XPEL — what changed in the latest 10-Q
A section-by-section comparison of XPEL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +40 | −20 | ~9 | 45 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 4 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | Restated in full this quarter | +11 | 0 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
In May 2026 we purchased a four-building site totaling 431,525 square feet in San Antonio, Texas (the "Properties") in which the Company was a substantial tenant for $60.4 million which will serve as the centerpiece of the Company's North American manufacturing and operations footprint. In addition,…
Geographically, we experienced continued growth in most of our regions during the three months ended June 30, 2026 including 106.7% and 13.8% in China and Asia-Other, respectively. The increase in China revenue was driven primarily by higher customer demand and the recognition of incremental direct …
Product Revenue. Product revenue for the six months ended June 30, 2026 increased 15.5% over the six months ended June 30, 2025. Product revenue represented 77.0% of our total revenue compared to 75.9% in the six months ended June 30, 2025. Revenue from our paint protection film product line increas…
Revenue from our window film product line grew 19.6% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Window film sales represented 21.4% and 20.4% of our total consolidated revenues for the six months ended June 30, 2026 and 2025, respectively. This increase wa…
Geographically, we experienced continued growth in all of our regions during the six months ended June 30, 2026 including 74.8%, 18.9%, 10.9% in China, Asia-Other, and in the United States, respectively. The increase in China revenue was driven primarily by higher customer demand and the recognition…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
Geographically, we experienced continued growth in most of our regions during the three months ended March 31, 2026 including 44.4%, 25.1%, 19.0%, and in China, Asia-Other, and EU/UK/Africa, respectively. The increase in China was driven primarily by increased demand and incremental direct revenue r…
Total installation revenue (labor and product combined) increased 24.3% over the three months ended March 31, 2025. This represented 23.7% and 21.5% of our total consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. These increases were primarily due to increased dem…
Gross margin for the three months ended March 31, 2026 grew approximately $7.3 million, or 16.7%, compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, gross margin represented 43.7% of revenue compared to 42.3% for the three months ended March 31, 2025.
The following tables summarizes gross margin for product and services for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Product gross margin for the three months ended March 31, 2026 increased approximately $6.1 million, or 20.1%, over the three months ended March 31, 2025 and represented 41.0% and 38.5% of total product revenue for the three months ended March 31, 2026 and 2025, respectively. The increase in gross m…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-07
On May 15, 2026, XPEL, through Harvest Ventures Holding Company, a Texas corporation and wholly-owned subsidiary of the Company (“Harvest”), completed the acquisition of the real property and improvements constituting the Company’s current San Antonio, Texas storage, fabrication and warehouse facili…
As a result of these transactions, the Company is currently manufacturing paint protection film, or PPF, in China and is preparing to manufacture paint protection film ("PPF") in San Antonio. Manufacturing PPF involves additional risks for the Company including the Risk Factors described below.
Manufacturing PPF in-house will subject us to significant operational, financial, and execution risks, and we may not realize the anticipated benefits of this strategy.
Capital Expenditures and Financial Commitment. Establishing in-house PPF manufacturing capabilities requires substantial capital investment in specialized equipment, facilities, raw material inventory, and personnel. These expenditures will increase our fixed cost base and could strain our liquidity…
Raw Material Sourcing and Supply Chain Risks. Manufacturing PPF requires access to specialized raw materials, including adhesives and other chemical compounds. We could face challenges in securing reliable supplies at favorable prices, and any disruption in the availability of key raw materials, whe…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice