GPGI, Inc.

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

About this filing

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$15.35+8.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

GPGI, INC.

Consolidated Balance Sheets

($ in thousands, except par value and share amounts)

	December 31,
	2025	2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$114,642	$77,461
Accounts receivable	—	47,449
Inventories, net	—	44,833
Prepaid expenses and other current assets	5,446	4,159
Total Current assets	120,088	173,902
Property and equipment, net	—	23,448
Right-of-use asset - operating leases	—	5,404
Deferred tax asset	271,724	264,815
Derivative asset- interest rate swap	—	2,749
Equity method investment	125,455	—
Deposits and other assets	—	3,600
Total assets	$517,267	$473,918
LIABILITIES AND STOCKHOLDERS' EQUITY ( DEFICIT)
CURRENT LIABILITIES
Accrued expenses	$1,851	$14,682
Accounts payable	922	11,544
Commission payable	—	2,563
Bonus payable	—	8,466
Current portion of long-term debt	—	11,250
Current portion of lease liabilities - operating leases	—	2,113
Current portion of earnout consideration liability	—	20,533
Current portion of tax receivable agreement liability	16,193	5,171
Total current liabilities	18,966	76,322
Long-term debt, net of deferred finance costs	—	184,389
Warrant liability	—	104,231
Lease liabilities - operating leases	—	3,888
Tax receivable agreement liability	255,160	248,534
Total liabilities	274,126	617,364
Commitments and contingencies (Note 16)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding	—	—
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	10
Treasury shares	(12,247)	—
Additional paid-in-capital	706,667	361,379
Accumulated other comprehensive income	(206)	2,543
Accumulated deficit	(451,085)	(507,378)
Total stockholders' equity (deficit)	243,141	(143,446)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$517,267	$473,918

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.