Resolute Holdings Management, Inc. Segments Disclosure
14. SEGMENTS
The Company is managed and operated as two businesses given each of Resolute Holdings and GPGI Holdings are distinct operating businesses and legal entities that are consolidated only for U.S. GAAP accounting purposes. Intercompany transactions consisting of management fees paid by GPGI Holdings to Resolute Holdings along with expenses incurred by Resolute Holdings while still as a wholly owned subsidiary of GPGI Holdings are also eliminated in consolidation.
The Chief Executive Officer of Resolute Holdings is the Company’s CODM who makes resource allocation decisions and assesses performance based on income from operations of each business. Characteristics of the consolidated organization which were relied upon in making the determination that the Company operates two reportable segments include the existence of the CompoSecure Management Agreement as Resolute Holdings’ sole source of revenue that is eliminated in consolidation, the similar nature of all of the products that GPGI Holdings sells, the separate and distinct organizational structure of each of Resolute Holdings and GPGI Holdings, and the reports that are regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.
The following tables present each reportable segment’s statements of operations for the years ended December 31, 2025 and December 31, 2024:
| Year ended | Year ended | ||||||||||||||||||||||
December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
| Resolute | | GPGI | | Intercompany/ | | Resolute | | GPGI | | Intercompany/ | | ||||||||||||
Holdings | Holdings | Eliminations | Consolidated | | Holdings | Holdings | Eliminations | Consolidated | ||||||||||||||||
Management fees | $ | 12,278 | $ | — | $ | (12,278) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Product sales | — | 462,055 | — | 462,055 | — | 420,571 | — | 420,571 | ||||||||||||||||
Net sales | 12,278 | 462,055 | (12,278) | 462,055 | — | 420,571 | — | 420,571 | ||||||||||||||||
Cost of sales | — | 201,843 | — | 201,843 | — | 201,344 | — | 201,344 | ||||||||||||||||
Gross profit | 12,278 | 260,212 | (12,278) | 260,212 | — | 219,227 | — | 219,227 | ||||||||||||||||
Salaries and benefits | 9,003 | 44,558 | (948) | 52,613 | 1,221 | 43,956 | (1,164) | 44,013 | ||||||||||||||||
Equity-based compensation | 5,470 | 22,052 | (723) | 26,799 | 1,046 | 19,894 | (1,046) | 19,894 | ||||||||||||||||
Professional fees | 1,361 | 10,990 | (139) | 12,212 | 67 | 9,890 | (11) | 9,946 | ||||||||||||||||
Marketing | — | 5,187 | — | 5,187 | — | 4,771 | — | 4,771 | ||||||||||||||||
Subscriptions | 531 | — | — | 531 | — | — | — | — | ||||||||||||||||
Other operating expenses | 1,202 | 18,409 | — | 19,611 | 24 | 14,032 | — | 14,056 | ||||||||||||||||
Management fees | — | 12,278 | (12,278) | — | — | — | — | — | ||||||||||||||||
Total selling, general and administrative expenses | 17,567 | 113,474 | (14,088) | 116,953 | 2,358 | 92,543 | (2,221) | 92,680 | ||||||||||||||||
Income from operations | (5,289) | 146,738 | 1,810 | 143,259 | (2,358) | 126,684 | 2,221 | 126,547 | ||||||||||||||||
Interest income | 261 | 5,210 | — | 5,471 | — | 4,579 | — | 4,579 | ||||||||||||||||
Interest (expense) | (10) | (13,188) | — | (13,198) | — | (20,177) | — | (20,177) | ||||||||||||||||
Other | — | (629) | — | (629) | — | (827) | — | (827) | ||||||||||||||||
Total other income (expense) | 251 | (8,607) | — | (8,356) | — | (16,425) | — | (16,425) | ||||||||||||||||
Income (loss) before income taxes | (5,038) | 138,131 | 1,810 | 134,903 | (2,358) | 110,259 | 2,221 | 110,122 | ||||||||||||||||
Income tax (expense) | (885) | — | — | (885) | 24 | — | — | 24 | ||||||||||||||||
Net income (loss) | $ | (5,923) | $ | 138,131 | $ | 1,810 | $ | 134,018 | $ | (2,334) | $ | 110,259 | $ | 2,221 | $ | 110,146 | ||||||||
Depreciation and amortization | $ | — | 9,377 | — | 9,377 | $ | — | 9,174 | — | 9,174 | ||||||||||||||
Capital expenditures | $ | — | 8,364 | — | 8,364 | $ | — | 8,445 | — | 8,445 | ||||||||||||||
The following tables present each reportable segment’s balance sheet as of December 31, 2025 and December 31, 2024:
December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
| Resolute | | GPGI | | Intercompany/ | | Resolute | | GPGI | | Intercompany/ | | ||||||||||||
Holdings | Holdings | Eliminations | Consolidated | | Holdings | Holdings | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,410 | $ | 156,959 | $ | — | $ | 161,369 | $ | — | $ | 71,589 | $ | — | $ | 71,589 | ||||||||
Short-term investments | 3,050 | 41,076 | — | 44,126 | — | — | — | — | ||||||||||||||||
Accounts receivable | 4,032 | 44,220 | (4,032) | 44,220 | — | 47,449 | — | 47,449 | ||||||||||||||||
Inventories, net | — | 44,214 | — | 44,214 | — | 44,833 | — | 44,833 | ||||||||||||||||
Prepaid expenses and other current assets | 417 | 3,125 | — | 3,542 | — | 2,696 | — | 2,696 | ||||||||||||||||
Deferred tax asset | 180 | — | — | 180 | 24 | — | — | 24 | ||||||||||||||||
Total current assets | 12,089 | 289,594 | (4,032) | 297,651 | 24 | 166,567 | — | 166,591 | ||||||||||||||||
Property and equipment, net | — | 21,803 | — | 21,803 | — | 23,448 | — | 23,448 | ||||||||||||||||
Right of use assets, net | 1,059 | 8,898 | — | 9,957 | — | 5,404 | — | 5,404 | ||||||||||||||||
Derivative asset - interest rate swap | — | — | — | — | — | 2,749 | — | 2,749 | ||||||||||||||||
Deposits and other assets | — | 4,004 | — | 4,004 | — | 3,600 | — | 3,600 | ||||||||||||||||
Total assets | 13,148 | 324,299 | (4,032) | 333,415 | 24 | 201,768 | — | 201,792 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | 45 | 11,814 | 66 | 11,925 | — | 5,691 | — | 5,691 | ||||||||||||||||
Accrued expenses | 5,522 | 46,873 | (4,032) | 48,363 | 814 | 30,954 | (677) | 31,091 | ||||||||||||||||
Current portion of long-term debt | — | 15,000 | — | 15,000 | — | 11,250 | — | 11,250 | ||||||||||||||||
Current portion of lease liabilities – operating leases | 79 | 2,160 | — | 2,239 | — | 2,113 | — | 2,113 | ||||||||||||||||
Total current liabilities | 5,646 | 75,847 | (3,966) | 77,527 | 814 | 50,008 | (677) | 50,145 | ||||||||||||||||
Long-term debt, net of deferred financing costs | — | 169,791 | — | 169,791 | — | 184,389 | — | 184,389 | ||||||||||||||||
Lease liabilities, operating leases | 979 | 7,352 | — | 8,331 | — | 3,888 | — | 3,888 | ||||||||||||||||
Total liabilities | 6,625 | 252,990 | (3,966) | 255,649 | 814 | 238,285 | (677) | 238,422 | ||||||||||||||||
Additional paid-in capital | 18,883 | — | — | 18,883 | 1,544 | — | — | 1,544 | ||||||||||||||||
Accumulated deficit | (8,257) | — | — | (8,257) | (2,334) | — | — | (2,334) | ||||||||||||||||
Treasury stock | (4,103) | — | — | (4,103) | ||||||||||||||||||||
Total stockholders' equity (deficit) | 6,523 | — | — | 6,523 | (790) | — | — | (790) | ||||||||||||||||
Non-controlling interest | — | 71,309 | (66) | 71,243 | — | (36,517) | 677 | (35,840) | ||||||||||||||||
Total equity (deficit) | 6,523 | 71,309 | (66) | 77,766 | (790) | (36,517) | 677 | (36,630) | ||||||||||||||||
Total liabilities and stockholders' equity (deficit) | $ | 13,148 | $ | 324,299 | $ | (4,032) | $ | 333,415 | $ | 24 | $ | 201,768 | $ | — | $ | 201,792 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 31, 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.