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NLI Holdings Inc

nlholdingsinc.com

What Do They Do?

Makes mechanical and electronic locks and related mechanisms for original equipment manufacturers, and components for recreational marine markets; holds a noncontrolling interest in a titanium dioxide pigment producer.

How Do They Make Money?

Customers order products by purchase order, with payment terms specified there; they become obligated to pay when products ship or are delivered.

revenue

Segment	Share	Revenue	How money arrives
Security Products Sold outright	76% FY2022: 69%		Sold outright
Marine Components Sold outright	24% FY2022: 31%		Sold outright

Who Are Their Customers?

CompX sells component products primarily to original equipment manufacturers in North America.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 24% from one customer

Do Revenues Turn Into Profits?

No. It lost $37.8M in FY2025.

Operating income, FY2025

7% of revenue

▼ −72% vs FY2024 ($37.9M, 26%)

Net income, FY2025

−24% of revenue

▼ Now a loss vs FY2024 ($67.2M, 46%)

Free cash flow, FY2025

−25% of revenue

▼ Now a loss vs FY2024 ($24.1M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $40.4M in Q2 FY2025
Net income: ▲ +2422%; vs $355K in Q2 FY2025

Security Products share of revenue vs 76.0% in Q2 FY2025

May 26, 2026 Reincorporated in Delaware and changed its name to NLI Holdings

Growing. Revenue grew 12% in 4 years, from $140.8M in FY2021 to $158.3M in FY2025, about 3% a year.

Revenue over time

Security Products Marine Components

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025