CDREMEDIUM SIGNALFINANCIAL10-K

CDRE demonstrated strong operational performance with doubled operating cash flow and 22% net income growth, though accompanied by a significant 33% increase in total liabilities.

The company shows robust operational momentum with operating cash flow doubling to $63.7M and net income growing 22%, indicating improved operational efficiency and profitability. However, the substantial 33% increase in total liabilities warrants monitoring, though this appears manageable given the strong cash generation and overall asset growth.

Comparing 2026-03-10 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

CDRE exhibited strong financial performance across key metrics, with operating cash flow doubling to $63.7M, net income growing 22% to $44.1M, and total assets expanding 18% to $770M, supported by higher inventory and receivables levels indicating business growth. The company increased R&D investment by 36% while reducing interest expense by 27%, suggesting improved capital efficiency and forward investment. However, total liabilities increased significantly by 33% to $452.2M, though the strong cash generation and overall asset growth indicate the company is managing this expansion well.

FINANCIAL STATEMENT CHANGES
Total Deposits
Balance Sheet
+224.6%
$10.0M→$32.5M

Deposits grew 224.6% — expanding customer base or increased trust in the institution.

Operating Cash Flow
Cash Flow
+100.5%
$31.8M→$63.7M

Operating cash flow surged 100.5% — exceptional cash generation, highest quality earnings signal.

R&D Expense
P&L
+36%
$8.4M→$11.4M

R&D investment increased 36% — signals commitment to future product development, though near-term margin impact.

Total Liabilities
Balance Sheet
+32.5%
$341.2M→$452.2M

Liabilities grew 32.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Interest Expense
P&L
-27%
$6.2M→$4.5M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Net Income
P&L
+22.2%
$36.1M→$44.1M

Net income grew 22.2% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
+21.8%
$82.4M→$100.3M

Inventory built 21.8% — monitor whether demand supports this build or if write-downs may follow.

Capital Expenditure
Cash Flow
+21%
$5.7M→$6.9M

Capex increased 21% — ongoing investment in capacity or infrastructure for future growth.

Accounts Receivable
Balance Sheet
+18.3%
$93.5M→$110.6M

Receivables grew 18.3% — monitor days sales outstanding for collection efficiency.

Total Assets
Balance Sheet
+18%
$652.7M→$770.0M

Asset base grew 18% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-11
ADDED
common stock held by non-affiliates of the registrant as of June 30, 2025 was $ 577,497,860 based on the closing price of $32.70 as reported by the New York Stock Exchange.
These forward-looking statements are based on information available as of the date of this Report (or, in the case of any forward-looking statements incorporated herein by reference, as of the date of the applicable filed document) and on current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties.
Business BUSINESS Business Overview We are a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets.
We sell a wide range of products including body armor, explosive ordnance disposal equipment , duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels.
A substantial portion of our diversified product offering is governed by rigorous safety standards and regulations.
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REMOVED
common stock held by non-affiliates of the registrant as of June 30, 2024 was $ 612,684,314 based on the closing price of $33.56 as reported by the New York Stock Exchange.
These forward-looking statements are based on information available as of the date of this Report (or, in the case of forward-looking statements incorporated herein by reference, if any, as of the date of the applicable filed document), and any accompanying supplement, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties.
Business BUSINESS Business Overview For over 60 years, we have been a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets.
We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products through both direct and indirect channels.
The majority of our diversified product offering is governed by rigorous safety standards and regulations.
+7 more — sign up free →
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