XPEL, Inc. ownership disclosure: Alta Fox-affiliated persons report beneficial ownership of 1,924,258 shares of XPEL common stock, representing 7.0% of the class. The filing attributes this position to Alta Fox Opportunities Fund, LP with indirect holdings through affiliated entities and Connor Haley as manager.
The percentage is calculated using 27,560,985 shares outstanding as of May 8, 2026, per XPEL's Form 10-Q for the quarter ended March 31, 2026. Signatures on the amendment are dated May 15, 2026.
Positive
None.
Negative
None.
Insights
Alta Fox reports a 7.0% stake in XPEL via fund and affiliated entities.
The filing lists 1,924,258 shares as beneficially owned by Alta Fox Opportunities Fund, LP, with indirect ownership through Alta Fox GenPar, Alta Fox Equity, and Alta Fox Capital Management. Connor Haley is named as Manager across the reporting entities.
Ownership is shown as shared voting and dispositive power rather than sole power; signatures are dated May 15, 2026. Subsequent filings or disclosures would be needed to show any change in voting arrangements or coordination with other holders.
Key Figures
Beneficially owned:1,924,258 sharesPercent of class:7.0%Shares outstanding:27,560,985 shares+1 more
4 metrics
Beneficially owned1,924,258 sharesreported for Alta Fox Opportunities Fund, LP
Percent of class7.0%calculated using outstanding shares as of May 8, 2026
Shares outstanding27,560,985 sharesas of May 8, 2026 (Form 10-Q referenced)
Signature date05/15/2026dates on amendment signatures
"This Schedule is being filed on behalf of each of the following persons"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownfinancial
"may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared dispositive powerregulatory
"Shared Dispositive Power 1,924,258.00"
shares outstandingfinancial
"27,560,985 shares of Common Stock outstanding as of May 8, 2026"
Shares outstanding are the total number of a company’s stock units held by all shareholders, including institutional investors and company insiders — think of them as the total number of slices of the company’s ownership pie. Investors use this number to calculate how much of the company each share represents, and it directly affects per-share measures like earnings per share, ownership percentage and valuation; when the slice count changes, an investor’s claim and the company’s per-share metrics change too.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
XPEL, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
98379L100
(CUSIP Number)
11/20/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
98379L100
1
Names of Reporting Persons
ALTA FOX CAPITAL MANAGEMENT, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,924,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,924,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,924,258.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
98379L100
1
Names of Reporting Persons
Alta Fox Opportunities Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,924,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,924,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,924,258.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
98379L100
1
Names of Reporting Persons
Alta Fox GenPar, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,924,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,924,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,924,258.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
98379L100
1
Names of Reporting Persons
Alta Fox Equity, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,924,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,924,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,924,258.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
98379L100
1
Names of Reporting Persons
Haley Patrick Connor
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,924,258.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,924,258.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,924,258.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.0 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
XPEL, Inc.
(b)
Address of issuer's principal executive offices:
711 BROADWAY ST., SUITE 320, SAN ANTONIO, TEXAS, 78215.
Item 2.
(a)
Name of person filing:
This Schedule is being filed on behalf of each of the following persons (each, a 'Reporting Person' and collectively, the 'Reporting Persons'):
i) Alta Fox Capital Management, LLC;
ii) Alta Fox Opportunities Fund, LP;
iii) Alta Fox GenPar, LP;
iv) Alta Fox Equity, LLC; and
v) Connor Haley.
This Schedule relates to shares of common stock of the Issuer, par value $0.001 per share ('Common Stock'), directly held by Alta Fox Opportunities Fund, LP. Alta Fox GenPar, LP serves as general partner of Alta Fox Opportunities Fund, LP and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Alta Fox Equity, LLC serves as the general partner of Alta Fox GenPar, LP, which serves as general partner of Alta Fox Opportunities Fund, LP, and Alta Fox Equity, LLC may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Alta Fox Capital Management, LLC acts as an investment adviser to, and manages investment and trading accounts of Alta Fox Opportunities Fund, LP and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Mr. Haley is the Manager of Alta Fox Capital Management, LLC and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person declares that neither the filing of this Schedule nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any syndicate or group with respect to the Issuer or any securities of the Issuer.
(b)
Address or principal business office or, if none, residence:
640 Taylor Street, Ste. 2522, Fort Worth, Texas 76102
(c)
Citizenship:
See Item 4 on the cover page(s) hereto.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
98379L100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover page(s) hereto.
(b)
Percent of class:
The percentage calculated in Item 11 is based on 27,560,985 shares of Common Stock outstanding as of May 8, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and as filed with the SEC on May 8, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page(s) hereto.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page(s) hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page(s) hereto.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page(s) hereto.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
ALTA FOX CAPITAL MANAGEMENT, LLC
Signature:
/s/ Connor Haley
Name/Title:
Manager
Date:
05/15/2026
Alta Fox Opportunities Fund, LP
Signature:
/s/ Connor Haley
Name/Title:
Manager of Alta Fox Capital Management, LLC, the Investment Manager of Alta Fox Opportunities Fund, LP
Date:
05/15/2026
Alta Fox GenPar, LP
Signature:
/s/ Connor Haley
Name/Title:
Manager of Alta Fox Equity, LLC, the General Partner of Alta Fox GenPar, LP
Alta Fox reports 1,924,258 shares of XPEL common stock, equal to 7.0% of the class based on 27,560,985 shares outstanding as of May 8, 2026. The position is held directly by Alta Fox Opportunities Fund, LP.
Which entities are listed as reporting persons in the Schedule 13G/A?
The filing names Alta Fox Capital Management, LLC, Alta Fox Opportunities Fund, LP, Alta Fox GenPar, LP, Alta Fox Equity, LLC, and Connor Haley as Reporting Persons who may be deemed indirect holders.
How is voting and dispositive power described for the reported shares?
The filing shows 0 sole voting and dispositive power and 1,924,258 shares as shared voting and shared dispositive power, indicating control is held jointly or via affiliated entities.
What outstanding share count does the filing use to calculate ownership percentage?
The percentage uses 27,560,985 shares outstanding as of May 8, 2026, taken from XPEL's Form 10-Q for the quarter ended March 31, 2026, as referenced in the Schedule 13G/A.
When was the Schedule 13G/A signed?
The amendment is signed by Connor Haley in multiple capacities with signature dates of May 15, 2026, as shown in the filing.
