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NAPCO Security (NSSC) investor relations material
NAPCO Security Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal 2025 was marked by resilience amid macroeconomic uncertainty and tariff pressures, with a focus on long-term strategy, operational discipline, and sustainable growth.
Recurring revenue model provided significant profitability and stability, with meaningful growth and strong Q4 hardware sales performance.
Equipment sales fell 5–5.5% year-over-year in Q4 but increased 27% sequentially from Q3; full-year equipment sales dropped 15.7–16%.
Diluted EPS decreased to $0.33 in Q4 and $1.19 for the year, down from $0.36 and $1.34, respectively.
Board declared a $0.14 per share quarterly dividend, payable October 3, 2025.
Financial highlights
Q4 net sales increased 0.8–1% year-over-year to $50.7M; full-year net sales decreased 3.8–4% to $181.6M.
Recurring monthly service revenue grew 10% in Q4 to $22.4M and 14% for the year to $86.3M, with a 91% gross margin.
Q4 net income was $11.6M (23% of net sales), down 14% year-over-year; full-year net income was $43.4M (24% of net sales), down 13%.
Adjusted EBITDA for the year was $52.1M (28.7% margin), down 11.6% year-over-year.
Cash flow from operations for the year was $53.5M, up 18% year-over-year.
Outlook and guidance
Entering fiscal 2026 with strong momentum, clear focus, and confidence in execution.
Expectation of continued recurring revenue growth, with potential for further sequential increases.
Double-digit equipment sales growth anticipated in fiscal 2026 due to recent price increases and easier comps.
RSR run rate projected at $94M annually, up $5M from Q3.
Tariff and market conditions remain dynamic, but pricing actions and supply chain strategies are in place to protect margins.
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