Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Alpha Pro Tech (NYSE: APT) reported 2025 net sales of $59.1 million, up 2.3% from 2024, and 2025 net income of $3.5 million (diluted $0.33). Cash totaled $17.0 million, working capital $48.5 million, and the company reported no debt.
Disposable protective apparel sales grew while building supply faced headwinds; gross margin fell to 38.1% from 39.6% largely due to tariffs and higher sales rebates. The company repurchased 685,000 shares in 2025 for $3.3 million (total repurchases 21.9 million shares for ~$58.1 million).
Positive
- Disposable protective garments sales +12.2% year-over-year
- Quarterly disposable garments sales +48.0% (Q4 2025)
- No debt; cash of $17.0 million and working capital $48.5 million
- Repurchased 685,000 shares in 2025 for $3.3 million; total repurchases $58.1 million
Negative
- Face mask sales -38.3% year-over-year in 2025
- Synthetic roof underlayment sales -10.6% year-over-year in 2025
- Higher tariffs and tariffed inventory expected to pressure gross margins into H1 2026
Key Figures
Market Reality Check
Peers on Argus
APT’s -1.34% pre-news move occurred alongside mixed peers: CSTE -7.32%, INVE -2.33%, AIRJ -1.70% versus PPIH +0.75% and STAI +0.56%, suggesting stock-specific factors rather than a unified sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +1.2% | Q3 2025 revenue and net income grew with firmer gross margins. |
| Aug 07 | Q2 2025 earnings | Negative | -3.2% | Q2 2025 showed higher sales but weaker margins and lower net income. |
| May 08 | Q1 2025 earnings | Positive | +3.6% | Q1 2025 delivered sales and net income growth with solid balance sheet. |
| Mar 12 | FY 2024 results | Negative | -0.2% | Full-year 2024 saw lower sales and net income versus 2023 levels. |
| Nov 06 | Q3 2024 earnings | Negative | +2.9% | Q3 2024 revenue and earnings declined but shares rose post-release. |
Earnings headlines have usually driven modest, directionally consistent moves, with only one clear divergence despite several mixed-margin reports.
Over the last five earnings cycles, Alpha Pro Tech has shown low- to mid-single-digit sales growth punctuated by margin pressure from tariffs and segment mix shifts. Building Supply has faced housing-related headwinds, while Disposable Protective Apparel often contributed growth. Balance sheet metrics such as cash, working capital, and lack of debt have remained solid. Today’s full-year 2025 results, with $59.1M sales and lower net income, continue this theme of modest top-line progress against profitability pressure.
Historical Comparison
In the past five earnings releases, APT’s average 24-hour move was about 0.85%, indicating typically muted reactions to financial updates like today’s 2025 results.
Results extend a progression from 2024’s $57.8M in sales with $3.9M net income to 2025’s $59.1M sales and $3.5M net income, reflecting modest top-line recovery but compressed profitability amid tariffs.
Market Pulse Summary
This announcement shows 2025 sales rising to $59.1 million while net income slips to $3.5 million, reflecting growth tempered by tariff-driven margin pressure and mixed segment performance. Building Supply and Disposable Protective Apparel both contribute, but gross margin declined to 38.1%. The balance sheet remains strong with $17.0 million in cash, $48.5 million in working capital, and no debt. Investors may watch future margin trends, tariff developments, and ongoing share repurchases for signals on earnings quality.
Key Terms
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AI-generated analysis. Not financial advice.
Full Year 2025 Sales Increased to
- Net sales for the year ended December 31, 2025, were
$59.1 million , up2.3% compared to$57.8 million for the year ended December 31, 2024 - Net income for the year ended December 31, 2025, was
$3.5 million , or$0.33 per diluted share, compared to$3.9 million , or$0.35 per diluted share, for the year ended December 31, 2024 - Cash was
$17.0 million and working capital was$48.5 million with no debt, as of December 31, 2025
NOGALES, Ariz., March 11, 2026 (GLOBE NEWSWIRE) -- Alpha Pro Tech, Ltd. (NYSE American: APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel and building products, today announced financial results for the three month period and full year, ended December 31, 2025.
Lloyd Hoffman, President and Chief Executive Officer of Alpha Pro Tech, commented, “The housing market in 2025 proved to be a year of sustained challenges for single-family housing starts, which were down by
Housewrap sales in 2025 outperformed the broader market by nearly
Sales of synthetic roof underlayment were up
Sales of other woven material sales increased by
Management remains committed to production and development of industry leading products and expects growth in the Building Supply segment in the coming year, however uncertainty in housing starts, tariffs, interest rates and the economy in general could negatively affect this segment.”
Mr. Hoffman continued, “Sales of disposable protective garments, which comprise approximately
Sales of our face mask and face shield products in 2025 were below expectation. Our inventory position and manufacturing capacity is on solid ground and a sizable percentage of our products in this category are not burdened by tariffs. We will continue our efforts to improve sales of our face mask and face shields products.
In 2025, we experienced three tariff increases on most of our products due to the implementation of the Trump administration’s tariff policies and reciprocal tariffs. Management increased selling prices in July 2025 and again in November in order to partially mitigate the impact of the first two tariffs increases, but many of the higher tariffed products remain in inventory, which we expect will have a negative effect on gross margin in the first half of 2026. As we progress into next year, gross margin should improve as we deplete our higher tariffed inventory.
On a positive note, effective February 7, 2026, the Trump administration announced that tariffs on goods from India would be reduced to
2025 Financial Results:
Consolidated sales for the three months ended December 31, 2025 increased to
Building Supply segment sales for the three months ended December 31, 2025, decreased by
The sales mix of the Building Supply segment for the three months ended December 31, 2025 was approximately
Disposable Protective Apparel segment sales for the three months ended December 31, 2025, increased by
The sales mix of the Disposable Protective Apparel segment for the three months ended December 31, 2025, was approximately
Consolidated sales for the year ended December 31, 2025, increased to
Building Supply segment sales for the year ended December 31, 2025, increased by
The sales mix of the Building Supply segment for the year ended December 31, 2025, was approximately
Disposable Protective Apparel segment sales for the year ended December 31, 2025, increased by
The sales mix of the Disposable Protective Apparel segment for the year ended December 31, 2025, was approximately
Gross Profit
Gross profit decreased by
Gross profit decreased by
The gross profit margin in 2025 was negatively affected by a margin decrease primarily in the Disposable Protective Apparel segment and to a lesser degree, in the Building Supply segment. Gross profit margin has been negatively affected in 2025 primarily by increased US tariffs and higher sales rebates. In 2025, we experienced three tariff increases on most of our products due to the implementation of the Trump administrations tariff policies and reciprocal tariffs. Management increased selling prices in July and November 2025 in order to partially mitigate the impact of the first two tariffs increases, but many of the higher tariffed products remain in inventory, which we expect will have a negative effect on gross margin in the first half of 2026.
Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased by
Selling, general and administrative expenses decreased by
Net Income
Net income for the three months ended December 31, 2025 was
Net income for the year ended December 31, 2025, was
Balance Sheet
As of December 31, 2025, the Company had cash of
Inventory increased by
Colleen McDonald, Chief Financial Officer, commented, “As of December 31, 2025, we had
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. Alpha Pro Tech, Inc. develops, manufactures and markets innovative disposable and limited-use protective apparel products for the industrial, clean room, medical and dental markets. Alpha ProTech Engineered Products, Inc. manufactures and markets a line of construction weatherization products, including building wrap and roof underlayment. The Company has manufacturing facilities in Nogales, Arizona; Valdosta, Georgia; and a joint venture in India. For more information and copies of all news releases and financials, visit Alpha Pro Tech’s website at http://www.alphaprotech.com.
Certain statements made in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that may predict, forecast, indicate or imply future results, performance or achievements instead of historical facts and may be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potentially,” “may,” “continue,” “should,” “will” and words of similar meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, expectations regarding order volume, timing of fulfillment of orders, production capacity and our plans to ramp up production and expand capacity, product demand, availability of raw materials and supply chain access, margins, costs, expenditures, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are only estimates based on current information and involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. We cannot give assurances that any such statements will prove to be correct. Factors that could cause actual results to differ materially from those estimated by us include the risks, uncertainties and assumptions described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Specifically, these factors include, but are not limited to, changes in our exposure to foreign currency exchange risks related to our unconsolidated affiliate operations in India; potential failure to remediate the material weakness in our internal controls; our partnership with a joint venture partner; the loss of any major customer or a reduction in order volume by our customers; the inability of our suppliers and contractors to meet our requirements; potential challenges related to international manufacturing; the inability to protect our intellectual property; competition in our industry; customer preferences; the timing and market acceptance of new product offerings; changes in global economic conditions; security breaches or disruptions to the information technology infrastructure; risks related to climate change and natural disasters or other events beyond our control; the effects of tariff policies and potential countermeasures; potential liabilities from environmental laws and regulations; uncertainties with respect to the development, deployment, and use of artificial intelligence; the impact of legal and regulatory proceedings or compliance challenges; and volatility in our common stock price and our investments. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release. Given these uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
| Company Contact: | Investor Relations Contact: |
| Alpha Pro Tech, Ltd. | HIR Holdings |
| Donna Millar | Cameron Donahue |
| 905-479-0654 | 651-707-3532 |
| e-mail: ir@alphaprotech.com | e-mail: cameron@hirholdings.com |
-- Tables follow --
| Consolidated Balance Sheets (unaudited) | ||||||||||
| December 31, | December 31, | |||||||||
| 2025 | 2024 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 16,988,000 | $ | 18,636,000 | ||||||
| Accounts receivable, net | 6,936,000 | 3,692,000 | ||||||||
| Accounts receivable, related party | 1,202,000 | 1,202,000 | ||||||||
| Inventories, net | 23,598,000 | 22,733,000 | ||||||||
| Prepaid expenses | 3,796,000 | 4,376,000 | ||||||||
| Total current assets | 52,520,000 | 50,639,000 | ||||||||
| Property and equipment, net | 8,234,000 | 8,520,000 | ||||||||
| Goodwill | 55,000 | 55,000 | ||||||||
| Right-of-use assets | 7,775,000 | 8,714,000 | ||||||||
| Equity investment in unconsolidated affiliate | 5,548,000 | 5,814,000 | ||||||||
| Total assets | $ | 74,132,000 | $ | 73,742,000 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 2,005,000 | $ | 1,283,000 | ||||||
| Accrued liabilities | 1,088,000 | 947,000 | ||||||||
| Lease liabilities | 965,000 | 893,000 | ||||||||
| Total current liabilities | 4,058,000 | 3,123,000 | ||||||||
| Lease liabilities, net of current portion | 6,917,000 | 7,882,000 | ||||||||
| Deferred income tax liabilities, net | 679,000 | 503,000 | ||||||||
| Total liabilities | 11,654,000 | 11,508,000 | ||||||||
| Commitments and contingencies | ||||||||||
| Shareholders' equity: | ||||||||||
| Common stock, $.01 par value: 50,000,000 shares authorized; | ||||||||||
| 10,131,565 and 10,816,878 shares outstanding as of | ||||||||||
| December 31, 2025 and December 31, 2024, respectively | 101,000 | 108,000 | ||||||||
| Additional paid-in capital | 15,828,000 | 16,368,000 | ||||||||
| Retained earnings | 48,496,000 | 47,257,000 | ||||||||
| Accumulated other comprehensive loss | (1,947,000 | ) | (1,499,000 | ) | ||||||
| Total shareholders' equity | 62,478,000 | 62,234,000 | ||||||||
| Total liabilities and shareholders' equity | $ | 74,132,000 | $ | 73,742,000 | ||||||
| Consolidated Statements of Income (unaudited) | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net sales | $ | 13,863,000 | $ | 13,817,000 | $ | 59,142,000 | $ | 57,840,000 | |||||||||
| Cost of goods sold, excluding depreciation | |||||||||||||||||
| and amortization | 8,717,000 | 8,627,000 | 36,605,000 | 34,907,000 | |||||||||||||
| Gross profit | 5,146,000 | 5,190,000 | 22,537,000 | 22,933,000 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Selling, general and administrative | 3,955,000 | 4,377,000 | 17,773,000 | 18,611,000 | |||||||||||||
| Depreciation and amortization | 239,000 | 139,000 | 925,000 | 873,000 | |||||||||||||
| Total operating expenses | 4,194,000 | 4,516,000 | 18,698,000 | 19,484,000 | |||||||||||||
| Income from operations | 952,000 | 674,000 | 3,839,000 | 3,449,000 | |||||||||||||
| Other income (expenses): | |||||||||||||||||
| Equity in income of unconsolidated affiliate | (123,000 | ) | 194,000 | 182,000 | 629,000 | ||||||||||||
| Gain on sale of asset | - | - | - | 30,000 | |||||||||||||
| Interest income, net | 164,000 | 212,000 | 648,000 | 912,000 | |||||||||||||
| Total other income, net | 41,000 | 406,000 | 830,000 | 1,571,000 | |||||||||||||
| Income before provision for income taxes | 993,000 | 1,080,000 | 4,669,000 | 5,020,000 | |||||||||||||
| Provision for income taxes | 295,000 | 233,000 | 1,138,000 | 1,091,000 | |||||||||||||
| Net income | $ | 698,000 | $ | 847,000 | $ | 3,531,000 | $ | 3,929,000 | |||||||||
| Basic earnings per common share | $ | 0.07 | $ | 0.08 | $ | 0.34 | $ | 0.35 | |||||||||
| Diluted earnings per common share | $ | 0.07 | $ | 0.08 | $ | 0.33 | $ | 0.35 | |||||||||
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FAQ
What were Alpha Pro Tech (APT) full-year 2025 sales and net income figures?
How did Alpha Pro Tech (APT) perform in its Disposable Protective Apparel segment in 2025?
What impact did tariffs have on Alpha Pro Tech (APT) margins and inventory in 2025–2026?
How much cash and liquidity did Alpha Pro Tech (APT) report at December 31, 2025?
What share repurchases did Alpha Pro Tech (APT) complete in 2025 and historically?
Which product lines within Alpha Pro Tech (APT) showed the biggest declines in 2025?
