GPGI, Inc. Segments Disclosure
Year Ended December 31, 2025 | ||||||||||||||||||||||||||
Corporate | Equity Method Investment in Holdings | Elimination of Unconsolidated Affiliate | Consolidated GPGI, Inc. | |||||||||||||||||||||||
Net sales | $ | 59,824 | $ | 402,231 | $ | (402,231) | $ | 59,824 | ||||||||||||||||||
Cost of sales | 31,077 | 170,767 | (170,767) | 31,077 | ||||||||||||||||||||||
Gross profit | 28,747 | 231,464 | (231,464) | 28,747 | ||||||||||||||||||||||
Selling, General and administrative expenses | 42,478 | 95,612 | (95,612) | 42,478 | ||||||||||||||||||||||
(Loss) income from operations | (13,731) | 135,852 | (135,852) | (13,731) | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Change in fair value of earnout consideration liability | (57,101) | — | — | (57,101) | ||||||||||||||||||||||
Revaluation of warrant liability | (150,958) | — | — | (150,958) | ||||||||||||||||||||||
Loss on remeasurement of TRA liability | (3,465) | — | — | (3,465) | ||||||||||||||||||||||
Interest expense | (1,688) | (10,722) | 10,722 | (1,688) | ||||||||||||||||||||||
Interest income | 1,233 | 4,231 | (4,231) | 1,233 | ||||||||||||||||||||||
Amortization of deferred financing costs | (74) | (556) | 556 | (74) | ||||||||||||||||||||||
Total other expenses, net | (212,053) | (7,047) | 7,047 | (212,053) | ||||||||||||||||||||||
(Loss) income before income taxes | (225,784) | 128,805 | (128,805) | (225,784) | ||||||||||||||||||||||
Income tax expense | (39,026) | — | — | (39,026) | ||||||||||||||||||||||
Net (loss) income | $ | (264,810) | $ | 128,805 | $ | (128,805) | $ | (264,810) | ||||||||||||||||||
Equity method earnings in Holdings | 128,805 | 128,805 | ||||||||||||||||||||||||
Net loss of GPGI, Inc. | $ | (136,005) | ||||||||||||||||||||||||
Total assets | $ | 517,267 | $ | 324,299 | $ | (324,299) | $ | 517,267 | ||||||||||||||||||
Total liabilities | $ | (274,126) | $ | (252,990) | $ | 252,990 | $ | (274,126) | ||||||||||||||||||
Capital expenditures related to segment assets | $ | 387 | $ | 7,977 | $ | (7,977) | $ | 387 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.