GPGI, Inc. (GPGI) FY2025 10-K Annual Report
GPGI, Inc. (GPGI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
GPGI, Inc. FY2025 10-K Analysis
Business Overview
- • Core permanent capital platform owning CompoSecure (metal payment cards) and Husky (injection molding equipment) with Resolute Holdings managing operations
- • New Husky segment added via $4.976B combination completed January 2026, expanding into injection molding for food, packaging, medical markets
- • Shift from single business to diversified permanent capital platform; Resolute Operating System (ROS) deployed company-wide for consistent growth
- • Employee count surged to ~5,600 post Husky acquisition, combining 971 CompoSecure and 4,556 Husky full-time employees as of Feb 2026
- • Elimination of dual-share class and $372M Tungsten ownership transition in 2024; Husky transaction funded partly by $1.96B PIPE private placement
Management Discussion & Analysis
- • Revenue $59.8M in 2025, down 86% YoY from $420.6M in 2024 due to February 2025 deconsolidation of Holdings
- • Operating margin (23%) in 2025 vs 26% in 2024, gross margin 48% vs 52%, driven by deconsolidation impact
- • Best performing segment: Holdings equity method earnings $128.8M in 2025; worst was consolidated operating loss $(13.7)M in 2025
- • Other expense $212.1M in 2025 increased 12% YoY due to $208.1M non-cash earnout and warrant liability fair value losses
- • No specific 2025 cash flow or capital allocation data provided; refinancing of $2.1B debt completed Jan 2026 with new notes and loans
- • Forward outlook notes economic and geopolitical risks may impact supply chain and customer demand; company emphasizes uncertainty in future results
Risk Factors
- • Regulatory risk from potential litigation or regulatory actions related to cybersecurity data breaches under evolving data protection laws
- • Geopolitical risk due to increased cybersecurity threat environment, with continuous monitoring for internal and external attacks on critical information systems
- • Operational risk from dependency on CIO/CISO with 25+ years experience to manage and mitigate cybersecurity threats across all company systems
- • Market risk from reputational damage and financial losses if cybersecurity incidents cause data breaches, impacting customer trust and competitive positioning
- • Financial risk from potential litigation expenses and remediation costs following cyber incidents with no current material impact but significant future exposure
GPGI, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$60M
▼ -85.8% YoY
Net Income
-$136M
▼ -153.2% YoY
Gross Margin
48.1%
▼ -407bp YoY
Operating Margin
-23.0%
▼ -4854bp YoY
Net Margin
-227.3%
▼ -21457bp YoY
ROE
-55.9%
▼ -9339bp YoY
Total Assets
$517M
▲ +9.1% YoY
EPS (Diluted)
$-1.23
▼ -0.8% YoY
Operating Cash Flow
-$23M
▼ -117.7% YoY
Source: XBRL data from GPGI, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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