Filing Flows › Xpel (XPEL) › Q1 2025
Xpel (XPEL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Xpel (XPEL) reported revenue of $104M for the first quarter 2025 (Q1 2025), +15% from a year earlier and -3% from the quarter before. Operating margin was 10.7%, net earnings $8.6M (8.3% of revenue).
Xpel, Q1 2025: revenue $104M (+15% year over year), operating margin 10.7%, net earnings $8.6M, operating cash flow $3.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | -3% | +15% |
| Gross profit | $43.9M | +0.4% | +16% |
| Operating profit | $11.1M | -10% | +20% |
| Net earnings | $8.6M | -4% | +29% |
| Operating cash flow | $3.2M | -49% | — |
| Free cash flow | $2.2M | -53% | — |
What changed
Revenue was $103.8M in Q1 2025, up 15% year over year and down 3% from the previous quarter. Paint protection film was the largest line at 54% of revenue. Paint protection film added $7.4M year over year (up 15%), 54% of the total change. Cutbank credits declined 9%.
Gross margin was 42.3%, up 0.3 points from a year earlier. Operating profit was $11.1M, a 10.7% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, above the 10% margin then. Operating expenses grew 14% against revenue growth of 15%. The fastest-growing cost line was General & admin (+14%). Net earnings were $8.6M, up 29% year over year. The effective tax rate was 23.9%.
Operating cash flow was $3.2M, 38% of net earnings. Non-cash charges added back $3.1M of depreciation and amortization and $679K of share-based compensation. Working capital and other items used $9.1M. Capital expenditures of $1.0M left free cash flow of $2.2M.
Questions
What was Xpel's revenue in the first quarter 2025?
Xpel (XPEL) reported revenue of $104M for the first quarter 2025 (Q1 2025), +15% from a year earlier and -3% from the quarter before.
Was Xpel profitable in the first quarter 2025?
Operating profit was $11.1M (10.7% of revenue) and net earnings $8.6M.
Source: Xpel 10-Q on SEC EDGAR.