LAKEHIGH SIGNALFINANCIAL10-K

LAKE's financial performance deteriorated significantly with operating losses worsening by 67% despite revenue growth, while debt increased 85% and the company divested a business line.

The combination of dramatically worsening operating losses (-$15.5M vs -$9.3M) despite 15% revenue growth signals severe operational inefficiency or integration issues from acquisitions. The 85% debt increase to $30.4M alongside declining equity and a business divestiture suggests potential financial stress requiring immediate management attention.

Comparing 2026-04-16 vs 2025-04-17View on EDGAR →
FINANCIAL ANALYSIS

LAKE showed mixed results with revenue growing 15.2% to $192.6M, but this growth came at a steep cost as operating losses worsened 67% to -$15.5M and net losses increased 40% to -$25.3M. The balance sheet weakened significantly with total debt surging 85% to $30.4M, stockholders' equity declining 12% to $129.1M, and total liabilities increasing 23% to $80.8M. The overall picture suggests operational challenges in integrating growth or acquisitions, combined with increasing financial leverage that raises concerns about the company's ability to achieve profitable growth.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+85%
$16.4M→$30.4M

Debt increased 85% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Income
P&L
-67.4%
-$9.3M→-$15.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Capital Expenditure
Cash Flow
-56.4%
$1.5M→$671K

Capex reduced 56.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
-40%
-$18.1M→-$25.3M

Net income declined 40% — review whether driven by operations, interest costs, or non-recurring items.

Interest Expense
P&L
+30.1%
$1.6M→$2.1M

Interest expense surged 30.1% — significant debt increase or rising rates materially impacting earnings.

Dividends Paid
Cash Flow
+29.9%
$887K→$1.2M

Dividend payments increased 29.9% — management confidence in sustained cash generation.

Total Liabilities
Balance Sheet
+22.6%
$65.9M→$80.8M

Liabilities increased 22.6% — monitor debt-to-equity ratio and interest coverage.

Accounts Receivable
Balance Sheet
+16.1%
$27.6M→$32.0M

Receivables grew 16.1% — monitor days sales outstanding for collection efficiency.

Revenue
P&L
+15.2%
$167.2M→$192.6M

Revenue growing 15.2% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
-11.9%
$146.6M→$129.1M

Equity decreased 11.9% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-04-16
PRIOR — 2025-04-17
ADDED
(Exact Name of Registrant as Specified in its Charter) Delaware 13-3115216 (State or Other Jurisdiction of Incorporation or Organization) 1525 Perimeter Parkway , Suite 325 Huntsville , AL (Address of Principal Executive Offices) (I.R.S.
As of April 10, 2026, there were outstanding 10,723,205 shares of common stock, $0.01 par value.
In some cases, you can identify forward-looking statements by words such as may, will, should, expects, intends, plans, objectives, anticipates, believes, estimates, predicts, potential, "continue" or other comparable words.
For purposes of this Form 10-K, (a) FY refers to a fiscal year ended January 31; for example, FY26 refers to the fiscal year ended January 31, 2026 and (b) Q refers to a quarter, for example Q4 FY26 refers to the fourth quarter of the fiscal year ended January 31, 2026.
On March 27, 2026, the Company sold its high performance FR/AR apparel and high visibility clothing line to National Safety Apparel.
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REMOVED
(Exact Name of Registrant as Specified in its Charter) Delaware 13-3115216 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S.
As of April 10, 2025, there were outstanding 9,498,604 shares of common stock, $0.01 par value.
In some cases, you can identify forward-looking statements by words such as may, will, should, expects, intends, plans, "objectives," anticipates, believes, estimates, predicts, potential or other comparable words.
For purposes of this Form 10-K, (a) FY refers to a fiscal year ended January 31; for example, FY25 refers to the fiscal year ended January 31, 2025 and (b) Q refers to a quarter, for example Q4 FY 25 refers to the fourth quarter of the fiscal year ended January 31, 2025.
Lakeland Fire + Safety s fiscal year 2025 was a transformative year, underscored by multiple acquisitions to build a head-to-toe portfolio of brands in fire protection, new management, and an improved capital position to fund our long-term initiatives.
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