XPEL (XPEL) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38858
Entity Registrant Name	XPEL, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-1117381
Entity Address, Address Line One	711 Broadway, Suite 320
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78215
City Area Code	210
Local Phone Number	678-3700
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	XPEL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 889,527,248
Entity Common Stock, Shares Outstanding		27,652,226
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Document Parts into which Incorporated Portions of the registrant’s Proxy Statement relating to the 2025 Annual Meeting of Stockholders to be held on June 4, 2025. Part III
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001767258

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Austin, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current
Cash and cash equivalents	$ 22,087	$ 11,609
Accounts receivable, net	29,146	24,111
Inventory, net	110,904	106,509
Prepaid expenses and other current assets	5,314	3,529
Income tax receivable	893	696
Total current assets	168,344	146,454
Property and equipment, net	17,735	16,980
Right-of-use lease assets	19,490	15,459
Intangible assets, net	34,562	34,905
Other non-current assets	1,350	782
Goodwill	44,126	37,461
Total assets	285,607	252,041
Current
Current portion of notes payable	63	62
Current portion of lease liabilities	4,666	3,966
Accounts payable and accrued liabilities	36,789	32,444
Total current liabilities	41,518	36,472
Deferred tax liability, net	469	2,658
Other long-term liabilities	1,810	890
Borrowings on line of credit	0	19,000
Non-current portion of lease liabilities	16,126	12,715
Non-current portion of notes payable	229	317
Total liabilities	60,152	72,052
Commitments and Contingencies (Note 15)
Stockholders’ equity
Preferred stock, $0.001 par value; authorized 10,000,000; none issued and outstanding	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 27,651,773 and 27,630,025 issued and outstanding, respectively	28	28
Additional paid-in-capital	15,550	12,546
Accumulated other comprehensive loss	(4,236)	(1,209)
Retained earnings	214,113	168,624
Total stockholders’ equity	225,455	179,989
Total liabilities and stockholders’ equity	$ 285,607	$ 252,041

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	27,651,773	27,630,025
Common stock shares outstanding (in shares)	27,651,773	27,630,025

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Total revenue	$ 420,400	$ 396,293	$ 323,993
Cost of Sales
Total cost of sales	243,040	233,879	196,481
Gross Margin	177,360	162,414	127,512
Operating Expenses
Sales and marketing	42,817	31,788	25,367
General and administrative	75,396	63,654	48,208
Total operating expenses	118,213	95,442	73,575
Operating Income	59,147	66,972	53,937
Interest expense	996	1,248	1,410
Foreign currency exchange loss/(gain)	1,373	(307)	562
Income before income taxes	56,778	66,031	51,965
Income tax expense	11,289	13,231	10,584
Net income	$ 45,489	$ 52,800	$ 41,381
Earnings per share
Basic (in dollars per share)	$ 1.65	$ 1.91	$ 1.50
Diluted (in dollars per share)	$ 1.65	$ 1.91	$ 1.50
Weighted Average Number of Common Shares
Basic (in shares)	27,639	27,622	27,614
Diluted (in shares)	27,643	27,634	27,616
Product revenue
Revenue
Total revenue	$ 318,849	$ 311,406	$ 258,174
Cost of Sales
Total cost of sales	199,791	198,008	169,905
Service revenue
Revenue
Total revenue	101,551	84,887	65,819
Cost of Sales
Total cost of sales	$ 43,249	$ 35,871	$ 26,576

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income
Net income	$ 45,489	$ 52,800	$ 41,381
Foreign currency translation	(3,027)	994	(1,613)
Total comprehensive income	$ 42,462	$ 53,794	$ 39,768

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Loss (Income)
Beginning stock outstanding balance (in shares) at Dec. 31, 2021		27,613,000
Beginning balance at Dec. 31, 2021	$ 84,462	$ 28	$ 10,581	$ 74,443	$ (590)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,381			41,381
Foreign currency translation	(1,613)				(1,613)
Purchase of minority interest (in shares)		3,000
Purchase of minority interest	492		492
Ending stock outstanding balance (in shares) at Dec. 31, 2022		27,616,000
Ending balance at Dec. 31, 2022	124,722	$ 28	11,073	115,824	(2,203)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,800			52,800
Foreign currency translation	994				994
Stock-based compensation (in shares)		14,000
Stock-based compensation	$ 1,473		1,473
Ending stock outstanding balance (in shares) at Dec. 31, 2023	27,630,025	27,630,000
Ending balance at Dec. 31, 2023	$ 179,989	$ 28	12,546	168,624	(1,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,489			45,489
Foreign currency translation	(3,027)				(3,027)
Stock-based compensation (in shares)		22,000
Stock-based compensation	$ 3,004		3,004
Ending stock outstanding balance (in shares) at Dec. 31, 2024	27,651,773	27,652,000
Ending balance at Dec. 31, 2024	$ 225,455	$ 28	$ 15,550	$ 214,113	$ (4,236)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 45,489	$ 52,800	$ 41,381
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	5,820	4,534	3,433
Amortization of intangible assets	5,877	5,059	4,401
Gain on sale of property and equipment	(49)	(13)	(8)
Stock compensation	3,197	1,640	522
Provision for credit losses	390	243	467
Deferred income tax	(2,745)	(921)	(471)
Accretion on notes payable	0	0	7
Changes in assets and liabilities:
Accounts receivable, net	(5,604)	(7,000)	(2,631)
Inventory, net	(4,785)	(24,843)	(28,565)
Prepaid expenses and other assets	(2,154)	604	259
Income tax receivable or payable	(267)	(1,197)	1,160
Accounts payable and accrued liabilities	2,655	6,478	(7,898)
Net cash provided by operating activities	47,824	37,384	12,057
Cash flows used in investing activities
Purchase of property, plant and equipment	(6,713)	(6,356)	(7,936)
Proceeds from sale of property and equipment	40	29	73
Acquisitions, net of cash acquired, payment holdbacks, and notes payable	(9,855)	(18,735)	(4,673)
Development or purchase of intangible assets	(1,876)	(1,291)	(1,620)
Net cash used in investing activities	(18,404)	(26,353)	(14,156)
Cash flows from financing activities
Net (payments) borrowings on revolving credit agreements	(19,000)	(7,000)	1,000
Restricted stock withholding taxes paid in lieu of issued shares	(193)	(167)	(30)
Repayments of notes payable	(60)	(92)	(368)
Net cash (used in) provided by financing activities	(19,253)	(7,259)	602
Net change in cash and cash equivalents	10,167	3,772	(1,497)
Foreign exchange impact on cash and cash equivalents	311	(219)	(91)
Increase (Decrease) in cash and cash equivalents during the period	10,478	3,553	(1,588)
Cash and cash equivalents at beginning of year	11,609	8,056	9,644
Cash and cash equivalents at end of year	22,087	11,609	8,056
Supplemental schedule of non-cash activities
Contingent consideration	1,600	0	0
Non-cash lease financing	8,701	4,231	6,094
Issuance of common stock for vested restricted stock units	1,110	1,038	222
Supplemental cash flow information
Cash paid for income taxes	13,617	15,293	9,897
Cash paid for interest	$ 1,026	$ 1,240	$ 1,306

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Nature of Business - The Company is a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and OEMs. The majority of our revenue is derived from the sale of our automotive products and related services while the remainder of our revenue is derived from non-automotive products including architectural window film and marine and flat surface protection films. The Company was incorporated in the state of Nevada, U.S.A. in October 2003 and its registered office is 711 Broadway, Suite 320, San Antonio, Texas, 78215. Basis of Presentation - The consolidated financial statements are prepared in conformity with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The functional currency for the Company is the United States dollar. The assets and liabilities of each of its wholly-owned foreign subsidiaries are translated into U.S dollars using the exchange rate at the end of the balance sheet date. Revenues and expenses are translated at the average exchange rates for the period. Gains and losses from translations are recognized in foreign currency translation included in accumulated other comprehensive loss in the accompanying consolidated balance sheets. Segment Reporting - Management has concluded that our chief operating decision maker (“CODM”) is our chief executive officer. The Company’s CODM reviews the entire organization’s consolidated results as a whole on a monthly basis to evaluate performance and make resource allocation decisions. Management views the Company’s operations and manages its business as one operating and one reportable segment. Use of Estimates - The preparation of these consolidated financial statements in conformity to U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual outcomes may differ from these estimates under different assumptions and conditions. Foreign Currency Translation - The U.S. dollar is the functional currency of our domestic operations located in the United States. The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in accumulated other comprehensive income, a separate component of stockholders’ equity. Cash and Cash Equivalents - Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. The balance, at times, may exceed federally insured limits. Accounts Receivable - Accounts receivable are shown net of an allowance for expected credit losses of $0.2 million and $0.2 million as of December 31, 2024 and 2023, respectively. The Company evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition, historical collection experience, the value of any collateral and other economic and industry factors. Actual collections may differ from historical experience, and if economic, business or customer conditions deteriorate significantly, adjustments to these reserves may be required. When the Company becomes aware of factors that indicate a change in a specific customer’s ability to meet its financial obligations, the Company records a specific reserve for credit losses. At December 31, 2024 and 2023, there were no significant accounts receivable concentrations. Inventory - Inventories of all operating subsidiaries are comprised of film, raw materials used to manufacture film, film installation support products, and supplies. Inventory items are valued at lower of cost or net realizable value, with cost determined on a weighted average cost basis. Inventory costs include those costs directly attributable to products, including materials, labor, shipping, and overhead. The Company provides reserves for discontinued, slow-moving and excess inventory based upon historical demand calculations, forecasted usage, estimated customer requirements and product line updates. As of December 31, 2024 and 2023, inventory reserves were $1.4 million and $0.8 million , respectively. Property, Plant and Equipment - Property and equipment are recorded at cost, with the exception of property and equipment acquired in connection with the Company’s acquisitions, which are recorded at fair value on the date of acquisition. Expenditures which improve or extend the life of the respective definite-lived assets are capitalized, and expenditures for normal repairs and maintenance are charged to operations as incurred. Depreciation expense is computed using the straight-line method as follows: Furniture and fixtures 5 years Computer equipment 3-4 years Vehicles 5 years Equipment 5-10 years Leasehold improvements shorter of lease term or estimated useful life Plotters 4 years The following table presents geographic property, plant and equipment, net of accumulated depreciation, by region as of December 31 (in thousands): 2024 2023 United States $ 13,331 $ 13,942 Canada 2,388 1,332 Europe 1,306 1,359 Other 710 347 Consolidated $ 17,735 $ 16,980 Goodwill - Goodwill represents the excess purchase price over the fair value of tangible net assets acquired in acquisitions after amounts have been allocated to intangible assets. Goodwill is tested for impairment at the reporting unit level on an annual basis (at December 31) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company recognized no goodwill impairment in the years ended December 31, 2024 or December 31, 2023, and there is no significant accumulated impairment of goodwill from prior years. Refer to Note 6, Goodwill for more information related to goodwill. The following table presents geographic goodwill by region as of December 31 (in thousands): 2024 2023 United States $ 24,782 $ 20,371 Canada 9,763 10,397 Europe 5,548 5,660 Other 4,033 1,033 Consolidated $ 44,126 $ 37,461 Intangible Assets - Intangible assets consist primarily of software, customer relationships, trademarks and non-compete agreements. These assets are amortized on a straight-line basis over the period of time in which their expected benefits will be realized. The following table presents geographic intangible assets, net by region as of December 31 (in thousands): 2024 2023 United States $ 23,144 $ 24,178 Canada 4,420 5,738 Europe 3,657 4,353 Other 3,341 636 Consolidated $ 34,562 $ 34,905 The following table presents the anticipated useful lives of intangible assets: Trademarks 10 years Software 5 years Trade name 10-15 years Contractual and customer relationships 9-10 years Non-compete 3-5 years Other 2-10 years Impairment of Long-Lived Assets - The Company reviews and evaluates long-lived assets for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. When the undiscounted expected future cash flows are not sufficient to recover an asset’s carrying amount, the fair value is compared to the carrying value to determine the impairment loss to be recorded. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value, less the cost to sell. Fair values are determined by independent appraisals or expected sales prices based upon market participant data developed by third-party professionals or by internal licensed real estate professionals. Estimates of future cash flows and expected sales prices are judgments based upon the Company’s experience and knowledge of operations. These estimates project cash flows several years into the future and are affected by changes in the economy, real estate market conditions and inflation. No impairment was recorded during the years ended December 31, 2024 or 2023. Other Long-Term Liabilities - The balance presented as other long-term liabilities on the Company’s consolidated balance sheet at December 31, 2024 and 2023 primarily relate to contingent liabilities from acquisitions completed in prior years. These liabilities are revalued at each reporting period. Refer to Note 13 for additional discussion of the valuation of these liabilities. Revenue Recognition - Our revenue is comprised primarily of product and services sales where we act as principal to the transaction. All revenue is recognized when the Company satisfies its performance obligation(s) by transferring control/final benefit from the promised product or service to our customer. Due to the nature of our sales contracts, the majority of our revenue is recognized at a point in time. A performance obligation is a contractual promise to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is recorded net of returns and allowances. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are accounted for as a fulfillment obligation, on a net basis, and are included in cost of sales. See Note 2, Revenue, for additional accounting policies related to revenue recognition. Research and Development - Research costs are charged to operations when incurred. Software development costs, including costs associated with developing software patterns, are expensed as incurred unless the Company incurred these expenses in the development of a new product or long-lived asset. Research and development costs were $2.9 million, $2.9 million, and $0.4 million in the years ended December 31, 2024, 2023 and 2022, respectively. Advertising costs - Advertising costs are charged to operations when incurred. Advertising costs were $2.4 million, $1.7 million and $1.2 million in the years ended December 31, 2024, 2023 and 2022, respectively. Provisions and Warranties - We provide warranties on our products. Liability under the warranty policy is based on a review of historical warranty claims. Adjustments are made to the accruals as claims data experience warrant. The following table presents a summary of our warranty liabilities as of December 31, 2024 and 2023 (in thousands): 2024 2023 Warranty balance at beginning of period $ 422 $ 234 Warranties assumed in period 1,551 768 Payments (1,235) (580) Warranty balance at end of period $ 738 $ 422 Income Taxes - Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred and other tax assets and liabilities. The Company accounts for the tax impact of including Global Intangible Low-Taxed Income (“GILTI”) in U.S. taxable income as a period cost. Stock-Based Compensation - We measure stock-based compensation cost at the grant date based on the fair value of the award. Compensation expense is recognized over the period during which the recipient provides service in exchange for the awards. Excess income tax benefits related to share-based compensation expense are recognized as income tax expense or benefit in the Consolidated Statements of Income. We account for forfeitures as they occur, rather than estimate expected forfeitures. Accumulated Other Comprehensive Income (Loss) (“AOCI”) - The Company reports comprehensive income (loss) that includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains and losses that are not included in net earnings. These amounts are also presented in the Consolidated Statements of Comprehensive Income. As of December 31, 2024 and 2023, respectively, AOCI relates to foreign currency translation adjustments. Earnings Per Share - Basic earnings per share is calculated by dividing net income for the year attributable to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders by the weighted average number of shares outstanding during the period plus the weighted average number of shares that would be issued on the conversion of all the dilutive potential ordinary shares into common shares. Acquisitions of Businesses - Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the fair value of the consideration transferred, including the recognized amount of any non-controlling interest in the acquiree, over the fair value of the Company’s share of the identifiable net assets acquired, is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are recognized as general and administrative expense as incurred. The Company evaluates the materiality of required disclosures related to our business combinations using quantitative and qualitative measures. Fair Value Measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” which makes certain updates to segment reporting. This standard is effective for annual reporting for the year beginning January 1, 2024 and for interim reporting for interim periods beginning January 1, 2025. The Company applied this update to its annual disclosures for the year ending December 31, 2024 on a retrospective basis, which resulted in additional disclosures in the Company’s segment footnote, primarily related to significant segment expenses that are regularly provided to the CODM and included within our reported measure of segment profit or loss. Refer to note 18 for these additional disclosures. Recent Accounting Pronouncements Issued and Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which makes certain updates to income tax disclosures. This standard becomes effective for our fiscal year beginning January 1, 2025. We do not anticipate implementation of this standard will have a material impact on our financial statements. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which makes certain updates to the presentation of expenses. This standard becomes effective for our fiscal year beginning January 1, 2027. We are assessing the effect that the adoption of this standard will have on our financial statements.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue recognition The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods and services to a customer, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. This is achieved through applying the following five-step model: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. The Company generates substantially all of its revenue from contracts with customers, whether formal or implied. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes, with the exception of taxes assessed during the procurement process of select inventories. Shipping and handling costs are included in cost of sales. Revenue from product and services sales are recognized when control of the goods is transferred to the customer which occurs at a point in time typically upon shipment to the customer or completion of the service. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Based upon the nature of the products the Company sells, its customers have limited rights of return which are immaterial. Discounts provided by the Company to customers at the time of sale are recognized as a reduction in sales as the products are sold. Warranty obligations associated with the sale of our products are assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Warranty expense is included in cost of sales. We apply a practical expedient to expense direct costs of obtaining a contract when incurred because the amortization period would have been one year or less. Under its contracts with customers, the Company stands ready to deliver products upon receipt of a purchase order. Accordingly, the Company has no performance obligations under its contracts until its customers submit a purchase order. The Company does not enter into commitments to provide goods or services that have terms greater than one year. In limited cases, the Company does require payment in advance of shipping product. Typically, product is shipped within a few days after prepayment is received. These prepayments are recorded as contract liabilities on the consolidated balance sheet and are included in accounts payable and accrued liabilities. See Note 10 of the Notes to our Consolidated Financial Statements for further information. As the performance obligation is part of a contract that has an original expected duration of less than one year, the Company has applied the practical expedient to omit disclosures regarding remaining performance obligations. The following table summarizes transactions included within contract liabilities for the years ended December 31, 2024, and 2023, respectively (in thousands): Balance, December 31, 2022 $ 261 Revenue recognized related to payments included in the December 31, 2022 balance (206) Balance, Payments received for which performance obligations have not been satisfied 691 Effect of Foreign Currency Translation 15 Balance, December 31, 2023 $ 761 Revenue recognized related to payments included in the December 31, 2023 balance (696) Payments received for which performance obligations have not been satisfied 774 Effect of Foreign Currency Translation (18) Balance, December 31, 2024 $ 821 When the Company transfers goods or services to a customer, payment is due, subject to normal terms, and is not conditional on anything other than the passage of time. Typical payment terms range from due upon receipt to 30 days, depending on the type of customer and relationship. At contract inception, the Company expects that the period of time between the transfer of goods to the customer and when the customer pays for those goods will be less than one year, which is consistent with the Company’s standard payment terms. Accordingly, the Company has elected the practical expedient to not adjust for the effects of a significant financing component. As such, these amounts are recorded as receivables and not contract assets. The table below sets forth the disaggregation of revenue by product category for the years ended December 31, 2024, 2023, and 2022 (in thousands): 2024 2023 2022 Product Revenue Paint protection film $ 226,710 $ 229,880 $ 192,374 Window film 77,666 67,951 54,370 Other 14,473 13,575 11,430 Total $ 318,849 $ 311,406 $ 258,174 Service Revenue Software $ 8,061 $ 6,518 $ 5,213 Cutbank credits 17,015 17,626 16,317 Installation labor 74,478 58,477 42,828 Training and other 1,997 2,266 1,461 Total $ 101,551 $ 84,887 $ 65,819 Total $ 420,400 $ 396,293 $ 323,993

ACQUISITION OF BUSINESSES

ACQUISITION OF BUSINESSES	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITION OF BUSINESSES	ACQUISITIONS OF BUSINESSES The Company completed the following acquisitions during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): During 2024, we acquired certain companies for an aggregate purchase price of $12.5 million. During 2023, we acquired a company for an aggregate purchase price of $20.8 million. During 2022, we acquired certain companies for an aggregate purchase price of $2.2 million. Purchase price accounting for identifiable intangible assets included in acquisitions completed during the year ended December 31, 2024 are not yet finalized pending the completion of our valuation models. As a result, the purchase price accounting for the intangible portion of these transactions is preliminary in nature. We anticipate finalizing the accounting for these acquisitions within 12 months of the completion of each respective acquisition date. Purchase price accounting for prior years has been finalized. The total preliminary purchase price for acquisitions completed during the year ended December 31, 2024, and finalized purchase price for those completed during the years ended 2023 and 2022 are as follows (in thousands): December 31, 2024 Acquisitions 2023 Acquisitions 2022 Acquisitions Purchase Price Cash 1 $ 10,907 $ 20,387 $ 1,876 Contingent consideration 1,600 — — Note payable — 387 — Cancellation of receivable balance — — 302 $ 12,507 $ 20,774 $ 2,178 Allocation Cash $ 551 $ 1,062 $ — Other working capital 603 868 595 Other long-term assets — 8 — Property, equipment, and operating lease assets 3,225 878 — Other long-term liabilities — (108) — Trade name 1,231 406 — Acquired patterns 222 — — Customer relationships 2,898 8,720 612 Goodwill 7,559 10,422 971 Operating lease liabilities (3,103) Deferred tax liability (679) (1,482) — $ 12,507 $ 20,774 $ 2,178 1 Total cash consideration is comprised of amounts paid on closing dates plus holdback amounts to be paid in the future net of working capital deficiencies to be reclaimed from seller. Intangible assets acquired in the years ended December 31, 2024 and 2023 have a weighted average useful life of 9 years. Goodwill for these acquisitions relates to the expansion into new geographical areas, the acquired employee knowledge of the various markets, institutional distribution abilities, as well as the expected synergies resulting from the acquisitions. Goodwill and other intangible assets acquired in taxable asset purchases are analyzed for allowable amortization for tax purposes over appropriate periods as prescribed by applicable regulatory jurisdictions. Acquisition costs incurred related to these acquisitions were immaterial and were included in selling, general and administrative expenses. The acquired companies were consolidated into our financial statements on their respective acquisition dates. The aggregate revenue and the operating income from 2024 acquisitions consolidated into our 2024 consolidated financial statements were $5.1 million and $0.1 million, respectively. The aggregate revenue and operating income of our 2023 acquisitions consolidated into our 2023 consolidated financial statements were $4.8 million and $0.4 million, respectively. The aggregate revenue and operating income of our 2022 acquisitions consolidated into our 2022 consolidated financial statements were not substantial. The following unaudited pro forma financial information presents our results, including the estimated expenses relating to the amortization of intangibles purchased, as if the acquisitions during the year ended December 31, 2024 had occurred on January 1, 2024 and 2023 (in thousands): Twelve Months Ended December 31, 2024 (Unaudited) 2023 (Unaudited) Revenue $ 429,242 $ 410,749 Net income $ 45,717 $ 53,222 The unaudited consolidated pro forma combined financial information does not purport to be indicative of the results which would have been obtained had the acquisitions been completed as of the beginning of the earliest period presented or of results that may be obtained in the future. In addition, they do not include any benefits that may result from the acquisition due to synergies that may be derived from the elimination of any duplicative costs. Valuations and purchase price allocations for acquisitions completed during 2023 have been finalized with minor changes to goodwill and other acquired intangible assets.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following (in thousands): December 31, 2024 December 31, 2023 Furniture and fixtures $ 4,451 $ 3,844 Computer equipment 5,202 4,743 Vehicles 1,075 1,141 Equipment 6,018 5,685 Leasehold improvements 11,878 10,921 Plotters 5,005 4,315 Construction in Progress 1,346 201 Total property and equipment 34,975 30,850 Less: accumulated depreciation 17,240 13,870 Property and equipment, net $ 17,735 $ 16,980 Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $5.8 million, $4.5 million and $3.4 million, respectively. Depreciation expense for equipment used in production is recorded to cost of goods sold. All other depreciation is recorded within general and administrative expense.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET Intangible assets consists of the following (in thousands): December 31, 2024 December 31, 2023 Trademarks $ 1,386 $ 864 Software 7,720 5,919 Trade name 2,638 1,918 Contractual and customer relationships 42,827 40,866 Non-compete 424 447 Other 693 510 Total at cost 55,688 50,524 Less: Accumulated amortization 21,126 15,619 Intangible assets, net $ 34,562 $ 34,905 Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $5.9 million, $5.1 million and $4.4 million, respectively. Based on the carrying value of definite-lived intangible assets as of December 31, 2024, we estimate our future amortization expense will be as follows (in thousands): 2025 $ 6,199 2026 6,018 2027 5,648 2028 5,326 2029 5,016 Thereafter $ 6,355

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL The following table summarizes changes in the carrying amounts of goodwill for the years ended December 31, 2024 and 2023 (in thousands): Balance at December 31, 2022 $ 26,763 Additions 10,422 Foreign currency translation 276 Balance at December 31, 2023 $ 37,461 Balance at December 31, 2023 $ 37,461 Additions 7,762 Foreign currency translation (1,097) Balance at December 31, 2024 $ 44,126 For details related to acquisitions and purchase price allocations completed during the year ended December 31, 2024, refer to Note 3.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventory, net of reserves, are summarized as follows (in thousands): December 31, 2024 December 31, 2023 Raw materials $ 18,686 $ 22,308 Work in process 2,662 6,230 Finished goods 89,556 77,971 $ 110,904 $ 106,509

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT REVOLVING FACILITIES The Company has a revolving credit facility providing for secured revolving loans and letters of credit in an aggregate amount of up to $125.0 million, which is subject to the terms of a credit agreement dated April 6, 2023 (the "Credit Agreement"). As of December 31, 2024, the Company had no outstanding under this agreement. As of December 31, 2023, the Company had an outstanding balance of $19.0 million under this credit agreement which was subsequently repaid. Borrowings under the Credit Agreement bear interest, at XPEL’s option, at a rate equal to either (a) Base Rate or (b) Adjusted Term SOFR. In addition to the applicable interest rate, the Credit Agreement includes a commitment fee ranging from 0.20% to 0.25% per annum for the unused portion of the aggregate commitment and an applicable margin ranging from 0.00% to 0.50% for Base Rate Loans and 1.00% to 1.50% for Adjusted Term SOFR Loans. At December 31, 2024, these rates were 7.5% and 5.6%, respectively. Both the margin applicable to the interest rate and the commitment fee are dependent on XPEL’s Consolidated Total Leverage Ratio. The Credit Agreement's maturity date is April 6, 2026. All capitalized terms in this description of the credit facility that are not otherwise defined in this Annual Report have the meaning assigned to them in the Credit Agreement. Obligations under the Credit Agreement are secured by a first priority perfected security interest, subject to certain permitted encumbrances, in all of XPEL’s material property and assets. The terms of the Credit Agreement include certain affirmative and negative covenants that require, among other things, XPEL to maintain legal existence and remain in good standing, comply with applicable laws, maintain accounting records, deliver financial statements and certifications on a timely basis, pay taxes as required by law, and maintain insurance coverage, as well as to forgo certain specified future activities that might otherwise encumber XPEL and certain customary covenants. The Credit Agreement provides for two financial covenants, as follows. As of the last day of each fiscal quarter: 1. XPEL shall not allow its Consolidated Total Leverage Ratio to exceed 3.50 to 1.00, and 2. XPEL shall not allow its Consolidated Interest Coverage Ratio to be less than 3.00 to 1.00. The Company also has a CAD $4.5 million (approximately $3.1 million USD as of December 31, 2024) revolving credit facility through a financial institution in Canada, as maintained by XPEL Canada Corp., a wholly-owned subsidiary of XPEL. This Canadian facility can be utilized to fund the Company's working capital needs in Canada. This facility bears interest at the Royal Bank of Canada’s prime rate plus 0.25% per annum and is guaranteed by the parent company. As of December 31, 2024 and December 31, 2023, no balance was outstanding on this line of credit. As of December 31, 2024 and December 31, 2023, the Company was in compliance with all debt covenants.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution plans for substantially all employees. Annual Company contributions under the plans are discretionary. Company contribution expenses were $1.4 million, $1.0 million and $0.8 million for the plan years ended December 31, 2024, 2023 and 2022, respectively.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The following table presents significant accounts payable and accrued liability balances as of the periods ending: December 31, 2024 December 31, 2023 Trade payables $ 26,316 $ 24,233 Payroll liabilities 5,329 4,296 Contract liabilities 821 761 Acquisition holdback payments 651 868 Other liabilities 3,672 2,286 $ 36,789 $ 32,444

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCKShares issued and outstanding at December 31, 2024 and 2023 were 27,651,773 and 27,630,025, respectively. Par value of these shares for these same dates was $0.03 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The XPEL, Inc. 2020 Equity Incentive Plan (the “Plan”) was approved at the May 28, 2020 Annual Meeting of Stockholders and amended in the May 24, 2023 Annual Meeting of Stockholders. Under this amended plan, 550,000 shares of the Company’s Common Stock are reserved for issuance, as administered by the Company’s Compensation Committee. Awards may be granted to employees, consultants, or directors of the Company or any parent or subsidiary of the Company; provided that incentive stock options may be granted only to employees. If an award made under the Plan expires, if it is terminated, surrendered, cancelled, or otherwise becomes unexercisable, or if an award is forfeited in whole or in part or is forfeited due to failure to vest, then the unpurchased shares under such award will become available for future grant under the Plan. The Plan allows for different types of awards to be granted. Stock options awarded under the Plan must be at least equal to the fair market value of a share of our Common Stock on the date of the grant. Any option period will not exceed 10 years, except with respect to any participant who owns more than 10% of the voting power of all classes of stock of the Company. Restricted stock, Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”), and Other Share-based Awards may be granted at the discretion of the Compensation Committee according to terms and conditions set by the Compensation Committee, subject to the provisions of the Plan. RSUs and PSUs have been granted under the Plan. Grant activity for the year ended December 31, 2024 is summarized as follows: Number of Performance Stock Units Weighted Average Grant Value Per Share Number of Restricted Stock Units Weighted Average Grant Value Per Share Outstanding at December 31, 2023 17,198 $ 78.50 64,224 $ 73.29 Granted 32,809 52.58 54,800 49.21 Vested — (20,487) 61.85 Forfeited or canceled — (7,106) 61.85 Outstanding at December 31, 2024 50,007 $ 61.49 91,431 $ 58.17 During the years ended December 31, 2024, 2023, and 2022, we recorded compensation expense of $3.2 million, $1.6 million, and $0.5 million, respectively, related to grants under the Plan.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820 prioritizes the inputs to valuation techniques used to measure fair value into the following hierarchy: Level 1 – Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Inputs other than the quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions. Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, our line of credit, and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, our line of credit, and short-term borrowings approximate fair value because of the near-term maturities of these financial instruments. The carrying value of the Company’s notes payable approximates fair value due to the relatively short-term nature and interest rates of the notes. The carrying value of the Company's long-term debt approximates fair value due to the interest rates being market rates. The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities. The Company has contingent liabilities related to future internal performance milestones. The fair value of these liabilities was determined using a Monte Carlo Simulation based on the probability and timing of future payments under these arrangements. These liabilities are accounted for as Level 3 liabilities within the fair value hierarchy. Level 3 liabilities measured at December 31, 2024 and 2023 at fair value on a recurring basis are as follows (in thousands): 2024 2023 Level 3: Contingent Liabilities $ 1,816 $ 815 Changes in the value of these liabilities are reflected in general and administrative expenses in the Consolidated Statements of Income for the twelve months ended December 31, 2024 and 2023, respectively. See Note 3 for acquisition-related activity.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income before income taxes on which the provision for income taxes was computed is as follows (in thousands): 2024 2023 2022 Domestic $ 47,019 $ 61,974 $ 48,574 International 9,759 4,057 3,391 Income before income taxes $ 56,778 $ 66,031 $ 51,965 The provision for income taxes differs from the US federal statutory rate as follows: 2024 2023 2022 Income before income taxes $ 56,778 $ 66,031 $ 51,965 Statutory rate 21 % 21 % 21 % $ 11,923 $ 13,867 $ 10,913 State taxes net of federal benefit $ 874 $ 1,238 $ 862 Nondeductible/nontaxable items 369 256 53 Tax Impact of foreign operations 503 284 230 Foreign derived intangible income benefit (1,115) (1,647) (1,114) R&D Credit (900) — — Other - net (365) (767) (360) Income tax expense $ 11,289 $ 13,231 $ 10,584 The foreign tax rate differential reflects the impact of the differences in our various international tax rates and our US statutory rate. The components of the income tax provision (benefit) are as follows (in thousands): Year ended December 31 2024 2023 2022 Current income tax expense Federal $ 9,969 $ 11,104 $ 9,006 Foreign 2,537 1,372 1,025 State 1,528 1,671 1,036 Total current income tax expense $ 14,034 $ 14,147 $ 11,067 Deferred income tax benefit Federal $ (1,865) $ (533) $ (196) Foreign (630) (354) (249) State (250) (29) (38) Total deferred income tax benefit $ (2,745) $ (916) $ (483) Total $ 11,289 $ 13,231 $ 10,584 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income taxes are as follows (in thousands): Year ended December 31 2024 2023 Deferred Tax Assets Allowance for Doubtful Accounts $ 35 $ 42 263(A) Adjustment 264 265 Accrued Expenses 177 577 Inventory Reserve 382 173 Unrealized loss 273 38 State Tax Credit 246 170 NOL Carryforward and Other 155 220 Stock Compensation 379 174 Capitalized Acquisition Costs 137 112 Capitalized Research and Development 3,128 1,572 Right of Use Lease Liability 4,308 3,385 Less Valuation Allowance (92) (92) Total deferred tax assets $ 9,392 $ 6,636 Deferred Tax Liabilities Fixed and Intangible Assets $ 5,860 $ 6,176 Right of Use Lease Asset 4,001 3,118 Total deferred tax liabilities 9,861 9,294 Total net deferred tax liabilities $ (469) $ (2,658) In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company regularly assesses the likelihood that the deferred tax assets will be recovered from future taxable income. The Company considers projected future taxable income, the reversal of taxable temporary differences, and ongoing tax planning strategies, then records a valuation allowance, if deemed necessary, to reduce the carrying value of the net deferred taxes to an amount that is more likely than not able to be realized. Based upon the Company’s assessment of all available evidence, including the previous two years of taxable income and loss after permanent items, estimates of future profitability, and the Company’s overall prospects of future business, the Company determined that it is more likely than not that the Company will realize all of its deferred tax assets in the future, with the exception of an immaterial valuation allowance recorded against net operating losses and intangibles in foreign jurisdictions. The Company will continue to assess the potential realization of deferred tax assets on an annual basis, or an interim basis if circumstances warrant. If the Company’s actual results and updated projections vary significantly from the projections used as basis for this determination, the Company may need to change the valuation allowance against the gross deferred tax assets. The Company has net operating losses in certain of its foreign subsidiaries of $0.6 million available to apply against future taxable income. The Company has recorded a valuation allowance based on the lack of positive available evidence of realizability of acquired net operating losses of $0.3 million. The Company has state tax credits of $0.3 million available to apply against future taxable income. These credits begin to expire in the year 2039. Reconciliation of Unrecognized Tax Benefits from Uncertain Tax Positions (in thousands) Year Ended December 31, 2024 2023 2022 Beginning unrecognized tax benefits $ 114 $ 144 $ 129 Increase in related tax positions of prior years — — 15 Lapse of statute of limitations 40 30 — Ending unrecognized tax benefits $ 74 $ 114 $ 144 The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely upon its technical merits at the reporting date. The unrecognized tax benefit is the difference between the tax benefit recognized and the tax benefit claimed on the Company’s income tax return. The Company has an unrecognized tax benefit as of the year ended December 31, 2024 in the amount of $0.1 million related to an uncertain tax position in one of its foreign jurisdictions. This amount includes an estimate for interest and penalties and are included in income tax expense. The liability is reflected in other long-term liabilities on the Company’s balance sheet. The Company expects a reduction of the position in 2025 related to expiring statutes. The unrecognized tax benefits in the table above include $0.1 million as of December 31, 2024, that, if recognized, would have impacted income tax expense. The Company believes that all material tax positions in the current and prior years have been analyzed and properly accounted for and that the risk of additional material uncertain tax positions that have not been identified is remote. The Company plans to indefinitely reinvest foreign earnings and does not expec t to repatriate earnings for the foreseeable future. Determination of the amount of unrecognized deferred tax liabilities related to investment in these foreign subsidiaries is not practicable. The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is still subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years 2017 and after. There are no ongoing or pending IRS, state or foreign examinations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES CONTINGENCIES In the ordinary course of business activities, the Company may be contingently liable for litigation and claims with customers, suppliers and former employees. Management believes that adequate provisions have been recorded in the accounts where required. Management also has determined that the likelihood of any litigation and claims having a material impact on our results of operations, cash flows or financial position is remote.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES We lease space under non-cancelable operating leases for office space, warehouse facilities, and installation locations. We also lease vehicles and equipment to support our global operations. We have not elected the practical expedient to combine lease and non-lease components. We have also elected to adopt the package of practical expedients that allow us not to reassess whether expired leases are or contain leases, not to reassess the lease classification of existing leases, and not to reassess initial direct costs for existing leases. Some of our leases contain options to renew. The exercise of lease renewals is at our sole discretion; therefore, the renewals to extend the lease terms are not included in our right-of-use assets as it is not reasonably certain that they will be exercised. We regularly evaluate the renewal options and, when they are reasonably certain of exercise, we include the renewal period in our lease term. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In determining our incremental borrowing rate for each lease, we use a rate for collateralized borrowings with a term similar to the life of the lease. We have a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate. Balance sheet information related to operating leases is as follows: December 31, 2024 December 31, 2023 Operating lease right-of-use assets $ 19,490 $ 15,459 Current portion of operating lease liabilities 4,666 3,966 Noncurrent portion of operating lease liabilities 16,126 12,715 Total operating lease liabilities $ 20,792 $ 16,681 We had operating lease expense of $6.1 million, $5.0 million, and $4.2 million, respectively, for the years ended December 31, 2024, 2023, and 2022. For the year ended December 31, 2024, we had $0.4 million in short-term lease expenses while cash payments on leases, and variable expenses were $5.8 million, and $1.9 million, respectively. For the year ended December 31, 2023, short-term lease expenses were negligible while cash payments on leases and variable lease expenses were $4.6 million, and $0.1 million, respectively. We have elected not to apply balance sheet recognition to short-term leases. Weighted-average information associated with the measurement of our remaining operating lease obligations is as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 4.90 4.40 Weighted-average discount rate 6.9 % 5.5 % The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: 2025 $ 6,558 2026 5,872 2027 4,601 2028 3,895 2029 2,243 Thereafter 3,199 Total operating lease payments 26,368 Less: interest (5,576) Total operating lease liabilities $ 20,792

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the effect of granted incremental restricted stock units. The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands except per share values): Fiscal Year Ended December 31, Numerator 2024 2023 2022 Net income $ 45,489 $ 52,800 $ 41,381 Denominator Weighted average basic shares 27,639 27,622 27,614 Dilutive effect of stock units 4 12 2 Weighted average diluted shares 27,643 27,634 27,616 Earnings per share Basic $ 1.65 $ 1.91 $ 1.50 Diluted $ 1.65 $ 1.91 $ 1.50

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our CODM, who is our CEO, makes operating decisions and evaluates operating performance on the basis of the whole company, instead of on a segment basis. As a result, we have determined that we have a single reportable segment. Our CODM assesses performance and decides how to allocate resources based on net income as reported in our consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income to evaluate return on total assets in deciding whether to invest in the development and expansion of our consolidated operations or into strategic transactions, such as acquisitions. Net income is also used to monitor budget versus actual results, perform competitive benchmarking analyses, and is considered in evaluating our executives’ compensation. The following table presents our significant expense categories included in our reported measure of segment profitability for the periods represented (in thousands): Year Ended December 31, 2024 2023 2022 Total revenue 420,400 396,293 323,993 Less: Direct product costs 199,791 198,008 169,905 Direct non-product costs 43,249 35,871 26,576 Personnel costs 50,979 40,709 33,914 Sales and marketing costs 15,249 11,226 7,278 Facility expenses 9,908 7,776 6,273 Depreciation and amortization 9,585 7,726 6,264 Travel and entertainment 9,198 7,056 4,995 Information technology 5,599 4,174 3,189 Professional fees 5,086 5,313 4,401 Shipping 4,830 4,611 2,583 Other 7,779 6,851 4,678 Income from operations 59,147 66,972 53,937 Interest expense 996 1,248 1,410 Income tax expense 11,289 13,231 10,584 Foreign currency exchange loss/(gain) 1,373 (307) 562 Net income $ 45,489 $ 52,800 $ 41,381

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 45,489	$ 52,800	$ 41,381

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management system and addresses all aspects of the corporate information technology environment. The underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including those set forth in the International Organization Standardization (“ISO”) 27001 standard. The Company has an annual assessment, performed by a third party, of the Company’s cyber risk management program against this standard. The Company employs a third-party organization to conduct 24/7 monitoring of its global cybersecurity environment and to coordinate the investigation and remediation of alerts. A program for staging incident response drills is in place to prepare support teams in the event of a significant incident. External partners are a key part of the Company’s cybersecurity infrastructure. XPEL partners with leading cybersecurity companies and organizations, leveraging third-party technology and expertise to control and monitor its processes. The Director of Enterprise Systems leads the Company’s cybersecurity program. The Director of Enterprise Systems assesses and manages XPEL’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The Director of Enterprise Systems manages the third-party service provider engaged to monitor the Company’s cybersecurity environment and is regularly updated by the third-party service provider on the cybersecurity activities. The Director of Enterprise Systems has 22 years of experience in information technology and is supported by a team with additional relevant experience and related certifications.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management system and addresses all aspects of the corporate information technology environment.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Director of Enterprise Systems leads the Company’s cybersecurity program. The Director of Enterprise Systems assesses and manages XPEL’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The Director of Enterprise Systems manages the third-party service provider engaged to monitor the Company’s cybersecurity environment and is regularly updated by the third-party service provider on the cybersecurity activities. The Director of Enterprise Systems has 22 years of experience in information technology and is supported by a team with additional relevant experience and related certifications. The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Role of Management [Text Block]	The Director of Enterprise Systems leads the Company’s cybersecurity program. The Director of Enterprise Systems assesses and manages XPEL’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The Director of Enterprise Systems manages the third-party service provider engaged to monitor the Company’s cybersecurity environment and is regularly updated by the third-party service provider on the cybersecurity activities. The Director of Enterprise Systems has 22 years of experience in information technology and is supported by a team with additional relevant experience and related certifications. The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Director of Enterprise Systems has 22 years of experience in information technology and is supported by a team with additional relevant experience and related certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Director of Enterprise Systems leads the Company’s cybersecurity program. The Director of Enterprise Systems assesses and manages XPEL’s cyber risk management program, informs senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervises such efforts. The Director of Enterprise Systems manages the third-party service provider engaged to monitor the Company’s cybersecurity environment and is regularly updated by the third-party service provider on the cybersecurity activities. The Director of Enterprise Systems has 22 years of experience in information technology and is supported by a team with additional relevant experience and related certifications. The Audit Committee of the Board oversees XPEL’s cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The Director of Enterprise Systems briefs the Audit Committee on the effectiveness of the Company’s cyber risk management program, typically on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The consolidated financial statements are prepared in conformity with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The functional currency for the Company is the United States dollar. The assets and liabilities of each of its wholly-owned foreign subsidiaries are translated into U.S dollars using the exchange rate at the end of the balance sheet date. Revenues and expenses are translated at the average exchange rates for the period. Gains and losses from translations are recognized in foreign currency translation included in accumulated other comprehensive loss in the accompanying consolidated balance sheets.
Segment Reporting	Segment Reporting - Management has concluded that our chief operating decision maker (“CODM”) is our chief executive officer. The Company’s CODM reviews the entire organization’s consolidated results as a whole on a monthly basis to evaluate performance and make resource allocation decisions. Management views the Company’s operations and manages its business as one operating and one reportable segment.
Use of Estimates	Use of Estimates - The preparation of these consolidated financial statements in conformity to U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make judgments and estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual outcomes may differ from these estimates under different assumptions and conditions.
Foreign Currency Translation	Foreign Currency Translation - The U.S. dollar is the functional currency of our domestic operations located in the United States. The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in accumulated other comprehensive income, a separate component of stockholders’ equity.
Cash and Cash Equivalents	Cash and Cash Equivalents - Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. The balance, at times, may exceed federally insured limits.
Accounts Receivable	Accounts ReceivableThe Company evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition, historical collection experience, the value of any collateral and other economic and industry factors. Actual collections may differ from historical experience, and if economic, business or customer conditions deteriorate significantly, adjustments to these reserves may be required. When the Company becomes aware of factors that indicate a change in a specific customer’s ability to meet its financial obligations, the Company records a specific reserve for credit losses. At December 31, 2024 and 2023, there were no significant accounts receivable concentrations.
Inventory	Inventory -
Property, Plant and Equipment	Property, Plant and Equipment -
Goodwill	Goodwill -
Intangible Assets	Intangible Assets -
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets - The Company reviews and evaluates long-lived assets for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. When the undiscounted expected future cash flows are not sufficient to recover an asset’s carrying amount, the fair value is compared to the carrying value to determine the impairment loss to be recorded. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value, less the cost to sell. Fair values are determined by independent appraisals or expected sales prices based upon market participant data developed by third-party professionals or by internal licensed real estate professionals. Estimates of future cash flows and expected sales prices are judgments based upon the Company’s experience and knowledge of operations. These estimates project cash flows several years into the future and are affected by changes in the economy, real estate market conditions and inflation.
Other Long-Term Liabilities and Acquisitions of Businesses	Other Long-Term Liabilities - Acquisitions of Businesses -
Revenue Recognition	Revenue Recognition - Our revenue is comprised primarily of product and services sales where we act as principal to the transaction. All revenue is recognized when the Company satisfies its performance obligation(s) by transferring control/final benefit from the promised product or service to our customer. Due to the nature of our sales contracts, the majority of our revenue is recognized at a point in time. A performance obligation is a contractual promise to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is recorded net of returns and allowances. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and handling costs are accounted for as a fulfillment obligation, on a net basis, and are Revenue recognition The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods and services to a customer, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. This is achieved through applying the following five-step model: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. The Company generates substantially all of its revenue from contracts with customers, whether formal or implied. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes, with the exception of taxes assessed during the procurement process of select inventories. Shipping and handling costs are included in cost of sales. Revenue from product and services sales are recognized when control of the goods is transferred to the customer which occurs at a point in time typically upon shipment to the customer or completion of the service. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Based upon the nature of the products the Company sells, its customers have limited rights of return which are immaterial. Discounts provided by the Company to customers at the time of sale are recognized as a reduction in sales as the products are sold. Warranty obligations associated with the sale of our products are assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Warranty expense is included in cost of sales. We apply a practical expedient to expense direct costs of obtaining a contract when incurred because the amortization period would have been one year or less. Under its contracts with customers, the Company stands ready to deliver products upon receipt of a purchase order. Accordingly, the Company has no performance obligations under its contracts until its customers submit a purchase order. The Company does not enter into commitments to provide goods or services that have terms greater than one year. In limited cases, the Company does require payment in advance of shipping product. Typically, product is shipped within a few days after prepayment is received. These prepayments are recorded as contract liabilities on the consolidated balance sheet and are included in accounts payable and accrued liabilities. See Note 10 of the Notes to our Consolidated Financial Statements for further information. As the performance obligation is part of a contract that has an original expected duration of less than one year, the Company has applied the practical expedient to omit disclosures regarding remaining performance obligations. When the Company transfers goods or services to a customer, payment is due, subject to normal terms, and is not conditional on anything other than the passage of time. Typical payment terms range from due upon receipt to 30 days, depending on the type of customer and relationship. At contract inception, the Company expects that the period of time between the transfer of goods to the customer and when the customer pays for those goods will be less than one year, which is consistent with the Company’s standard payment terms. Accordingly, the Company has elected the practical expedient to not adjust for the effects of a significant financing component. As such, these amounts are recorded as receivables and not contract assets.
Research and Development	Research and Development -
Advertising Costs	Advertising costs -
Provisions and Warranties	Provisions and Warranties -
Income Taxes	Income Taxes - Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred and other tax assets and liabilities. The Company accounts for the tax impact of including Global Intangible Low-Taxed Income (“GILTI”) in U.S. taxable income as a period cost.
Stock-Based Compensation	Stock-Based Compensation - We measure stock-based compensation cost at the grant date based on the fair value of the award. Compensation expense is recognized over the period during which the recipient provides service in exchange for the awards. Excess income tax benefits related to share-based compensation expense are recognized as income tax expense or benefit in the Consolidated Statements of Income. We account for forfeitures as they occur, rather than estimate expected forfeitures.
Accumulated Other Comprehensive Income (Loss) (AOCI)	Accumulated Other Comprehensive Income (Loss) (“AOCI”) - The Company reports comprehensive income (loss) that includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains and losses that are not included in net earnings. These amounts are also presented in the Consolidated Statements of Comprehensive Income. As of December 31, 2024 and 2023,
Earnings Per Share	Earnings Per Share - Basic earnings per share is calculated by dividing net income for the year attributable to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders by the weighted average number of shares outstanding during the period plus the weighted average number of shares that would be issued on the conversion of all the dilutive potential ordinary shares into common shares.
Fair Value Measurements	Fair Value Measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. ASC 820 prioritizes the inputs to valuation techniques used to measure fair value into the following hierarchy: Level 1 – Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Inputs other than the quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions. Financial instruments include cash and cash equivalents, accounts receivable, accounts payable, our line of credit, and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, our line of credit, and short-term borrowings approximate fair value because of the near-term maturities of these financial instruments. The carrying value of the Company’s notes payable approximates fair value due to the relatively short-term nature and interest rates of the notes. The carrying value of the Company's long-term debt approximates fair value due to the interest rates being market rates. The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities. The Company has contingent liabilities related to future internal performance milestones. The fair value of these liabilities was determined using a Monte Carlo Simulation based on the probability and timing of future payments under these arrangements. These liabilities are accounted for as Level 3 liabilities within the fair value hierarchy.
Recently Adopted Accounting Pronouncements, Recent Accounting Pronouncements Issued and Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” which makes certain updates to segment reporting. This standard is effective for annual reporting for the year beginning January 1, 2024 and for interim reporting for interim periods beginning January 1, 2025. The Company applied this update to its annual disclosures for the year ending December 31, 2024 on a retrospective basis, which resulted in additional disclosures in the Company’s segment footnote, primarily related to significant segment expenses that are regularly provided to the CODM and included within our reported measure of segment profit or loss. Refer to note 18 for these additional disclosures. Recent Accounting Pronouncements Issued and Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which makes certain updates to income tax disclosures. This standard becomes effective for our fiscal year beginning January 1, 2025. We do not anticipate implementation of this standard will have a material impact on our financial statements. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which makes certain updates to the presentation of expenses. This standard becomes effective for our fiscal year beginning January 1, 2027. We are assessing the effect that the adoption of this standard will have on our financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedules of Property, Plant and Equipment	Depreciation expense is computed using the straight-line method as follows: Furniture and fixtures 5 years Computer equipment 3-4 years Vehicles 5 years Equipment 5-10 years Leasehold improvements shorter of lease term or estimated useful life Plotters 4 years The following table presents geographic property, plant and equipment, net of accumulated depreciation, by region as of December 31 (in thousands): 2024 2023 United States $ 13,331 $ 13,942 Canada 2,388 1,332 Europe 1,306 1,359 Other 710 347 Consolidated $ 17,735 $ 16,980 Property and equipment consists of the following (in thousands): December 31, 2024 December 31, 2023 Furniture and fixtures $ 4,451 $ 3,844 Computer equipment 5,202 4,743 Vehicles 1,075 1,141 Equipment 6,018 5,685 Leasehold improvements 11,878 10,921 Plotters 5,005 4,315 Construction in Progress 1,346 201 Total property and equipment 34,975 30,850 Less: accumulated depreciation 17,240 13,870 Property and equipment, net $ 17,735 $ 16,980
Schedule of Goodwill	The following table presents geographic goodwill by region as of December 31 (in thousands): 2024 2023 United States $ 24,782 $ 20,371 Canada 9,763 10,397 Europe 5,548 5,660 Other 4,033 1,033 Consolidated $ 44,126 $ 37,461 The following table summarizes changes in the carrying amounts of goodwill for the years ended December 31, 2024 and 2023 (in thousands): Balance at December 31, 2022 $ 26,763 Additions 10,422 Foreign currency translation 276 Balance at December 31, 2023 $ 37,461 Balance at December 31, 2023 $ 37,461 Additions 7,762 Foreign currency translation (1,097) Balance at December 31, 2024 $ 44,126
Schedules of Intangible Assets	The following table presents geographic intangible assets, net by region as of December 31 (in thousands): 2024 2023 United States $ 23,144 $ 24,178 Canada 4,420 5,738 Europe 3,657 4,353 Other 3,341 636 Consolidated $ 34,562 $ 34,905 The following table presents the anticipated useful lives of intangible assets: Trademarks 10 years Software 5 years Trade name 10-15 years Contractual and customer relationships 9-10 years Non-compete 3-5 years Other 2-10 years Intangible assets consists of the following (in thousands): December 31, 2024 December 31, 2023 Trademarks $ 1,386 $ 864 Software 7,720 5,919 Trade name 2,638 1,918 Contractual and customer relationships 42,827 40,866 Non-compete 424 447 Other 693 510 Total at cost 55,688 50,524 Less: Accumulated amortization 21,126 15,619 Intangible assets, net $ 34,562 $ 34,905
Schedule of Product Warranty Liability	The following table presents a summary of our warranty liabilities as of December 31, 2024 and 2023 (in thousands): 2024 2023 Warranty balance at beginning of period $ 422 $ 234 Warranties assumed in period 1,551 768 Payments (1,235) (580) Warranty balance at end of period $ 738 $ 422

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Transactions Within Contract Liabilities	The following table summarizes transactions included within contract liabilities for the years ended December 31, 2024, and 2023, respectively (in thousands): Balance, December 31, 2022 $ 261 Revenue recognized related to payments included in the December 31, 2022 balance (206) Balance, Payments received for which performance obligations have not been satisfied 691 Effect of Foreign Currency Translation 15 Balance, December 31, 2023 $ 761 Revenue recognized related to payments included in the December 31, 2023 balance (696) Payments received for which performance obligations have not been satisfied 774 Effect of Foreign Currency Translation (18) Balance, December 31, 2024 $ 821
Schedule of Disaggregation of Revenue	The table below sets forth the disaggregation of revenue by product category for the years ended December 31, 2024, 2023, and 2022 (in thousands): 2024 2023 2022 Product Revenue Paint protection film $ 226,710 $ 229,880 $ 192,374 Window film 77,666 67,951 54,370 Other 14,473 13,575 11,430 Total $ 318,849 $ 311,406 $ 258,174 Service Revenue Software $ 8,061 $ 6,518 $ 5,213 Cutbank credits 17,015 17,626 16,317 Installation labor 74,478 58,477 42,828 Training and other 1,997 2,266 1,461 Total $ 101,551 $ 84,887 $ 65,819 Total $ 420,400 $ 396,293 $ 323,993

ACQUISITION OF BUSINESSES (Tabl

ACQUISITION OF BUSINESSES (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The total preliminary purchase price for acquisitions completed during the year ended December 31, 2024, and finalized purchase price for those completed during the years ended 2023 and 2022 are as follows (in thousands): December 31, 2024 Acquisitions 2023 Acquisitions 2022 Acquisitions Purchase Price Cash 1 $ 10,907 $ 20,387 $ 1,876 Contingent consideration 1,600 — — Note payable — 387 — Cancellation of receivable balance — — 302 $ 12,507 $ 20,774 $ 2,178 Allocation Cash $ 551 $ 1,062 $ — Other working capital 603 868 595 Other long-term assets — 8 — Property, equipment, and operating lease assets 3,225 878 — Other long-term liabilities — (108) — Trade name 1,231 406 — Acquired patterns 222 — — Customer relationships 2,898 8,720 612 Goodwill 7,559 10,422 971 Operating lease liabilities (3,103) Deferred tax liability (679) (1,482) — $ 12,507 $ 20,774 $ 2,178 1 Total cash consideration is comprised of amounts paid on closing dates plus holdback amounts to be paid in the future net of working capital deficiencies to be reclaimed from seller.
Schedule of Business Acquisition, Pro Forma Information	The following unaudited pro forma financial information presents our results, including the estimated expenses relating to the amortization of intangibles purchased, as if the acquisitions during the year ended December 31, 2024 had occurred on January 1, 2024 and 2023 (in thousands): Twelve Months Ended December 31, 2024 (Unaudited) 2023 (Unaudited) Revenue $ 429,242 $ 410,749 Net income $ 45,717 $ 53,222

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedules of Property, Plant and Equipment	Depreciation expense is computed using the straight-line method as follows: Furniture and fixtures 5 years Computer equipment 3-4 years Vehicles 5 years Equipment 5-10 years Leasehold improvements shorter of lease term or estimated useful life Plotters 4 years The following table presents geographic property, plant and equipment, net of accumulated depreciation, by region as of December 31 (in thousands): 2024 2023 United States $ 13,331 $ 13,942 Canada 2,388 1,332 Europe 1,306 1,359 Other 710 347 Consolidated $ 17,735 $ 16,980 Property and equipment consists of the following (in thousands): December 31, 2024 December 31, 2023 Furniture and fixtures $ 4,451 $ 3,844 Computer equipment 5,202 4,743 Vehicles 1,075 1,141 Equipment 6,018 5,685 Leasehold improvements 11,878 10,921 Plotters 5,005 4,315 Construction in Progress 1,346 201 Total property and equipment 34,975 30,850 Less: accumulated depreciation 17,240 13,870 Property and equipment, net $ 17,735 $ 16,980

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedules of Intangible Assets	The following table presents geographic intangible assets, net by region as of December 31 (in thousands): 2024 2023 United States $ 23,144 $ 24,178 Canada 4,420 5,738 Europe 3,657 4,353 Other 3,341 636 Consolidated $ 34,562 $ 34,905 The following table presents the anticipated useful lives of intangible assets: Trademarks 10 years Software 5 years Trade name 10-15 years Contractual and customer relationships 9-10 years Non-compete 3-5 years Other 2-10 years Intangible assets consists of the following (in thousands): December 31, 2024 December 31, 2023 Trademarks $ 1,386 $ 864 Software 7,720 5,919 Trade name 2,638 1,918 Contractual and customer relationships 42,827 40,866 Non-compete 424 447 Other 693 510 Total at cost 55,688 50,524 Less: Accumulated amortization 21,126 15,619 Intangible assets, net $ 34,562 $ 34,905
Schedule of Future Amortization Expense of Finite-Lived Intangible Assets	Based on the carrying value of definite-lived intangible assets as of December 31, 2024, we estimate our future amortization expense will be as follows (in thousands): 2025 $ 6,199 2026 6,018 2027 5,648 2028 5,326 2029 5,016 Thereafter $ 6,355

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents geographic goodwill by region as of December 31 (in thousands): 2024 2023 United States $ 24,782 $ 20,371 Canada 9,763 10,397 Europe 5,548 5,660 Other 4,033 1,033 Consolidated $ 44,126 $ 37,461 The following table summarizes changes in the carrying amounts of goodwill for the years ended December 31, 2024 and 2023 (in thousands): Balance at December 31, 2022 $ 26,763 Additions 10,422 Foreign currency translation 276 Balance at December 31, 2023 $ 37,461 Balance at December 31, 2023 $ 37,461 Additions 7,762 Foreign currency translation (1,097) Balance at December 31, 2024 $ 44,126

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventory, net of reserves, are summarized as follows (in thousands): December 31, 2024 December 31, 2023 Raw materials $ 18,686 $ 22,308 Work in process 2,662 6,230 Finished goods 89,556 77,971 $ 110,904 $ 106,509

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following table presents significant accounts payable and accrued liability balances as of the periods ending: December 31, 2024 December 31, 2023 Trade payables $ 26,316 $ 24,233 Payroll liabilities 5,329 4,296 Contract liabilities 821 761 Acquisition holdback payments 651 868 Other liabilities 3,672 2,286 $ 36,789 $ 32,444

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit Activity	RSUs and PSUs have been granted under the Plan. Grant activity for the year ended December 31, 2024 is summarized as follows: Number of Performance Stock Units Weighted Average Grant Value Per Share Number of Restricted Stock Units Weighted Average Grant Value Per Share Outstanding at December 31, 2023 17,198 $ 78.50 64,224 $ 73.29 Granted 32,809 52.58 54,800 49.21 Vested — (20,487) 61.85 Forfeited or canceled — (7,106) 61.85 Outstanding at December 31, 2024 50,007 $ 61.49 91,431 $ 58.17

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	Level 3 liabilities measured at December 31, 2024 and 2023 at fair value on a recurring basis are as follows (in thousands): 2024 2023 Level 3: Contingent Liabilities $ 1,816 $ 815

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax	Income before income taxes on which the provision for income taxes was computed is as follows (in thousands): 2024 2023 2022 Domestic $ 47,019 $ 61,974 $ 48,574 International 9,759 4,057 3,391 Income before income taxes $ 56,778 $ 66,031 $ 51,965
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes differs from the US federal statutory rate as follows: 2024 2023 2022 Income before income taxes $ 56,778 $ 66,031 $ 51,965 Statutory rate 21 % 21 % 21 % $ 11,923 $ 13,867 $ 10,913 State taxes net of federal benefit $ 874 $ 1,238 $ 862 Nondeductible/nontaxable items 369 256 53 Tax Impact of foreign operations 503 284 230 Foreign derived intangible income benefit (1,115) (1,647) (1,114) R&D Credit (900) — — Other - net (365) (767) (360) Income tax expense $ 11,289 $ 13,231 $ 10,584
Schedule of Components of Income Tax Expense (Benefit)	The components of the income tax provision (benefit) are as follows (in thousands): Year ended December 31 2024 2023 2022 Current income tax expense Federal $ 9,969 $ 11,104 $ 9,006 Foreign 2,537 1,372 1,025 State 1,528 1,671 1,036 Total current income tax expense $ 14,034 $ 14,147 $ 11,067 Deferred income tax benefit Federal $ (1,865) $ (533) $ (196) Foreign (630) (354) (249) State (250) (29) (38) Total deferred income tax benefit $ (2,745) $ (916) $ (483) Total $ 11,289 $ 13,231 $ 10,584
Schedule of Deferred Tax Assets (Liabilities)	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income taxes are as follows (in thousands): Year ended December 31 2024 2023 Deferred Tax Assets Allowance for Doubtful Accounts $ 35 $ 42 263(A) Adjustment 264 265 Accrued Expenses 177 577 Inventory Reserve 382 173 Unrealized loss 273 38 State Tax Credit 246 170 NOL Carryforward and Other 155 220 Stock Compensation 379 174 Capitalized Acquisition Costs 137 112 Capitalized Research and Development 3,128 1,572 Right of Use Lease Liability 4,308 3,385 Less Valuation Allowance (92) (92) Total deferred tax assets $ 9,392 $ 6,636 Deferred Tax Liabilities Fixed and Intangible Assets $ 5,860 $ 6,176 Right of Use Lease Asset 4,001 3,118 Total deferred tax liabilities 9,861 9,294 Total net deferred tax liabilities $ (469) $ (2,658)
Schedule of Unrecognized Tax Benefits Roll Forward	Reconciliation of Unrecognized Tax Benefits from Uncertain Tax Positions (in thousands) Year Ended December 31, 2024 2023 2022 Beginning unrecognized tax benefits $ 114 $ 144 $ 129 Increase in related tax positions of prior years — — 15 Lapse of statute of limitations 40 30 — Ending unrecognized tax benefits $ 74 $ 114 $ 144

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Balance Sheet Information Related To Leases	Balance sheet information related to operating leases is as follows: December 31, 2024 December 31, 2023 Operating lease right-of-use assets $ 19,490 $ 15,459 Current portion of operating lease liabilities 4,666 3,966 Noncurrent portion of operating lease liabilities 16,126 12,715 Total operating lease liabilities $ 20,792 $ 16,681
Schedule of Weighted Average Remaining Lease Term and Discount Rate Information	Weighted-average information associated with the measurement of our remaining operating lease obligations is as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 4.90 4.40 Weighted-average discount rate 6.9 % 5.5 %
Schedule of Maturities of Operating Lease Liabilities	The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: 2025 $ 6,558 2026 5,872 2027 4,601 2028 3,895 2029 2,243 Thereafter 3,199 Total operating lease payments 26,368 Less: interest (5,576) Total operating lease liabilities $ 20,792

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands except per share values): Fiscal Year Ended December 31, Numerator 2024 2023 2022 Net income $ 45,489 $ 52,800 $ 41,381 Denominator Weighted average basic shares 27,639 27,622 27,614 Dilutive effect of stock units 4 12 2 Weighted average diluted shares 27,643 27,634 27,616 Earnings per share Basic $ 1.65 $ 1.91 $ 1.50 Diluted $ 1.65 $ 1.91 $ 1.50

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents our significant expense categories included in our reported measure of segment profitability for the periods represented (in thousands): Year Ended December 31, 2024 2023 2022 Total revenue 420,400 396,293 323,993 Less: Direct product costs 199,791 198,008 169,905 Direct non-product costs 43,249 35,871 26,576 Personnel costs 50,979 40,709 33,914 Sales and marketing costs 15,249 11,226 7,278 Facility expenses 9,908 7,776 6,273 Depreciation and amortization 9,585 7,726 6,264 Travel and entertainment 9,198 7,056 4,995 Information technology 5,599 4,174 3,189 Professional fees 5,086 5,313 4,401 Shipping 4,830 4,611 2,583 Other 7,779 6,851 4,678 Income from operations 59,147 66,972 53,937 Interest expense 996 1,248 1,410 Income tax expense 11,289 13,231 10,584 Foreign currency exchange loss/(gain) 1,373 (307) 562 Net income $ 45,489 $ 52,800 $ 41,381

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.2	$ 0.2

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Inventory reserves	$ 1.4	$ 0.8

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 17,735	$ 16,980
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	13,331	13,942
Canada
Property, Plant and Equipment [Line Items]
Property and equipment, net	2,388	1,332
Europe
Property, Plant and Equipment [Line Items]
Property and equipment, net	1,306	1,359
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 710	$ 347
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	5 years
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	5 years
Plotters
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	4 years
Minimum | Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	3 years
Minimum | Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	5 years
Maximum | Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	4 years
Maximum | Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life (in years)	10 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Goodwill impairment loss	$ 0	$ 0
Goodwill [Line Items]
Goodwill	44,126,000	37,461,000	$ 26,763,000
United States
Goodwill [Line Items]
Goodwill	24,782,000	20,371,000
Canada
Goodwill [Line Items]
Goodwill	9,763,000	10,397,000
Europe
Goodwill [Line Items]
Goodwill	5,548,000	5,660,000
Other
Goodwill [Line Items]
Goodwill	$ 4,033,000	$ 1,033,000

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 34,562	$ 34,905
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	10 years
Software
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	5 years
Minimum | Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	10 years
Minimum | Contractual and customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	9 years
Minimum | Non-compete
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	3 years
Minimum | Other
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	2 years
Maximum | Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	15 years
Maximum | Contractual and customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	10 years
Maximum | Non-compete
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	5 years
Maximum | Other
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life (in years)	10 years
United States
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 23,144	24,178
Canada
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	4,420	5,738
Europe
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	3,657	4,353
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 3,341	$ 636

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Impairment loss of intangible assets, excluding goodwill	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Research and development expense	$ 2.9	$ 2.9	$ 0.4

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising costs	$ 2.4	$ 1.7	$ 1.2

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES - Provisions and Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance warranty liability	$ 422	$ 234
Warranties assumed in period	1,551	768
Payments	(1,235)	(580)
Ending balance warranty liability	$ 738	$ 422

REVENUE - Schedule of Transacti

REVENUE - Schedule of Transactions Within Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movement in Deferred Revenue [Roll Forward]
Beginning contract liabilities	$ 761	$ 261
Revenue recognized related to payments	(696)	(206)
Payments received for which performance obligations have not been satisfied	774	691
Effect of Foreign Currency Translation	(18)	15
Ending contract liabilities	$ 821	$ 761

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 420,400	$ 396,293	$ 323,993
Product revenue
Disaggregation of Revenue [Line Items]
Total revenue	318,849	311,406	258,174
Paint protection film
Disaggregation of Revenue [Line Items]
Total revenue	226,710	229,880	192,374
Window film
Disaggregation of Revenue [Line Items]
Total revenue	77,666	67,951	54,370
Other
Disaggregation of Revenue [Line Items]
Total revenue	14,473	13,575	11,430
Service revenue
Disaggregation of Revenue [Line Items]
Total revenue	101,551	84,887	65,819
Software
Disaggregation of Revenue [Line Items]
Total revenue	8,061	6,518	5,213
Cutbank credits
Disaggregation of Revenue [Line Items]
Total revenue	17,015	17,626	16,317
Installation labor
Disaggregation of Revenue [Line Items]
Total revenue	74,478	58,477	42,828
Training and other
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,997	$ 2,266	$ 1,461

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Large Customer | Customer Concentration Risk | Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk percentage	5.70%	10.50%	10.50%

ACQUISITION OF BUSINESSES - Nar

ACQUISITION OF BUSINESSES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets weighted average useful life (in years)	9 years	9 years
2024 Acquisitions
Finite-Lived Intangible Assets [Line Items]
Purchase price	$ 12,507
Revenue in the acquiree	5,100	$ 4,800
Earnings in the acquiree	$ 100	400
2023 Acquisitions
Finite-Lived Intangible Assets [Line Items]
Purchase price		$ 20,774
2022 Acquisitions
Finite-Lived Intangible Assets [Line Items]
Purchase price			$ 2,178

ACQUISITION OF BUSINESSES - Sch

ACQUISITION OF BUSINESSES - Schedule of Acquisition Purchase Price (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allocation
Goodwill	$ 44,126	$ 37,461	$ 26,763
2024 Acquisitions
Purchase Price
Cash	10,907
Contingent consideration	1,600
Note payable	0
Cancellation of receivable balance	0
Purchase price	12,507
Allocation
Cash	551
Other working capital	603
Other long-term assets	0
Property, equipment, and operating lease assets	3,225
Other long-term liabilities	0
Goodwill	7,559
Operating lease liabilities	(3,103)
Deferred tax liability	(679)
Assets acquired and liabilities assumed, net	12,507
2024 Acquisitions | Trade name
Allocation
Intangible assets	1,231
2024 Acquisitions | Acquired patterns
Allocation
Intangible assets	222
2024 Acquisitions | Customer relationships
Allocation
Intangible assets	$ 2,898
2023 Acquisitions
Purchase Price
Cash		20,387
Contingent consideration		0
Note payable		387
Cancellation of receivable balance		0
Purchase price		20,774
Allocation
Cash		1,062
Other working capital		868
Other long-term assets		8
Property, equipment, and operating lease assets		878
Other long-term liabilities		(108)
Goodwill		10,422
Operating lease liabilities
Deferred tax liability		(1,482)
Assets acquired and liabilities assumed, net		20,774
2023 Acquisitions | Trade name
Allocation
Intangible assets		406
2023 Acquisitions | Acquired patterns
Allocation
Intangible assets		0
2023 Acquisitions | Customer relationships
Allocation
Intangible assets		$ 8,720
2022 Acquisitions
Purchase Price
Cash			1,876
Contingent consideration			0
Note payable			0
Cancellation of receivable balance			302
Purchase price			2,178
Allocation
Cash			0
Other working capital			595
Other long-term assets			0
Property, equipment, and operating lease assets			0
Other long-term liabilities			0
Goodwill			971
Operating lease liabilities
Deferred tax liability			0
Assets acquired and liabilities assumed, net			2,178
2022 Acquisitions | Trade name
Allocation
Intangible assets			0
2022 Acquisitions | Acquired patterns
Allocation
Intangible assets			0
2022 Acquisitions | Customer relationships
Allocation
Intangible assets			$ 612

ACQUISITION OF BUSINESSES - S_2

ACQUISITION OF BUSINESSES - Schedule of Pro Forma Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenue	$ 429,242	$ 410,749
Net income	$ 45,717	$ 53,222

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 34,975	$ 30,850
Less: accumulated depreciation	17,240	13,870
Property and equipment, net	17,735	16,980
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	4,451	3,844
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	5,202	4,743
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,075	1,141
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6,018	5,685
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	11,878	10,921
Plotters
Property, Plant and Equipment [Line Items]
Property, plant and equipment	5,005	4,315
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,346	$ 201

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,820	$ 4,534	$ 3,433

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 55,688	$ 50,524
Less: Accumulated amortization	21,126	15,619
Intangible assets, net	34,562	34,905
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	1,386	864
Software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	7,720	5,919
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	2,638	1,918
Contractual and customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	42,827	40,866
Non-compete
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	424	447
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 693	$ 510

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5,877	$ 5,059	$ 4,401

INTANGIBLE ASSETS, NET - Sche_2

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 6,199
2026	6,018
2027	5,648
2028	5,326
2029	5,016
Thereafter	$ 6,355

GOODWILL - Schedule of Goodwill

GOODWILL - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill beginning balance	$ 37,461	$ 26,763
Additions	7,762	10,422
Foreign currency translation	(1,097)	276
Goodwill ending balance	$ 44,126	$ 37,461

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 18,686	$ 22,308
Work in process	2,662	6,230
Finished goods	89,556	77,971
Inventory, net	$ 110,904	$ 106,509

DEBT (Details)

DEBT (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) covenant	Dec. 31, 2024 CAD ($) covenant	Dec. 31, 2023 USD ($)	Apr. 06, 2023
Line of Credit Facility [Line Items]
Number of covenants | covenant	2	2
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 125,000,000
Amount outstanding	0		$ 19,000,000
Covenant, leverage ratio, maximum				3.50
Covenant, interest coverage ratio, minimum				3
Revolving Credit Facility | Line of Credit | Royal Bank of Canada
Line of Credit Facility [Line Items]
Maximum borrowing capacity	3,100,000	$ 4,500,000
Amount outstanding	$ 0		$ 0
Revolving Credit Facility | Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Line of credit facility interest rate equal to or less than)	7.50%	7.50%
Revolving Credit Facility | Line of Credit | SOFR
Line of Credit Facility [Line Items]
Line of credit facility interest rate equal to or less than)	5.60%	5.60%
Revolving Credit Facility | Line of Credit | Prime Rate | Royal Bank of Canada
Line of Credit Facility [Line Items]
Basis spread on prime rate	0.25%
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.20%
Revolving Credit Facility | Line of Credit | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on prime rate	0%
Revolving Credit Facility | Line of Credit | Minimum | SOFR
Line of Credit Facility [Line Items]
Basis spread on prime rate	1%
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on prime rate	0.50%
Revolving Credit Facility | Line of Credit | Maximum | SOFR
Line of Credit Facility [Line Items]
Basis spread on prime rate	1.50%

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Contribution expense	$ 1.4	$ 1	$ 0.8

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Schedule of Accounts Payable and Accrued Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 26,316	$ 24,233
Payroll liabilities	5,329	4,296
Contract liabilities	821	761	$ 261
Acquisition holdback payments	651	868
Other liabilities	3,672	2,286
Accounts payable and accrued liabilities	$ 36,789	$ 32,444

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	27,651,773	27,630,025
Common stock shares issued (in shares)	27,651,773	27,630,025
Common stock par value issued	$ 28	$ 28
Common Stock
Class of Stock [Line Items]
Common stock shares outstanding (in shares)	27,652,000	27,630,000	27,616,000	27,613,000
Common stock par value issued	$ 30	$ 30

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3.2	$ 1.6	$ 0.5
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				550,000
Maximum term in number of years	10 years
Maximum number of allocated and made available to be issued shares as a percent	10%

STOCK-BASED COMPENSATION - RSUs

STOCK-BASED COMPENSATION - RSUs and PSUs Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Performance Stock Units
Number of Performance And Restricted Stock Units
Beginning Balance (in shares) | shares	17,198
Granted (in shares) | shares	32,809
Vested (in shares) | shares	0
Forfeited or canceled (in shares) | shares	0
Ending Balance (in shares) | shares	50,007
Weighted Average Grant Value Per Share
Beginning Balance (in dollars per share) | $ / shares	$ 78.50
Granted (in dollars per share) | $ / shares	52.58
Vested (in dollars per share) | $ / shares
Forfeited or canceled (in dollars per share) | $ / shares
Ending Balance (in dollars per share) | $ / shares	$ 61.49
Restricted Stock Units
Number of Performance And Restricted Stock Units
Beginning Balance (in shares) | shares	64,224
Granted (in shares) | shares	54,800
Vested (in shares) | shares	(20,487)
Forfeited or canceled (in shares) | shares	(7,106)
Ending Balance (in shares) | shares	91,431
Weighted Average Grant Value Per Share
Beginning Balance (in dollars per share) | $ / shares	$ 73.29
Granted (in dollars per share) | $ / shares	49.21
Vested (in dollars per share) | $ / shares	61.85
Forfeited or canceled (in dollars per share) | $ / shares	61.85
Ending Balance (in dollars per share) | $ / shares	$ 58.17

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Level 3 | Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Contingent Liabilities	$ 1,816	$ 815

INCOME TAXES - Income Before In

INCOME TAXES - Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 47,019	$ 61,974	$ 48,574
International	9,759	4,057	3,391
Income before income taxes	$ 56,778	$ 66,031	$ 51,965

INCOME TAXES - Income Taxes Pro

INCOME TAXES - Income Taxes Provision Difference (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 56,778,000	$ 66,031,000	$ 51,965,000
Statutory rate	21%	21%	21%
Income statutory rate amount	$ 11,923,000	$ 13,867,000	$ 10,913,000
State taxes net of federal benefit	874,000	1,238,000	862,000
Nondeductible/nontaxable items	369,000	256,000	53,000
Tax Impact of foreign operations	503,000	284,000	230,000
Foreign derived intangible income benefit	(1,115,000)	(1,647,000)	(1,114,000)
R&D Credit	(900,000)	0	0
Other - net	(365,000)	(767,000)	(360,000)
Income tax expense	$ 11,289,000	$ 13,231,000	$ 10,584,000

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of the Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax expense
Federal	$ 9,969	$ 11,104	$ 9,006
Foreign	2,537	1,372	1,025
State	1,528	1,671	1,036
Total current income tax expense	14,034	14,147	11,067
Deferred income tax benefit
Federal	(1,865)	(533)	(196)
Foreign	(630)	(354)	(249)
State	(250)	(29)	(38)
Total deferred income tax benefit	(2,745)	(916)	(483)
Income tax expense	$ 11,289	$ 13,231	$ 10,584

INCOME TAXES - Schedule of Co_2

INCOME TAXES - Schedule of Components of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Allowance for Doubtful Accounts	$ 35	$ 42
263(A) Adjustment	264	265
Accrued Expenses	177	577
Inventory Reserve	382	173
Unrealized loss	273	38
State Tax Credit	246	170
NOL Carryforward and Other	155	220
Stock Compensation	379	174
Capitalized Acquisition Costs	137	112
Capitalized Research and Development	3,128	1,572
Right of Use Lease Liability	4,308	3,385
Less Valuation Allowance	(92)	(92)
Total deferred tax assets	9,392	6,636
Deferred Tax Liabilities
Fixed and Intangible Assets	5,860	6,176
Right of Use Lease Asset	4,001	3,118
Total deferred tax liabilities	9,861	9,294
Total net deferred tax liabilities	$ (469)	$ (2,658)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 600
Operating loss carryforwards, valuation allowance	300
State tax credit	246	$ 170
Unrecognized tax benefits, decrease resulting from foreign subsidiaries	100
Unrecognized tax benefits that would impact effective tax rate	100
Tax credit carryforwards	$ 300

INCOME TAXES - Schedule of Unre

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning unrecognized tax benefits	$ 114	$ 144	$ 129
Increase in related tax positions of prior years	0	0	15
Lapse of statute of limitations	40	30	0
Ending unrecognized tax benefits	$ 74	$ 114	$ 144

LEASES - Schedule of Balance Sh

LEASES - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 19,490	$ 15,459
Current portion of operating lease liabilities	4,666	3,966
Noncurrent portion of operating lease liabilities	16,126	12,715
Total operating lease liabilities	$ 20,792	$ 16,681

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 6.1	$ 5	$ 4.2
Short-term lease expense	0.4	0
Operating lease payment	5.8	4.6
Variable lease payment	$ 1.9	$ 0.1

LEASES - Schedule of Weighted A

LEASES - Schedule of Weighted Average Remaining Lease Term and Discount Rate Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 10 months 24 days	4 years 4 months 24 days
Weighted-average discount rate	6.90%	5.50%

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 6,558
2026	5,872
2027	4,601
2028	3,895
2029	2,243
Thereafter	3,199
Total operating lease payments	26,368
Less: interest	(5,576)
Total operating lease liabilities	$ 20,792	$ 16,681

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income	$ 45,489	$ 52,800	$ 41,381
Denominator
Weighted average basic shares (in shares)	27,639	27,622	27,614
Dilutive effect of stock units (in shares)	4	12	2
Weighted average diluted shares (in shares)	27,643	27,634	27,616
Earnings per share
Basic (in dollars per share)	$ 1.65	$ 1.91	$ 1.50
Diluted (in dollars per share)	$ 1.65	$ 1.91	$ 1.50

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 420,400	$ 396,293	$ 323,993
Less:
Sales and marketing costs	42,817	31,788	25,367
Operating Income	59,147	66,972	53,937
Interest expense	996	1,248	1,410
Income tax expense	11,289	13,231	10,584
Foreign currency exchange loss/(gain)	1,373	(307)	562
Net income	45,489	52,800	41,381
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	420,400	396,293	323,993
Less:
Direct product costs	199,791	198,008	169,905
Direct non-product costs	43,249	35,871	26,576
Personnel costs	50,979	40,709	33,914
Sales and marketing costs	15,249	11,226	7,278
Facility expenses	9,908	7,776	6,273
Depreciation and amortization	9,585	7,726	6,264
Travel and entertainment	9,198	7,056	4,995
Information technology	5,599	4,174	3,189
Professional fees	5,086	5,313	4,401
Shipping	4,830	4,611	2,583
Other	7,779	6,851	4,678
Operating Income	59,147	66,972	53,937
Interest expense	996	1,248	1,410
Income tax expense	11,289	13,231	10,584
Foreign currency exchange loss/(gain)	1,373	(307)	562
Net income	$ 45,489	$ 52,800	$ 41,381