• Zagg for vehicle paint and windows
• OtterBox for car exteriors
• A specialized, premium 3M for automotive surface protection

• Paint Protection Film (PPF): Transparent, self-healing film applied to vehicle paint to protect against chips, scratches, and environmental damage.
• Window Tint: Films applied to vehicle windows to reduce heat, block UV rays, enhance privacy, and improve appearance.
• Ceramic Coating: A liquid polymer applied to vehicle surfaces, creating a protective layer that enhances gloss, repels water, and resists contaminants.
• Fabric & Leather Protection: Treatments designed to protect vehicle interior surfaces from stains, spills, and wear.
• Architectural Film: Specialty films for residential and commercial windows that offer benefits such as solar control, safety, security, and decorative privacy.

XPEL (symbol: XPEL) sells primarily to other companies (B2B) rather than directly to individual consumers. However, XPEL's business model involves a highly fragmented customer base, and the company does not have any single "major customer" that accounts for a significant portion of its revenue.

According to XPEL's public filings, including their Annual Reports on Form 10-K, the company states that no single customer accounts for 10% or more of its total consolidated revenues. Therefore, there are no specific customer companies to list by name or symbol.

XPEL's direct customers are a vast global network of:

• Independent Installers: These are typically small to medium-sized businesses that specialize in automotive aftermarket services. They purchase XPEL's paint protection film, window film, and ceramic coatings to apply directly to end-consumers' vehicles.
• Franchisees: Businesses operating under the XPEL franchise model, offering a branded experience and services primarily using XPEL products.
• Distributors: Companies that purchase XPEL products in bulk and then resell them to a network of smaller installers or retailers, often within specific geographic regions.

These customer companies then apply or resell XPEL's products to end-consumers (individuals and businesses) who seek to protect and enhance their vehicles, properties, or other surfaces.

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Ryan Pape, Chairman, President & Chief Executive Officer

Mr. Pape has served as XPEL's Chairman, President, and CEO since 2009, after holding various positions within the company. He joined XPEL in 2004 following a career in technology consulting. Mr. Pape personally invested in XPEL, including maxing out personal credit cards to pay off company debt, and is credited with leading an "unprecedented turnaround" that saw the company's market capitalization grow significantly. He holds a Bachelor of Science from the University of Texas at Austin.

Barry Wood, Senior Vice President & Chief Financial Officer

Mr. Wood has served as XPEL's Chief Financial Officer since June 2016, where he leads Finance, Risk Management, Treasury, Investor Relations, Enterprise Systems, and Corporate Development. Before joining XPEL, he was the Vice President of Dispensing Operations for Optum Rx and the Chief Financial Officer of PTRX, Inc. He also held various senior finance roles at AT&T and began his career as an Audit Manager with Ernst & Young. Mr. Wood holds a Bachelor of Science in Accountancy from Southern Illinois University Edwardsville and an MBA from the University of Texas at Dallas. He is a Certified Public Accountant and a Chartered Global Management Accountant.

Michael Mayall, Vice President, Corporate Development

Mr. Mayall has been involved with XPEL since 2000 and officially joined the company in 2016 following XPEL's acquisition of his businesses, PRO-TECT FILM and PROFORM. He currently leads strategic growth initiatives for XPEL. His career in the film, adhesive, and automotive aftermarket industry began in 1993, where he started by installing window films and paint protection films.

Tony Rimas, Vice President, Revenue

Mr. Rimas joined XPEL in 2023 and is responsible for leading the global sales team, as well as partnership and commercial strategy. Prior to XPEL, he was President of Repairify and co-founder and Managing Partner of FM Capital, an investment firm where he led numerous automotive investments including Autoniq, Frontier Car Group, Vroom, Autopay, and Revolution Parts. He also served as Director of Operations for the Red McCombs Automotive Group, where he contributed to successful investments in HomeNet Automotive (acquired by Cox Automotive) and ClickMotive (acquired by DealerTrack).

Chris West, Vice President, Asia Pacific

Mr. West joined XPEL in 2021 and currently oversees the company's business affairs in the Asia Pacific region. His previous roles at XPEL include Director of Automotive Films and Senior Director of Install Operations. With over 20 years in the automotive aftermarket, Mr. West founded Tracwrap, which was acquired by XPEL in 2013, and also owned a successful installation business in Alaska. He holds a Bachelor of Science in Civil Engineering.

The key risks to XPEL's business include intense competition and pricing pressure, the cyclical nature of the automotive aftermarket, and supply chain vulnerabilities coupled with geopolitical risks.

1. Intense Competition and Pricing Pressure: XPEL faces significant competitive threats, particularly from lower-cost Asian manufacturers who offer products with comparable features and warranties. This intense competition puts considerable pressure on XPEL's pricing structure and can lead to margin compression. XPEL's premium pricing strategy makes it vulnerable to rivals offering similar quality at a lower cost.
2. Cyclicality of the Automotive Aftermarket and Economic Downturns: XPEL's business performance is closely tied to the health of the automotive industry. As paint protection film (PPF) is largely a discretionary purchase, consumer spending on such non-essential vehicle upgrades can decline significantly during economic downturns, adversely affecting demand for XPEL's products. Emerging trends like ride-sharing and alternative vehicle ownership models could also reduce the demand for the company's offerings.
3. Supply Chain Vulnerabilities and Geopolitical Risks: The company is exposed to risks related to its supply chain, including fluctuations in raw material costs (such as TPU) and potential disruptions. Furthermore, XPEL faces significant geopolitical and regulatory risks, particularly concerning its operations in China. The company's reliance on a single distributor in China for a portion of its revenue, coupled with political and economic uncertainties and the potential for tariffs, poses a substantial risk, as evidenced by a significant decline in China revenue in Q4 2024.

XPEL's main products include Paint Protection Film (PPF), Automotive Window Tint, and Ceramic Coatings. The addressable markets for these products are as follows:

• Paint Protection Film (PPF): The global paint protection film market was valued at USD 349.04 million in 2024 and is projected to reach USD 627.15 million by 2032, expanding at a Compound Annual Growth Rate (CAGR) of 7.60% during the forecast period. Another estimate indicates the global PPF market is projected to grow at a 6.6% CAGR, reaching $726.63 million by 2030. Furthermore, the market is forecasted to reach USD 1.4 billion by 2035, with a CAGR of 7.5% from 2025 to 2035. North America accounts for approximately 45% of the global market share.
• Ceramic Coatings: The global ceramic coating market size was estimated at USD 12.15 billion in 2024 and is predicted to increase to approximately USD 25.60 billion by 2034, expanding at a CAGR of 7.74% from 2025 to 2034. Another source states the global ceramic coatings market size is USD 10.78 billion in 2024 and will expand at a CAGR of 7.2% from 2024 to 2031. The market is also expected to reach USD 21.42 billion by 2030, at a CAGR of 8.0% during the forecast period from 2021 to 2030. North America is expected to experience the fastest growth throughout the forecast period.
• Window Tint: Market size for window tint in terms of a monetary value (e.g., USD billions) is not explicitly available in the provided search results. However, the window film industry in the U.S. is growing at a CAGR of 4.2%.

Expected Drivers of Future Revenue Growth for XPEL (XPEL)

Over the next 2-3 years, XPEL's revenue growth is expected to be driven by several key factors:

1. International Market Expansion: XPEL is actively pursuing growth in international markets. This includes continued expansion in regions such as Europe and China, where the company's efforts have already contributed to revenue growth, as well as building its presence in emerging markets like India, Southeast Asia, and the Middle East. The acquisition of a Chinese distributor is a strategic move to bolster this growth.
2. New Product Launches and Diversification: The company's focus on introducing and expanding new and existing product lines is a significant driver. This includes the successful launch of windshield protection film, continued strong growth in its automotive window tint product line, the debut of COLOR PPF, and the offerings of ceramic coatings. XPEL is also strategically pushing into higher-margin products and architectural films to broaden its market reach and enhance profitability.
3. Expanded Dealership and OEM Relationships: XPEL aims to increase product attachment through its aftermarket operations, expand its reach within dealership networks, and integrate with original equipment manufacturers (OEMs). This involves offering XPEL products as add-ons to new inventory at franchise dealers and partnering with automakers for factory or logistics hub installations to deliver factory-quality applications at scale. The company is actively engaged in discussions regarding initiatives with referral programs and OEMs.
4. Increased Market Penetration and Customer Growth: Growth is anticipated from deepening penetration across various customer segments. This includes double-digit revenue growth in both independent and dealership channels. XPEL is also focused on leveraging independent shops for personalized installation experiences to penetrate the enthusiast market and connecting directly with consumers through e-commerce platforms with an expanding portfolio of car care and protection products.

Share Repurchases

• In May 2025, XPEL, Inc. announced an Equity Buyback program authorizing the repurchase of up to $50 million worth of its common stock.

Share Issuance

• The number of XPEL's shares outstanding increased by 0.14% in one year.
• As of November 7, 2025, the company had 27,678,601 shares outstanding.

Outbound Investments

• XPEL has actively pursued acquisitions, including invisiFRAME in November 2021 and Protective Film Solutions in June 2024.
• In October 2021, XPEL acquired five businesses in the United States and Canada for approximately $20.1 million, enhancing its distribution and installation capabilities.
• The company's strategy involves continuing to invest in new geographies and acquiring distribution channels, with management considering acquisitions between $25 million and $50 million.

Capital Expenditures

• XPEL plans to invest between $75 million and $150 million in manufacturing and supply chain operations over the next two years, with the goal of increasing gross margins to 52-54% and operating margins to the mid-to-high 20% range by the end of 2028.
• Capital expenditures were -$6.7 million as of the financial report for June 30, 2025.
• Over the last 12 months, capital expenditures amounted to approximately -$4.56 million.