Key Highlights

  • Net sales rose 30.2% to USD 202.9 million in the third quarter of 2026 from USD 155.9 million, driven mainly by acquisitions and stronger Demand for explosive ordnance disposal products.
  • Orders Backlog reached USD 338.2 million at September 30, 2026, up USD 148.4 million from USD 189.8 million at the end of 2025.
  • Net income climbed 46.1% to USD 16.0 million, while adjusted EBITDA (non-GAAP) rose to USD 41.1 million from USD 29.8 million.
  • Nine-month Net Income eased 9.4% to USD 29.4 million on Acquisition costs, higher compensation, interest expense and adverse currency moves.

Acquisitions and EOD Demand Add USD 47.0 Million of Sales

Cadre Holdings (NYSE:CDRE), which does Business as The Safariland Group, filed its Quarterly Report on November 4, 2026. Net sales grew by USD 47.0 million, mainly from current-year acquisitions and higher demand for explosive ordnance disposal (EOD) equipment. Product segment sales rose 36.0% to USD 188.7 million, including USD 36.2 million from acquisitions and USD 13.4 million from EOD. Distribution segment sales fell 10.8% to USD 23.6 million on weaker hard and soft goods demand. The company describes itself as a maker of safety equipment for law enforcement, first responder, military and nuclear markets, including body armor, duty gear and remote handling solutions. It bought TYR Tactical for USD 186.1 million in January 2026 and Alien Gear holsters for USD 10.3 million in April 2026.

Backlog Jump Led by Blast Seats, Sensors and Robots

Backlog rose USD 148.4 million since year end. Orders for vehicle blast attenuation seats, blast exposure monitoring sensors and remotely operated vehicles added USD 93.4 million, the current-year acquisition USD 39.7 million and nuclear safety products USD 10.6 million. Duty gear holsters across channels contributed USD 9.7 million, while the Distribution segment subtracted USD 6.5 million. The company cautions that some backlog orders are subject to budget appropriation or cancellation clauses, and EOD equipment can take three months or longer to ship, so backlog may differ from future sales.

Margins, Interest Costs and the Quarter's Tax Bite

Gross profit grew 32.2% to USD 88.1 million, and Product segment gross Margin was 43.7% against 43.9%. Operating Income rose 51.8% to USD 28.4 million, but net interest expense climbed 78.5% to USD 5.4 million, and income tax provision doubled to USD 7.9 million from USD 3.9 million. For the nine months, Cadre Holdings (NYSE:CDRE) reported sales of USD 565.4 million, up 27.6%, yet pretax income slipped 2.2% to USD 43.7 million. Selling, general and administrative costs rose 29.0% to USD 58.9 million, while restructuring and Transaction Costs fell to USD 0.9 million from USD 2.2 million. Nine-month Gross Profit was USD 235.4 million, up 25.9%. Risks include budget-dependent government orders, integration of acquired brands and higher interest costs. No guidance or consensus appears in the material reviewed.

Where Things Stand

Acquisitions and EOD demand did the heavy lifting. Cadre Holdings (NYSE:CDRE) grew backlog by USD 148.4 million to USD 338.2 million, largely on blast seats, sensors and remotely operated vehicles, and quarterly net income rose 46.1% to USD 16.0 million. The nine-month picture is less strong, with net income down 9.4% as deal costs, interest and currency losses offset gross profit gains. Next markers are how much backlog converts to sales, the integration of TYR Tactical and Alien Gear, and whether interest expense of USD 14.7 million over nine months stabilizes.