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$15.35+8.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
GPGI, INC.
Consolidated Statements of Operations
($ in thousands except per share amounts)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net sales | $59,824 | $420,571 | $390,629 |
| Cost of sales | 31,077 | 201,344 | 181,547 |
| Gross profit | 28,747 | 219,227 | 209,082 |
| Operating expenses: | |||
| Selling, general and administrative expenses | 42,478 | 111,605 | 89,995 |
| (Loss) income from operations | (13,731) | 107,622 | 119,087 |
| Other (expense) income: | |||
| Revaluation of warrant liability | (150,958) | (95,937) | 8,047 |
| Revaluation of earnout consideration liability | (57,101) | (76,305) | 14,237 |
| Change in fair value of derivative liability - convertible notes redemption make-whole provision | — | 425 | (139) |
| Loss on remeasurement of TRA liability | (3,465) | — | — |
| Interest income | 1,233 | 4,648 | 4,977 |
| Interest expense | (1,688) | (20,176) | (27,525) |
| Loss on extinguishment of debt | — | (148) | — |
| Amortization of deferred financing costs | (74) | (1,104) | (1,608) |
| Total other expense, net | (212,053) | (188,597) | (2,011) |
| (Loss) income before income taxes | (225,784) | (80,975) | 117,076 |
| Income tax expense | (39,026) | (2,187) | (4,556) |
| (Loss) income before earnings in equity method investment | $(264,810) | $(83,162) | $112,520 |
| Earnings in equity method investment | 128,805 | — | — |
| Net (loss) income | (136,005) | (83,162) | 112,520 |
| Net (loss) income attributable to redeemable non-controlling interests | $— | $(29,443) | $93,281 |
| Net (loss) income attributable to GPGI, Inc. | $(136,005) | $(53,719) | $19,239 |
| Net (loss) income per share attributable to Class A common stockholders - basic | $(1.23) | $(1.22) | $1.03 |
| Net (loss) income per share attributable to Class A common stockholders - diluted | $(1.23) | $(1.22) | $0.96 |
| Weighted average shares used to compute net (loss) income per share attributable to Class A common stockholders - basic | 110,517 | 44,012 | 18,661 |
| Weighted average shares used to compute net (loss) income per share attributable to Class A common stockholders - diluted | 110,517 | 44,012 | 35,312 |
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