Mark Smith's questions to Cadre Holdings Inc (CDRE) leadership • Q2 2025
Question
Mark Smith of Lake Street Capital Markets inquired about Cadre's business exposure to ICE and Border Patrol, the specific tariff assumptions included in the current guidance, and the performance and adoption trends for new products across the company.
Answer
President Brad Williams noted that as agencies like ICE and Border Patrol expand, Cadre is well-positioned to supply them with necessary equipment. CFO Blaine Browers explained that guidance only includes tariffs currently in effect and assumes USMCA remains, highlighting Cadre's regional supply chains and multi-country manufacturing as mitigation options. Williams added that new products launched in the last 24 months, like the HyperX carrier and Ballast duty holster, are performing well.