Lakeland Industries delivered a record QQ2 2026 top line of $52.5 million, up 36% year over year, underscored by rapid-fire growth in the fire services product line (113% YoY) and robust contributions from recent acquisitions. US revenue rose 78% to $22.1 million while Europe surged 113% to $15.1 million, reflecting cross-border demand and synergies from the Meridian and related fire services acquisitions. Adjusted EBITDA excluding FX rose to $5.1 million, up 89% YoY and up 740% sequentially, with an adjusted EBITDA margin of 9.6%. Despite stronger revenue, gross margins compressed to 37.4% adjusted (from 41.1% in the year-ago period) due to higher acquired-company margins, tariff-related costs, and input inflation, though the sequential improvement of ~220 bps reflects partial reversals of prior purchase-price variances and ongoing cost-reduction initiatives. Management highlighted ongoing tariff uncertainty but reiterated a strategic pivot toward higher-margin fire services and industrial PPE, plus a multi-faceted cost-reduction program that targets roughly $4 million in annualized savings (with ~$1 million already in the bag in Q2 and an additional $3 million anticipated). The company reaffirmed a full-year 2026 revenue outlook around the lower end of the $210â$220 million range and adjusted EBITDA excluding FX in the $20â$24 million range, acknowledging that LATAM softness and tariff dynamics could compress near-term margins. The pipeline remains robust, with four acquisitions completed in the last year and a stated intent to expand US service offerings, cross-sell, and pursue fire-suit rental, decontamination, and services opportunities. Net cash from operations remains negative in the near term due to working capital needs, but the balance sheet remains solid with $17.7 million in cash and cash equivalents and $28.1 million in long-term debt, plus ongoing asset-light, capital-efficient M&A potential. Overall, Lakeland appears well-positioned to tighten margins over time through operational leverage and higher-margin product mix, while maintaining a disciplined acquisition and cost-control strategy.