$XPEL

XPEL, Inc.

CIK:0001767258|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 143,053,000	$ 124,713,000	$ 260,407,000	$ 228,518,000
Cost of Sales
Total cost of sales	79,913,000	71,196,000	146,037,000	131,105,000
Gross Margin	63,140,000	53,517,000	114,370,000	97,413,000
Operating Expenses
Sales and marketing	15,386,000	11,862,000	30,549,000	23,737,000
General and administrative	24,539,000	22,357,000	47,595,000	43,258,000
Total operating expenses	39,925,000	34,219,000	78,144,000	66,995,000
Operating Income	23,215,000	19,298,000	36,226,000	30,418,000
Interest expense	262,000	7,000	266,000	83,000
Foreign currency exchange gain	(403,000)	(1,039,000)	(683,000)	(1,275,000)
Income before income taxes	23,356,000	20,330,000	36,643,000	31,610,000
Income tax expense	5,053,000	4,122,000	7,836,000	6,816,000
Net income	18,303,000	16,208,000	28,807,000	24,794,000
Net income (loss) attributed to non-controlling interest	264,000	(82,000)	423,000	(82,000)
Net income attributable to stockholders of the Company	$ 18,039,000	$ 16,290,000	$ 28,384,000	$ 24,876,000
Earnings per share attributable to stockholders of the Company
Basic (in dollar per share)	$ 0.65	$ 0.59	$ 1.03	$ 0.90
Diluted (in dollar per share)	$ 0.65	$ 0.59	$ 1.03	$ 0.90
Weighted Average Number of Common Shares
Basic (in shares)	27,562,000	27,666,000	27,576,000	27,660,000
Diluted (in shares)	27,643,000	27,673,000	27,654,000	27,675,000
Product revenue
Revenue
Total revenue	$ 111,674,000	$ 94,795,000	$ 200,388,000	$ 173,507,000
Cost of Sales
Total cost of sales	65,462,000	58,190,000	117,828,000	106,630,000
Service revenue
Revenue
Total revenue	31,379,000	29,918,000	60,019,000	55,011,000
Cost of Sales
Total cost of sales	$ 14,451,000	$ 13,006,000	$ 28,209,000	$ 24,475,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 28,807	$ 24,794
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	3,402	3,093
Amortization of intangible assets	4,220	3,059
(Gain) loss on sale of property and equipment	(11)	7
Stock compensation	2,215	1,696
Provision for credit losses	797	181
Deferred income tax	(1,571)	(1,902)
Changes in assets and liabilities:
Accounts receivable, net	(4,779)	(7,841)
Inventory, net	(4,066)	7,911
Prepaid expenses and other current assets	1,278	(1,899)
Income taxes receivable and payable	2,871	1,052
Accounts payable and accrued liabilities	5,005	966
Net cash provided by operating activities	38,168	31,117
Cash flows used in investing activities
Purchase of property, plant and equipment	(74,820)	(1,946)
Proceeds from sale of property and equipment	58	15
Acquisition of businesses, net of cash acquired	(7,136)	(184)
Development of intangible assets	(878)	(788)
Net cash used in investing activities	(82,776)	(2,903)
Cash flows from financing activities
Borrowings of debt	44,800	0
Restricted stock withholding taxes paid in lieu of issued shares	(442)	(161)
Repayments of debt	(59)	(98)
Payments of deferred acquisition consideration	(6,631)	0
Purchase of treasury shares	(2,939)	0
Net cash provided by (used in) financing activities	34,729	(259)
Net change in cash and cash equivalents	(9,879)	27,955
Foreign exchange impact on cash and cash equivalents	(310)	(451)
(Decrease) increase in cash and cash equivalents during the period	(10,189)	27,504
Cash and cash equivalents at beginning of period	50,864	22,087
Cash and cash equivalents at end of period	40,675	49,591
Supplemental schedule of non-cash activities
Non-cash acquisition consideration	14,272	0
Non-cash lease financing	1,053	2,840
Issuance of common stock for vested restricted stock units	1,912	521
Non-cash minority interest contribution	7,088	0
Supplemental cash flow information
Cash paid for income taxes	6,613	7,457
Cash paid for interest	$ 262	$ 89

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current
Cash and cash equivalents	$ 40,675	$ 50,864
Accounts receivable, net	53,613	49,846
Inventory	128,011	122,755
Prepaid expenses and other current assets	4,601	6,651
Income tax receivable	0	581
Total current assets	226,900	230,697
Property and equipment, net	104,460	15,797
Right-of-use lease assets	17,422	21,561
Intangible assets, net	53,702	49,620
Deferred tax asset, net	1,776	0
Other non-current assets	7,072	5,574
Goodwill	61,316	59,277
Total assets	472,648	382,526
Current
Short-term debt	1,344	59
Current portion lease liabilities	5,373	6,094
Accounts payable and accrued liabilities	57,157	54,289
Income tax payable	2,233	0
Other short-term liabilities	20,828	10,558
Total current liabilities	86,935	71,000
Deferred tax liability, net	0	120
Other long-term liabilities	10,324	9,511
Non-current portion of lease liabilities	13,377	16,710
Long-term debt	43,456	0
Total liabilities	154,092	97,341
Commitments and Contingencies (Note 12)
Stockholders’ equity
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,717,393 and 27,682,807 issued, respectively	28	28
Additional paid-in-capital	19,822	18,049
Accumulated other comprehensive loss	(1,510)	(135)
Retained earnings	293,723	265,339
Treasury stock, 146,645 and 78,624 shares at cost, respectively	(5,938)	(2,999)
Stockholders' equity	306,125	280,282
Non-controlling interest	12,431	4,903
Total stockholders’ equity	318,556	285,185
Total liabilities and stockholders’ equity	$ 472,648	$ 382,526