XPEL makes and sells protective films and coatings, primarily for automobiles. Its two core products are paint protection film (PPF), a clear polyurethane film applied to a car's painted surfaces to protect against scratches and rock chips, and automotive window film (tint), applied to reduce heat and glare. PPF is the flagship product, accounting for roughly 52% of FY25 revenue, while window film accounts for roughly 17%. XPEL sells through independent aftermarket installers (roughly 51% of revenue), new car dealerships, third-party distributors (roughly 16%), company-owned installation centers, and OEMs. Installation labor accounts for roughly 18% of revenue. A key part of XPEL's business is its Design Access Platform (DAP), a proprietary SaaS tool with over 90,000 vehicle-specific cutting patterns that installers pay a monthly subscription to access, which reduces film waste and creates installer loyalty. XPEL has historically operated an asset-light model, sourcing film from third-party manufacturers, but is now investing to bring manufacturing in-house to expand gross margins. XPEL's growth strategy centers on acquiring its international distributors to capture full distribution margins, expanding dealership penetration by attaching PPF and window film at the point of sale, and investing in manufacturing to improve margins over time.