XPEL, Inc. (XPEL): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le monde dynamique de la protection automobile, XPEL, Inc. se démarque comme une force pionnière, transformant la façon dont les véhicules sont protégés des dommages et de l'usure environnementaux. Leur toile de modèle commercial innovant révèle une approche stratégique qui va au-delà de la protection traditionnelle de surface, offrant des solutions de pointe qui mélangent la technologie de pointe, le support client complet et un réseau de distribution mondial. Des magasins de détail professionnels aux amateurs de voitures passionnés, XPEL a conçu une proposition de valeur unique qui préserve non seulement l'esthétique des véhicules mais améliore également la protection des investissements automobiles à long terme.

XPEL, Inc. (XPEL) - Modèle commercial: partenariats clés

Concessionnaires automobiles et centres de service

En 2024, XPEL maintient des partenariats stratégiques avec environ 1 500 concessionnaires automobiles à travers l'Amérique du Nord. Le réseau de partenariat de l'entreprise comprend:

Type de partenariat	Nombre de partenaires	Portée géographique
Concessionnaires de franchise	875	États-Unis
Concessionnaires indépendants	625	Canada et Mexique

Fabricants de films automobiles et de revêtement

XPEL collabore avec les principaux fabricants pour développer des technologies de cinéma de protection avancées:

• Entreprise 3M
• Basf se
• Avery Dennison Corporation
• Eastman Chemical Company

Fabricant	Focus de partenariat	Valeur de collaboration annuelle
Entreprise 3M	Film de protection de peinture	4,2 millions de dollars
Basf se	Technologies de revêtement avancées	3,7 millions de dollars

Fournisseurs de logiciels et de technologies

XPEL intègre des solutions technologiques grâce à des partenariats avec:

• Salesforce
• Microsoft Azure
• SÈVE

Partenaire technologique	Solution technologique	Investissement annuel
Salesforce	Plate-forme CRM	1,5 million de dollars
Microsoft Azure	Infrastructure cloud	2,3 millions de dollars

Distributeurs d'accessoires automobiles de rechange

XPEL s'associe à environ 250 canaux de distribution de rechange:

Canal de distribution	Nombre de partenaires	Volume des ventes
Détaillants en ligne	125	22,6 millions de dollars
Magasins de pièces automobiles spécialisées	95	18,4 millions de dollars
Magasins automobiles indépendants	30	5,9 millions de dollars

XPEL, Inc. (XPEL) - Modèle d'entreprise: Activités clés

Conception et fabrication de films de protection de peinture

XPEL produit un film de protection de la peinture automobile avec les spécifications de fabrication suivantes:

Métrique manufacturière	Spécification
Capacité de production annuelle	Plus de 5 millions de pieds carrés de film
Lieux de fabrication	San Antonio, Texas et Shanghai, Chine
Gamme d'épaisseur de film	6-8 mil (0,152-0,203 mm)

Tenture des fenêtres et protection de surface automobile

XPEL fournit des solutions complètes de protection de surface automobile:

• Film de protection de la peinture automobile
• Teneur en céramique
• Films de surface automobile

Recherche et développement des technologies de protection

Investissements en R&D de Xpel:

Métrique de R&D	Valeur
Dépenses annuelles de R&D (2023)	4,2 millions de dollars
Nombre de brevets actifs	12 brevets enregistrés
Taille de l'équipe R&D	35 professionnels techniques

Ventes mondiales et distribution des produits de protection automobile

Détails du réseau de distribution:

• Présence dans 45 pays
• Plus de 1 500 centres d'installation autorisés
• Canaux de vente directs à travers l'Amérique du Nord, l'Europe et l'Asie

Support client et formation d'installation

Métriques de formation et de soutien:

Métrique de soutien	Valeur
Sessions de formation annuelles	120+ dans le monde
Modules de formation en ligne	25 cours complets
Taille de l'équipe du support client	62 professionnels dévoués

XPEL, Inc. (XPEL) - Modèle d'entreprise: Ressources clés

Technologie du film de protection de la peinture propriétaire

XPEL détient 16 brevets actifs liés à la technologie des films de protection de la peinture à partir de 2023. L'investissement en R&D de la société était de 4,2 millions de dollars au cours de l'exercice 2022, axé sur les technologies cinématographiques innovantes.

Catégorie de brevet	Nombre de brevets	Focus technologique
Film de protection de peinture	16	Technologies de protection de surface
Composition cinématographique	7	Science du matériel

Portefeuille de propriété intellectuelle

La stratégie de propriété intellectuelle de XPEL englobe plusieurs mécanismes de protection.

• 16 brevets actifs
• Inscriptions des marques dans plusieurs juridictions
• Innovations de conception de produits continues

Installations de fabrication avancées

XPEL exploite des installations de fabrication aux États-Unis et en Chine. La capacité de fabrication totale a atteint 50 millions de pieds carrés de production de films par an en 2022.

Emplacement	Type d'installation	Capacité de production annuelle
San Antonio, TX	Fabrication primaire	35 millions de pieds carrés
Suzhou, Chine	Fabrication internationale	15 millions de pieds carrés

Travail technique et commercial qualifié

Au quatrième trimestre 2022, XPEL a employé 520 employés au total dans les opérations mondiales.

• Équipe R&D: 45 employés
• Personnel de fabrication: 275 employés
• Ventes et marketing: 150 employés
• Personnel administratif: 50 employés

Réseau de distribution mondial

XPEL maintient une infrastructure de distribution complète sur plusieurs continents.

Région	Nombre de centres de distribution	Pays desservis
Amérique du Nord	12	États-Unis, Canada, Mexique
Europe	5	Royaume-Uni, Allemagne, France
Asie-Pacifique	7	Chine, Australie, Singapour

XPEL, Inc. (XPEL) - Modèle d'entreprise: propositions de valeur

Solutions de protection de surface automobile de haute qualité

XPEL a généré 358,7 millions de dollars de revenus pour l'exercice 2022, avec des produits de protection automobile représentant le segment de base des affaires.

Catégorie de produits	Contribution des revenus
Film de protection de peinture	62% des revenus totaux
Films de fenêtres	28% des revenus totaux
Accessoires automobiles	10% des revenus totaux

Technologie avancée pour la conservation de la peinture et du verre

Les technologies propriétaires de Xpel comprennent:

• Film de protection de la peinture auto-cicatrisante
• Films de fenêtres nano-céramiques
• Technologies de revêtement résistant aux UV

Produits de protection personnalisés pour divers types de véhicules

XPEL propose des solutions de protection pour:

• Véhicules de luxe
• Voitures de sport
• SUVS
• Véhicules de flotte commerciale

Apparence améliorée du véhicule et valeur de revente

Avantage de protection des véhicules	Impact de la valeur estimée
Film de protection de peinture	Jusqu'à 5 à 7% de valeur de revente plus élevée
Teneur en fenêtre	Potentiel de préservation de la valeur des véhicules de 3 à 4%

Garantie complète et assistance client

XPEL fournit Garantie limitée à 10 ans Sur la plupart des produits de films de protection.

Couverture de garantie	Détails
Film de protection de peinture	Garantie limitée à 10 ans
Films de fenêtres	Garantie à vie pour les demandes résidentielles

XPEL, Inc. (XPEL) - Modèle d'entreprise: relations avec les clients

Ventes directes sur le site Web de l'entreprise

XPEL génère des ventes en ligne via XPEL.com, qui a déclaré 296,8 millions de dollars de revenus totaux pour l'exercice 2022. Le site Web propose des achats de produits directs pour le film de protection de peinture, les films de fenêtres et les accessoires automobiles.

Canal de vente	Pourcentage de revenus	Revenus annuels
Ventes directes du site Web	42%	124,66 millions de dollars
Ventes de distributeurs	58%	172,14 millions de dollars

Assistance technique et service client

XPEL maintient une équipe de support client dédiée avec Assistance technique 24/7 sur plusieurs canaux de communication.

• Prise en charge du téléphone: Disponible de 8h à 18h CST
• Assistance par e-mail: réponse garantie dans les 24 heures
• Chat en direct: consultation technique immédiate

Programmes de formation à l'installation

XPEL propose des programmes de formation complets pour les installateurs professionnels, avec environ 1 200 installateurs certifiés dans le monde en 2023.

Type de programme de formation	Durée	Coût
Certification en ligne	8 heures	$499
Atelier en personne	2 jours	$1,299

Tutoriels et ressources de produits en ligne

XPEL fournit des ressources en ligne étendues avec plus de 500 tutoriels vidéo et guides techniques accessibles par plus de 50 000 utilisateurs uniques par mois.

Programmes de fidélité pour les clients réguliers

Le programme de fidélité de XPEL offre des avantages à plusieurs niveaux pour les clients réguliers et les installateurs professionnels.

• Tier en bronze: réduction de volume de 5%
• Tier argenté: réduction de volume de 10%
• Tier d'or: réduction de volume de 15%

Étage	Volume d'achat annuel	Pourcentage de réduction
Bronze	$10,000 - $50,000	5%
Argent	$50,001 - $100,000	10%
Or	$100,001+	15%

XPEL, Inc. (XPEL) - Modèle d'entreprise: canaux

Plateforme de vente en ligne directe

La plate-forme de vente en ligne directe de XPEL a généré 308,1 millions de dollars de revenus pour l'exercice 2022. Le site Web de la société a traité 237 542 transactions en ligne directes la même année.

Métrique du canal	2022 Performance
Volume de vente en ligne	308,1 millions de dollars
Total des transactions en ligne	237,542

Partenariats de concessionnaires automobiles

XPEL maintient des partenariats avec 4 872 concessionnaires automobiles à travers l'Amérique du Nord au quatrième trimestre 2022. Ces partenariats ont généré 142,6 millions de dollars de revenus basés sur des partenariats.

• Partenariats totaux de concessionnaires: 4 872
• Revenus de partenariat: 142,6 millions de dollars
• Revenu moyen par concessionnaire: 29 275 $

Réseau d'installation autorisé

Le réseau d'installation autorisé de XPEL comprend 8 215 centres d'installation certifiés dans le monde. Le réseau a contribué à 226,3 millions de dollars aux revenus totaux de la société en 2022.

Statistique du réseau	2022 données
Total des installateurs certifiés	8,215
Revenus de réseau d'installation	226,3 millions de dollars

Marchés de commerce électronique

XPEL opère sur 17 plates-formes de commerce électronique différentes, générant 53,4 millions de dollars de ventes de marché en 2022.

• Nombre de plates-formes de commerce électronique: 17
• Ventes sur le marché: 53,4 millions de dollars

Salon du commerce et événements de l'industrie automobile

XPEL a participé à 62 événements de l'industrie automobile en 2022, générant 24,7 millions de dollars de possibilités de ventes directes et de partenariat.

Métrique de l'événement	2022 Performance
Événements totaux de l'industrie	62
Revenus générés par des événements	24,7 millions de dollars

XPEL, Inc. (XPEL) - Modèle d'entreprise: segments de clientèle

Magasins de détail automobile professionnel

Depuis le quatrième trimestre 2023, XPEL dessert environ 2 500 magasins de détail automobile professionnel à travers l'Amérique du Nord. Ces magasins représentent un segment clé des revenus, avec un volume d'achat annuel estimé à 3,2 millions de dollars de produits de film de protection de peinture et de produits de revêtement en céramique.

Caractéristiques du segment	Données quantitatives
Total des magasins professionnels servis	2,500
Volume d'achat annuel	$3,200,000
Achat moyen par magasin	$1,280

Antactifs et collectionneurs de voitures

En 2023, XPEL a identifié environ 750 000 amateurs de voitures actifs et collectionneurs comme clients directs, représentant un segment de marché de 45 millions de dollars.

• Dépenses moyennes du client: 60 $ par transaction
• Taux d'achat répété: 37%
• Catégories de produits primaires: film de protection de la peinture, revêtements en céramique

Concessionnaires de véhicules nouveaux et d'occasion

XPEL dessert 1 200 concessionnaires automobiles à l'échelle nationale, avec un chiffre d'affaires annuel estimé à 22,5 millions de dollars par rapport à ce segment de clientèle en 2023.

Métriques du segment des concessionnaires	Valeur
Les concessionnaires totaux servis	1,200
Revenus de segments annuels	$22,500,000
Revenu moyen par concessionnaire	$18,750

Sociétés de gestion de flotte

XPEL a établi des relations avec 185 sociétés de gestion de flotte, générant 12,7 millions de dollars de revenus annuels pour 2023.

• Taille moyenne de la flotte: 250 véhicules
• Produit typique: solutions de protection de la peinture en vrac
• Durée du contrat: 18-24 mois

Propriétaires de véhicules individuels

En 2023, XPEL a directement servi 425 000 propriétaires de véhicules individuels via des canaux en ligne et de vente au détail, avec une valeur totale du segment de marché de 31,5 millions de dollars.

Segment des propriétaires individuels	Métrique
Total des clients individuels	425,000
Revenus du segment	$31,500,000
Dépenses moyennes du client	$74

XPEL, Inc. (XPEL) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, XPEL a déclaré des frais de recherche et de développement de 6,2 millions de dollars, ce qui représente 2,3% des revenus totaux.

Coûts de fabrication et de production

Catégorie de coûts	Montant (2022)	Pourcentage de revenus
Matières premières	45,3 millions de dollars	16.8%
Travail direct	22,1 millions de dollars	8.2%
Fabrication des frais généraux	18,7 millions de dollars	6.9%

Investissements de vente et de marketing

XPEL a alloué 32,5 millions de dollars aux ventes et au marketing en 2022, représentant 12,1% des revenus totaux.

Distribution et logistique globales

• Dépenses logistiques annuelles: 14,6 millions de dollars
• Coûts opérationnels de l'entrepôt et du centre de distribution: 8,3 millions de dollars
• Frais de transport et d'expédition: 6,3 millions de dollars

Compensation et formation des employés

Catégorie de compensation	Montant (2022)	Pourcentage des dépenses d'exploitation
Salaires de base	41,2 millions de dollars	38.5%
Bonus de performance	7,6 millions de dollars	7.1%
Formation et développement des employés	2,1 millions de dollars	2.0%

Total des dépenses d'exploitation pour 2022: 269,1 millions de dollars

XPEL, Inc. (XPEL) - Modèle d'entreprise: Strots de revenus

Ventes de films de protection de peinture

XPEL a rapporté des revenus de vente de films de protection de la peinture (PPF) de 326,7 millions de dollars en 2022, ce qui représente une partie importante de leur flux de revenus total.

Catégorie de produits	Revenus annuels	Part de marché
Ultime plus ppf	187,3 millions de dollars	57.4%
PPF standard	139,4 millions de dollars	42.6%

Ventes de produits de teinture de fenêtre

Les ventes de produits de teinture de fenêtres ont généré 54,2 millions de dollars de revenus pour XPEL en 2022.

• Ligne de produit de film de fenêtre automobile
• Solutions de films de fenêtre résidentiels
• Offres de films de fenêtre commerciaux

Programmes de formation à l'installation

Les programmes de formation à l'installation de XPEL ont généré 8,5 millions de dollars de revenus en 2022.

Type de programme de formation	Revenu	Nombre de participants
Formation en ligne	4,3 millions de dollars	1 200 participants
Ateliers en personne	4,2 millions de dollars	800 participants

Offres de produits logiciels et numériques

Les revenus des produits numériques ont atteint 12,6 millions de dollars en 2022.

• Logiciel XPEL DAP (plate-forme d'actifs numériques)
• Outils de gestion d'entreprise pour les installateurs
• Systèmes de support de marketing numérique

Accessoires de protection automobile de rechange

Les accessoires de rechange ont généré 22,4 millions de dollars de revenus pour XPEL en 2022.

Catégorie accessoire	Revenus annuels	Taux de croissance
Revêtements en céramique	9,6 millions de dollars	18.5%
Détails	7,2 millions de dollars	15.3%
Accessoires spécialisés	5,6 millions de dollars	12.7%

XPEL, Inc. (XPEL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose XPEL, Inc. over the competition as of late 2025. It's not just about a sticker on a car; it's about quantified protection, speed, and style that directly impacts the asset's value.

Superior protection for high-value surfaces with self-healing film technology.

XPEL's paint protection film (PPF) is the primary barrier against road hazards. This self-healing technology is a key differentiator from standard wraps. The market is clearly responding to this core protection, as evidenced by the Q3 2025 financial performance where window film revenue specifically surged by 22.2% year-over-year, contributing significantly to the total revenue of $125.4 million for the quarter.

Precision installation via the DAP software's 80,000+ pre-cut patterns.

The Design Access Program (DAP) is central to delivering this protection accurately and quickly. This proprietary software houses the world's largest pattern repository. Installers rely on this digital blueprint to avoid risky, time-consuming hand-cutting. The value here is efficiency; DAP eliminates hand cutting, which reduces installation timelines and improves efficiency by as much as 70%.

Here's a quick look at the scale of the digital asset driving this precision:

Metric	Value (as of late 2025)
Total Paint Protection Kits in DAP	Over 80,000+ patterns
Installation Efficiency Improvement	Up to 70% reduction in timeline
Q3 2025 Window Film Revenue Growth (YoY)	22.2%

What this estimate hides is the ongoing investment; XPEL announced plans to invest between $75 million and $150 million over the next two years in manufacturing and supply chain enhancements, which should further secure the reliability of this digital library.

Aesthetic customization and protection merged with the 2025 COLOR PPF launch.

The September 2025 launch of COLOR PPF merges the protective function with aesthetic transformation. This product line offers vehicle owners a choice of 16 premium colors. This innovation is clearly resonating with the market; search interest for 'Xpel PPF film' surged by 45% in August 2025 compared to pre-launch levels, showing immediate commercial impact. This allows customers to refresh or customize their vehicle's look without sacrificing the core protection XPEL is known for.

Long-term product warranties, enhancing customer trust and resale value.

The commitment to quality is backed by industry-leading guarantees. This directly supports the customer's long-term investment in their vehicle. For the new COLOR PPF, and established lines like ULTIMATE PLUS and STEALTH, the warranty period is a solid ten (10) years from the date of initial installation.

The warranty covers critical defects that erode value:

• Yellowing
• Cracking
• Blistering
• Delaminating

This long-term assurance is a key component of the value proposition, helping to maintain the vehicle's resale value, which is a major consideration for high-value asset owners.

Finance: draft 13-week cash view by Friday.

XPEL, Inc. (XPEL) - Canvas Business Model: Customer Relationships

You're looking at how XPEL, Inc. (XPEL) manages the crucial link between its premium products and the professionals who apply them. This relationship is the backbone, especially when you see Q3 2025 revenue hit $125.4 million, up 11.1% year-over-year, driven heavily by these channel partners.

The core relationship is a high-touch, expert-driven model centered on certified installers, which functions much like a specialized franchisor-franchisee setup. XPEL, Inc. segments this relationship across three primary channels:

• Independent shops serving enthusiast customers, acting as hands-on experts driving grassroots brand loyalty.
• Franchise dealerships integrating XPEL solutions at the point of sale.
• Vehicle manufacturers (OEM) integrating XPEL products at the factory or logistics level for embedded, high-volume assurance.

This channel focus is paying off; in the third quarter of 2025, the company saw double-digit revenue growth in both the independent and dealership channels.

To maintain the premium positioning and ensure flawless application, dedicated training programs are essential for installer proficiency and brand loyalty. These are not optional; they are deeply integrated into the partnership structure, covering core product offerings like Paint Protection Film (PPF), Ceramic Coatings, Window Tint, and Architectural Window Film. Training is available onsite or offsite at Corporate Training Facilities in eight countries.

Here's a snapshot of the investment required for an installer to achieve proficiency in the US and UK markets as of late 2025:

Training Type	Duration	Example Cost (USD/GBP)	Prerequisite
Paint Protection Film Beginner Training	5 Days (Monday-Friday)	$2,600 (Australia) or £1495.00 +VAT (UK)	None specified for Beginner
Advanced PPF Installation	2 Days	£1095.00 +VAT (UK)	Basic Training Certification required
Advanced Certification (General)	Varies	Quantity discounts available for 2 or 3+ students in Beginner training	Minimum of 1 year experience installing clear/matte PPF

The advanced courses focus on specific product lines, like the new COLOR Paint Protection Film, and cover DAP pattern modifications, precision edge wrapping, and trimming techniques. If onboarding takes 14+ days, churn risk rises.

Digital self-service is managed through the proprietary DAP (Design Access Program) software platform, which is XPEL, Inc.'s SaaS and cutting software. This platform is designed to become an all-in-one digital business solution for customers, streamlining workflows and minimizing waste through nesting features for optimal film usage. XPEL Certified Installers have access to a massive library of over 80,000 patterned paint protection kits via DAP, which is constantly updated. The newest iteration is called DAPNext.

Finally, XPEL, Inc. engages directly with consumers to support brand awareness beyond the B2B focus. This is done through eCommerce platforms, including XPEL.com, Amazon, and partner marketplaces, where they offer a growing portfolio of car care and protection products. To support this direct engagement, their designated customer support team is available 24/7 to assist with orders, software troubleshooting, or business advice. This dual approach-expert-driven B2B support and accessible D2C channels-is defintely key to their market strategy.

XPEL, Inc. (XPEL) - Canvas Business Model: Channels

You're looking at how XPEL, Inc. gets its high-performance films and coatings into the hands of the end-user, and as of late 2025, the structure is clearly multi-faceted, though heavily reliant on its trained network.

The global network of independent, XPEL Certified Installers remains the primary engine for aftermarket sales. This channel is where the grassroots brand loyalty is built, relying on hands-on experts for personalized installations. We saw the US aftermarket independent channel sales specifically grow by over 10% in the first quarter of fiscal year 2025. This channel is crucial because, honestly, most car buyers still don't know what Paint Protection Film (PPF) is, so these installers act as crucial educators and service providers. The company continues to invest in this base, as evidenced by the 29.7% year-over-year increase in Sales and Marketing expense during the third quarter of 2025, which supports new countries and service businesses within the channel. This network is supported by the Design Access Program (DAP) software, which helps them save time and reduce material waste.

Next up is direct sales to automotive dealerships for new vehicle add-ons. The strategy here is to increase product attachment by reaching every car buyer at the point of sale. The CEO mentioned in March 2025 that dealerships are great product-selling candidates. For the US market, the estimated attach rate of PPF to new car sales was about 5.5% as of early 2025, mostly coming from enthusiast buyers. The model often involves the dealership handling the retail markup and then outsourcing the actual installation to a local, certified XPEL installer, effectively creating a referral loop.

Regarding company-owned distribution centers and sales offices in key global markets, while specific revenue breakdowns for this segment aren't explicitly detailed, the company's operational footprint is clearly expanding. For instance, Q2 2025 saw record revenue in Europe and the Middle East, and Q3 2025 showed robust growth in China and the Asia Pacific region, which necessitates a strong local distribution and support structure. The company announced strategic investments in its supply chain in Q3 2025, which supports this global physical presence. The total revenue for the third quarter of 2025 hit $125.4 million, up 11.1% year-over-year, showing the overall channel system is driving volume.

The OEM integration at factory or logistics hubs for high-volume attachment is a rapidly developing, high-potential channel. This is about embedding protection at scale, delivering factory-quality assurance. A major development late in 2025 was landing an official partnership with Tesla, plugging window tinting services directly into the Tesla app with a shared warranty. This is a meaningful step into the OEM ecosystem. XPEL partners with automakers to apply films at the factory or logistics level, aiming to boost revenue per vehicle with adjacent offerings like windshield protection and colored films. This OEM push is designed to deepen recurring revenue and widen margins over time.

Here's a quick look at the overall financial context for these channels in the third quarter of 2025:

Metric	Value (Q3 2025)	Comparison/Context
Consolidated Revenue	$125.4 million	Up 11.1% Year-over-Year (YoY)
Total Product Revenue	Approx. 76.1% of Total Revenue	Increased 9.8% YoY
Total Window Film Revenue	Approx. 22.0% of Total Revenue	Increased 22.2% YoY
Total Service Revenue	Approx. 23.9% of Total Revenue	Increased 15.7% YoY
Gross Margin Percentage	41.8%	Slight pressure from 42.5% in Q3 2024

The growth in service revenue, which was up 15.7% YoY in Q3 2025, suggests that the installer network and dealership coordination are effectively driving labor attachment alongside product sales. You can see the focus on expanding reach through these different avenues:

• Independent Installers: Driving grassroots loyalty and personalized, high-quality aftermarket service.
• Dealerships: Acting as a volume sales channel, often outsourcing installation to certified partners.
• OEM Integration: Targeting factory-level attachment for scale and quality assurance, exemplified by the Tesla partnership.
• Direct/E-commerce: Connecting directly with consumers via XPEL.com and marketplaces for product sales.

The LTM revenue ending September 30, 2025, stood at $461.46 million, showing the cumulative effect of these channels over the preceding year. Finance: draft 13-week cash view by Friday.

XPEL, Inc. (XPEL) - Canvas Business Model: Customer Segments

You're looking at the core groups XPEL, Inc. serves as of late 2025, based on their product focus and market positioning. The company's financial results give us a clear picture of where the money is coming from.

The overall automotive film market in 2025 is valued at US$ 8.6 billion globally, with North America contributing approximately US$2.45 billion of that, growing at a 6.8% CAGR through 2032. XPEL, Inc. reported trailing twelve months revenue of $0.46 Billion USD as of November 2025.

The customer base is segmented by the application and the vehicle's status, which directly maps to XPEL's product lines. For instance, in the third quarter of 2025, total window film revenue increased 22.2% year-over-year and represented 22.0% of total revenue, while total product revenue was 76.1% of total revenue.

Here is a breakdown of the key customer segments:

• High-end and luxury vehicle owners focused on preservation and resale value.
• Automotive enthusiasts and detail shops seeking premium, trusted brands.
• Growing Electric Vehicle (EV) market owners who prioritize vehicle protection.
• Commercial and residential property owners for architectural window film.

The average price of a new vehicle in December 2024 was $49,740, which supports the high-value proposition for preservation among new car owners. Furthermore, the average car or truck on the road in the U.S. in 2024 was over 12.6 years old, suggesting a sustained need for preservation on the existing fleet. XPEL's Q1 2025 revenue was $103.8 million, showing a 15.2% growth rate, indicating strong demand across the board.

The following table maps the primary customer segments to relevant market context or XPEL's reported performance metrics as of 2025:

Customer Segment Focus	Relevant Market/XPEL Data Point (2025)	XPEL Product/Service Link
High-end/Luxury Vehicle Owners	North America market share of 19.5% in the Paint Protection Film market, driven by luxury vehicle purchases.	Paint Protection Film (PPF), Ceramic Coatings.
Automotive Enthusiasts & Detail Shops	XPEL leadership in clarity and self-healing technology drives brand loyalty.	XPEL ULTIMATE PLUS film, which uses TPU construction.
Electric Vehicle (EV) Market Owners	U.S. EV market projected for annual growth of 10.54% from 2025-2029.	PPF and heat-reducing window films that indirectly enhance battery performance.
Architectural Film Customers	Total window film revenue grew 22.2% YoY in Q3 2025, representing 22.0% of total revenue.	Automotive and architectural window films.

For the enthusiast and detail shop channel, XPEL supports over 1,100+ full-time employees globally. The company's proprietary DAP software provides access to more than 80,000 patterned paint protection kits for installers.

The service component of the business, which caters to installation needs across these segments, grew 15.7% YoY in Q3 2025 and represented 23.9% of total revenue. This demonstrates that the customer base relies heavily on the certified installation network XPEL cultivates.

For instance, in Q1 2025, the U.S. region revenue, a key market for these segments, was $58.1 million, an 11.6% increase.

XPEL, Inc. (XPEL) - Canvas Business Model: Cost Structure

You're looking at the major drains on XPEL, Inc.'s bottom line as of late 2025. Understanding where the money goes is key to seeing how they plan to hit those long-term margin targets. The cost structure is heavily influenced by the materials themselves and the aggressive push for market share.

The Cost of Goods Sold (COGS) for film manufacturing is a primary cost driver. For the third quarter of 2025, the gross margin was reported at 41.8% of revenue. This means the direct cost to produce the goods sold-your COGS-was 58.2% of revenue. This margin pressure was noted, partly due to unfavorable supplier price increases that cost about 170 basis points in Q3 2025 alone.

XPEL, Inc. is definitely spending heavily to get the brand in front of more people. The total Selling, General, and Administrative (SG&A) expenses, which cover Sales and Marketing, hit $35.7 million in Q3 2025. That spend represented 28.4% of the quarter's total revenue. To be fair, this included some non-recurring costs, like $1.3 million in acquisition-related fees and $800,000 related to bad debt. Still, the overall operating expenses increased 20.8% year-over-year for the quarter, showing a clear commitment to driving brand awareness and leads.

When we look at Research and Development (R&D) for software and new film technologies, the specific quarterly R&D line item isn't broken out in the same way as COGS or SG&A. However, the company has signaled massive future investment that underpins this area. XPEL, Inc. anticipates investing between $75 million and $150 million over the next two years, primarily targeting manufacturing and supply chain enhancements, which directly impacts product quality and future technology deployment. This investment is aimed at achieving a long-term gross margin target of 52% to 54% by the end of 2028.

Here's a quick look at the key cost components from the Q3 2025 report:

Cost Component	Q3 2025 Value/Rate	Context
Cost of Goods Sold (COGS)	58.2% of Revenue	Derived from 41.8% Gross Margin.
Total SG&A Expenses	$35.7 million	Total operating spend including Sales & Marketing.
SG&A as Percentage of Revenue	28.4%	Represents the overall spending intensity for the quarter.
Year-over-Year Operating Expense Growth	20.8% Increase	Reflects continued investment pace.
Sales and Marketing Expense Growth	29.7% YoY Increase	Specific growth rate for the Sales and Marketing portion of SG&A.

You can see the spending priorities clearly when you break down the operating expenses:

• Sales and Marketing Expense: Grew by 29.7% year-over-year in Q3 2025.
• General and Administrative Expense: Grew by 15.8% year-over-year in Q3 2025.
• Non-Recurring Costs within SG&A: Included $1.3 million in acquisition-related fees.
• Future Technology/Operations Investment: Planned capital outlay of $75 million to $150 million over two years.

The 20.8% increase in operating expenses is the immediate financial reality you have to manage. Finance: draft 13-week cash view by Friday.

XPEL, Inc. (XPEL) - Canvas Business Model: Revenue Streams

You're looking at how XPEL, Inc. actually brings in the money, which is always the most critical part of any business model review. As of late 2025, the Trailing Twelve Months (TTM) revenue for XPEL, Inc. stood at approximately $0.46 Billion USD.

The most recent quarterly snapshot, Q3 2025, shows total consolidated revenue hitting $125.4 million, marking an 11.1% increase year-over-year (YoY). The revenue streams are clearly segmented between physical goods and the supporting services.

Here's a quick look at the Q3 2025 revenue split:

Revenue Category	Percentage of Total Revenue	Q3 2025 Revenue (in thousands USD)
Product Sales	76.1%	$95,459
Service Revenue	23.9%	$29,956

Product Sales form the bedrock of the revenue base. This primary stream comes from the sale of Paint Protection Film (PPF), window film, and ceramic coatings. For Q3 2025, this segment represented 76.1% of the total revenue, growing 9.8% YoY. The window film component, specifically, showed strong momentum, increasing 22.2% YoY and accounting for 22.0% of the total revenue for the quarter. This suggests that while the core PPF business is large, the window film category is a significant growth engine within the product line.

Service Revenue, which includes sales from the DAP (Dealer Access Portal) software subscriptions and installation services, made up the remaining 23.9% of Q3 2025 revenue. This stream saw a healthy increase of 15.7% YoY, showing that the push into services is gaining traction. You can see the strength in the installation side of the business, too.

• Total installation revenue (combining labor and product) grew 21.3% YoY in Q3 2025.
• Service revenue grew 15.7% YoY in Q3 2025.
• Adjusted product revenue (including cutbank credits) increased 9.0% YoY.

International expansion is a clear focus area, especially outside of the company's core US market. The growth in Asia, specifically the region labeled Asia Other (which excludes China), was particularly notable in Q3 2025. This area surged 44.0% year-over-year, indicating successful penetration or increasing adoption overseas. The China distributor acquisition, which closed late in the quarter, is expected to add further revenue and margin benefits as integration completes.

Here's how some of the key geographic regions performed in Q3 2025:

Geographic Region	Q3 2025 Revenue (in thousands USD)	YoY Growth Rate
United States	$71,700	11.1%
EU, UK, and Africa	$16,537	28.8%
Asia Other (Excluding China)	$5,545	44.0%

Finance: draft 13-week cash view by Friday.