Short answer
LAKELAND INDUSTRIES INC (LAKE) filed its fiscal 2025 10-K annual report with the SEC on Apr 17, 2025. It reported revenue of $167M (+34.1% year over year) and net income of −$18M.
- Top risk flagged: Regulatory risk: Adoption of FASB ASU 2023-09 required for FY26, impacts expanded income tax disclosures by federal, state, and foreign jurisdictions
FY2025 key financial metrics · XBRL
- Revenue
- $167M
- +34.1% YoY
- Net income
- −$18M
- −433.2% YoY
- Operating margin
- -5.5%
- −10.3 pp YoY
- Gross margin
- 41.1%
- +0.0 pp YoY
- EPS (diluted)
- −$2.43
- −437.5% YoY
- ROE
- -12.3%
- −16.7 pp YoY
- Operating cash flow
- −$16M
- −245.5% YoY
Source: XBRL data from the LAKELAND INDUSTRIES INC (LAKE) FY2025 10-K on SEC EDGAR. USD.
LAKELAND INDUSTRIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacture and sale of specialized protective safety apparel globally
- New acquisitions in FY2025: Pacific Helmets NZ Limited (Nov 2023), Minerva Manufacture de chaussures S.A. (Feb 2024), Kantaras Investments Pte. Ltd. (Apr 2024)
- Strategic growth via international expansion across UK, China, Mexico, New Zealand, Italy, Germany, and more subsidiaries
- Equity compensation shares outstanding 251,805 with $17.36 weighted-average exercise price, 165,966 shares remaining available
- Noteworthy: Multiple amendments to loan agreements with Bank of America through 2024 signaling active debt management
Management Discussion & Analysis
- Revenue $167.2M in FY25 vs $124.7M in FY24, up $42.5M or 34%
- Operating margin not explicitly stated; increased costs from raw materials, labor, tariffs impacting margins
- Best segment: International sales $106.8M FY25 vs $69.4M FY24; Worst impacted: Russia segment 2.4% of revenues FY25, down from 3.0% FY24 amid conflict risks
- Raised $46.2M net from stock issuance to reduce revolving credit; acquired Veridian for $26.1M plus three other acquisitions totaling ~$30.1M
- Outlook risks: Tariffs, inflationary pressure, geopolitical uncertainty (Russia/Ukraine), supply chain disruptions, possible asset impairments
Risk Factors
- Regulatory risk: Adoption of FASB ASU 2023-09 required for FY26, impacts expanded income tax disclosures by federal, state, and foreign jurisdictions
- Geopolitical exposure: Two Chinese subsidiaries paid $4.8 million dividends in FY25 amid increased Chinese yuan volatility and shifted reinvestment assertions
- Operational supply risk: Inventory increased by $14.2 million in FY25 to support expected sales growth in H1 FY26, indicating inventory build-up vulnerability
- Market disruption: Recent acquisitions of Veridian ($26.1M), LHD ($14.8M), and Jolly ($9.0M) enhance competitive positioning in firefighting protective gear markets
- Financial risk: $13.2 million drawn on $40 million credit facility at 6.47% interest; covenant compliance required for max funded debt/EBITDA ratio 3.5x, stepping down to 3.0x by 2027
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