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Did XPEL just annouce it is building out its own manufacturing?
The company previously said it would increase gross margins by 10ppts to 52-54% and EBIT margins to mid/high 20s% by the end of 2028.
This would be done via M&A, JVs, capex, or a combo.
XPEL just annouced strong Q1 results, and the CF statement contained a clue:
Capex increased to $9.7mm in Q1, up from $4mm in the whole of 2025.
It seems the manufacturing build out has begun.
Let's see on the earnings call at 11am.
If you're interested in learning more, I recently published an article going through the economics of the build-out, and the growth opportunity for XPEL (below)
May 6
at
1:43 PM