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<?xml version="1.0" encoding="windows-1252"?> |
<ownershipDocument> |
| <schemaVersion> X0306 </schemaVersion> |
| <documentType> 4 </documentType> |
| <periodOfReport> 2022-11-23 </periodOfReport> |
| <notSubjectToSection16> 0 </notSubjectToSection16> |
| <issuer> |
| | <issuerCik> 0001767258 </issuerCik> |
| | <issuerName> XPEL, Inc. </issuerName> |
| | <issuerTradingSymbol> XPEL </issuerTradingSymbol> |
| | </issuer> |
| <reportingOwner> |
| | <reportingOwnerId> |
| | | <rptOwnerCik> 0001783794 </rptOwnerCik> |
| | | <rptOwnerName> Crumly Richard K. </rptOwnerName> |
| | | </reportingOwnerId> |
| | <reportingOwnerAddress> |
| | | <rptOwnerStreet1> PO BOX 460633 </rptOwnerStreet1> |
| | | <rptOwnerStreet2></rptOwnerStreet2> |
| | | <rptOwnerCity> SAN ANTONIO </rptOwnerCity> |
| | | <rptOwnerState> TX </rptOwnerState> |
| | | <rptOwnerZipCode> 78246-0633 </rptOwnerZipCode> |
| | | <rptOwnerStateDescription></rptOwnerStateDescription> |
| | | </reportingOwnerAddress> |
| | <reportingOwnerRelationship> |
| | | <isDirector> 1 </isDirector> |
| | | <isOfficer> 0 </isOfficer> |
| | | <isTenPercentOwner> 0 </isTenPercentOwner> |
| | | <isOther> 0 </isOther> |
| | | <officerTitle></officerTitle> |
| | | <otherText></otherText> |
| | | </reportingOwnerRelationship> |
| | </reportingOwner> |
| <nonDerivativeTable> |
| | <nonDerivativeTransaction> |
| | | <securityTitle> |
| <value> Common Stock </value> |
| </securityTitle> |
| | | <transactionDate> |
| <value> 2022-11-23 </value> |
| </transactionDate> |
| | | <transactionCoding> |
| <transactionFormType> 4 </transactionFormType> |
| <transactionCode> S </transactionCode> |
| <equitySwapInvolved> 0 </equitySwapInvolved> |
| <footnoteId id="F1"/> |
| </transactionCoding> |
| | | <transactionAmounts> |
| <transactionShares> |
| <value> 1300 </value> |
| </transactionShares> |
| <transactionPricePerShare> |
| <value> 70.04 </value> |
| <footnoteId id="F2"/> |
| </transactionPricePerShare> |
| <transactionAcquiredDisposedCode> |
| <value> D </value> |
| </transactionAcquiredDisposedCode> |
| </transactionAmounts> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 817656 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See Footnote </value> |
| <footnoteId id="F3"/> |
| <footnoteId id="F4"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeTransaction> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 1076743 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See Footnote </value> |
| <footnoteId id="F4"/> |
| <footnoteId id="F5"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | <nonDerivativeHolding> |
| | | <securityTitle> |
| <value> Common Stock </value> |
| </securityTitle> |
| | | <postTransactionAmounts> |
| <sharesOwnedFollowingTransaction> |
| <value> 15500 </value> |
| </sharesOwnedFollowingTransaction> |
| </postTransactionAmounts> |
| | | <ownershipNature> |
| <directOrIndirectOwnership> |
| <value> I </value> |
| </directOrIndirectOwnership> |
| <natureOfOwnership> |
| <value> See Footnotes </value> |
| <footnoteId id="F4"/> |
| <footnoteId id="F6"/> |
| </natureOfOwnership> |
| </ownershipNature> |
| | | </nonDerivativeHolding> |
| | </nonDerivativeTable> |
| <derivativeTable></derivativeTable> |
| <footnotes> |
| | <footnote id="F1"> The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. </footnote> |
| | <footnote id="F2"> The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $70.04 to $70.08, inclusive. The Reporting Person undertakes to provide to XPEL, Inc., any security holder of XPEL, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4. </footnote> |
| | <footnote id="F3"> Represents securities held by CARPE, LLC, of which Mr. Crumly is a control person. </footnote> |
| | <footnote id="F4"> Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Crumly is or was, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities in excess of his pecuniary interests. </footnote> |
| | <footnote id="F5"> Represents securities held by ADAMAS, LLC, of which Mr. Crumly is a control person. </footnote> |
| | <footnote id="F6"> Represents securities held by Mr. Crumly's spouse. Mr. Crumly disclaims beneficial ownership of such securities. </footnote> |
| | </footnotes> |
| <remarks></remarks> |
| <ownerSignature> |
| | <signatureName> /s/ Richard K. Crumly </signatureName> |
| | <signatureDate> 2022-11-24 </signatureDate> |
| | </ownerSignature> |
| </ownershipDocument> |