XPEL, Inc. (XPEL) SEC Filings

XPEL, Inc. files its annual report describing a protective films and coatings business centered on the automotive aftermarket, dealerships and OEMs. It highlights diversified revenue streams, including paint and surface protection films at 52.4%, automotive window film at 16.6% and installation services at 18.3% of 2025 revenue.

The company details a global expansion strategy, five acquisitions in 2025 and a shift from an asset-light model toward investing in manufacturing and supply chain assets. It reports 27,604,183 common shares outstanding as of February 27, 2026 and a non‑affiliate equity market value of about $900.9 million as of June 30, 2025.

XPEL, Inc. reported governance and compliance changes. The company amended its bylaws so directors may be removed only for cause, either by at least two‑thirds of the voting power of shares entitled to vote for directors at a stockholder meeting called for that purpose, or by a majority of the Board at a Board meeting called for that purpose. XPEL also amended its Insider Trading Policy, reducing the blackout period for key personnel from the last month of each calendar quarter to the last two weeks, while keeping trades limited to defined window periods after quarterly earnings releases.

XPEL, Inc. reported strong fourth-quarter and full-year 2025 results with solid growth in revenue and profits. Fourth-quarter revenue rose 13.7% to $122.3 million, with gross margin improving to 41.9%. EBITDA grew 37.6% to $19.6 million, and net income attributable to stockholders increased 50.7% to $13.4 million, or $0.49 per basic share.

For 2025, revenue grew 13.3% to $476.2 million, while net income attributable to stockholders reached $51.2 million, or $1.85 per basic and diluted share. EBITDA was $77.4 million, a margin of 16.3%. Growth was broad-based, with particularly strong gains in China and the Asia-Pacific region. Operating cash flow for the year increased 40.0% to $66.9 million, lifting cash and cash equivalents to $50.9 million. The company issued a preliminary outlook for first-quarter 2026 revenue of about $112–$114 million.

Wasatch Advisors filed an amended Schedule 13G reporting beneficial ownership of 3,814,500 XPEL Inc shares, representing 13.8% of the company’s common stock as of the reported date. This indicates a significant institutional position in XPEL.

Wasatch Advisors reports sole voting power over 2,711,145 shares and sole dispositive power over all 3,814,500 shares, with no shared voting or dispositive authority. The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of XPEL.

XPEL reported Q3 2025 results with total revenue of $125.4M, up 11.1% year over year, driven by product and installation growth. Net income was $13.1M and diluted EPS was $0.47, both down from last year as operating margin eased on higher sales, marketing, and administrative costs.

For the first nine months, revenue reached $353.9M (up 13.1%) and net income was $37.9M (up 3.7%). Cash and cash equivalents rose to $64.5M as of September 30, 2025, supported by $64.3M in operating cash flow. XPEL extended its revolving credit facility to September 11, 2028, with up to $125M available and no borrowings outstanding. The company completed $48.7M of acquisitions year to date, including a 76% interest tied to its China operations, increasing goodwill and intangible assets.

Product revenue was $95.5M in Q3, led by paint protection and window films, while services contributed $30.0M with stronger installation activity. Shares outstanding were 27,678,601 as of November 7, 2025.

XPEL, Inc. announced its consolidated financial results for the three and nine months ended September 30, 2025. The company furnished a press release with the details as Exhibit 99.1.

The information in this update is being furnished, not deemed filed, under the Exchange Act.

XPEL, Inc. amended its bylaws on October 28, 2025 to adopt exclusive forum provisions. Nevada’s Eighth Judicial District Court (or another Nevada state court if needed) is designated as the sole forum for internal corporate matters, including fiduciary duty and actions under NRS Chapters 78 or 92A, and for interpreting the articles or bylaws. U.S. federal district courts are designated as the sole forum for claims under the Securities Act of 1933 and the Securities Exchange Act of 1934.

XPEL, Inc. entered into a secured credit agreement providing up to $125 million of revolving loans and letters of credit, with borrowings priced at either a Base Rate or an Adjusted Term SOFR option. The facility charges a commitment fee of 0.20%–0.25% on unused commitments and a margin that varies by rate type and XPEL's Consolidated Total Leverage Ratio: 0.00%–0.50% for Base Rate loans and 1.00%–1.50% for Adjusted Term SOFR loans. The loans are secured by a first-priority security interest in material assets, subject to permitted encumbrances.

The agreement contains customary affirmative and negative covenants requiring maintenance of legal existence, delivery of financials, insurance, tax payment and limits on certain activities. Two financial covenants apply quarterly: a Consolidated Total Leverage Ratio not to exceed 3.50:1 and a Consolidated Interest Coverage Ratio not to fall below 3.00:1. The filing defines key terms including Adjusted Term SOFR, Base Rate, Consolidated EBITDA and the covenant ratios.

Barry Wood, Senior Vice President/CFO of XPEL, Inc. (XPEL) reported transactions on 09/07/2025. He was credited with 1,095 restricted stock units (RSUs) that represent the contingent right to receive 1,095 shares of common stock; those RSUs were originally granted on 09/07/2022 and vest in four equal annual installments beginning on the first anniversary of the grant. The Form 4 also reports a disposition of 267 shares sold at $35.68 and an additional 1,095 RSUs recorded as acquired (code M), leaving the reporting person with 28,368 shares beneficially owned after the transactions.