On this page of StockholderLetter.com we present the latest annual shareholder letter from LSI INDUSTRIES INC — ticker symbol LYTS. Reading current and past LYTS letters to shareholders can bring important insights into the investment thesis.

 •  9/18/2025 Letter Continued (Full PDF)
 •  9/16/2024 LYTS Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  LYTS Benford's Law Stock Score = 79

LYTS Shareholder/Stockholder Letter Transcript:

LS I I NDU STRI E S
2025 ANNUAL REPORT

   It all starts with
our people at LSI   
James A. Clark
President and Chief Executive Officer, LSI Industries
Whether desig
designing innovative products, delivering on tight timelines, or solving
complex chal
challenges for our customers, our team brings our mission to life every day.
25 was no exception. The dedication, creativity, and resilience of our employees
FY25
across all locations powered one of our most successful years yet.
In FY25 we achieved record performance and strengthened the foundation for longterm growth. I want to thank every member of the LSI family; your work matters and
is creating something truly special as we move towards our 2028 goals.
Celebrating 50 Years of Growth
This is a pivotal time for LSI. What began in 1976 as a niche
manufacturer of gas station canopy lighting has grown
into a vertically focused, customer-driven organization
with expertise across lighting, brand imaging, display
solutions, and custom millwork.
Over    ve decades, we have continuously adapted to new
markets, re   ned our focus, and expanded our capabilities.
The past    ve years, have been some of our most successful
yet, positioning us for even greater achievement in the
years ahead. Today, LSI is a technology-forward company
with integrated solutions that serve national brands across
key verticals. As we prepare to mark our 50th anniversary,
we are honoring our past while fully embracing the
opportunities of the future.
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FY2025 Results and Highlights
Fast Forward in Action
LSI closed FY25 with sales of $573 million, an increase of
22 percent year over year. We delivered nearly $55 million in
adjusted EBITDA and generated $35 million in free cash    ow.
These results provide the    nancial strength to invest further
in innovation, operational excellence, and the development of
our people.
Our Fast Forward strategic plan sets a bold target of
$800 million in revenue and $100 million in adjusted EBITDA
by 2028. This roadmap is built on three pillars: deepening
our presence in vertical markets, unlocking growth through
integrated solutions, and leveraging our unique operating
model with cross selling and operational excellence.
Strategically, we advanced our Fast Forward plan through
organic growth and the acquisition of Canada   s Best Store
Fixtures (CBSF). Based near Toronto, CBSF is a leader in
millwork and custom    xtures with strong relationships in
grocery, retail, and banking. This acquisition expands our
reach into the Canadian market and aligns directly with our
strategy of deepening vertical expertise and unlocking new
growth opportunities.
FY25 provided clear evidence that this strategy works. We
delivered strong growth across display solutions, realized
efficiencies through integration, and accelerated innovation
across our product portfolio. Each step reinforces our
con   dence that LSI is on the right path, with momentum
building as we move into FY26.
As we have in the past, we are applying the same disciplined
LSI playbook with CBSF, leveraging shared resources, driving
efficiencies, and creating value for customers. Together,
these acquisitions expand our capabilities and reinforce LSI   s
reputation as a trusted, full-service partner.
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Our teams showed resilience in the face of ongoing global
supply chain and tariff challenges. Through proactive planning
and agile execution, we ensured continuity for our customers
while strengthening sourcing strategies that will bene   t us in
the years ahead.
Innovation remained a hallmark of FY25. We launched more
than 25 new products, highlighted by the versatile V-LOCITY   
area light that set a new standard in area and sports lighting.
We also deepened our partnership with USA Pickleball. In
display solutions, we introduced eco-friendly R-290 refrigerant
across JSI and EMI product lines, underscoring how LSI   s
integrated approach accelerates progress and delivers
meaningful value.
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LSI INDUSTRIES     2025 ANNUAL REPORT | 2

Looking Ahead to FY2026
The coming year will focus on elevating performance while
continuing to invest in our people. We are sharpening
efficiency across the organization, strengthening
leadership development, and creating more opportunities
for employees to grow.
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FY26 is also especially meaningful as we celebrate
LSI   s 50th anniversary. This milestone is a tribute to the
generations of employees, customers, and partners who
shaped this company. It is also a moment to recommit to
the future, acting with urgency, focusing on the details
that matter, and always working with respect.
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Positioned for Sustainable Growth
We remain con   dent in our path toward $800 million
in revenue by 2028. To get there, we will execute with
discipline, listen closely to our customers, expand margins
through innovation, and continue investing in capabilities
and talent.
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LSI is stronger than ever. Behind every milestone is a team
of people who believe in what we are building, and that
belief will carry us into the next chapter of growth.
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Thank you for your continued support. We are proud of
what we have accomplished, thankful for your continued
interest and energized for what comes next.
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James A. Clark
President and Chief Executive Officer
LSI Industries
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 9/18/2025 Letter Continued (Full PDF)