Here are 1-3 brief analogies for Alpha Pro Tech (APT):

• The 3M of disposable protective apparel.
• The DuPont (Tyvek) for residential weatherization materials.

• Disposable Protective Apparel: Manufactures and markets a range of single-use protective garments, including coveralls, lab coats, shoecovers, and bouffant caps, for various industries such as healthcare, industrial, and cleanroom environments.
• Infection Control Products: Produces and sells face masks and face shields designed to prevent the spread of infection.
• Building Products: Develops and distributes weatherization products for the construction industry, including synthetic roof underlayment and housewraps.

Alpha Pro Tech (symbol: APT) primarily sells its products to other companies through a business-to-business (B2B) model.

According to its latest annual reports (10-K filings), no single customer accounted for 10% or more of Alpha Pro Tech's consolidated net sales during the years ended December 31, 2023, 2022, and 2021. Therefore, specific names of major customer companies that meet typical disclosure thresholds are not publicly disclosed.

However, Alpha Pro Tech primarily serves the following categories of business customers:

• Medical, Dental, Safety, and Industrial Supply Distributors: This constitutes Alpha Pro Tech's primary sales channel. These distributors purchase APT's protective apparel, infection control products (e.g., face masks, respirators), and critical environment supplies, and then resell them to a diverse range of end-users including hospitals, healthcare facilities, laboratories, cleanrooms, and various industrial sectors.
• Direct Sales to Manufacturers: Alpha Pro Tech also sells directly to manufacturers in key industries such as pharmaceutical, biotechnology, medical device, and electronics, who utilize their products for their operational needs or as part of their manufacturing processes.
• Direct Sales to Government Entities: Federal, state, and local government agencies also directly purchase Alpha Pro Tech's products for a variety of applications and requirements.

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Lloyd Hoffman, President, Chief Executive Officer and Director

Mr. Hoffman has been the Chief Executive Officer of Alpha Pro Tech since January 2016 and President since late December 2017. He joined the company in 1991 as an accountant, was named Senior Vice President of Finance and Administration in 1999, and held the position of Chief Financial Officer from 2002 through 2015. From 1987 to 1991, Mr. Hoffman was a partner at Software Concepts, Inc., a software developer, and was in charge of finance and administration.

Colleen McDonald, Chief Financial Officer and Principal Accounting Officer

Ms. McDonald has been the Chief Financial Officer of the company since January 2016. She joined Alpha Pro Tech's accounting department in 1995 and was named Assistant Corporate Controller in 2002. She then held the position of Corporate Controller from 2003 until she became Chief Financial Officer.

Danny Montgomery, Director and Senior Vice President, Manufacturing; Senior Vice President of Alpha ProTech Engineered Products, Inc.

Mr. Montgomery is the Senior Vice President of Alpha Pro Tech Building Products, Inc., and Manufacturing for Alpha Pro Tech, Inc. He joined Alpha Pro Tech in 1994 when the assets of Ludan Corp, a company he founded and managed, were acquired by Alpha Pro Tech, Inc. Mr. Montgomery has over 40 years of manufacturing and sales experience in various plastic and polymer industries.

Donna Millar, Investor Relations and Director

Ms. Millar has worked with Alpha Pro Tech and its predecessor since 1989. She previously served as Director of International Sales (1989-1991) and held various roles in accounting and investor relations until 2000. She was Assistant to the President from 2000 to 2017 and became a director in 2017. She continues to serve as the primary point of contact for investor relations.

Key Risks to Alpha Pro Tech (APT)

1. Dependence on the Housing and Construction Market: Alpha Pro Tech's Building Supply segment, which includes products like housewrap and synthetic roof underlayment, is highly susceptible to fluctuations in housing starts, interest rates, and broader economic conditions. Weakness in the housing market, as observed in recent periods, can directly and negatively impact sales in this significant segment.
2. Tariffs and Global Supply Chain Risks: The company faces risks associated with changes in tariffs and trade regulations, particularly for products manufactured internationally. Elevated tariffs can lead to increased product costs, potentially impacting the ability to sell certain products into the U.S. market and adversely affecting operating results. Additionally, reliance on international manufacturing and unconsolidated affiliate operations exposes the company to foreign currency exchange risks and potential supply chain disruptions.
3. Volatility in Demand and Competition in Protective Apparel: The Disposable Protective Apparel segment can experience significant swings in demand, as evidenced by the temporary sales surge during the COVID-19 pandemic followed by a return to more normalized, and at times lower, sales levels. This segment also faces intense competition and risks related to the need for continuous innovation and product development to meet evolving market needs and customer preferences.

The increasing market shift towards reusable and sustainable protective equipment (PPE) poses a clear emerging threat. Driven by growing environmental concerns, waste reduction initiatives, and potential long-term cost savings for large purchasers, there is a rising demand for innovative reusable alternatives to single-use PPE. As Alpha Pro Tech's core business relies heavily on the manufacturing and sale of disposable protective apparel and infection control products (such as masks, gowns, and shoe covers), widespread adoption of effective, cost-efficient, and easily sterilizable reusable PPE could directly reduce demand for their disposable offerings, challenging a significant portion of their existing business model.

Alpha Pro Tech (APT) operates primarily in three main product categories: Disposable Protective Apparel, Infection Control Products (specifically face masks and shields), and Building Supply products (housewrap and synthetic roof underlayment). The addressable market sizes for these product lines are as follows:

• Disposable Protective Apparel: The global disposable protective apparel market is projected to grow from USD 25.1 billion in 2025 to USD 36.8 billion by 2035, at a compound annual growth rate (CAGR) of 3.9%. North America holds a significant share of this market. Another report states the global disposable protective clothing market was valued at USD 3.30 billion in 2023 and is projected to reach USD 5.08 billion by 2030, growing at a CAGR of 6.38%. Similarly, the global disposable protective clothing market is projected to reach USD 4.7 billion by 2033, growing from USD 2.6 billion in 2023 at a CAGR of 6.2%. North America is a key market for disposable protective clothing.
• Infection Control Products (Face Masks): The global surgical masks market size was valued at USD 6.97 billion in 2024 and is projected to grow from USD 7.71 billion in 2025 to USD 17.29 billion by 2033, exhibiting a CAGR of 10.62%. North America dominated the surgical masks market, accounting for approximately 37% share in 2024. For the U.S. specifically, the disposable face mask market size was valued at USD 12.16 billion in 2023 and is poised to grow from USD 13.61 billion in 2024 to USD 33.45 billion by 2032, growing at a CAGR of 11.9%. The broader global infection control market, which includes protective barriers like masks, was valued at USD 54.32 billion in 2024 and is projected to reach USD 77.67 billion by 2030, advancing at a CAGR of 6.3%. North America held the largest market share in the infection control market in 2024.
• Building Supply Products (Housewrap and Synthetic Roof Underlayment): The North America building and construction sheets market, which includes materials like housewrap and roof underlayment, is estimated at USD 26.50 billion in 2025 and is expected to reach USD 33.30 billion by 2030, at a CAGR of 4.67%. Another estimate for the North America building and construction sheets market generated a revenue of USD 35.79 billion in 2024 and is expected to grow at a CAGR of 5.7% from 2025 to 2030. More broadly, the North America construction materials market size was USD 568.62 billion in 2024 and is estimated to reach USD 722.07 billion by 2031, with a CAGR of 2.2%. The U.S. construction materials market alone had a size of USD 448.64 billion in 2024.

Alpha Pro Tech (APT) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Sustained Growth in the Building Supply Segment: The company's Building Supply segment, particularly sales of housewrap and other woven materials, has demonstrated consistent growth, contributing significantly to overall sales increases. Management has expressed optimism for continued expansion within this segment, anticipating further growth in the second half of 2025.
2. Introduction of New Building Products: Alpha Pro Tech is actively pursuing new product introductions, which are expected to contribute to future revenue. The company is optimistic about these new offerings and has specific plans for launches in areas such as self-adhered roofing and flashing in 2026.
3. Stabilization and Expansion of Core Disposable Protective Garments: While certain areas of the Disposable Protective Apparel segment (like face masks and face shields) have seen declines, the core disposable protective garments have shown a significant rebound and growth of 10.4% in Q3 2025. This indicates a successful stabilization and potential for sustained growth in its traditional protective apparel business lines post-pandemic.
4. Market Share Gains in the Building Supply Sector: Alpha Pro Tech has demonstrated resilience and the ability to outperform the overall market in its Building Supply segment. Despite a decline in single-family housing starts, the company increased housewrap sales and experienced a less severe decline in synthetic roof underlayment sales compared to the industry average, suggesting effective market share capture.

Share Repurchases

• Alpha Pro Tech expanded its share repurchase program by $2.0 million in June 2025, increasing the total available for buybacks to approximately $2.7 million.
• During the first nine months of 2025, the company repurchased 532,313 shares for $2.632 million, with $2.1 million remaining under its program as of September 30, 2025.
• In 2024, Alpha Pro Tech spent approximately $4.5 million to repurchase 831,000 shares of common stock, representing 7.7% of the total shares outstanding at year-end.

Share Issuance

• The number of outstanding shares decreased from 12,263,956 as of March 1, 2023, to 11,462,034 as of March 1, 2024, and further to 10,284,565 as of September 30, 2025, indicating no significant share issuances during this period.

Inbound Investments

• No significant inbound investments by third-parties were reported over the last 3-5 years.

Outbound Investments

• No significant new outbound strategic investments in other companies were reported over the last 3-5 years. Alpha ProTech Engineered Products, Inc. maintains a 41.66% ownership interest in Harmony Plastics Private Limited, a joint venture in India, for the production of Building Supply and Disposable Protective Apparel segment products.

Capital Expenditures

• In the first quarter of 2024, cash used in investing activities totaled $83,000.
• As of September 30, 2021, the company had made approximately $4.0 million in commitments for capital investments to increase production capacity in the Building Supply segment, with $2.5 million already paid.
• The company continues to make capital investments to increase production capacity and launch new products to drive incremental growth.