GPGI

GPGI is no longer the operating company the historical financials describe. The MD&A explicitly states that 'Beginning February 28, 2025, the Company deconsolidated Holdings as a result of the Spin Off' and that 'the Company's results primarily reflect corporate level items (e.g., public company costs, fair value changes, taxes) and equity in earnings of Holdings.' That single sentence invalidates almost every line item below: the $59.8M FY2025 revenue (down 85.8% from $421M) is not a business collapse — it's a structural deconsolidation following the Resolute Holdings spin-off and the subsequent Husky Transaction, which the filing notes 'was completed after the completion of the Company's 2025 fiscal year.' What investors are buying at $14.24 is a holding-company stub whose 'only significant asset is our ownership of our subsidiaries businesses,' managed externally by Resolute Holdings for a 2.5% LTM Adjusted EBITDA fee — a structure that puts 'substantial influence over our businesses, operations and strategy' in a third party's hands.

The numbers that DO still describe GPGI are ugly and opaque. Net income of -$136M on $59.8M revenue produces a -227.3% net margin and -55.9% ROE; operating cash flow is -$22.9M; retained earnings sit at -$451M. Share count exploded 183.1% YoY to 290M, partly from the November 2025 warrant redemption that forced 'substantially all then-outstanding warrants being exercised' at the post-spin-adjusted $7.97 strike — meaning existing holders just absorbed massive dilution. R&D collapsed 82.3% to $1.32M and D&A fell the same 82.3%, both consistent with the deconsolidation rather than operational decisions. The $115M cash position and 1.13x liabilities/equity look fine in isolation but tell you nothing about the underlying CompoSecure/Husky economics, which now flow through equity-method accounting.