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NAPCO Security Technologies, Inc. (NSSC) is engaged in the development, manufacture, and distribution of security products and services. The company offers a wide range of security solutions, including access control systems, door security products, intrusion and fire alarm systems, alarm communication services, and video surveillance products. NSSC's products are utilized in commercial, residential, institutional, industrial, and governmental applications worldwide.
- Services - Provides alarm communication services and wireless communication services for intrusion and fire alarm systems, focusing on recurring revenue opportunities.
- Door Locking Devices - Manufactures door security products designed to enhance physical security.
- Intrusion and Access Alarm Products - Develops products related to intrusion detection and access control systems.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Richard L. Soloway ExecutiveBoard | President and Chief Executive Officer (CEO) | Richard L. Soloway has been the President and CEO of Napco Security Technologies, Inc. since 1998 and the Chairman of the Board since October 1981, while also serving as Secretary since 1975. He is the founder of NSSC with over 30 years of experience in the security and electronics industry. | View Report → | |
Andrew J. Vuono Executive | Chief Financial Officer and Chief Accounting Officer | Andrew J. Vuono is currently the Chief Financial Officer and Chief Accounting Officer at NSSC since May 6, 2025 while serving in an executive capacity, having over 30 years of experience in public accounting and financial management, including his previous role as a partner at Baker Tilly US, LLP until his transition in June 2024. | ||
Kevin S. Buchel Executive | President and Chief Operating Officer | Kevin S. Buchel is the President and Chief Operating Officer of NSSC since May 2024. He has also served as CFO since April 1995 and Treasurer since May 1998, contributing over 30 years of leadership in the security industry. | ||
Michael Carrieri Executive | Executive Vice President of Engineering and Chief Technology Officer | Michael Carrieri is currently the Executive Vice President of Engineering and Chief Technology Officer at NAPCO Security Technologies since 2024. Previously, he served as Senior Vice President of Engineering Development from May 2000 and as Vice President of Engineering Development from September 1999 to May 2000. | ||
Stephen M. Spinelli Executive | Senior Vice President of Sales | Stephen M. Spinelli is the Senior Vice President of Sales at NSSC since April 2020. Previously, he served as Director of Sales at Nortek Security and Control, LLC (formerly Linear, LLC) from January 2015 to April 2020. | ||
Andrew J. Wilder Board | Director | Partner at GR Reid Associates LLP | Andrew J. Wilder has served as a Director at NSSC since 1995 and holds key board committee roles including Chairman of the Audit Committee. He is also a Certified Public Accountant and has been a Partner at GR Reid Associates LLP since 1990. | |
David Paterson Board | Director at NSSC | Senior Vice President and Senior Advisor to Las Vegas Sands Corp | David Paterson has served as a Director at NSSC since 2023 and sits on the Nominating Committee. He is also the Senior Vice President and Senior Advisor to Las Vegas Sands Corp, bringing extensive political and corporate expertise. | |
Donna A. Soloway Board | Director | Columnist for security industry publications since 1992; Board member of the Alliance of the Guardian Angels | Donna A. Soloway has served as a director at NSSC since 2001. She is also recognized for her long-standing industry contributions as a columnist since 1992 and as a board member of the Alliance of the Guardian Angels. | |
Paul Stephen Beeber Board | Director | Paul Stephen Beeber is a licensed attorney in New York and has served as a Director at NSSC since 2004. He is currently the Compensation Committee Chairman and also serves on the Audit Committee, contributing his legal expertise to the board's financial oversight functions. | ||
Rick Lazio Board | Director | Senior Vice President of alliantgroup, LP since 2011; Senior Vice President of Alliant Cybersecurity since 2019; Special Counsel to Jones Walker, LLP since 2012 | Rick Lazio is a Director at NSSC since 2020, serving on the Board of Directors and key committees including Audit, Nominating, and Compensation (as Chairman). He is a licensed attorney with external roles including Senior Vice President at alliantgroup, LP since 2011, Senior Vice President at Alliant Cybersecurity since 2019, and Special Counsel to Jones Walker, LLP since 2012. | |
Robert A. Ungar Board | Director | President of Robert A. Ungar Associates, Inc. | Robert A. Ungar has been a Director at NSSC since 2020 and serves as the Chairman of the Nominating Committee and a member of the Audit Committee. Outside NSSC, he is the President of Robert A. Ungar Associates, Inc., a firm specializing in lobbying, media, and public relations. |
- Given the 8.5% tariff surcharge implemented in April and the potential for an additional price increase in July, how do you plan to balance margin protection with the risk of alienating your dealers?
- With equipment sales down and distributors tightening inventory, what specific measures are you taking to ensure robust sell-through that can support both short-term revenue and long-term market share growth?
- Operating expenses have risen significantly due to increased legal costs and staffing; what initiatives are in place to manage these higher SG&A levels without further compressing your EBITDA margins?
- Although your recurring service revenue is growing and is slated to exceed 50% of total revenue, what detailed strategies are you executing to accelerate this transition amidst mixed hardware performance?
- Considering your aggressive share repurchase activity relative to your cash flow, how will you prioritize future capital allocation between further buybacks and critical investments in product innovation for long-term competitive advantage?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Major Customer #1 | Key accounts receivable contributor | All | Accounted for 17% of total A/R in FY 2024 (≈$5.42 million out of $31.90 million ) |
Major Customer #2 | Key accounts receivable contributor | All | Accounted for 12% of total A/R in FY 2024 (≈$3.83 million out of $31.90 million ) |
Major Customer #3 | Key accounts receivable contributor | All | Accounted for 16% of total A/R in FY 2022 (exact dollar amount not provided) |
Recent press releases and 8-K filings for NSSC.
- Q3 net sales declined 10.8% to $44.0 million while recurring service revenue grew 10.6% to $21.6 million (49% of total revenue, with a prospective annual run rate of $89 million)
- Net income fell ~23% to ~$10 M with diluted EPS of $0.28 and adjusted EBITDA reached $13.2 M (30% margin)
- Gross profit margin improved to 57.2% from 53.8% year-over-year
- Shareholder returns totaled $46 M, including a quarterly dividend of $0.14 per share (payable July 3, 2025; record date June 12, 2025) and $18.8 M in stock repurchases
- Equipment sales declined 24.8% to $22.4 million due to inventory reductions and project timing at key distributors
- Ended Q3 debt-free with approximately $90 M in cash, cash equivalents, and investments
- Launched new cloud-based access control platforms (MVP Access, MVP EZ) and next-generation StarLink radio products (FireMax II, BlackMax II) to drive service revenue growth