NAPCO Security Technologies Inc.
11/02/2026 | Press release | Distributed by Public on 11/02/2026 10:06
Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
You should read the following discussion and analysis of our financial condition and results of operations together with (1) our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q, or Quarterly Report, and (2) the audited consolidated financial statements and the related notes and management's discussion and analysis of financial condition and results of operations for the fiscal year ended June 30, 2026 included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2026 filed on August 24, 2026, or Annual Report, with the Securities and Exchange Commission, or SEC.
This Quarterly Report on Form 10-Q (the "Quarterly Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends," "could," "may," "will," and similar expressions are intended to identify forward-looking statements, including statements concerning our business and the expected performance characteristics, specifications, reliability, market acceptance, market growth, specific uses, user feedback, and market position of our products and technology. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Part II-Item 1A-Risk Factors" and "Liquidity and Capital Resources" below.
All forward-looking statements in this document are based on information available to us as of the date hereof, such information may be limited or incomplete, and we assume no obligation to update any such forward-looking statements. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes contained in this Quarterly Report. Unless expressly stated or the context otherwise requires, the terms "we," "our," "us," the "Company," and "Napco" refer to Napco Security Technologies, Inc. and our subsidiaries.
Overview
NAPCO is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold principally to independent distributors, dealers and installers of security equipment. We have established a national network of trusted independent security dealers and integrators that are experts at selling, installing and supporting our various technologies. These dealers are dependent on our platform for communication services to our radio communicators and smart security devices, and they pay us a monthly fee for these services.
Since 1969, NAPCO has established a heritage and proven record in the professional security community for delivering both advanced technology and high-quality security solutions, building many of the industry's widely recognized brands, such as NAPCO Security Systems, Alarm Lock, NAPCO Access Pro, Marks USA, and other popular product lines. We are dedicated to developing innovative technology and producing the next generation of reliable security solutions that utilize remote communications and wireless networks.
Highlights from the three months ended September 30, 2026 compared with the prior year's period included:
| ● | Total revenue increased 1.7% to $50.0 million. |
| ● | Total gross profit margin increased 210 basis points to 58.7% for the three months ended September 30, 2026. |
| ● | Net income increased 6.9% to $13.0 million for the three months ended September 30, 2026 compared to $12.2 million for the same period a year ago. |
| ● | Non-GAAP Adjusted EBITDA, a measurement of operating performance increased 3.8% to $15.5 million. |
Please see Non-GAAP Measures below in this section of this Quarterly Report for a discussion of the limitations of non-GAAP adjusted EBITDA (a non-GAAP measure) and a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable measurement in accordance with GAAP, for the three months ended September 30, 2026 and 2025.
Industry Landscape
Our industry continues to be dynamic and highly competitive, with frequent changes in both technologies and business models. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. Napco continually strives to innovate through a broad range of research and development activities that seek to identify and address the changing demands of customers, industry trends, and competitive forces.
Economic Conditions and Other Factors
We are subject to the effects of general macroeconomic and market conditions.
The markets for security devices and services are dynamic and highly competitive. Our competitors are continually developing new products and solutions for consumers and businesses. We must continue to evolve and adapt to respond to customer and user preferences over an extended time in pace with this changing environment.
Tarif Matters
On February 20, 2026, the U.S. Supreme Court ruled that certain tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were invalid, and in March 2026, the U.S. Court of International Trade further ruled that importers that paid such tariffs are due refunds. On April 20, 2026, the U.S. Customs and Border Protection launched a process for submitting IEEPA refund claims and subsequently, we submitted refund claims.
Changes in U.S. trade policy and tariffs continue to create uncertainty regarding our product costs. Effective July 24, 2026, a new tariff framework under Section 301 of the Trade Act of 1974 became applicable to imports from certain trading partners, including the Dominican Republic, where we manufacture most of our products. The applicable tariff on covered imports from the Dominican Republic increased from 10% to 12.5%. We continue to evaluate pricing, sourcing and other measures to mitigate increased tariff-related costs; however, such measures may not fully or timely offset these costs, which could adversely affect our product margins and results of operations.
Supply Chain and Component Costs
We continue to monitor supply chain conditions affecting the availability and cost of electronic components and other materials used in our products. Increased demand for certain electronic components, including from artificial intelligence and data center infrastructure, has contributed to supply constraints, longer lead times and increased component costs. We are working with suppliers, evaluating alternative sources and taking other actions to mitigate these pressures. However, continued supply constraints or increases in material costs could adversely affect our ability to manufacture and deliver products and could negatively impact product margins and results of operations.
Critical Accounting Policies and Estimates
The Company's significant accounting policies are fully described in Note 1 to the Company's consolidated financial statements included in its 2026 Annual Report on Form 10-K.
Our discussion and analysis of our financial condition and results of operations are based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires a high degree of judgment, either in the application and interpretation of existing accounting literature or in the development of estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. We continuously evaluate our estimates and judgments based on historical experience, as well as other factors that we believe to be
reasonable under the circumstances. The results of our evaluation form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Critical estimates include management's judgments associated with reserves for sales returns and allowances, allowance for credit losses, overhead expenses applied to inventory, inventory reserves, valuation of intangible assets, share based compensation and income taxes. These estimates may change in the future if underlying assumptions or factors change, and actual results may differ from these estimates.
Liquidity and Capital Resources
Our cash and cash equivalents and short-term investments are as follows (in thousands):
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September 30, 2026 |
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June 30, 2026 |
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Cash |
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$ |
15,221 |
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$ |
34,013 |
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Money Market Fund |
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108,661 |
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92,915 |
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|
$ |
123,882 |
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$ |
126,928 |
We believe that our projected cash flow from operations, combined with our cash and short-term investments, will be sufficient to meet our projected working capital requirements, contractual obligations, and other cash flow needs for the next twelve months. We believe that there is minimal credit risk associated with the investments in cash equivalents and short-term investments due to the types of investment entered.
A summary of the cash flow activity for the three months ended September 30, 2026 and 2025 is as follows (in thousands):
Cash Flows from Operating Activities
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Three Months ended September 30, |
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2026 |
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2025 |
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||
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Net income |
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$ |
13,009 |
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$ |
12,165 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
|
540 |
|
570 |
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||
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Realized gain on sales of marketable securities |
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(114) |
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(92) |
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(Recovery of) credit losses |
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28 |
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(1) |
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Change to inventory reserve |
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(109) |
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(354) |
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Deferred income taxes |
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2,328 |
|
1,681 |
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||
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Stock-based compensation expense |
|
273 |
|
309 |
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||
|
Changes in operating assets and liabilities: |
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(13,205) |
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(2,641) |
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||
|
Net Cash Provided by Operating Activities |
|
$ |
2,750 |
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$ |
11,637 |
|
Net cash provided by operating activities was $2.8 million for the three months ended September 30, 2026 and was due to net income of $13.0 million and increase in adjustments for non-cash items of $2.9 million offset from changes in operating assets and liabilities of $13.2 million. The changes in operating assets and liabilities were largely attributable to decrease in accounts and other receivables ($7 million) offset by increases in inventories ($4 million) and decreases in accounts payable and accrued expenses ($14 million), which was primarily a result of the payment of accrued litigation costs.
Net cash provided by operating activities was $11.6 million for the three months ended September 30, 2025 and was due to net income of $12.2 million and increase in adjustments for non-cash items of $2.1 million offset by cash outflow from changes in operating assets and liabilities of $2.6 million. The changes in operating assets and liabilities were largely attributable to increases in accounts receivables, inventories, prepaid expenses and income tax receivables partially offset by decreases in accounts payable and accrued expenses.
Cash Flows from Investing Activities
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Three Months ended September 30, |
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2026 |
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2025 |
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Purchases of property, plant, and equipment |
|
$ |
(433) |
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$ |
(193) |
|
|
Purchases of marketable securities |
|
|
(3,570) |
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(2,540) |
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Proceeds from sales of marketable securities |
|
|
3,572 |
|
8,407 |
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|
Net Cash (Used In) Provided by Investing Activities |
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$ |
(431) |
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$ |
5,674 |
|
The net cash used in investing activities of $.4 million during the three months ended September 30, 2026 was primarily attributable to expenditures used for capital expenditures of $.4 million. The net cash provided by investing activities of $5.6 million during the three months ended September 30, 2025 was primarily attributable to the redemption of marketable securities of $8.4 million partially offset by expenditures used for capital expenditures of $.2 million and purchase of marketable securities of $2.5 million.
Cash Flows from Financing Activities
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Three Months ended September 30, |
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2026 |
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2025 |
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Dividends paid |
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$ |
(5,365) |
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$ |
(4,992) |
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|
Net Cash Used in Financing Activities |
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$ |
(5,365) |
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$ |
(4,992) |
|
The cash used in financing activities of $5.4 and $5.0 million for the three months ended September 30, 2026 and 2025, respectively, was related to the payment of stockholder dividends.
Credit Facility.
As of September 30, 2026, the Company's available revolving credit line was $20,000,000, which expires in February 2029. As of September 30, 2026 and June 30, 2026, the Company has no outstanding debt.
Working Capital and Current Ratio.
Working capital increased by $9,685,000 to $175,214,000 as of September 30, 2026 from $165,529,000 at June 30, 2026. The current ratio increased to 7.2:1 as of September 30, 2026, from 4.9:1 as of June 30, 2026. Working capital is calculated by deducting Current Liabilities from Current Assets. Current ratio is calculated by dividing Current Labilities from Current Assets.
Contractual Obligations and Commitments
As of September 30, 2026, the Company had no material commitments for capital expenditures or inventory purchases other than purchase orders issued in the normal course of business. On April 26, 1993, the Company's foreign subsidiary entered into a 99-year land lease of approximately 4 acres of land in the Dominican Republic, on which the Company's principal manufacturing facility is located, at an annual base rent of approximately $235,000 and $105,000 in annual service charges. The service charges increase 2% annually over the remaining life of the lease.
Results of Operations
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Three months ended September 30, |
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(dollars in thousands) |
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% Increase/ |
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2026 |
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2025 |
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(decrease) |
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Revenue: |
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Equipment revenue |
|
$ |
23,850 |
|
$ |
25,739 |
(7.3) |
% |
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|
|
Service revenue |
|
|
26,130 |
|
|
23,429 |
|
11.5 |
% |
|
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Total revenue |
|
|
49,980 |
|
|
49,168 |
|
1.7 |
% |
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Gross Profit: |
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Gross profit: equipment |
|
|
5,807 |
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|
6,693 |
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(13.2) |
% |
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Gross profit: service |
|
|
23,545 |
|
|
21,153 |
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11.3 |
% |
|
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Total gross profit |
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29,352 |
|
27,846 |
5.4 |
% |
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|
Gross profit as a % of revenue: |
|
58.7 |
% |
56.6 |
% |
3.7 |
% |
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Equipment |
|
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24.3 |
% |
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26.0 |
% |
(6.5) |
% |
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Services |
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90.1 |
% |
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90.3 |
% |
(0.2) |
% |
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Research and development |
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4,053 |
|
3,240 |
25.1 |
% |
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Selling, general and administrative |
|
12,182 |
|
10,963 |
11.1 |
% |
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|||
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Selling, general and administrative as a percentage of net revenue |
|
24.4 |
% |
22.3 |
% |
9.4 |
% |
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Litigation settlement |
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(1,000) |
|
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- |
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N/A |
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|
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Operating income |
|
14,117 |
|
13,643 |
3.5 |
% |
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|||
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Interest income, net |
|
1,117 |
|
854 |
30.8 |
% |
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|||
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Other income, net |
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|
115 |
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|
138 |
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(16.7) |
% |
|
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Provision for income taxes |
|
2,340 |
|
2,470 |
(5.3) |
% |
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|||
|
Net income |
|
$ |
13,009 |
|
$ |
12,165 |
6.9 |
% |
|
|
Revenue
Revenue by major product lines is as follows:
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Three months ended September 30, |
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(dollars in thousands) |
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% Increase |
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2026 |
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2025 |
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(decrease) |
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Revenue: |
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Equipment Revenue |
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Intrusion and access alarm products |
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Intrusion products |
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$ |
6,811 |
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$ |
6,696 |
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1.7 |
% |
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Access alarm products |
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|
1,689 |
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|
1,960 |
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(13.8) |
% |
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Total intrusion and access alarm products |
|
|
8,500 |
|
|
8,656 |
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(1.8) |
% |
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Door locking devices |
|
15,350 |
|
17,083 |
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(10.1) |
% |
||
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Total equipment revenue |
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|
23,850 |
|
|
25,739 |
|
(7.3) |
% |
|
Service revenue |
|
26,130 |
|
23,429 |
|
11.5 |
% |
||
|
Total Revenue |
|
$ |
49,980 |
|
$ |
49,168 |
|
1.7 |
% |
Three Months Ended September 30, 2026:
Total revenue for the three months ended September 30, 2026, increased $812,000 (1.7%) to $49,980,000 as compared to $49,168,000 in the comparable period.
Net equipment revenues for the three months ended September 30, 2026, decreased $1,889,000 (7.3%) to $23,850,000 as compared to $25,739,000 in the comparable period. The decrease in net equipment revenue was attributable to decreases in sales of door locking products of $1,733,000 (10.1%) and decreases in intrusion and access products of $156,000 (1.8%).
Door locking product revenue decreased primarily due to lower sales volume of approximately 13.1%, partially offset by pricing increases of approximately 3.0%.
The volume decline was driven mainly by lower demand at two of our larger locking distributors who were reducing existing inventory levels during the quarter. This decline was partially offset by higher demand because of increased project activity.
Revenue from our intrusion and access alarm products decreased because of lower volume (approximately 6.5%), primarily related to lower sales of our access products, partially offset by pricing increases (approximately 4.7%).
Net service revenues for the three months ended September 30, 2026, increased $2,701,000, or 11.5%, to $26,130,000 from $23,429,000 in the comparable period. The increase was due to growth in the number of our cellular (radio) communication devices placed in service and activated by dealers.
Gross Profit
Three Months Ended September 30, 2026
Overall gross profit for the three months ended September 30, 2026, increased $1,506,000 to $29,352,000, or 58.7% of net revenue, as compared to $27,846,000, or 56.6% of net revenue, for the comparable period.
Gross profit from equipment revenue was $5,807,000, or 24.3% of equipment revenue, as compared to $6,693,000, or 26.0% of equipment revenue, for the comparable period. The decrease in gross profit percentage from equipment revenue was a result of lower overall sales volume, product mix within our locking products, the impact of tariff increase (1.3%), increased inventory scrap (1.7%) and increased technical services costs (1.0%).
Gross profit as a percentage of service revenue was consistent in both periods. Gross profit on service revenues was $23,545,000, or 90.1% of net service revenues, as compared to $21,153,000, or 90.3% of net service revenues, for the comparable period a year ago.
Research and Development
Research and development expenses for the three months ended September 30, 2026, increased by $813,000 to $4,053,000, or 8.1% of net revenue, as compared to $3,240,000, or 6.6% of net revenue, for the comparable period. The increase in research and development expenses was primarily a result of increased labor compensation and benefit costs ($503,000) and engineering supplies ($76,000).
Selling, General and Administrative
Selling, general and administrative ("SG&A") expenses for the three months ended September 30, 2026, increased by $1,219,000 to $12,182,000, or 24.4% of net revenue, as compared to $10,963,000, or 22.3% of net revenue, for the comparable period. The increase in SG&A expenses was primarily attributable to increases in legal expenses ($1,075,000), consulting-related expenses ($155,000), commission-related expenses ($76,000) offset by decreases in advertising ($235,000).
Litigation settlement
During the quarter ended September 30, 2026 the Company recognized a benefit of $1 million for the difference between the litigation settlement costs accrued and what was paid, as a result of the difference in the estimated amount of insurance coverage and what was ultimately paid by the carriers which reduced the Company's portion of the settlement payment. See Note 13.
Interest and Other Income, Net
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Three months ended September 30, (in thousdands) |
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2026 |
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2025 |
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% Increase (Decrease) |
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Interest Income |
|
$ |
1,117 |
|
$ |
852 |
|
31% |
|
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Investment Income |
|
|
115 |
|
|
138 |
|
** |
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$ |
1,232 |
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$ |
990 |
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|
**Percentage change not meaningful.
Interest income increased for the three months ended September 30, 2026, as compared to the comparable period, primarily due to higher interest rates and higher cash amounts invested.
Income Taxes
The Company's provision for income taxes for the three months ended September 30, 2026 decreased by $130,000 to $2,340,000 as compared to $2,470,000 for the same period a year ago. The Company's effective rate for income tax was 15.2% and 16.9% for the three months ended September 30, 2026 and 2025 respectively. The Company's effective tax rate for the three months ended September 30, 2026 decreased due to the discrete items of $342,000 increasing the effective tax rate in the 3 months ended September 30, 2025.
Non-GAAP Measures
We define non-GAAP adjusted EBITDA as our GAAP net income plus income tax expense, less net interest income, stock-based compensation, legal costs and settlement fees incurred and received in connection with non-ordinary course litigation and other disputes, litigation settlement costs, and depreciation and amortization expense. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense and stock-based compensation expense related to equity compensation. We define non-GAAP adjusted EBITDA margin as Adjusted EBITDA divided by net revenue. Non-GAAP adjusted EBITDA and adjusted EBITDA margin are not a measure calculated in accordance with GAAP. See the table below for a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.
We have included non-GAAP adjusted EBITDA and non-GAAP adjusted EBITDA margin in this report because they are key measure our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make strategic investment decisions. Further, we believe the exclusion of certain expenses in calculating non-GAAP adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of litigation settlement costs and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly, we believe non-GAAP adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Our use of non-GAAP adjusted EBITDA and non-GAAP adjusted EBITDA margin has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although amortization and depreciation are non-cash charges, the assets being amortized and depreciated may have to be replaced in the future, and non-GAAP adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) non-GAAP adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) non-GAAP adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) non-GAAP adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate non-GAAP adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.
Because of these and other limitations, you should consider non-GAAP adjusted EBITDA and non-GAAP adjusted EBITDA margin alongside our other GAAP-based financial performance measures, net income and our other GAAP financial results. The following table presents a reconciliation of non-GAAP adjusted EBITDA from net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, except share and per share data):
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Three months ended September 30, |
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2026 |
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2025 |
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Non-GAAP adjusted EBITDA: |
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|
|
|
|
|
|
Net income, as reported |
$ |
13,009 |
|
$ |
12,165 |
|
|
Interest income, net |
|
(1,117) |
|
|
(854) |
|
|
Provision for income taxes |
|
2,340 |
|
|
2,470 |
|
|
Depreciation and amortization |
|
540 |
|
|
570 |
|
|
Non-GAAP EBITDA |
|
14,772 |
|
|
14,351 |
|
|
Adjustments: |
|
|
|
|
|
|
|
Stock based compensation |
|
273 |
|
|
309 |
|
|
Nonrecurring legal expense(1) |
|
1,464 |
|
|
282 |
|
|
Litigation settlement(2) |
|
(1,000) |
|
|
- |
|
|
Total adjustments |
|
737 |
|
|
591 |
|
|
Non-GAAP adjusted EBITDA |
$ |
15,509 |
|
$ |
14,942 |
|
|
Non-GAAP adjusted EBITDA margin |
|
31.0 |
% |
|
30.4 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP per share data: |
|
|
|
|
|
|
|
Non-GAAP adjusted EBITDA per share - diluted |
$ |
0.43 |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
Basic, as reported |
|
35,768,000 |
|
|
35,658,000 |
|
|
Effect of Dilutive Securities |
|
113,000 |
|
|
207,000 |
|
|
Diluted, (Denominator) |
|
35,881,000 |
|
|
35,865,000 |
|
| 1. | Nonrecurring Legal Expenses, which are net of any insurance reimbursements, are legal fees that are determined not to be of a normal recuring nature and expenses necessary to operate the business |
| 2. | Litigation settlement costs, which are net of any insurance reimbursements, were determined not to be of a recurring nature and costs that are not in the normal cost of business or necessary to operate the business |
NAPCO Security Technologies Inc. published this content on November 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 02, 2026 at 16:06 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]