NAPCO Security Technologies makes and sells electronic security equipment and provides cellular communication services for those devices. NAPCO serves commercial, institutional, and residential markets through a network of roughly 1,800 independent security dealers, installers, and distributors. NAPCO's two core product families are door locking products — electronic and mechanical locks, panic devices, and access control systems sold under the Alarm Lock and Marks USA brands — and intrusion and fire alarm systems, most importantly the StarLink cellular radio communicator. StarLink radios connect fire and intrusion alarm systems to central monitoring stations via AT&T and Verizon cellular networks, replacing legacy copper landlines. NAPCO's business model has two components: one-time hardware sales and monthly recurring fees for cellular connectivity. When a dealer installs a StarLink radio, NAPCO earns a hardware sale and then collects a monthly fee through its Networx Operations Center. Recurring service revenue carries roughly 91% gross margins and has grown to roughly 48% of total revenue, making it the dominant profit driver. Recurring revenue is essentially non-churning because commercial fire systems must remain monitored by law. NAPCO manufactures over 90% of its products at a vertically integrated facility in the Dominican Republic. NAPCO's growth strategy centers on expanding the StarLink installed base, and extending recurring revenue into new products including MVP, a cloud-based access control platform, and Prima, an all-in-one intrusion, fire, and home automation panel with a built-in cellular radio. NAPCO is also targeting K-12 schools and healthcare institutions as incremental growth markets.