GPGI Reports Third Quarter 2026 Results
Nine-month GAAP operating cash outflow was $45.5 million, while the adjusted consolidated measure showed $15.3 million of inflow.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
GPGI (NYSE: GPGI) reported third-quarter net income of $76.0 million, reversing a loss in the prior-year period.
For the quarter ended September 30, 2026, GAAP diluted earnings were $0.26 per share, versus a $1.58 loss a year earlier. Pro forma adjusted sales, including Husky, rose 4.5% to $509.6 million. Adjusted EBITDA, an adjusted earnings measure before interest, taxes, depreciation and amortization, rose 6.6% to $146.3 million; its margin increased 60 basis points to 28.7%.
GPGI adjusted its full-year outlook to reflect Husky margin headwinds, partly offset by CompoSecure. It expects pro forma adjusted sales of $2,034–$2,064 million, adjusted EBITDA of $520–$550 million and adjusted free cash flow of $250–$300 million. Fourth-quarter guidance calls for sales of $630–$660 million and adjusted EBITDA of $178–$208 million, up 1% and 8% year over year at their respective midpoints.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter GAAP net income reached $76.0 million, versus a $174.7 million loss a year earlier.
- Moderate pointThird-quarter pro forma adjusted sales increased 4.5% year over year to $509.6 million.
- Moderate pointThird-quarter pro forma adjusted EBITDA increased 6.6% year over year to $146.3 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year pro forma adjusted free cash flow is expected at $250–$300 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter pro forma adjusted EBITDA guidance of $178–$208 million implies 8% year-over-year growth at midpoint.
5 minor points
- Minor pointThird-quarter GAAP diluted EPS reached $0.26, versus a $1.58 loss a year earlier.
- Minor pointThird-quarter pro forma adjusted EBITDA margin increased 60 basis points year over year to 28.7%.
- Minor point. Forward-looking: it has not happened yet and may not happen.Full-year pro forma adjusted sales guidance of $2,034–$2,064 million implies 1% year-over-year growth at midpoint.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter pro forma adjusted sales guidance of $630–$660 million implies 1% year-over-year growth at midpoint.
- Minor point. Forward-looking: it has not happened yet and may not happen.GPGI anticipates a return to its growth algorithm in 2027, citing improving Husky pipeline, orders and recurring aftermarket.
Negative
- Major pointAdjusted total debt was $2,097.0 million, versus $190.0 million in the prior-year third quarter.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year pro forma adjusted EBITDA guidance of $520–$550 million implies a 2% year-over-year decline at midpoint.
- Moderate pointAdjusted cash and short-term investments were $175.8 million, versus $265.3 million in the prior-year third quarter.
- Moderate pointNine-month GAAP net loss totaled $108.7 million.
- Minor pointHusky margin headwinds prompted the full-year guidance adjustment, partly offset by CompoSecure strength.
3 minor points
- Minor pointNine-month GAAP operating cash outflow totaled $45.5 million.
- Minor pointThird-quarter $2.5 million severance cost was included among adjusted EBITDA reconciliation items.
- Minor pointThird-quarter $1.0 million Husky transaction costs were included among adjusted EBITDA reconciliation items.
News Explained
GPGI’s GAAP earnings view uses equity-method accounting for its operating subsidiary, while its supplemental non-GAAP view consolidates that subsidiary.
The GPGI release reports completed third-quarter results and shows, as of
The release says cash was held at GPGI Holdings and excluded from GAAP results; because the non-GAAP columns consolidate GPGI Holdings, GAAP and non-GAAP cash balances reflect different reporting scopes rather than interchangeable balances.
Under the accounting treatment described, GAAP reports GPGI Holdings’ operating results as an equity-method investment, while supplemental non-GAAP information consolidates those results; these are different accounting presentations.
Key Figures
- Pro Forma Adjusted Net Sales
- $509.6 million
- 3Q26; up 4.5% y/y
- Pro Forma Adjusted EBITDA
- $146.3 million
- 3Q26; up 6.6% y/y
- Pro Forma Adjusted EBITDA margin
- 28.7%
- 3Q26; up 60 bps y/y
- Net Income
- $76.0 million
- 3Q26 GAAP; versus a net loss of $174.7 million in 3Q25
- 4Q26 Pro Forma Adjusted Net Sales guidance
- $630 million to $660 million
- Up 1% y/y at the midpoint
- 4Q26 Pro Forma Adjusted EBITDA guidance
- $178 million to $208 million
- Up 8% y/y at the midpoint
- FY26 Pro Forma Adjusted Net Sales guidance
- $2,034 million to $2,064 million
- Up 1% y/y at the midpoint
- FY26 Pro Forma Adjusted EBITDA guidance
- $520 million to $550 million
- Down 2% y/y at the midpoint
Previous Earnings Reports
-
Reported year-over-year declines in pro forma sales and EBITDA while reiterating FY26 guidance.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
equity method financial
pro forma financial
non-gaap financial
gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- 3Q26 results in-line with expectations reflecting strength at CompoSecure and improving demand at Husky
- Expect sequentially strong 4Q26 with y/y LSD organic revenue growth and HSD Adjusted EBITDA growth, at midpoint
- Adjusting FY26 guidance to reflect margin headwinds at Husky, partially offset by continued strength at CompoSecure
- Anticipate return to growth algorithm in 2027 given acceleration in pipeline, orders, and recurring aftermarket at Husky
Third Quarter 2026 Results
Results compared to prior year period unless otherwise noted; pro forma metrics inclusive of Husky.
- Pro Forma Adjusted Net Sales of
$509.6 million , up4.5% y/y - Net Income of
$76.0 million - Pro Forma Adj. EBITDA of
$146.3 million , up6.6% y/y, and Pro Forma Adj. EBITDA margin of28.7% , up 60 bps y/y
Fourth Quarter 2026 Guidance
- Pro Forma Adjusted Net Sales of
$630 t o$660 million , up1% y/y at midpoint of range - Pro Forma Adjusted EBITDA of
$178 t o$208 million , up8% y/y at midpoint of range - Pro Forma Adjusted EBITDA Margin of
27.0% to29.0% , flat y/y at midpoint of range
Full Year 2026 Guidance
- Pro Forma Adjusted Net Sales of
$2,034 t o$2,064 million , up1% y/y at midpoint of range - Pro Forma Adjusted EBITDA of
$520 t o$550 million , down2% y/y at midpoint of range - Pro Forma Adjusted Free Cash Flow of
$250 t o$300 million
NEW YORK, Nov. 05, 2026 (GLOBE NEWSWIRE) -- GPGI, Inc. (NYSE: GPGI), a diversified multi-industry platform for companies with great positions in good industries, today announced its financial and operating results for the third quarter ended September 30, 2026.
Dave Cote, GPGI’s Executive Chairman, noted: “GPGI delivered third quarter results in line with our expectations, reflecting record strength at CompoSecure and improving demand at Husky. We continue to see ROS driving commercial momentum, operational efficiency gains, and cultural transformation at both businesses. GPGI remains focused on execution to close out 2026 and is well positioned to return to our long-term growth algorithm in 2027.”
Financial Results – Third Quarter 2026
| 3Q 2026 | 3Q 2025 | |||||
| Required GAAP (1) | Pro Forma Non-GAAP (1) (2) | Required GAAP (1) | Pro Forma Non-GAAP (1) (2) | |||
| Adjusted Net Sales ($ in millions) | - | $509.6 | - | $487.9 | ||
| Adjusted EBITDA ($ in millions) | - | $146.3 | - | $137.3 | ||
| Required GAAP (1) | Adjusted Non-GAAP (2) | Required GAAP (1) | Adjusted Non-GAAP (2) | |||
| Net Income (Loss) ($ in millions) | $76.2 | ( | $34.0 | |||
| EPS - Diluted | $0.26 | ( | $0.29 | |||
| Cash & Short-Term Investments ($ in millions) (3) | $175.8 | $265.3 | ||||
| Total Debt ($ in millions) | - | $2,097.0 | - | $190.0 | ||
(1) Current GAAP interpretation requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" below. Adjusted measures show GPGI results as if consolidating the results of its operating businesses, together with certain other adjustments as described below under "Use of Non-GAAP Measures." (2) Pro forma measures also reflect financial results as if the business combination with Husky had occurred on January 1, 2025. (3) As of September 30, 2026,
Note on Accounting Treatment
As a result of the spin-off of Resolute Holdings Management, Inc. (“Resolute Holdings”) and the execution of the management agreement with Resolute Holdings (the “CompoSecure Management Agreement”) on February 28, 2025, GPGI is currently required to account for the operating results of its wholly owned operating subsidiary, GPGI Holdings, L.L.C. (“GPGI Holdings”), under the equity method in accordance with U.S. GAAP, effective February 28, 2025. Both the CompoSecure and Husky business units are under GPGI Holdings. Accordingly, GPGI also provides supplemental non-GAAP information that management believes is useful to investors in an evaluation of the performance of each of GPGI’s operating businesses. See “Use of Non-GAAP Financial Measures” for more information.
Third Quarter 2026 Earnings Conference Call
GPGI’s leadership team will discuss the Company’s results during a conference call on Thursday, November 5, 2026, starting at 8:00 a.m. EST. The call and accompanying presentation will contain forward-looking statements and other material information regarding GPGI’s financial and operating results. A live webcast and replay of the call will be available on the Events & Presentations section of GPGI’s website at https://gpgi.com/events-presentations/.
Date: Thursday, November 5, 2026
Time: 8:00 a.m. EST
Live webcast registration link: Here
About GPGI
GPGI, Inc. (NYSE: GPGI) is a diversified, multi-industry platform for companies with great positions in good industries. The platform is managed by Resolute Holdings Management, Inc. (NYSE: RHLD) and is purpose-built to acquire, own, and scale high-quality businesses led by great operators, benefiting from a permanent capital base and the systematic deployment of the Resolute Operating System. GPGI currently consists of CompoSecure and Husky – two market leaders with best-in-class financials and durable opportunities for growth. For more information, please visit GPGI.com.
About CompoSecure, a GPGI Company
Founded in 2000, CompoSecure is a technology partner to market leaders, fintechs, and consumers enabling trust for millions of people around the globe. CompoSecure is a leader in metal payment cards, security, and authentication solutions. CompoSecure combines elegance, simplicity, and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets, and ensure trust at the point of a transaction. For more information, please visit CompoSecure.com and GetArculus.com.
About Husky Technologies, a GPGI Company
Founded in 1953, Husky is a technology pioneer that enables the delivery of essential needs to the global community with industry-leading expertise and service. Husky is a leader in highly engineered equipment and aftermarket services. Husky’s products are used to manufacture a wide range of plastic products, including beverage and food containers, medical devices, and consumer electronic parts. Husky provides comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers, and auxiliaries. For more information, please visit Husky.co.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although GPGI believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, GPGI cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including but not limited to statements concerning GPGI’s possible or assumed future actions, business strategies, plans including with respect to cost actions, events, results of operations, demand, the implementation and anticipated impacts of the Resolute Operating System, macroeconomic factors, trade policy including tariff uncertainty, customer demand, the Company’s anticipated responses to the foregoing, strategic investments and anticipated M&A activity, guidance for 2026 and expectations for 2027, are forward-looking statements. In some instances, these statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “outlook” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect GPGI’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in GPGI’s forward-looking statements: the ability of GPGI to grow and manage growth profitably, implement the Resolute Operating System successfully, maintain relationships with customers, implement their strategies, compete and retain key employees; adverse impacts of global economic, business, competitive and/or other factors, including tariffs, regional instability, including in the Middle East, and changes in the prices for inputs including oil and resin; risks associated with our plans and strategies including cost actions and capital expenditures; the outcome of any legal proceedings involving GPGI or others; future exchange and interest rates; changes in our accounting and/or financial presentation; anticipated levels and timing of demand for the products and services of GPGI’s businesses; the successful implementation of GPGI’s strategies; and other risks and uncertainties, including those under “Risk Factors” in filings that have been made or will be made with the Securities and Exchange Commission. GPGI undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
This press release includes certain Non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from Non-GAAP financial measures used by other companies. Due to the spin-off of Resolute Holdings and the resulting shift to equity method accounting under GAAP beginning February 28, 2025, GPGI is presenting a broader set of Non-GAAP measures, including an adjusted Statement of Operations (Unaudited), an adjusted Balance Sheet (Unaudited) and an adjusted Statement of Cash Flows (Unaudited) to provide investors with financial information that we believe allows for greater comparability with our historical financial presentation and better represents the underlying performance of the Company’s business across reporting periods. Measures labeled “Adjusted,” including Adjusted Net Sales, Adjusted Net Income, Adjusted Net Income per Share and Adjusted Net Debt, show GPGI’s financial results as if GPGI consolidated the financial results of its operating businesses consistently across periods, and exclude certain non-recurring and non-operational items, which we believe provides for greater comparability across periods. Additionally, measures labeled “Pro Forma,” including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin and Pro Forma Adjusted Free Cash Flow, also give effect to the Husky transaction as if it had occurred on January 1, 2025, for greater visibility of GPGI’s results following the completion of the transaction. GPGI uses these Non-GAAP measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and/or measure incentive compensation. We believe that these Non-GAAP financial measures depict the performance of the business by encompassing only relevant and controllable events, adjusting for variable interest entity accounting requirements that render our results incomparable across periods, and show the effect of acquisitions as if they had occurred at the beginning of the relevant period, enabling GPGI to evaluate and plan more effectively for the future. These Non-GAAP measures should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from these measures are significant components in understanding and assessing GPGI’s financial performance. Please refer to the tables below for the reconciliation of GAAP measures to these Non-GAAP measures. Due to the forward-looking nature of the financial guidance included herein, the charges excluded from the forward-looking Non-GAAP financial measures including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted Free Cash Flow, and Non-GAAP year-end Net LTM Leverage, including with respect to depreciation, amortization, interest, and taxes that would be required to reconcile the Non-GAAP financial measures to GAAP measures, are inherently uncertain or difficult to predict, so it is not feasible to provide accurate forecasted Non-GAAP reconciliations without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included, and no reconciliation of the forward-looking Non-GAAP financial measures is included.
GPGI Contact
ir@gpgi.com
| GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited) | ||||||||||
| GAAP to Non-GAAP Operating Results | Three Months Ended September 30, 2026 | |||||||||
| GAAP | Elimination of Equity Method Investment | Addition of GPGI Holdings | Adjusted Non-GAAP GPGI, Inc. | |||||||
| Net sales | $ | — | — | 509.6 | 509.6 | |||||
| Cost of sales | — | — | 300.7 | 300.7 | ||||||
| Gross profit | — | — | 208.9 | 208.9 | ||||||
| Operating expenses: | ||||||||||
| Selling, general and administrative expenses | 5.8 | — | 100.0 | 105.8 | ||||||
| Income (loss) from operations | (5.8 | ) | — | 108.9 | 103.1 | |||||
| Other income (expense): | ||||||||||
| Interest expense | — | — | (32.4 | ) | (32.4 | ) | ||||
| Interest income | — | — | 0.3 | 0.3 | ||||||
| Total other income (expense), net | — | — | (32.1 | ) | (32.1 | ) | ||||
| Income (loss) before income taxes | (5.8 | ) | — | 76.8 | 71.0 | |||||
| Income tax (expense) benefit | 7.0 | — | (2.0 | ) | 5.0 | |||||
| Earnings in GPGI Holdings, L.L.C. equity method investment | 74.8 | (74.8 | ) | — | — | |||||
| Net income (loss) | $ | 76.0 | (74.8 | ) | 74.8 | $ | 76.0 | |||
| Add: | ||||||||||
| Depreciation and amortization | 32.6 | |||||||||
| Income tax expense | (5.0 | ) | ||||||||
| Interest expense, net (1) | 32.1 | |||||||||
| Stock-based compensation | 6.6 | |||||||||
| Husky Transaction costs | 1.0 | |||||||||
| Loss (gain) on sale of assets | 0.2 | |||||||||
| FX (gain) loss | 0.3 | |||||||||
| Severance cost | 2.5 | |||||||||
| Pro Forma Adjusted EBITDA | $ | 146.3 | ||||||||
Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings.
(1) Includes amortization of deferred financing costs for the three months ended September 30, 2026.
| GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited) | ||||||||||||||
| GAAP to Non-GAAP Operating Results | Three Months Ended September 30, 2025 | |||||||||||||
| GAAP | Elimination of Equity Method Investment | Addition of GPGI Holdings | Adjusted Non-GAAP GPGI, Inc. | Addition of Husky Holdings | Pro Forma Non-GAAP GPGI, Inc. | |||||||||
| Net sales | $ | — | — | 120.9 | 120.9 | 367.0 | 487.9 | |||||||
| Cost of sales | — | — | 49.6 | 49.6 | 239.4 | 289.0 | ||||||||
| Gross profit | — | — | 71.3 | 71.3 | 127.6 | 198.9 | ||||||||
| Operating expenses: | ||||||||||||||
| Selling, general and administrative expenses | 9.9 | — | 29.6 | 39.5 | 77.7 | 117.2 | ||||||||
| Income (loss) from operations | (9.9 | ) | — | 41.7 | 31.8 | 49.9 | 81.7 | |||||||
| Other income (expense): | ||||||||||||||
| Revaluation of warrant liability | (117.3 | ) | — | — | (117.3 | ) | — | (117.3 | ) | |||||
| Revaluation of earnout consideration liability | (57.6 | ) | — | — | (57.6 | ) | — | (57.6 | ) | |||||
| Interest expense | — | — | (3.6 | ) | (3.6 | ) | (64.6 | ) | (68.2 | ) | ||||
| Interest income | 0.3 | — | 1.5 | 1.8 | — | 1.8 | ||||||||
| Change in fair value of derivative liability | — | — | — | — | (5.0 | ) | (5.0 | ) | ||||||
| Total other income (expense), net | (174.6 | ) | — | (2.1 | ) | (176.7 | ) | (69.6 | ) | (246.3 | ) | |||
| Income (loss) before income taxes | (184.5 | ) | — | 39.6 | (144.9 | ) | (19.7 | ) | (164.6 | ) | ||||
| Income tax (expense) benefit | (29.8 | ) | — | — | (29.8 | ) | (92.2 | ) | (122.0 | ) | ||||
| Earnings in GPGI Holdings, L.L.C. equity method investment | 39.6 | (39.6 | ) | — | — | — | — | |||||||
| Net income (loss) | $ | (174.7 | ) | (39.6 | ) | 39.6 | (174.7 | ) | (111.9 | ) | $ | (286.6 | ) | |
| Add: | ||||||||||||||
| Depreciation and amortization | 2.3 | 38.0 | 40.3 | |||||||||||
| Income tax expense | 29.8 | 92.2 | 122.0 | |||||||||||
| Interest expense, net (1) | 1.8 | 64.6 | 66.4 | |||||||||||
| Stock-based compensation | 5.8 | 0.4 | 6.2 | |||||||||||
| Mark to market adjustments, net (2) | 174.9 | 5.0 | 179.9 | |||||||||||
| Business transformation and other | — | 10.5 | 10.5 | |||||||||||
| Platinum management fee | — | 1.3 | 1.3 | |||||||||||
| Incremental pro forma management fee | — | (10.5 | ) | (10.5 | ) | |||||||||
| Additional earnout cost | 5.0 | — | 5.0 | |||||||||||
| Husky transaction costs | 2.8 | — | 2.8 | |||||||||||
| Pro Forma Adjusted EBITDA | 47.7 | 89.6 | $ | 137.3 | ||||||||||
Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings and the addition of Husky results as if the Husky transaction had closed on January 1, 2025.
(1) Includes amortization of deferred financing cost for the three months ended September 30, 2025.
(2) Includes the changes in fair value of warrant liability and earnout consideration liability for the three months ended September 30, 2025.
| GPGI, Inc. Adjusted Consolidated Balance Sheets (Non-GAAP Reconciliation) ($ in millions) (unaudited) | ||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | |||||
| September 30, | September 30, | December 31, | December 31, | |||||
| 2026 | 2026 | 2025 | 2025 | |||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 5.5 | $ | 175.8 | $ | 114.6 | $ | 271.6 |
| Short-term investments | — | — | — | 41.1 | ||||
| Accounts receivable | — | 285.4 | — | 44.2 | ||||
| Inventories, net | — | 338.4 | — | 44.2 | ||||
| Prepaid expenses and other current assets | 3.5 | 38.2 | 5.5 | 8.6 | ||||
| Income taxes receivable | 12.6 | 19.6 | — | — | ||||
| Total current assets | 21.6 | 857.4 | 120.1 | 409.7 | ||||
| Property and equipment, net | — | 563.2 | — | 21.6 | ||||
| Deferred tax asset | 275.8 | 299.1 | 271.7 | 271.7 | ||||
| Intangibles assets, net | — | 1,698.9 | — | 1.9 | ||||
| Right of use assets, net | — | 67.6 | — | 8.9 | ||||
| Goodwill | — | 2,919.7 | — | — | ||||
| Other assets | — | 14.0 | — | 1.6 | ||||
| Equity method investment | 3,246.1 | — | 125.5 | — | ||||
| Total assets | $ | 3,543.5 | $ | 6,419.9 | $ | 517.3 | $ | 715.4 |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 2.4 | $ | 67.6 | $ | 0.9 | $ | 12.7 |
| Accrued expenses | 2.0 | 257.2 | 1.8 | 50.8 | ||||
| Deferred revenues | — | 201.1 | — | — | ||||
| Current portion of tax receivable agreement liability | 18.5 | 18.5 | 16.2 | 16.2 | ||||
| Current portion of long-term debt | — | 12.0 | — | 15.0 | ||||
| Other current liabilities | — | 66.1 | — | 0.1 | ||||
| Total current liabilities | 22.9 | 622.5 | 18.9 | 94.8 | ||||
| Long-term debt, net of deferred financing costs | — | 2,059.5 | — | 169.1 | ||||
| Deferred tax liability | — | 209.4 | — | — | ||||
| Tax receivable agreement liability | 266.4 | 266.4 | 255.2 | 255.2 | ||||
| Other liabilities | — | 96.4 | — | 7.3 | ||||
| Total liabilities | 289.3 | 3,254.2 | 274.1 | 526.4 | ||||
| Shareholders' equity (deficit) | 3,254.2 | 3,165.7 | 243.2 | 189.0 | ||||
| Total liabilities and shareholders' equity (deficit) | $ | 3,543.5 | $ | 6,419.9 | $ | 517.3 | $ | 715.4 |
Note: The non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings.
| GPGI, Inc. Adjusted Consolidated Statements of Cash Flows (Non-GAAP Reconciliation) ($ in millions) (unaudited) | ||||||
| Nine Months Ended September 30, 2026 | ||||||
| GAAP | Non-GAAP | |||||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Net income (loss) | $ | (108.7 | ) | $ | (126.7 | ) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||||||
| Depreciation and amortization | — | 160.7 | ||||
| Stock-based compensation expense | 8.8 | 18.0 | ||||
| (Earnings) losses in equity method investment | 12.2 | — | ||||
| Distributions from GPGI Holdings | 21.6 | — | ||||
| Amortization of deferred financing costs | — | 2.8 | ||||
| Non-cash operating lease expense | — | 12.8 | ||||
| Fair value inventory step-up | — | 23.6 | ||||
| Unrealized foreign exchange loss (gain) | — | (3.9 | ) | |||
| Deferred tax benefit | (3.9 | ) | (3.7 | ) | ||
| Gain on debt extinguishment | — | (29.9 | ) | |||
| Loss on remeasurement of tax receivable agreement liability | 28.1 | 28.1 | ||||
| Other | — | 2.3 | ||||
| Changes in assets and liabilities | (3.6 | ) | (68.8 | ) | ||
| Net cash (used in) provided by operating activities | (45.5 | ) | 15.3 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Investment in GPGI Holdings | (2,120.4 | ) | — | |||
| Distributions from GPGI Holdings | 111.6 | — | ||||
| Cash used for acquisition | — | (762.2 | ) | |||
| Purchase of property and equipment | — | (29.8 | ) | |||
| Proceeds from sale of property and equipment and intangible assets | — | 0.3 | ||||
| Maturities of short-term investments | — | 41.1 | ||||
| Capitalized software expenditures | — | (11.1 | ) | |||
| Net cash used in investing activities | (2,008.8 | ) | (761.7 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Repayment of preference share capital | — | (457.4 | ) | |||
| Payments for taxes related to net share settlement of equity awards | — | (26.8 | ) | |||
| Debt issuance costs | — | (37.1 | ) | |||
| Proceeds from revolving credit facility | — | 50.0 | ||||
| Proceeds from issuance of Class A common stock in relation to Husky Transaction | 1,962.0 | 1,962.0 | ||||
| Payment of debt, net of associated fees | — | (3,387.3 | ) | |||
| Proceeds from issuance of long-term debt - net of discounts | — | 2,523.5 | ||||
| Payment of tax receivable agreement liability | (14.6 | ) | (14.6 | ) | ||
| Dividends to Class A shareholders | (2.2 | ) | (2.2 | ) | ||
| Net cash provided by (used in) financing activities | 1,945.2 | 610.1 | ||||
| Effect of exchange rate changes on cash and cash equivalents | — | 4.4 | ||||
| Net increase (decrease) in cash and cash equivalents | (109.1 | ) | (131.9 | ) | ||
| Cash and cash equivalents, beginning of period | 114.6 | 307.7 | ||||
| Cash and cash equivalents, end of period | $ | 5.5 | $ | 175.8 | ||
Note: The Non-GAAP column represents a consolidation of the Company’s results with those of GPGI Holdings and the addition of Husky results as if the Husky transaction had closed on January 1, 2025.
| GPGI, Inc. Consolidated Earnings Per Share (Non-GAAP Reconciliation) ($ in millions, except share amounts) (unaudited) | ||||||
| Basic | ||||||
| Three Months Ended September 30, | ||||||
| 2026 | 2025 | |||||
| Net income (loss) | $ | 76.0 | $ | (174.7 | ) | |
| Add: | ||||||
| Provision (benefit) for income taxes | (5.0 | ) | 29.8 | |||
| Mark-to-market adjustments (1) | — | 174.9 | ||||
| Stock-based compensation | 6.6 | 5.8 | ||||
| Husky Transaction costs | 1.0 | 2.8 | ||||
| FX (gain) loss | 0.3 | — | ||||
| Severance cost | 2.5 | — | ||||
| Loss (gain) on sale of assets | 0.2 | — | ||||
| Additional earnout cost | — | 5.0 | ||||
| Purchase accounting amortization and depreciation | 18.7 | — | ||||
| Adjusted net income before tax | 100.3 | 43.6 | ||||
| Income tax expense (2) | 24.1 | 9.6 | ||||
| Adjusted net income | $ | 76.2 | $ | 34.0 | ||
| Common shares outstanding used in computing net income per share - basic: | ||||||
| Class A common shares | 289.9 | 110.3 | ||||
| Adjusted net income per share – basic | $ | 0.26 | $ | 0.31 | ||
| Diluted | ||||||
| Three Months Ended September 30, | ||||||
| 2026 | 2025 | |||||
| Adjusted net income | 76.2 | 34.0 | ||||
| Common shares outstanding used in computing earnings per share, basic: | 289.9 | 110.3 | ||||
| Warrants (3) | — | 1.7 | ||||
| Equity awards | 2.5 | 5.1 | ||||
| Total shares outstanding used in computing adjusted earnings per share – diluted | 292.4 | 117.1 | ||||
| Adjusted net income per share – diluted | $ | 0.26 | $ | 0.29 | ||
Note: Non-GAAP EPS does not pro forma for periods preceding the acquisition of Husky.
(1) Includes the changes in fair value of warrant liability and earnout consideration liability.
(2) For the three months ended September 30, 2026, calculated by applying the Company's assumed effective tax rate.
(3) Applies treasury stock method with assumed exercise at average market price. No warrants were outstanding as of the three months ended September 30, 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were GPGI's third-quarter 2026 earnings and sales?
GPGI reported $76.0 million in GAAP net income and $0.26 in diluted earnings per share for the quarter ended September 30, 2026. Pro forma adjusted net sales, including Husky, were $509.6 million, up 4.5% year over year.
What is GPGI's fourth-quarter 2026 guidance?
GPGI expects pro forma adjusted sales of $630–$660 million and pro forma adjusted EBITDA of $178–$208 million. These represent year-over-year growth of 1% and 8%, respectively, at the range midpoints. Adjusted EBITDA margin guidance is 27.0%–29.0%, flat year over year at midpoint.
Why does GPGI report its operating businesses using equity-method accounting?
GPGI is required under GAAP to account for GPGI Holdings using the equity method following the Resolute Holdings spin-off and management agreement on February 28, 2025. That treatment records the investment rather than consolidating the subsidiary's individual financial lines. Supplemental adjusted figures consolidate GPGI Holdings, which contains CompoSecure and Husky; pro forma comparisons assume the Husky combination occurred on January 1, 2025.