XPEL Technologies Corp. had a record performance in its second quarter, bringing in $17 million in revenue. The performance was worth a 25 percent increase compared to the same quarter in 2016. The revenue increase is primarily due to increased sales of XPEL’s automotive protection film and window film.
“Our second quarter revenue was the highest revenue quarter by far in the company’s history as we continued to execute on our core Get Close to the Customer strategy,” said Ryan Pape, president and CEO of XPEL. “Customer demand was strong throughout our markets, particularly in Canada, and we saw strong growth across all of our product lines.
“Gross margins for the quarter remained relatively steady versus the prior year and we continue to invest in infrastructure, sales, marketing and product development to drive growth and scale the business.”
XPEL Technologies Corp.’s gross profit as a percentage of sales was 27.1 percent, as compared to 27.5 percent in the second quarter last year. Direct costs included the company’s physical goods, costs related to its Design Access Program software, and the costs of labor directly associated with the product production.
Selling, general and administrative expenses increased to $3.4 million or 19.8 percent of revenue, as compared to $2.4 million or 17.8 percent of revenue in the second quarter of 2016. The expense increase was primarily due to increased personnel costs, increased occupancy, information technology and travel related costs to support the growth of the business, according to the company. The costs were partially offset by a reduction in professional fees.