GPGI Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), GPGI Inc reported revenue of $59.8M (-85.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net sales | $59.8M | $420.6M | $390.6M | $378.5M |
| Cost of sales | $31.1M | $201.3M | $181.5M | $158.8M |
| Gross profit | $28.7M | $219.2M | $209.1M | $219.6M |
| Selling, general and administrative expenses | $42.5M | $111.6M | $90.0M | $104.7M |
| (Loss) income from operations | ($13.7M) | $107.6M | $119.1M | $114.9M |
| Revaluation of warrant liability | ($151.0M) | ($95.9M) | $8.0M | $18.9M |
| Revaluation of earnout consideration liability | ($57.1M) | ($76.3M) | $14.2M | $23.3M |
| Change in fair value of derivative liability - convertible notes redemption make-whole provision | $0 | $425.0K | ($139.0K) | $266.0K |
| Loss on remeasurement of TRA liability | ($3.5M) | — | — | — |
| Interest income | $1.2M | $4.6M | — | — |
| Interest expense | ($1.7M) | ($20.2M) | — | — |
| Loss on extinguishment of debt | $0 | ($148.0K) | — | — |
| Amortization of deferred financing costs | ($74.0K) | ($1.1M) | ($1.6M) | ($2.4M) |
| Total other expense, net | ($212.1M) | ($188.6M) | ($2.0M) | $21.3M |
| (Loss) income before income taxes | ($225.8M) | ($81.0M) | — | — |
| Income tax expense | ($39.0M) | ($2.2M) | ($4.6M) | ($4.4M) |
| (Loss) income before earnings in equity method investment | ($264.8M) | — | — | — |
| Earnings in equity method investment | $128.8M | — | — | — |
| Net (loss) income | ($136.0M) | ($83.2M) | $112.5M | $131.8M |
| Net (loss) income attributable to redeemable non-controlling interests | $0 | ($29.4M) | $93.3M | $113.2M |
| Net (loss) income attributable to GPGI, Inc. | ($136.0M) | ($53.7M) | $19.2M | $18.7M |
| Net (loss) income per share attributable to Class A common stockholders - basic (in dollars per share) | -$1.23 | -$1.22 | $1.03 | $1.21 |
| Net (loss) income per share attributable to Class A common stockholders - diluted (in dollars per share) | -$1.23 | -$1.22 | $0.96 | $1.13 |
| Weighted average shares used to compute net (loss) income per share attributable to Class A common stockholders - basic (in shares) | $110517208.00 | $44011527.00 | $18660872.00 | $15372422.00 |
| Weighted average shares used to compute net (loss) income per share attributable to Class A common stockholders - diluted (in shares) | $110517208.00 | $44011527.00 | $35312111.00 | $32555317.00 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net sales | $0 | $0 | $0 | $0 |
| Cost of sales | $0 | $0 | $0 | $0 |
| Gross profit | $0 | $0 | $0 | $0 |
| Selling, general and administrative expenses | $9.4M | $55.6M | $9.9M | $2.7M |
| Income (loss) from operations | ($9.4M) | ($55.6M) | ($9.9M) | ($2.7M) |
| Revaluation of warrant liability | $0 | $0 | ($117.3M) | ($53.4M) |
| Revaluation of earnout consideration liability | $0 | $0 | ($57.6M) | ($10.7M) |
| Loss on remeasurement of tax receivable agreement liability | ($6.2M) | ($21.9M) | — | — |
| Interest expense | $0 | $0 | $0 | $0 |
| Interest income | $0 | $200.0K | $287.0K | $17.0K |
| Total other income (expense), net | ($6.2M) | ($21.7M) | ($174.6M) | ($64.1M) |
| Income (loss) before income taxes | ($15.6M) | ($77.3M) | — | — |
| Income tax (expense) benefit | ($1.2M) | ($3.6M) | ($29.8M) | $1.8M |
| Income (loss) before earnings in equity method investment | ($16.8M) | ($80.9M) | — | — |
| Earnings (losses) in equity method investment | $67.1M | ($154.1M) | $39.6M | $38.9M |
| Net income (loss) | $50.3M | ($235.0M) | ($174.7M) | ($26.1M) |
| Net income (loss) per share - basic (in dollars per share) | $0.17 | -$0.87 | -$1.58 | -$0.26 |
| Net income (loss) per share - diluted (in dollars per share) | $0.17 | -$0.87 | -$1.58 | -$0.26 |
| Weighted average shares used to compute net income (loss) per share Class A common stockholders - basic (in shares) | $289863943.00 | $269993148.00 | $110264531.00 | $102321754.00 |
| Weighted average shares used to compute net income (loss) per share Class A common stockholders - diluted (in shares) | $292350830.00 | $269993148.00 | $110264531.00 | $102321754.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $114.6M | $77.5M | $41.2M | $13.6M |
| Accounts receivable | $0 | $47.4M | $40.5M | $37.3M |
| Inventories, net | $0 | $44.8M | $52.5M | $42.4M |
| Prepaid expenses and other current assets | $5.4M | $4.2M | $5.1M | $3.8M |
| Total Current assets | $120.1M | $173.9M | $139.4M | $97.1M |
| Property and equipment, net | $0 | $23.4M | $25.2M | $22.7M |
| Right-of-use asset - operating leases | $0 | $5.4M | $7.5M | $8.9M |
| Deferred tax asset | $271.7M | $264.8M | $23.7M | $25.6M |
| Derivative asset- interest rate swap | $0 | $2.7M | $5.3M | $8.7M |
| Equity method investment | $125.5M | — | — | — |
| Deposits and other assets | $0 | $3.6M | $24.0K | $24.0K |
| Total assets | $517.3M | $473.9M | $201.0M | $162.9M |
| Accrued expenses | $1.9M | $14.7M | $12.0M | $10.2M |
| Accounts payable | $922.0K | $11.5M | $5.2M | $7.1M |
| Commission payable | $0 | $2.6M | $4.4M | $3.3M |
| Bonus payable | $0 | $8.5M | $5.6M | $8.2M |
| Current portion of long-term debt | $0 | $11.3M | $10.3M | $14.4M |
| Current portion of lease liabilities - operating leases | $0 | $2.1M | $1.9M | $1.8M |
| Current portion of earnout consideration liability | $0 | $20.5M | — | — |
| Current portion of tax receivable agreement liability | $16.2M | $5.2M | $1.4M | — |
| Total current liabilities | $19.0M | $76.3M | $40.9M | $45.0M |
| Long-term debt, net of deferred finance costs | $0 | $184.4M | $198.3M | $216.3M |
| Warrant liability | $0 | $104.2M | $8.3M | $16.3M |
| Lease liabilities - operating leases | $0 | $3.9M | $6.2M | $7.8M |
| Tax receivable agreement liability | $255.2M | $248.5M | $23.9M | $26.8M |
| Total liabilities | $274.1M | $617.4M | $406.8M | $454.9M |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 | 0 | 0 |
| Class A common stock, $0.0001 par value; 1,000,000,000 and 250,000,000 shares authorized, 126,985,076 and 100,462,844 shares issued and outstanding as of December 31, 2025 and 2024, respectively. | 12.0K | 10.0K | 8.0K | 8.0K |
| Treasury shares | -12.2M | — | — | — |
| Additional paid-in-capital | $706.7M | $361.4M | $39.5M | $24.1M |
| Accumulated other comprehensive income | ($206.0K) | $2.5M | $5.0M | $8.3M |
| Accumulated deficit | ($451.1M) | ($507.4M) | ($846.8M) | ($924.6M) |
| Total stockholders' equity (deficit) | $243.1M | ($143.4M) | ($802.4M) | ($892.2M) |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $517.3M | $473.9M | $201.0M | $162.9M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $7.7M | $6.5M | $127.4M | $4.8M |
| Prepaid expenses and other current assets | $3.8M | $4.3M | $4.7M | $1.1M |
| Income taxes receivable | $15.5M | $12.1M | — | — |
| Total current assets | $27.0M | $22.9M | $132.0M | $5.9M |
| Deferred income tax assets | $263.3M | $258.0M | $289.2M | $266.7M |
| Equity method investment | $3.2B | $3.1B | $84.3M | $44.7M |
| Total assets | $3.5B | $3.4B | $505.5M | $317.3M |
| Accounts payable | $2.2M | $1.4M | $1.5M | $2.6M |
| Accrued expenses | $3.0M | $3.1M | $40.8M | $14.6M |
| Current portion of tax receivable agreement liability | $18.5M | $20.4M | $16.1M | $14.6M |
| Total current liabilities | $23.7M | $24.9M | $58.5M | $51.8M |
| Tax receivable agreement liability | $266.4M | $272.9M | $253.1M | $234.4M |
| Total liabilities | $290.1M | $297.8M | $353.0M | $423.7M |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | 0 | 0 |
| Class A common stock, $0.0001 par value; 1,000,000,000 shares were authorized as of June 30, 2026 and December 31, 2025, and 289,889,865 and 126,985,076 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 0 | 0 | 12.0K | 10.0K |
| Treasury stock | ($12.2M) | ($12.2M) | — | — |
| Additional paid-in-capital | $3.8B | $3.8B | $659.3M | $213.5M |
| Accumulated other comprehensive loss | $0 | ($200.0K) | ($206.0K) | ($206.0K) |
| Accumulated deficit | ($637.3M) | ($686.8M) | ($494.4M) | ($319.7M) |
| Total stockholders' equity | $3.2B | $3.1B | $152.5M | ($106.4M) |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3.5B | $3.4B | $505.5M | $317.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($136.0M) | ($83.2M) | $112.5M | $131.8M |
| Depreciation and amortization | $1.6M | $9.2M | — | — |
| Stock-based compensation expense | $4.5M | $21.2M | $17.6M | $11.5M |
| Inventory reserves | $0 | ($294.0K) | ($1.2M) | $1.7M |
| Amortization of deferred financing costs | $74.0K | $1.2M | $1.5M | $2.3M |
| Earnings in equity method investment | ($128.8M) | — | — | — |
| Cash receipts from Holdings after the Spin-Off | $21.7M | — | — | — |
| Loss on extinguishment of debt | $0 | $148.0K | — | — |
| Revaluation of earnout consideration liability | $57.1M | $76.3M | ($14.2M) | ($23.3M) |
| Revaluation of warrant liability | $151.0M | $95.9M | ($8.0M) | ($18.9M) |
| Non-cash operating lease expense | $405.0K | — | — | — |
| Change in fair value of derivative liability | $0 | ($425.0K) | $139.0K | ($266.0K) |
| Loss on remeasurement of TRA liability | $3.5M | — | — | — |
| Deferred tax (benefit) expense | $14.7M | ($2.5M) | $2.7M | $3.2M |
| Accounts receivable | $2.1M | ($7.0M) | ($3.2M) | ($9.3M) |
| Inventories, net | ($5.2M) | $8.0M | ($9.0M) | ($18.2M) |
| Prepaid expenses and other assets | ($4.0M) | $974.0K | ($1.3M) | ($1.2M) |
| Accounts payable | ($625.0K) | $6.4M | ($1.9M) | $68.0K |
| Accrued expenses | ($760.0K) | $2.7M | $1.8M | $23.0K |
| Lease liabilities | ($371.0K) | — | — | — |
| Other liabilities | ($3.6M) | $888.0K | ($1.4M) | $5.0M |
| Net cash (used in ) provided by operating activities | ($22.9M) | $129.6M | $104.3M | $92.8M |
| Purchase of property and equipment | $0 | ($7.4M) | ($10.9M) | ($9.1M) |
| Investment in SAFE | $0 | ($1.5M) | — | — |
| Resolute Holdings cash deconsoldiated as a result of the Spin-Off | ($10.0M) | — | — | — |
| Holdings cash deconsolidated as a result of the CompoSecure Management Agreement | ($50.3M) | — | — | — |
| Capitalized software expenditures | ($387.0K) | ($1.0M) | — | — |
| Net cash used in investing activities | ($60.7M) | ($9.9M) | ($10.9M) | ($9.1M) |
| Proceeds from employee stock purchase plan and exercise of options | 121.0K | 5.0M | 1.2M | 82.0K |
| Payments for taxes related to net share settlement of equity awards and earnout liability | ($18.0M) | ($9.0M) | ($3.1M) | — |
| Proceeds from the exercise of warrants | $156.2M | — | — | — |
| Purchase of treasury shares | -12.2M | — | — | — |
| Payment of term loan | $0 | $0 | $0 | ($15.0M) |
| Payment of tax receivable agreement liability | ($5.3M) | ($1.3M) | ($2.4M) | ($110.0K) |
| Deferred finance costs related to debt modification | $0 | ($2.1M) | ($256.0K) | $0 |
| Tax distributions to non-controlling members | $0 | ($34.9M) | — | — |
| Special distribution to non-controlling members | $0 | ($15.6M) | — | — |
| Dividend to Class A shareholders | $0 | ($8.9M) | — | — |
| Net cash provided by (used in) financing activities | $120.8M | ($83.4M) | ($65.8M) | ($92.0M) |
| Net increase in cash and cash equivalents | $37.2M | $36.2M | $27.6M | ($8.3M) |
| Cash and cash equivalents , beginning of year | $77.5M | $41.2M | $13.6M | $21.9M |
| Cash and cash equivalents, end of year | $114.6M | $77.5M | — | — |
| Cash paid for interest expense | $2.2M | $20.6M | $27.2M | $21.4M |
| Cash paid for income taxes | $24.3M | $4.8M | $2.8M | — |
| Operating lease ROU assets exchanged for lease liabilities | $4.2M | — | $0 | $0 |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($184.7M) | ($235.0M) | — | — |
| Depreciation and amortization | $0 | $0 | $1.6M | $1.6M |
| Stock-based compensation expense | $5.3M | $2.0M | $4.2M | $4.0M |
| (Earnings) losses in equity method investment | $87.0M | $154.1M | ($93.4M) | ($53.8M) |
| Distributions from GPGI Holdings | $20.1M | — | $21.7M | $15.9M |
| Loss on remeasurement of tax receivable agreement liability | $28.1M | $21.9M | — | — |
| Revaluation of earnout consideration liability | $0 | $0 | $57.1M | ($509.0K) |
| Revaluation of warrant liability | $0 | $0 | $152.8M | $35.5M |
| Non-cash operating lease expense | $0 | $0 | $405.0K | $405.0K |
| Deferred tax expense (benefit) | $8.6M | $13.7M | — | — |
| Accounts receivable | $0 | $0 | $2.1M | $2.1M |
| Inventories | $0 | $0 | ($5.2M) | ($5.2M) |
| Income taxes receivable | ($12.6M) | ($12.1M) | — | — |
| Prepaid expenses and other assets | $1.7M | $1.2M | ($3.3M) | $312.0K |
| Accounts payable | $1.3M | $500.0K | ($29.0K) | $1.1M |
| Accrued expenses | $1.2M | $1.1M | $38.2M | $12.0M |
| Lease liabilities | $0 | $0 | ($369.0K) | ($369.0K) |
| Other liabilities | $0 | $0 | ($3.6M) | ($3.6M) |
| Net cash provided by (used in) operating activities | ($44.0M) | ($52.6M) | ($8.9M) | $3.0M |
| Investments in GPGI Holdings | ($2.1B) | ($2.0B) | — | — |
| Distributions from GPGI Holdings | $111.6M | — | — | — |
| GPGI Holdings cash deconsolidated as a result of the CompoSecure Management Agreement | $0 | $0 | — | — |
| Resolute Holdings cash deconsolidated as a result of the Spin-Off | $0 | $0 | ($10.0M) | ($10.0M) |
| Capitalized software expenditures | $0 | $0 | ($387.0K) | ($387.0K) |
| Net cash provided by (used in) investing activities | ($2.0B) | ($2.0B) | ($60.7M) | ($60.7M) |
| Proceeds from issuance of Class A common stock in relation to Husky Transaction | $2.0B | $2.0B | — | — |
| Proceeds from employee stock purchase plan and exercise of options | 0 | 0 | 121.0K | 121.0K |
| Payments for taxes related to net share settlement of equity awards | $0 | $0 | ($18.0M) | ($15.3M) |
| Payment of tax receivable agreement liability | ($14.6M) | — | ($4.7M) | ($4.7M) |
| Dividends to Class A shareholders | ($1.5M) | ($700.0K) | $0 | $0 |
| Proceeds from the exercise of warrants | $0 | $0 | $154.4M | $4.9M |
| Net cash provided by (used in) financing activities | $1.9B | $2.0B | $119.5M | ($15.0M) |
| Net increase (decrease) in cash and cash equivalent | ($106.9M) | ($108.1M) | $49.9M | ($72.7M) |
| Cash and cash equivalent, beginning of period | $114.6M | $114.6M | $77.5M | $77.5M |
| Cash and cash equivalent, end of period | $7.7M | $6.5M | — | — |
| Cash paid for interest | $0 | $0 | $2.2M | $2.2M |
| Cash paid for income taxes | $7.0M | $0 | $16.8M | $11.5M |
| Distribution from GPGI Holdings for non-cash interest carryforward (per section 163j) | $2.9M | — | — | — |
| Operating lease right of use assets exchanged for lease liabilities | $0 | $0 | — | — |
| Derivative asset - interest rate swap | $0 | $0 | ($502.0K) | ($502.0K) |
| Non-cash portion of warrant exercise | $0 | $0 | ($215.6M) | ($2.3M) |
| Investment in GPGI Holdings for stock-based compensation | $4.8M | — | — | — |
| GPGI Holdings net liabilities, excluding cash and cash equivalents, deconsolidated as a result of CompoSecure Management Agreement | $0 | $0 | — | — |
| Resolute Holdings net liabilities, excluding cash and cash equivalents, deconsolidated as a result of Spin-Off | $0 | $0 | — | — |
| GPGI, Inc. Class A common stock issued to GPGI Holdings in relation to Husky Transaction | $1.1B | $1.1B | — | — |
GPGI Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.