Cadre Holdings, Inc. (NYSE: CDRE)

Cadre Holdings, Inc. is a global leader in the manufacturing and distribution of safety equipment for law enforcement, first responder, military and nuclear markets. The company designs, produces and sells products such as body armor, explosive ordnance disposal equipment, duty gear and nuclear safety solutions. Its offerings serve customers who require reliable protection in hazardous or life threatening situations.

Revenue is generated primarily through the sale of its manufactured safety gear and related accessories. The company also earns income from distributing third party products such as uniforms, optics, boots, firearms and ammunition through its owned distribution network. Sales occur via direct channels to government agencies and indirect channels through third party distributors and retailers.

The company operates through the following segments.

• Body Armor: This segment offers a full range of field proven advanced armor solutions including concealable, corrections and tactical armor that meet National Institute of Justice standards.

• Explosive Ordnance Disposal: This segment provides a portfolio of operator survival suits, remotely operated vehicles, specialty tools, blast sensors and related accessories for bomb safety technicians worldwide.

• Duty Gear: This segment designs and markets holsters, belts and accessories that incorporate industry standard safety locking mechanisms for law enforcement and civilian users.

• Nuclear Safety: This segment supplies ventilation and containment systems, radiometric instrumentation, engineered containers and field services for nuclear facilities, waste management and research sites.

• Other Protective Equipment: This segment includes chem lights, communications gear, forensic products, firearms cleaning solutions and crowd control items that complement the core safety portfolio.

Cadre Holdings, Inc. holds a leading position in the safety equipment industry with strong market shares in body armor, duty gear and explosive ordnance disposal products. The company differentiates itself through high quality standards, innovative product development and a direct relationship with end users. Primary competitors include Point Blank Enterprises, Avon Protection Systems, Central Lake Armor Express, Alien Gear Holsters and Blackhawk division of Revelyst. None of these rivals match the breadth of Cadre’s product offering across all safety categories.

The company serves a diverse customer base that includes federal agencies such as the Department of State, Department of War, Department of Interior, Department of Justice, Department of Homeland Security, Department of Corrections and Department of Energy. It also supplies laboratories and contractors including Los Alamos National Laboratory, BWXT and Veolia, as well as the US Army, US Navy, US Air Force, US Marines, FBI, ATF and NATO allied forces. In addition, state and local law enforcement agencies, first responders and commercial customers purchase its products. No single customer accounts for more than 10% of total revenue.