Lakeland Industries delivered a robust Q4 2025 revenue uptick of 49.3% year over year to $46.6 million, underpinned by the contribution from recent acquisitions (LHD, Veridian, and the broader Fire Services portfolio). The quarterly gross margin expanded to 40.1% from 35.9% a year ago, aided by an organic margin improvement (48.5% organic gross margin in Q4) and a favorable product mix, albeit partially offset by higher margins from recent acquisitions. Management highlighted ongoing strategic initiatives including four acquisitions in the last 12â24 months, ERP modernization, Lean Six Sigma deployment, and a global logistics optimization program, all aimed at improving operating discipline, lead times, and profitability. However, GAAP profitability was pressured by non-cash impairments: a $10.5 million goodwill impairment at Eagle and Pacific Helmets and a $7.6 million impairment related to Bodytrak, contributing to a Q4 net loss of $18.4 million or $2.42 per diluted share. On a trailing basis, the company generated a full-year net loss of $18.1 million and adjusted EBITDA excluding FX of $17.4 million. Notwithstanding near-term GAAP headwinds, Lakeland outlined a constructive 2026 plan anchored by revenue of $210â$220 million and adjusted EBITDA of $24â$29 million, reflecting expected operating leverage from acquisitions, margin improvements from organic growth, and the ERP/Lean initiatives. The company remains confident in its ability to scale in a fragmented higher-margin $2 billion fire protection opportunity while balancing tariff mitigation and currency risk with a diversified manufacturing footprint.