Here are a few brief analogies for LSI Industries (LYTS):

• Philips (Signify) for commercial lighting and digital displays for businesses.
• Like Acuity Brands, but also a major provider of digital signage for businesses.

• LED Lighting Solutions: Provides high-performance LED lighting fixtures for commercial, industrial, and outdoor applications.
• Graphics Solutions: Offers custom visual branding and signage, including digital and screen-printed graphics for various markets.
• Video Technology Solutions: Delivers digital displays and content management systems for dynamic visual communication and advertising.

Major Customers of LSI Industries (LYTS)

LSI Industries (symbol: LYTS) primarily sells its lighting, graphics, and digital display solutions to other businesses (B2B) across a diverse range of commercial and industrial sectors. The company's customer base is fragmented, and it does not typically disclose individual customers that account for a significant percentage (e.g., 10% or more) of its total revenue in its public filings.

Instead, LSI serves a wide variety of companies within specific market segments. The major categories of customer companies that LSI targets and serves include:

• Petroleum and Convenience Store Chains: LSI provides comprehensive visual solutions, including outdoor and indoor lighting, signage, and digital displays, for gas stations and convenience stores.

  Examples of companies operating in this sector (these are illustrative of the types of customers LSI serves, not necessarily direct disclosed major customers):

  • ExxonMobil (XOM)
  • Chevron (CVX)
  • BP p.l.c. (BP)
  • Shell plc (SHEL)

• Quick-Service Restaurant (QSR) Chains: LSI supplies lighting solutions, menu boards, and digital displays for fast-food and quick-service establishments.

  Examples of companies operating in this sector (illustrative):

  • McDonald's Corporation (MCD)
  • Restaurant Brands International Inc. (QSR)
  • Yum! Brands, Inc. (YUM)

• Automotive Dealerships: The company offers lighting and exterior signage solutions for car dealerships.

  Examples of companies operating dealership groups (illustrative):

  • AutoNation, Inc. (AN)
  • Lithia Motors, Inc. (LAD)
  • Penske Automotive Group, Inc. (PAG)

• Grocery and Pharmacy Chains: LSI provides lighting, interior and exterior signage, and digital displays for supermarket and drugstore chains.

  Examples of companies operating in this sector (illustrative):

  • The Kroger Co. (KR)
  • Walmart Inc. (WMT)
  • CVS Health Corporation (CVS)
  • Walgreens Boots Alliance, Inc. (WBA)

• Other National Retail Chains and Commercial/Industrial Facilities: This broad category includes general merchandise retailers, warehouses, manufacturing facilities, educational institutions, and healthcare facilities that utilize LSI's lighting and visual solutions.

• Not specifically disclosed in public filings or investor relations. LSI Industries (LYTS) typically procures standard components, metals, and electrical parts from a diverse base of manufacturers and distributors, rather than relying on a few major named suppliers that are publicly identified.

James A. Clark, President and Chief Executive Officer

James A. Clark was appointed President and Chief Executive Officer of LSI Industries in November 2018. He previously served as President & CEO at Alliance Tire Americas, Inc., a KKR portfolio company, from 2014 to 2018. His leadership there resulted in four years of double-digit organic growth, which was a key factor in KKR's sale of Alliance Tire Group to Yokohama Rubber Company for $1.2 billion. Mr. Clark also held the position of Managing Director at Dunes Point Capital, LLC. Prior to that, he was Vice President of Strategy and Corporate Development at Rexel Holdings USA, overseeing strategic planning and M&A. He also held senior executive roles at United Technologies Corporation and General Electric, including President of Electronic Security Products Group and CMO-VP of Global Sales for GE Security. He brings over 25 years of experience as a senior operating executive in global manufacturing and product services companies.

James E. Galeese, Executive Vice President and Chief Financial Officer

James E. Galeese has served as Executive Vice President and Chief Financial Officer of LSI Industries since June 2017. In this role, he oversees the company's finance function, information technology, risk management, project pricing, and Investor Relations. Before joining LSI, Mr. Galeese was Vice President, Chief Financial Officer, and a Director of Universal Trailer Holding Corporation, a privately held company and a Corporate Partners Private Equity portfolio company, from 2014 to 2017. From 1998 to 2014, he was with Philips Electronics NV, where he served as Senior Vice President and Chief Financial Officer for both its North American Lighting business and its Electronics business. Earlier in his career, he worked in the financial Controllership organization of Square D Company / Schneider Electric.

Mike Prachar, Chief Marketing Officer

Mike Prachar joined LSI Industries in March 2019 as Vice President, Lighting Products, and was promoted to Chief Marketing Officer in December 2019. He is responsible for the company’s Commercial Marketing, Product Management, Technical Design Services, and Communications and Public Relations functions. Prior to LSI, Mr. Prachar was Senior Director, Global Offering Management for Honeywell and held various marketing leadership positions with Milacron, Rexnord Industries, Emerson, and Ingersoll Rand.

Tom Caneris, Executive Vice President of Human Resources and General Counsel

Tom Caneris joined LSI Industries in August 2019 as Senior Vice President, Human Resources and General Counsel, and now serves as Executive Vice President of Human Resources and General Counsel. He is responsible for the company’s Human Resources efforts and Legal functions. Before his tenure at LSI, Mr. Caneris was Senior Vice President at PharMerica Corporation. He possesses over 30 years of experience as a practicing attorney and senior advisor in both public and private company settings.

LSI Industries (LYTS) operates in the lighting and display solutions markets, addressing several key areas within these sectors. The addressable markets for their main products and services are sized as follows:

• Outdoor Lighting: The U.S. outdoor lighting market is projected to reach approximately $7.1 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.9% from 2024. In 2023, this market generated a revenue of $4.46 billion. More specifically, the U.S. outdoor LED lighting market is valued at $4.21 billion in 2025 and is projected to reach $5.69 billion by 2030, with a CAGR of 6.22%.
• Indoor Lighting: The United States indoor LED lighting market is estimated at $12.24 billion in 2025 and is projected to grow to $15.23 billion by 2030, at a CAGR of 4.46%. Globally, the interior lighting market was valued at $79.5 billion in 2022 and is projected to reach $130.3 billion by 2032, with a CAGR of 5.1%.
• Digital Signage: The U.S. digital signage market was valued at $5.7 billion in 2023 and is expected to reach $10.6 billion by 2033, demonstrating a CAGR of 6.4%. Another estimate indicates the U.S. digital signage market size was $6.36 billion in 2024 and is anticipated to grow at a CAGR of 6.6% from 2025 to 2030.
• Graphic Solutions: LSI Industries offers various graphic solutions, including signage and canopy graphics. The graphic design market in North America, which includes the U.S., was approximately $19.65 billion in 2024. The U.S. alone held a significant share of the graphic design market, with an estimated size of $15.5 billion in 2024.
• Gas Station Canopy Lighting: As a specialized segment of outdoor lighting, the global gas station canopy lighting market has a conservative estimated size in the range of $500 million to $700 million in 2025. North America holds a significant share of this market.

LSI Industries (LYTS) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Sustained Growth in Core Lighting and Display Solutions Segments: LSI Industries anticipates continued robust performance in its primary Lighting and Display Solutions segments. The company reported strong double-digit growth in the first quarter of fiscal year 2026, with lighting segment sales increasing by 18% and display solutions sales rising by 11% year-over-year. This growth is largely volume-driven, supported by increased project activity and the company's focus on purpose-built products that are believed to outperform competitors, contributing to market share gains.
2. Vertical Market Expansion and Integrated Solutions Strategy: A significant driver of future revenue is LSI's strategic focus on expanding within key vertical markets. The company is actively targeting sectors such as grocery, convenience stores, refueling, and quick-serve restaurants, which are undergoing expansion and renovation cycles. By offering integrated product and service solutions tailored to these specific verticals, LSI aims to differentiate itself and capture ongoing growth opportunities.
3. Impact of Recent Acquisitions and Robust Project Pipeline: Recent acquisitions, including EMI and Canada's Best Store Fixtures, have been successfully integrated and are contributing to expanded capabilities and increased customer reach. These integrations, combined with a robust pipeline of opportunities in new construction and remodels, particularly large multi-site projects, are expected to fuel continued revenue growth.
4. Strategic Pricing and Operational Efficiencies: While volume is a primary driver, strategic pricing actions have also played a role in improving gross margins and effectively offsetting the impact of tariffs. Furthermore, LSI is focused on enhancing operational efficiency through internal process improvements and talent development, which aims to drive margin gains and support overall revenue growth by optimizing cost structures.

Share Repurchases

• In April 2022, LSI Industries' Board of Directors authorized a share repurchase program of up to $15 million of its outstanding common stock.

Share Issuance

• LSI Industries issued common shares as stock compensation awards, valued at approximately $0.3 million in fiscal year 2022 and $0.3 million in fiscal year 2021.
• The company received proceeds from the exercise of stock options of $3.0 million in the first quarter of fiscal year 2026 and $0.2 million in the prior period.
• Common shares outstanding increased from 26,596,438 at August 31, 2021, to 30,054,532 at June 30, 2025, and 31,092,786 as of October 31, 2025.

Outbound Investments

• LSI Industries acquired JSI on May 21, 2021.
• The company completed the acquisitions of EMI Industries (April 2024) and Canada's Best Holdings (March 2025), with a total purchase consideration of approximately $29.1 million, including $3.3 million in contingent earnouts. The Canada's Best acquisition was a $24 million cash deal.

Capital Expenditures

• Cash consumed from investing activities was $28.0 million in fiscal year 2025 and $55.3 million in fiscal year 2024.
• Capital expenditures for the three months ended September 30, 2025, and 2024 were ($0.967) million and ($0.759) million, respectively. For the three months ended March 31, 2025, and 2024, capital expenditures were ($2.515) million and ($4.626) million, respectively.
• Investment in production facilities primarily focuses on improving capabilities, product quality, manufacturing efficiency, and environmental, health, and safety compliance. Capital allocation in fiscal 2025 prioritized organic expansion and acquisition-related investments.