GPGI, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 12, 2026
GPGI$14.95-2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
GPGI, INC.
Consolidated Statements of Cash Flows
($ in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(136,005) | $(83,162) | $112,520 |
| Adjustments to reconcile net loss to net cash ( used in ) provided by operating activities | |||
| Depreciation and amortization | 1,623 | 9,174 | 8,387 |
| Stock-based compensation expense | 4,468 | 21,235 | 17,562 |
| Inventory reserves | — | (294) | (1,182) |
| Amortization of deferred financing costs | 74 | 1,155 | 1,546 |
| Earnings in equity method investment | (128,805) | — | — |
| Cash receipts from Holdings after the Spin-Off | 21,659 | — | — |
| Loss on extinguishment of debt | — | 148 | — |
| Revaluation of earnout consideration liability | 57,101 | 76,305 | (14,237) |
| Revaluation of warrant liability | 150,958 | 95,937 | (8,047) |
| Non-cash operating lease expense | 405 | 2,336 | 2,186 |
| Change in fair value of derivative liability | — | (425) | 139 |
| Loss on remeasurement of TRA liability | 3,465 | — | — |
| Deferred tax (benefit) expense | 14,743 | (2,469) | 2,667 |
| Changes in assets and liabilities | |||
| Accounts receivable | 2,063 | (6,961) | (3,216) |
| Inventories, net | (5,195) | 8,001 | (8,984) |
| Prepaid expenses and other assets | (4,037) | 974 | (1,309) |
| Accounts payable | (625) | 6,351 | (1,934) |
| Accrued expenses | (760) | 2,696 | 1,833 |
| Lease liabilities | (371) | (2,450) | (2,232) |
| Other liabilities | (3,643) | 1,002 | (1,387) |
| Net cash (used in ) provided by operating activities | (22,882) | 129,553 | 104,312 |
| Cash flows from investing activities | |||
| Purchase of property and equipment | — | (7,410) | (10,944) |
| Investment in SAFE | — | (1,500) | — |
| Resolute Holdings cash deconsoldiated as a result of the Spin-Off | (10,000) | — | — |
| Holdings cash deconsolidated as a result of the CompoSecure Management Agreement | (50,303) | — | — |
| Capitalized software expenditures | (387) | (1,035) | — |
| Net cash used in investing activities | (60,690) | (9,945) | (10,944) |
| Cash flows from financing activities | |||
| Proceeds from employee stock purchase plan and exercise of options | 121 | 4,998 | 1,196 |
| Payments for taxes related to net share settlement of equity awards and earnout liability | (18,011) | (12,783) | (3,126) |
| Proceeds from the exercise of warrants | 156,195 | — | — |
| Purchase of treasury shares | (12,247) | — | — |
| Payment of term loan | — | (12,813) | (22,810) |
| Payment of tax receivable agreement liability | (5,305) | (1,303) | (2,436) |
| Deferred finance costs related to debt modification | — | (2,104) | (256) |
| Tax distributions to non-controlling members | — | (34,863) | (38,362) |
| Special distribution to non-controlling members | — | (15,573) | — |
| Dividend to Class A shareholders | — | (8,922) | — |
| Net cash provided by (used in) financing activities | 120,753 | (83,363) | (65,794) |
| Net increase in cash and cash equivalents | 37,181 | 36,245 | 27,574 |
| Cash and cash equivalents , beginning of year | 77,461 | 41,216 | 13,642 |
| Cash and cash equivalents, end of year | $114,642 | $77,461 | $41,216 |
| Supplementary disclosure of cash flow information: | |||
| Cash paid for interest expense | $2,164 | $20,608 | $27,247 |
| Cash paid for income taxes | 24,310 | 4,820 | 2,760 |
|---|---|---|---|
| Supplemental disclosure of non-cash financing activities: | |||
| Operating lease ROU assets exchanged for lease liabilities | $4,224 | $— | $— |
| Derivative asset - interest rate swap | (502) | (2,448) | (3,292) |
| Non-cash portion of warrant exercise | (255,189) | — | — |
| Settlement of earnout | (77,634) | (56,625) | — |
| Contribution to Holdings for stock-based compensation | 18,309 | — | — |
| Holdings net liabilities, excluding cash and cash equivalent, deconsolidated as a result of CompoSecure Management Agreement | (100,378) | — | — |
| Resolute Holdings net liabilities, excluding cash and cash equivalent, deconsolidated as a result of Spin-Off | (1,542) | — | — |
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