CDREMEDIUM SIGNALFINANCIAL10-K

CDRE shows balanced growth with expanding operations evidenced by higher R&D investment and inventory buildup, while maintaining strong profitability despite increased spending.

The company appears to be in a deliberate expansion phase, investing meaningfully in research and development while building inventory levels to support growth. The concurrent increase in both assets and liabilities suggests strategic investments rather than financial distress, supported by solid net income growth and reduced interest expense burden.

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

CDRE demonstrated solid operational expansion with total assets growing 18% to $770M, driven by higher inventory levels and accounts receivable that suggest increased business activity. The company meaningfully increased R&D spending by 36% while growing net income 22%, indicating effective investment in future capabilities without sacrificing current profitability. Total liabilities rose 33% alongside asset growth, while lower interest expense reflects improved debt management or refinancing benefits.

FINANCIAL STATEMENT CHANGES
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.

SG&A Expense
P&L
+15.7%
$158.3M→$183.1M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Assets
Balance Sheet
+11.7%
$327.6M→$365.9M

Current assets grew 11.7% — improving short-term liquidity or inventory/receivables build.

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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