LSI Industries makes LED lighting fixtures and retail display solutions for non-residential customers in the U.S. and Canada, focused on specific verticals: convenience stores, gas stations, grocery stores, quick-service restaurants, automotive dealerships, warehouses, and parking facilities. LSI operates two segments: Display Solutions (~57% of sales), which includes exterior and interior graphics, signage, digital menu boards, refrigerated and non-refrigerated display cases, checkout counters, and installation services; and Lighting (~43% of sales), which manufactures application-specific LED fixtures for both new construction and renovation projects. LSI sells lighting through manufacturer's representatives and electrical distributors, while Display Solutions is sold via a direct sales force, often on large multi-site rollout programs spanning 12–36 months across hundreds or thousands of locations. LSI manufactures most products domestically across 18 U.S. facilities and has shifted sourcing to roughly 70% domestic, which management argues limits tariff exposure relative to peers. LSI's core growth thesis revolves around cross-selling both segments to the same customers, though cross-selling is still early-stage. LSI has also been acquisitive, adding EMI Industries in April 2024 and Canada's Best Holdings in March 2025 to expand its product portfolio. LSI's multi-year "Fast Forward" plan targets adjusted EBITDA margins of ~12.5% by FY28, up from ~10% in FY25, driven by vertical market depth, cross-selling, acquisitions, and new product development.