X0202 SCHEDULE 13G/A 0001734916-25-000003 0001734916 XXXXXXXX LIVE 1 Common Stock, par value $0.001 per share 11/20/2025 0001767258 XPEL, Inc. 98379L100 711 BROADWAY ST. SUITE 320 SAN ANTONIO TX 78215 Rule 13d-1(c) ALTA FOX CAPITAL MANAGEMENT, LLC b TX 0.00 1924258.00 0.00 1924258.00 1924258.00 7.0 IA Alta Fox Opportunities Fund, LP b DE 0.00 1924258.00 0.00 1924258.00 1924258.00 7.0 PN Alta Fox GenPar, LP b DE 0.00 1924258.00 0.00 1924258.00 1924258.00 7.0 PN Alta Fox Equity, LLC b DE 0.00 1924258.00 0.00 1924258.00 1924258.00 7.0 OO Haley Patrick Connor b X1 0.00 1924258.00 0.00 1924258.00 1924258.00 7.0 IN XPEL, Inc. 711 BROADWAY ST., SUITE 320, SAN ANTONIO, TEXAS, 78215. This Schedule is being filed on behalf of each of the following persons (each, a 'Reporting Person' and collectively, the 'Reporting Persons'): i) Alta Fox Capital Management, LLC; ii) Alta Fox Opportunities Fund, LP; iii) Alta Fox GenPar, LP; iv) Alta Fox Equity, LLC; and v) Connor Haley. This Schedule relates to shares of common stock of the Issuer, par value $0.001 per share ('Common Stock'), directly held by Alta Fox Opportunities Fund, LP. Alta Fox GenPar, LP serves as general partner of Alta Fox Opportunities Fund, LP and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Alta Fox Equity, LLC serves as the general partner of Alta Fox GenPar, LP, which serves as general partner of Alta Fox Opportunities Fund, LP, and Alta Fox Equity, LLC may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Alta Fox Capital Management, LLC acts as an investment adviser to, and manages investment and trading accounts of Alta Fox Opportunities Fund, LP and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Mr. Haley is the Manager of Alta Fox Capital Management, LLC and may be deemed to indirectly beneficially own securities held by Alta Fox Opportunities Fund, LP. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person declares that neither the filing of this Schedule nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any syndicate or group with respect to the Issuer or any securities of the Issuer. 640 Taylor Street, Ste. 2522, Fort Worth, Texas 76102 See Item 4 on the cover page(s) hereto. Y See Item 9 on the cover page(s) hereto. The percentage calculated in Item 11 is based on 27,560,985 shares of Common Stock outstanding as of May 8, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and as filed with the SEC on May 8, 2026. See Item 5 on the cover page(s) hereto. See Item 6 on the cover page(s) hereto. See Item 7 on the cover page(s) hereto. See Item 8 on the cover page(s) hereto. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. ALTA FOX CAPITAL MANAGEMENT, LLC /s/ Connor Haley 05/15/2026 Alta Fox Opportunities Fund, LP /s/ Connor Haley 05/15/2026 Alta Fox GenPar, LP /s/ Connor Haley 05/15/2026 Alta Fox Equity, LLC /s/ Connor Haley 05/15/2026 Haley Patrick Connor /s/ Connor Haley 05/15/2026