,821)

Other (expense) income, net

(529)

6,114

(918)

7,401

Total other expense, net

(5,548)

2,524

(10,208)

1,580

Income before provision for income taxes

16,914

17,209

19,745

29,817

Provision for income taxes

(5,507)

(4,998)

(6,363)

(8,358)

Net income

$ 11,407

$ 12,211

$ 13,382

$ 21,459

Net income per share:

Basic

$ 0.27

$ 0.3

$ 0.31

$ 0.53

Diluted

$ 0.26

$ 0.3

$ 0.31

$ 0.52

Weighted average shares outstanding:

Basic

42,809,646

40,661,955

42,684,595

40,640,433

Diluted

43,391,188

40,941,790

43,381,869

40,960,025

Net income

$ 11,407

$ 12,211

$ 13,382

$ 21,459

Other comprehensive income (loss):

Unrealized holding gains (losses) on derivative instruments, net of tax

^[1]

1,597

(87)

2,582

(837)

Reclassification adjustments for gains included in net income, net of tax

^[2]

(459)

(597)

(956)

(860)

Total unrealized gain (loss) on derivative instruments, net of tax

1,138

(684)

1,626

(1,697)

Foreign currency translation adjustments, net of tax

^[3]

(1,078)

4,759

(4,274)

5,626

Other comprehensive income (loss)

4,075

(2,648)

3,929

Comprehensive income, net of tax

$ 11,467

$ 16,286

$ 10,734

$ 25,388

[1]	Net of income tax of $529 and $30 for the three months ended June 30, 2026 and 2025, respectively, and $858 and $280 for the six months ended June 30, 2026 and 2025, respectively.
[2]	Amounts reclassified to net income relate to gains on interest rate swaps and foreign currency hedges and are included in interest expense, net above. Amounts are net of income tax of $191 and $342 for the three months ended June 30, 2026 and 2025, respectively, and $299 and $532 for the six months ended June 30, 2026 and 2025, respectively.
[3]	Net of income tax of $72 and $356 for the three months ended June 30, 2026 and 2025, respectively, and $221 and $475 for the six months ended June 30, 2026 and 2025, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 13,382	$ 21,459
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,899	8,532
Amortization of original issue discount and debt issue costs	477	829
Amortization of inventory step-up	4,921	356
Deferred income taxes	(1,577)	266
Stock-based compensation	4,886	4,393
Remeasurement of contingent consideration	5,866	857
(Recoveries from) provision for accounts receivable	(345)	40
Unrealized foreign exchange transaction gain	(1,052)	(3,492)
Other loss	599	152
Changes in operating assets and liabilities, net of impact of acquisitions:
Accounts receivable	(7,324)	10,365
Inventories	(8,272)	(11,304)
Prepaid expenses and other assets	(3,552)	3,375
Accounts payable and other liabilities	24,744	(15,849)
Net cash provided by operating activities	44,652	19,979
Cash Flows From Investing Activities:
Purchase of property and equipment	(6,133)	(2,733)
Proceeds from disposition of property and equipment		6
Business acquisitions, net of cash acquired	(163,853)	(89,590)
Net cash used in investing activities	(169,986)	(92,317)
Cash Flows From Financing Activities:
Proceeds from revolving credit facilities	82,500
Payments on revolving credit facilities	(82,500)
Proceeds from term loans	75,000	97,500
Principal payments on term loans	(8,132)	(5,689)
Taxes paid in connection with employee stock transactions	(1,262)	(1,185)
Dividends distributed	(8,562)	(7,721)
Other	238	38
Net cash provided by financing activities	57,282	82,943
Effect of foreign exchange rates on cash, cash equivalents and restricted cash	394	1,931
Change in cash, cash equivalents and restricted cash	(67,658)	12,536
Cash, cash equivalents and restricted cash, beginning of period	125,327	124,933
Cash, cash equivalents and restricted cash, end of period	57,669	137,469
Supplemental Disclosure of Cash Flows Information:
Cash paid for income taxes, net	5,657	16,937
Cash paid for interest	10,122	8,202
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accruals and accounts payable for capital expenditures	265	$ 259
Non-cash consideration	$ 31,647

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 53,984	$ 122,898
Restricted cash	3,685	2,429
Accounts receivable, net of allowance for doubtful accounts of $271 and $273, respectively	128,445	110,607
Inventories	129,120	100,263
Prepaid expenses	15,754	14,574
Other current assets	17,129	15,095
Total current assets	348,117	365,866
Property and equipment, net of accumulated depreciation and amortization of $67,795 and $63,125, respectively	125,441	78,822
Operating lease assets	25,194	19,778
Deferred tax assets, net	4,901	4,816
Intangible assets, net	174,148	114,984
Goodwill	233,907	181,406
Other assets	5,590	4,359
Total assets	917,298	770,031
Current liabilities
Accounts payable	38,895	22,325
Accrued liabilities	97,346	61,066
Income tax payable	6,164	4,838
Current portion of long-term debt	20,012	16,266
Total current liabilities	162,417	104,495
Long-term debt	354,319	290,987
Long-term operating lease liabilities	17,257	15,039
Deferred tax liabilities	28,510	30,058
Other liabilities	7,993	11,648
Total liabilities	570,496	452,227
Commitments and contingencies (Note 10)
Mezzanine equity
Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025)
Shareholders' equity
Common stock ($0.0001 par value, 190,000,000 shares authorized, 42,820,734 and 42,160,656 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	4	4
Additional paid-in capital	309,396	282,570
Accumulated other comprehensive (loss) income	(2,188)	460
Accumulated earnings	39,590	34,770
Total shareholders' equity	346,802	317,804
Total liabilities, mezzanine equity and shareholders' equity	$ 917,298	$ 770,031