{"url_path":"/sec/xpel/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1767258/0001767258-26-000038-index.html","accession_number":"0001767258-26-000038","cik":"0001767258","ticker":"XPEL","issuer_name":"XPEL, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1767258/0001767258-26-000038-index.html","primary_entity_key":"0001767258","primary_entity_name":"XPEL, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n    For the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n    For the transition period from         to\n\nCommission File Number: 001-38858\n\nXPEL, INC.\n\n(Exact name of registrant as specified in its charter)\n\nNevada\n\n20-1117381\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n711 Broadway St., Suite 320\n\nSan Antonio\n\nTexas\n\n78215\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\nRegistrant's telephone number, including area code: (210) 678-3700\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nCommon Stock, par value $0.001 per shareXPELThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes  x   No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x  No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:\n\nLarge accelerated filer\n\n☒\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☐\n\n        \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  ☐    No  ☒\n\nThe registrant had 27,560,985 shares of common stock outstanding as of May 8, 2026.\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I - Financial Information](#i614b566ca36948849f277759cce00073_10)\n\n   [Item 1. Condensed Consolidated Financial Statements (Unaudited)](#i614b566ca36948849f277759cce00073_13)\n\n       [Condensed Consolidated Balance Sheets](#i614b566ca36948849f277759cce00073_16)\n\n[1](#i614b566ca36948849f277759cce00073_16)\n\n       [Condensed Consolidated Statements of Income](#i614b566ca36948849f277759cce00073_19)\n\n[2](#i614b566ca36948849f277759cce00073_19)\n\n       [Condensed Consolidated Statements of Comprehensive Income](#i614b566ca36948849f277759cce00073_22)\n\n[3](#i614b566ca36948849f277759cce00073_22)\n\n       [Condensed Consolidated Statements of Changes in Stockholders' Equity](#i614b566ca36948849f277759cce00073_25)\n\n[4](#i614b566ca36948849f277759cce00073_25)\n\n       [Condensed Consolidated Statements of Cash Flows](#i614b566ca36948849f277759cce00073_28)\n\n[5](#i614b566ca36948849f277759cce00073_28)\n\n       [Notes to Condensed Consolidated Financial Statements](#i614b566ca36948849f277759cce00073_31)\n\n[6](#i614b566ca36948849f277759cce00073_31)\n\n   [Item 2. Management’s Discussion and Analysis of Financial Condition and Results of](#i614b566ca36948849f277759cce00073_79)\n\n   [Operations](#i614b566ca36948849f277759cce00073_79)\n\n[20](#i614b566ca36948849f277759cce00073_79)\n\n   [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i614b566ca36948849f277759cce00073_100)\n\n[30](#i614b566ca36948849f277759cce00073_100)\n\n   [Item 4. Controls and Procedures](#i614b566ca36948849f277759cce00073_106)\n\n[30](#i614b566ca36948849f277759cce00073_106)\n\n[Part II - Other Information](#i614b566ca36948849f277759cce00073_112)\n\n   [Item 1. Legal Proceedings](#i614b566ca36948849f277759cce00073_115)\n\n[32](#i614b566ca36948849f277759cce00073_115)\n\n   [Item 1A. Risk Factors](#i614b566ca36948849f277759cce00073_118)\n\n[32](#i614b566ca36948849f277759cce00073_118)\n\n   [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i614b566ca36948849f277759cce00073_121)\n\n[32](#i614b566ca36948849f277759cce00073_121)\n\n   [Item 3. Defaults Upon Senior Securities](#i614b566ca36948849f277759cce00073_124)\n\n[33](#i614b566ca36948849f277759cce00073_124)\n\n   [Item 4. Mine Safety Disclosures](#i614b566ca36948849f277759cce00073_127)\n\n[33](#i614b566ca36948849f277759cce00073_127)\n\n   [Item 5. Other Information](#i614b566ca36948849f277759cce00073_130)\n\n[33](#i614b566ca36948849f277759cce00073_130)\n\n   [Item 6. Exhibits](#i614b566ca36948849f277759cce00073_136)\n\n[34](#i614b566ca36948849f277759cce00073_136)\n\n[Signatures](#i614b566ca36948849f277759cce00073_139)\n\n[34](#i614b566ca36948849f277759cce00073_139)\n\nPart I. Financial Information"}