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XPEL Reports Record Revenue in First Quarter 2021 of $ 51.9 million ; First Quarter Revenue Increase of 82.7 % San Antonio , TX - May 10 , 2021 – XPEL , Inc. ( Nasdaq : XPEL ) ( the " Company " ) , a global provider of protective films and coatings , announced results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights : Revenues increased 82.7 % to $ 51.9 million compared to first quarter 2020 and increased 6.7 % sequentially as compared to fourth quarter 2020 . Net income grew 324.9 % to $ 6.8 million , or $ 0.25 per basic and diluted share , compared to $ 1.6 million , or $ 0.06 per basic and diluted share , in the same quarter of 2020 . EBITDA ( Earnings Before Interest , Taxes , Depreciation and Amortization ) grew 256.0 % to $ 9.2 million , or 17.7 % of revenues compared to $ 2.6 million , or 9.1 % in first quarter 2020.¹ Ryan Pape , President and Chief Executive Officer of XPEL , commented , " The momentum we saw at the end of last year carried over into 2021 resulting in record top and bottom line performance for the Company . We saw strong growth across all of our regions , particularly in China where we first experienced COVID - 19 impact during the first quarter of last year . " For the Quarter Ended March 31 , 2021 : Revenues . Revenues increased approximately $ 23.5 million or 82.7 % to $ 51.9 million as compared to $ 28.4 million in the first quarter of the prior year . Gross Margin . Gross margin was 35.3 % compared to 36.3 % in the first quarter of 2020 . Expenses . Operating expenses increased to $ 9.7 million , or 18.8 % of sales , compared to $ 7.8 million or 27.5 % of sales in the prior year period . Net income . Net income was $ 6.8 million , or $ 0.25 per basic and diluted share versus net income of $ 1.6 million , or $ 0.06 per basic and diluted share in the first quarter of 2020 . EBITDA . EBITDA ( Earnings Before Interest , Taxes , Depreciation , and Amortization ) was $ 9.2 million , or 17.7 % of sales , as compared to $ 2.6 million in the prior year¹ . 1 See reconciliation of non - GAAP financial measures below