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CORPORATE
PROFILE

Alpha Pro Tech, Ltd. (the Company) is in the business of protecting people, products and environments. The Company accomplishes this by being a leading designer, developer, manufacturer and marketer of high-value disposable protective apparel, building supply, infection control and other products for the medical, dental, cleanroom, pharmaceutical, industrial safety, construction supply and consumer markets.

The Company’s growth strategy is to provide innovative solutions to its customers and create meaningful value for its shareholders. Alpha Pro Tech has a reputation of combining extensive research and development with the highest levels of responsiveness, quality, safety and reliability.

Alpha Pro Tech’s manufacturing facilities and offices are located in Arizona and Georgia in the United States, as well as in Canada and India.

FINANCIAL HIGHLIGHTS

1 ANNUAL REPORT 2024
Lloyd Hoffman
President and
Chief Executive Officer

TO OUR
SHAREHOLDERS



Dear Shareholders,

I am pleased to present Alpha Pro Tech's Annual Report for the fiscal year ended December 31, 2024. This year has been characterized by resilience and improved operational efficiencies, as we continue our mission to deliver high-quality protective solutions and building supply products that safeguard lives, protect property, and drive sustainable growth.

Financial Performance

In 2024, Alpha Pro Tech achieved net sales of $57.8 million, a decrease of 5.5% compared to the previous year. Despite this modest decline, the Company achieved a 230 basis point gross profit margin percentage increase in 2024, which was a significant driver in matching 2023’s full year earnings per share of $0.35 per share on $3.4 million less revenue.

The Company ended 2024 with cash of $18.6 million compared to $20.4 million as of December 31, 2023. We spent approximately $4.5 million in our stock buyback program repurchasing 831,000 shares of common stock, or 7.7% of the total shares outstanding at year-end, and increased our inventory levels on hand by over $2.6 million.
2 ANNUAL REPORT 2024
Building Supply Segment

Our Building Supply segment faced challenges during the year, with single-family housing starts down 4.4% and multi-family housing starts down 11.3% in 2024 compared to 2023. Despite the macro softness in housing, the Company increased sales with 14 of our top 15 customers compared to 2023, a testament to the hard work and commitment of our sales team, which was expanded in late 2024 with the addition of two territory managers that will assist in strengthening relationships with our customers and driving new business. We expect growth in the Building Supply segment in the coming year, as the projected number of housing starts in 2025 is expected to increase, however, there continues to be uncertainty in housing starts and the economy in general that could affect this segment.

Disposable Protective Apparel Segment

Sales of disposable protective apparel increased by 5.0% in 2024 despite softer sales in the fourth quarter, driven by further integration and growth among some of our largest regional channel partners, as well as new distribution agreements with regional and national channel partners that provided for an enhanced level of engagement and mutual growth incentives. In addition, we signed a new agreement with our largest international channel partner and achieved elevated status, named as a preferred supplier going forward. We believe this achievement will provide growth opportunities, and management expects overall continued growth for the Disposable Protective Apparel segment in 2025.

Looking Ahead

As we look to 2025 and beyond, our strategy remains clear: continue to innovate, invest in operational excellence, and expand our market reach. We are excited about the opportunities ahead and on behalf of the Board of Directors and the entire Alpha Pro Tech team, I extend my deepest gratitude to our shareholders for your continued support and trust.


Sincerely,

Lloyd Hoffman
President and
Chief Executive Officer
3 ANNUAL REPORT 2024
  • Apparel,
    Masks
    & Shields
  • For 35 years, and counting, Alpha Pro Tech has been in the business of manufacturing a broad array of disposable protective apparel for the express purpose of protecting People, Products and Environments!

    Alpha Pro Tech is a leader in providing innovative products in concert with and distributed through authorized regional and global channel partners. Together, we serve the clean room and controlled environment market, electronics and semi-conductor market, pharmaceutical and medical device market, and the general industrial space. Across all market segments, we strive to collaborate and create strong sales, marketing, and operational alignment in an effort to achieve organic sales growth and customer retention. Under our Critical Cover® brand, Alpha Pro Tech’s singular focus lies within the design and manufacture of superior performing products, and delivering high value to every customer.

    Our Critical Cover® offering consists of disposable protective garments, such as coveralls, lab coats, shoe covers and bouffants. Complementing our disposable apparel portfolio is a full line of single-use protective face masks, face shields, and other ancillary products, including a NIOSH-approved N95 Respirator that is manufactured in the United States! We primarily sell these products into the dental and healthcare markets for the express purpose of protecting healthcare workers and their patients. In this space, we work closely with local, regional and global dental and medical distributors.

    Alpha Pro Tech is dedicated to manufacturing the highest quality disposable apparel and facial protection products. We strive to maintain a leadership position with new and innovative materials and designs and are excited about what the next 35 years will bring!
4 ANNUAL REPORT 2024
Alpha Pro Tech garments
are available in a wide
selection of materials
and configurations to
protect the wearer as
needed.
5 ANNUAL REPORT 2024
  • Building
    Products
  • As we celebrate 35 years of growth and innovation, we take a moment to reflect on our history and look forward to the future. Alpha Pro Tech entered the market with a simple yet powerful vision: to provide high-quality products that protect people, products, and the environment. Starting with a single synthetic roof underlayment and two housewrap/weather resistive barrier (WRB) products, we set out to deliver products that prioritized safety, sustainability, and performance.

    Our commitment to the core values of protecting people, products, and the environment has guided us every step of the way. From the beginning, we understood that the integrity of our products could have a lasting impact on both the built environment and the world around us. We focused on producing products that not only perform at the highest level but also align with social and environmental responsibility.

    Over the years, we have grown our synthetic roof underlayment category, incorporating recyclable materials to reduce reliance on asphalt-based products. These innovations not only protect the environment but also increase jobsite safety with best-in-class tear resistance. Meanwhile, our WRB product line has evolved into one of the most comprehensive in the industry, offering solutions for virtually every climate condition and exterior cladding type.

    The challenges presented by COVID-19 reshaped the building materials industry, with product availability being one of the most pressing issues. In response, Alpha Pro Tech made strategic capital investments to expand our production capacity, ensuring that we could meet rising demand and continue to protect both people and properties. Additionally, we introduced system warranties for our WRB products across residential and commercial applications, a testament to our commitment to building safer, healthier spaces. Builders, contractors and specifiers are now embracing these warranties in a wide range of projects, from manufactured homes to multi-family residential and commercial buildings.

    As pioneers in the synthetic roof underlayment market, we continue to innovate and introduce new products that meet evolving industry needs. In 2023, we proudly launched two products that expanded our roofing product category to include self-adhered products: TECHNOplus Ice & Water and REX High Temp. With our extensive expertise and vertical integration, we have expanded beyond essential roofing components to offer these high-performance underlayment products. These additions have driven substantial growth within our distribution network and opened new opportunities for our contractors. We are excited to build on these products with future product launches that will further elevate industry standards and deliver value to our partners.

    Our investments in people and education have also driven our growth and success. In 2022, we launched a training program for architects and specifiers, helping to elevate the industry’s understanding of our products and their benefits. In 2023, we took this initiative further by dedicating a team to focus on the commercial and multi-family sectors. This investment in education is not only building stronger relationships with industry stakeholders but is also driving measurable results as we work together to create healthier and more sustainable living and working environments.

    As we reflect on our 35-year legacy of protecting people, products and the environment, we are more determined than ever to raise the bar for the building industry. Our global commitment to responsible sourcing, high-quality manufacturing, and environmental sustainability remains steadfast. Moving forward, we will continue to expand our product portfolio, enhance educational programs and push the boundaries of innovation. Together, with our partners, we are building a future where safety, sustainability, and performance come first.
6 ANNUAL REPORT 2024
From single family
to multi-family
developments, our
system has you covered
in every direction, from
the walls to the roof.
7 ANNUAL REPORT 2024

CORPORATE
INFORMATION

MARKET FOR SHARES

The Company’s common shares are quoted on the NYSE American Exchange under the trading symbol “APT.”

As of April 14, 2025 there were 10,864,002 shares outstanding and 79 registered shareholders of Alpha Pro Tech, Ltd.

DIVIDEND POLICY

The holders of the Company’s common stock are entitled to receive such dividends as may be declared by the Board of Directors of the Company from time to time to the extent that funds are legally available for payment thereof. The Company has never declared or paid any dividends on any of its outstanding shares of common stock. It is the current policy of the Board of Directors to retain any earnings to provide for the development and growth of the Company. Consequently, the Company has no current intention to pay cash dividends in the foreseeable future.

TRANSFER AGENT AND REGISTRAR

Shareholders should refer specific questions concerning their stock certificates, in writing, directly to the Transfer Agent and Registrar at:
Equiniti Trust Company LLC
48 Wall Street, Floor 23
New York, NY 10005

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

Tanner LLC
3300 N. Triumph Blvd., Suite 410
Lehi, UT 84043

LEGAL COUNSEL

Maynard Nexsen PC
1901 6th Avenue N, Suite 1700
Birmingham, AL 35203

ANNUAL MEETING

The Annual Meeting of Shareholders will be held:
Tuesday, June 10, 2025 at 9:30 am
Microtel Inn & Suites
180 Goulding Avenue
Aurora, Ontario L4G 3Z2
365-809-4680

FORM 10-K

A copy of the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission for the fiscal year ended December 31, 2024 is available upon request without charge to persons who are beneficial shareholders as of the record date for the 2025 Annual Meeting. Such written requests should be directed to:
Alpha Pro Tech, Ltd.
53 Wellington Street East
Aurora, Ontario L4G 1H6

OFFICERS AND DIRECTORS

Lloyd Hoffman

President and Chief Executive Officer and Director

Colleen McDonald

Chief Financial Officer

Danny Montgomery

Sr. V.P. Manufacturing and Director

Donna Millar

Investor Relations and Director

David Garcia

Director
Retired Independent Businessman

Dr. John Ritota

Director
Dentist – Ritota & Ritota P.A.

James W.A. Buchan

Director
Management – Bell Canada

Benjamin A. Shaw

Director
Sr. Director & Controller – Western Governors University
Corporate Head Office
53 Wellington Street East
Aurora, Ontario
L4G 1H6
Phone: 800 847-9725
Fax: 905 479-9732
Email: ir@alphaprotech.com