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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
November 5, 2025
Date of Report (date of earliest event reported)
XPEL, INC.
(Exact name of registrant as specified in its charter)
Nevada 001-38858 20-1117381
(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)
711 Broadway, Suite 320
 78215
San Antonio Texas
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (210) 678-3700
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share XPEL The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
 
On November 5, 2025, XPEL, Inc. (“XPEL”) announced its consolidated financial results for the three and nine months ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K, and the information set forth therein is incorporated herein by reference and constitutes a part of this report.

The information contained in Item 2.02 of this report and Exhibit 99.1 to this report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by XPEL under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

  Item 9.01. Financial Statements and Exhibits
 
    (d) Exhibits

The following exhibit is to be filed as part of this Form 8-K:

EXHIBIT NO. IDENTIFICATION OF EXHIBIT
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
XPEL, Inc.
Dated: November 5, 2025 By: /s/ Barry R. Wood
Barry R. Wood
Senior Vice President and Chief Financial Officer


EX-99.1 2 xpelq32025er.htm EX-99.1 Document
Ex. 99.1
XPEL Reports Revenue Growth of 11.1% to $125.4 million in Third Quarter 2025;
Announces Strategic Investments in Manufacturing and Supply Chain


San Antonio, TX – November 5, 2025 – XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of 2025. Additionally, the Company has announced it will be making further strategic investments in its manufacturing and supply chain.


Third Quarter 2025 Overview:

•Revenue increased 11.1% to $125.4 million in the third quarter of 2025.

•Gross margin of 41.8% in the third quarter of 2025.

•EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) decreased 8.1% to $19.9 million, or 15.9% of revenue, compared to $21.7 million, or 19.2% of revenue in the third quarter of 2024.2

•Net income decreased 11.8% to $13.1 million, or $0.47 per basic and diluted share, versus net income of $14.9 million, or $0.54 per basic and diluted share in the third quarter of 2024.

First Nine Months 2025 Overview:

•Revenue increased 13.1% to $353.9 million in the first nine months of 2025.

•Gross margin of 42.3% in the first nine months of 2025.

•EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased 4.6% to $57.8 million, or 16.3% of revenue, compared to $55.2 million, or 17.6% of revenue in the first nine months of 2024.2

•Net income increased 3.7% to $37.9 million, or $1.37 per basic and diluted share, versus net income of $36.6 million, or $1.32 per basic and diluted share in the first nine months of 2024.


Barry Wood, Senior Vice President and Chief Financial Officer of XPEL, commented, "The Company delivered record revenue performance in the quarter as we continue to see momentum in the business. We did see some gross margin pressure during the third quarter due to unfavorable, non-tariff related price increases that were not in line with the market. We have mitigated that and expect gross margin to return to its normal trajectory beginning in the fourth quarter. Our SG&A in the quarter reflects continued investment in the channel to support our new countries and our new service businesses. We believe we are well positioned to drive leverage in our cost structure in the coming quarters and deploy capital in a manner that maximizes shareholder value."

Enhanced Investment in Manufacturing and Supply Chain

XPEL announced that it will increase its investment in manufacturing and supply chain via capital expenditures, mergers/acquisitions, and/or joint ventures. The Company anticipates investing $75 million to $150 million over the next two years with the goal of increasing gross margin to a range of 52% to 54% and operating margin to the mid to high 20% range by the end of 2028.

Ryan Pape, President and Chief Executive Officer of XPEL, commented, "Given our scale today, we believe this is the right time to further invest in manufacturing and our supply chain with the intention of driving significant margin improvement.


This initiative represents a meaningful inflection point for the potential future profitability of the business."


Financial Highlights for the Third Quarter 2025:

Summary consolidated financial information for the three months ended September 30, 2025 and 2024 (unaudited, dollars in thousands):

Three Months Ended
September 30,		 % Change
2025 %
of Total Revenue		 2024 %
of Total Revenue		 2025 vs. 2024
Total revenue $ 125,415  100.0  % $ 112,852  100.0  % 11.1  %
Gross margin 52,424  41.8  % 47,916  42.5  % 9.4  %
Operating Expenses 35,673  28.4  % 29,529  26.2  % 20.8  %
Net income 13,135  10.5  % 14,892  13.2  % (11.8) %
EBITDA2
 19,944  15.9  % 21,698  19.2  % (8.1) %
Net cash provided by operating activities $ 33,154  n/a $ 19,559  n/a 69.5  %

Geographical Revenue Summary

Three Months Ended
September 30,		 % % of Total Revenue
2025 2024 Inc (Dec) 2025 2024
United States $ 71,725  $ 64,565  11.1  % 57.2  % 57.2  %
Canada 12,975  14,415  (10.0) % 10.4  % 12.8  %
North America 84,700  78,980  7.2  % 67.6  % 70.0  %
China 10,074  9,058  11.2  % 8.0  % 8.0  %
Asia Other 5,545  3,851  44.0  % 4.3  % 3.4  %
Asia Pacific 15,619  12,909  21.0  % 12.3  % 11.4  %
EU, UK, and Africa 16,537  12,835  28.8  % 13.2  % 11.4  %
India and Middle East 5,718  5,301  7.9  % 4.6  % 4.7  %
Latin America 2,841  2,827  0.5  % 2.3  % 2.5  %
Total $ 125,415  $ 112,852  11.1  % 100.0  % 100.0  %

Overall Revenue
•Total revenue grew 11.1% compared to third quarter of 2024 ("YoY").
•Minimal impact from China distributor acquisition due to late third quarter close.

Product and Service Revenue
•Total product revenue increased 9.8% YoY and represented 76.1% of total revenue.
•Total window film revenue increased 22.2% YoY and represented 22.0% of total revenue.
•Total service revenue increased 15.7% YoY and represented 23.9% of total revenue.
•Total installation revenue (labor and product combined) grew 21.3% YoY.
•Adjusted product revenue (combining cutbank credits revenue and product revenue) increased 9.0% YoY.



Other Financial Information
•Gross margin percentage was 41.8% and 42.5% in the third quarter of 2025 and 2024, respectively.
•Sales and marketing expense increased 29.7% YoY.
•General and administrative expense increased 15.8% YoY.

Cash Flows from Operations
•Cash flows provided by operations were $33.2 million in the third quarter of 2025; highest quarter in our history

2025 Outlook

•The Company expects fourth quarter 2025 revenue of approximately $123 - $125 million.

Please see the information under "Forward-looking Statements" below regarding certain cautionary statements relating to our 2025 Fourth Quarter Outlook.

Conference Call Information

The Company will host a conference call and webcast today, November 5, 2025 at 11:00 a.m. Eastern Time to discuss the Company’s third quarter 2025 results.

To access the live webcast, please visit the XPEL, Inc. website at https://investor.xpel.com/events-and-presentations/.

To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 174259.

A replay of the teleconference will be available until December 5, 2025 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53055.

About XPEL, Inc.
XPEL is a leading provider of protective films and coatings, including automotive paint protection film, surface protection film, automotive and architectural window films, and ceramic coatings. With a global footprint, a network of trained installers and proprietary DAP software, XPEL is dedicated to exceeding customer expectations by providing high-quality products, leading customer service, expert technical support and world-class training. XPEL, Inc. is publicly traded on Nasdaq under the symbol “XPEL”.

1 The results summarized above for 2025 are preliminary and unaudited. As the Company completes its quarter-end financial close processes and finalizes its financial statements for the third quarter of 2025, it is possible that the Company may identify items that require it to make adjustments to the preliminary information set forth above, and those adjustments could be material. Full third quarter 2025 financial information will be included in the filing of the Company’s Quarterly Report on Form 10-Q with the Securities and Exchange Commission which is anticipated on or prior to November 7, 2025.

2 See "Non-GAAP Financial Measure" and "Reconciliation of Non-GAAP Financial Measure" below.

Forward-looking Statements

This release includes forward-looking statements (within the meaning of Section 27A of the Securities act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into new markets, execution of the company's growth strategy and outlook. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could,"


"would," "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and assumptions of the management of XPEL. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, a prolonged or material contraction in automotive sales and production volumes, disruption in our supply chain, technology that could render our products obsolete, changes in the way vehicles are sold, damage to our brand and reputation, cyber events and other legal and regulatory developments. There are several risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause its actual results to differ materially from the forward-looking statements contained in this press release, including those described in the “Risk Factors” section of Annual Report on Form 10-K. Although XPEL has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measure

To aid in the understanding of XPEL's ongoing business performance, XPEL uses EBITDA, a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of XPEL's financial performance under GAAP and should not be considered as an alternative to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly title measures. For a full reconciliation of EBITDA to comparable GAAP measure, refer to the reconciliation titled "Reconciliation of Non-GAAP Financial Measure."

For more information, contact:
Investor Relations:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
Phone: (203) 972-9200
Email: xpel@imsinvestorrelations.com


XPEL, Inc.
Consolidated Statements of Income (Unaudited)
(In thousands except per share data)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Revenue
Product revenue $ 95,459  $ 86,950  $ 268,966  $ 237,002 
Service revenue 29,956  25,902  84,967  75,871 
Total revenue 125,415  112,852  353,933  312,873 
Cost of Sales
Cost of product sales 59,838  53,967  166,468  147,376 
Cost of service 13,153  10,969  37,629  31,840 
Total cost of sales 72,991  64,936  204,097  179,216 
Gross Margin 52,424  47,916  149,836  133,657 
Operating Expenses
Sales and marketing 13,794  10,637  37,531  31,308 
General and administrative 21,879  18,892  65,136  55,547 
Total operating expenses 35,673  29,529  102,667  86,855 
Operating Income 16,751  18,387  47,169  46,802 
Interest expense 1  97  83  962 
Foreign currency exchange loss/(gain)
 110  (332) (1,164) 216 
Income before income taxes 16,640  18,622  48,250  45,624 
Income tax expense 3,505  3,730  10,321  9,033 
Net income 13,135  14,892  37,929  36,591 
Net income attributed to non-controlling interest 195  —  113  — 
Net income attributable to stockholders of the Company $ 12,940  $ 14,892  $ 37,816  $ 36,591 
Earnings per share attributable to stockholders of the Company
Basic $ 0.47  $ 0.54  $ 1.37  $ 1.32 
Diluted $ 0.47  $ 0.54  $ 1.37  $ 1.32 
Weighted Average Number of Common Shares
Basic 27,675  27,642  27,665  27,636 
Diluted 27,701  27,644  27,683  27,639 















XPEL, Inc.
Consolidated Balance Sheets
(In thousands except share and per share data)

(Unaudited)
 (Audited)
September 30, 2025 December 31, 2024
Assets
Current
Cash and cash equivalents
 $ 64,497  $ 22,087 
Accounts receivable, net 36,882  29,146 
Inventory, net 128,715  110,904 
Prepaid expenses and other current assets 4,438  5,314 
Income tax receivable —  893 
Total current assets
 234,532  168,344 
Property and equipment, net
 16,229  17,735 
Right-of-use lease assets 21,497  19,490 
Intangible assets, net 56,267  34,562 
Deferred tax asset, net 2,117  — 
Other non-current assets 4,761  1,350 
Goodwill 52,292  44,126 
Total assets $ 387,695  $ 285,607 
Liabilities
Current
Current portion of notes payable $ 69  $ 63 
Current portion lease liabilities 6,487  4,666 
Accounts payable and accrued liabilities 52,226  36,138 
Income tax payable 2,121  — 
Other short-term liabilities 23,442  651 
Total current liabilities 84,345  41,518 
Deferred tax liability, net —  469 
Other long-term liabilities 12,628  1,810 
Non-current portion of lease liabilities 16,752  16,126 
Non-current portion of notes payable 116  229 
Total liabilities 113,841  60,152 
Stockholders’ equity
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding
 —  — 
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,678,601 and 27,651,773 issued and outstanding, respectively
 28  28 
Additional paid-in-capital 18,165  15,550 
Accumulated other comprehensive loss (843) (4,236)
Retained earnings 251,929  214,113 
Stockholders' equity 269,279  225,455 
Non-controlling interest 4,575  — 
Total stockholders’ equity 273,854  225,455 
Total liabilities and stockholders’ equity $ 387,695  $ 285,607 










XPEL, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Cash flows from operating activities
Net income $ 13,135  $ 14,892  $ 37,929  $ 36,591 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment 1,640  1,504  4,733  4,308 
Amortization of intangible assets 1,663  1,475  4,722  4,327 
Gain on sale of property and equipment (17) (6) (11) (35)
Stock compensation 1,080  862  2,776  2,329 
Provision for credit losses 678  91  859  279 
Deferred income tax (825) (553) (2,727) (1,414)
Changes in assets and liabilities:
Accounts receivable, net
 455  279  (7,386) (5,475)
Inventory, net (2,716) (3,592) 5,195  5,174 
Prepaid expenses and other current assets 1,590  (1,477) (308) (2,785)
Income taxes receivable and payable 1,902  957  2,954  370 
Accounts payable and accrued liabilities 14,569  5,127  15,535  (2,172)
Net cash provided by operating activities 33,154  19,559  64,271  41,497 
Cash flows used in investing activities
Purchase of property, plant and equipment (989) (1,257) (2,934) (5,085)
Proceeds from sale of property and equipment 19  40  34  40 
Acquisition of businesses, net of cash acquired
 (14,981) (592) (15,165) (6,520)
Purchases of long term investments (1,685) —  (1,685) — 
Development of intangible assets (248) (580) (1,036) (1,421)
Net cash used in investing activities (17,884) (2,389) (20,786) (12,986)
Cash flows from financing activities
Net payments on revolving line of credit —  (11,000) —  (19,000)
Restricted stock withholding taxes paid in lieu of issued shares
 —  (88) (161) (175)
Repayments of notes payable (18) (13) (117) (44)
Proceeds from deferred acquisition consideration (147) —  (147) — 
Net cash used in financing activities (165) (11,101) (425) (19,219)
Net change in cash and cash equivalents 15,105  6,069  43,060  9,292 
Foreign exchange impact on cash and cash equivalents (199) (67) (650) 85 
Increase in cash and cash equivalents during the period 14,906  6,002  42,410  9,377 
Cash and cash equivalents at beginning of period 49,591  14,984  22,087  11,609 
Cash and cash equivalents at end of period $ 64,497  $ 20,986  $ 64,497  $ 20,986 
Supplemental schedule of non-cash activities
Non-cash acquisition consideration $ 33,537  $ —  $ 33,537  $ — 
Non-cash lease financing $ 1,556  $ 1,172  $ 4,396  $ 6,210 
Issuance of common stock for vested restricted stock units $ 327  $ 438  $ 848  $ 900 
Non-cash minority interest contribution $ 4,462  $ —  $ 4,462  $ — 
Supplemental cash flow information
Cash paid for income taxes $ 2,665  $ 3,458  $ 10,122  $ 10,256 
Cash paid for interest $ —  $ 151  $ 89  $ 995 


Reconciliation of Non-GAAP Financial Measure

EBITDA is a non-GAAP financial measure. EBITDA is defined as net income (loss) plus interest expense, net, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as alternatives to revenue or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.

EBITDA does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations and other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.


EBITDA Reconciliation (in thousands)
(Unaudited) (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Net Income $ 13,135  $ 14,892  $ 37,929  $ 36,591 
Interest 1  97  83  962 
Taxes 3,505  3,730  10,321  9,033 
Depreciation 1,640  1,504  4,733  4,308 
Amortization 1,663  1,475  4,722  4,327 
EBITDA $ 19,944  $ 21,698  $ 57,788  $ 55,221