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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 10, 2025
Commercial Vehicle Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-34365 41-1990662
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
7800 Walton Parkway, New Albany, Ohio
43054
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 614-289-5360
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share CVGI The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨




Item 2.02. Results of Operations and Financial Condition.

On November 10, 2025, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the third quarter ended September 30, 2025.

The information, including exhibit 99.1 hereto, the registrant furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit
 
Exhibit No.    Description
   
  
Third quarter ended September 30, 2025 earnings press release dated November 10, 2025.









 




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
COMMERCIAL VEHICLE GROUP, INC.
November 10, 2025 By:
/s/ Andy Cheung
Name:
Chung Kin Cheung ("Andy Cheung")
Title: Chief Financial Officer
(Principal Financial Officer)

EX-99.1 2 cvgq32025earningsrelease.htm EX-99.1 Document

newsrelease-newversionx116.jpg
Exhibit 99.1

CVG REPORTS THIRD QUARTER 2025 RESULTS

Third quarter sales of $152 million, EPS of $(0.20), Adjusted EBITDA of $4.6 million
Returns to growth in Global Electrical Solutions segment
Updates full year 2025 guidance


NEW ALBANY, OHIO (November 10, 2025) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2025.

Third Quarter 2025 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
•Revenues of $152.5 million, down 11.2%, primarily due to softening in North American demand.
•Operating loss of $1.1 million, flat compared to operating loss of $1.1 million. Adjusted operating income of $1.6 million, compared to adjusted operating loss of $0.4 million. The increase in adjusted operating income was primarily attributable to improved gross margin performance and lower SG&A expenses.
•Net loss from continuing operations of $6.8 million, or $(0.20) per diluted share and adjusted net loss of $4.6 million, or $(0.14) per diluted share, compared to net loss from continuing operations of $0.9 million, or $(0.03) per diluted share and adjusted net loss of $0.4 million, or $(0.01) per diluted share.
•Adjusted EBITDA of $4.6 million, up 7.0%, with an adjusted EBITDA margin of 3.0%, up from 2.5%.

James Ray, President and Chief Executive Officer, said, “In the face of ongoing lower demand in our key Construction, Agriculture, and Class 8 truck end markets, we were pleased with the resilience seen in our third quarter results. We continued to benefit from our operational efficiency improvement and right sizing our manufacturing footprint and enterprise structural cost, evidenced by the continued sequential expansion in our adjusted gross margin in the quarter, despite the lower demand environment. Furthermore, as part of our efforts to preserve margins and position CVG for an eventual end market recovery, we remain focused on reducing SG&A expenses, and we have made demonstrable progress with customers as it relates to mitigating tariff impacts. I want to sincerely thank every member of the CVG team for their commitment, resilience, and focus on execution.”

Mr. Ray continued, “We are encouraged by the continued improvement in Global Electrical Systems segment performance, which returned to year-over-year revenue growth in third quarter, driven by new business wins outside of the Construction and Agriculture end markets, which continue to see lower demand. This segment also saw continued margin expansion year-over-year. In addition, our Global Seating segment expanded margins, as we see the benefits of our operational efficiency improvements, even in a softer demand environment. Our North American-focused Trim Systems and Components segment continues to see weakness as Class 8 production declines year-over year. However, we are taking proactive actions to improve profitability in the face of lower production levels.
1


As an organization, we remain laser-focused on the levers we can control to improve financial performance, drive operational efficiency, and while continuing to launch previously won new customer programs across all segments to best position CVG for the future.”

Andy Cheung, Chief Financial Officer, added, “We are encouraged by our margin performance in the quarter, particularly against a difficult demand backdrop. We continue to optimize our operations to account for individual end market outlooks, particularly in the North American Class 8 truck market. While softer orders led to an inventory increase in the third quarter, we expect to reduce working capital in the fourth quarter. We remain focused on cash generation, with an expectation to drive at least $30 million in free cash flow for the full fiscal year. Continued free cash generation and debt paydown remain our near-term focus areas as we look to drive further cost reductions and improve overall operational efficiency.”

Third Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
Third Quarter
2025 2024 $ Change % Change
Revenues
$ 152.5  $ 171.8  $ (19.3) (11.2)%
Gross profit $ 16.0  $ 16.4  $ (0.4) (2.4)%
Gross margin 10.5  % 9.5  %
Adjusted gross profit 1
$ 18.4  $ 19.9  $ (1.5) (7.5)%
Adjusted gross margin 1
12.1  % 11.6  %
Operating income $ (1.1) $ (1.1) $ —  —%
Operating margin (0.7) % (0.6) %
Adjusted operating income 1
$ 1.6  $ (0.4) $ 2.0 
NM2
Adjusted operating margin 1
1.0  % (0.2) %
Net income (loss) from continuing operations $ (6.8) $ (0.9) $ (5.9)
NM2
Adjusted net income (loss) from continuing operations 1
$ (4.6) $ (0.4) $ (4.2)
NM2
Earnings (loss) per share, diluted
$ (0.20) $ (0.03) $ (0.17)
NM2
Adjusted earnings (loss) per share, diluted 1
$ (0.14) $ (0.01) $ (0.13)
NM2
Adjusted EBITDA 1
$ 4.6  $ 4.3  $ 0.3  7.0%
Adjusted EBITDA margin 1
3.0  % 2.5  %
1 See Appendix A for GAAP to Non-GAAP reconciliation
2 Not meaningful

Consolidated Results from Continuing Operations

Third Quarter 2025 Results
•Third quarter 2025 revenues were $152.5 million, compared to $171.8 million in the prior year period, a decrease of 11.2%. The overall decrease in revenues was due to lower sales as a result of a softening in customer demand, primarily in the Global Seating and Trim Systems & Components segments.
•Operating loss in the third quarter 2025 was flat compared to the prior year period at $1.1 million. Third quarter 2025 adjusted operating income was $1.6 million, compared to loss of $0.4 million in the prior year period. The increase in adjusted operating income was primarily attributable to improved gross margin performance and lower SG&A expenses.
•Interest associated with debt and other expenses was $4.1 million and $2.4 million for the third quarter 2025 and 2024, respectively, due to higher interest rates.
2


•Net loss from continuing operations was $6.8 million, or $(0.20) per diluted share, for the third quarter 2025 compared to net loss of $0.9 million, or $(0.03) per diluted share, in the prior year period. Third quarter 2025 adjusted net loss from continuing operations was $4.6 million, or $(0.14) per diluted share, compared to adjusted net loss of $0.4 million, or $(0.01) per diluted share.

On September 30, 2025, the Company had $20.2 million of outstanding borrowings on its U.S. revolving credit facility and $4.2 million outstanding borrowings on its China credit facility, $31.3 million of cash and $96.5 million of availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $127.8 million.


Third Quarter 2025 Segment Results

Global Seating Segment
•Revenues were $68.7 million compared to $76.6 million for the prior year period, a decrease of 10.4%, due to lower sales volume as a result of decreased customer demand.
•Operating income was $1.4 million, compared to loss of $1.5 million in the prior year period, an increase of $2.9 million, driven by improved gross margin performance and lower SG&A expenses. Third quarter 2025 adjusted operating income was $2.9 million compared to loss of $0.8 million in the prior year period.

Global Electrical Systems Segment
•Revenues were $49.5 million compared to $46.7 million in the prior year period, an increase of 5.9%, primarily as a result of ramping new business wins.
•Operating income was $0.8 million compared to loss of $1.5 million in the prior year period, an increase of $2.3 million. The increase in operating income was primarily attributable to higher sales volumes. Third quarter 2025 adjusted operating income was $1.4 million compared to loss of $0.2 million in the prior year period.

Trim Systems and Components Segment
•Revenues were $34.3 million compared to $48.4 million in the prior year period, a decrease of 29.2%, primarily due to lower sales volume.
•Operating loss was $0.9 million compared to an operating income of $5.4 million in the prior year period. The decrease in operating income was primarily attributable to lower demand and a gain on a facility sale in the prior period. Third quarter 2025 adjusted operating loss was $0.3 million compared to income of $4.1 million in the prior year period.
Outlook

CVG updated the Company's outlook for the full year 2025, based on current market conditions:

Metric Prior 2025 Outlook ($ millions) 2025 Outlook ($ millions)
Net Sales $650 - $670 $640 - $650
Adjusted EBITDA $21 - $25 $17 - $19
Free Cash Flow > $30 > $30

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 239,000 units, down 28% versus the 2024 actual Class 8 truck builds of 332,372 units and down 5% from the time of our second quarter 2025 earnings release, when ACT Research forecasted 252,000 units for 2025 North American Class 8 truck production.
3



Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025. However, we expect the contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Tuesday, November 11, 2025, at 8:30 a.m. ET. Management intends to reference the Q3 2025 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 19689. International participants dial (289) 819-1520 using conference code 19689.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 19689#.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Nathan Skown
Alpha IR Group
CVGI@alpha-ir.com

About CVG

CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information.
4


These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.
###
5


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1)
Three Months and Nine Months Ended September 30, 2025 and 2024
(Unaudited)
(Amounts in thousands, except per share amounts)
  Three Months Ended Nine Months Ended
  September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 152,489  $ 171,772  $ 494,240  $ 560,063 
Cost of revenues 136,446  155,351  440,875  500,019 
Gross profit 16,043  16,421  53,365  60,044 
Selling, general and administrative expenses 17,104  17,481  52,222  55,531 
Operating income (loss) (1,061) (1,060) 1,143  4,513 
Other (income) expense 1,004  (1,033) 1,358  (615)
Interest expense 4,068  2,371  8,862  6,974 
Loss on extinguishment of debt —  —  460  — 
 Income (loss) before provision for income taxes (6,133) (2,398) (9,537) (1,846)
Provision for income taxes 687  (1,515) 4,527  (1,110)
        Net income (loss) from continuing operations $ (6,820) $ (883) $ (14,064) $ (736)
Net income (loss) from discontinued operations (260) 10,397  (2,088) 11,588 
Net income (loss) (7,080) 9,514  (16,152) 10,852 
Basic earnings (loss) per share
Income (loss) from continuing operations $ (0.20) $ (0.03) $ (0.42) $ (0.02)
Income (loss) from discontinued operations $ (0.01) $ 0.31  $ (0.06) $ 0.35 
Diluted earnings (loss) per share
Income (loss) from continuing operations $ (0.20) $ (0.03) $ (0.42) $ (0.02)
Income (loss) from discontinued operations $ (0.01) $ 0.31  $ (0.06) $ 0.35 
Weighted average shares outstanding:
Basic 33,885  33,458  33,793  33,392 
Diluted 33,885  33,458  33,793  33,392 


(1) The operating results related to the cab structures business and Industrial Automation business have been reflected as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented.
6


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETS September 30, 2025 December 31, 2024
Current assets:
Cash $ 31,326  $ 26,630 
Accounts receivable, net 90,568  118,683 
Inventories 123,054  128,224 
Other current assets 31,057  29,763 
Total current assets 276,005  303,300 
Property, plant and equipment, net 66,127  68,861 
Intangible assets, net 3,492  3,918 
Deferred income taxes 11,969  11,084 
Other assets, net 42,672  37,410 
Total assets $ 400,265  $ 424,573 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 67,050  $ 77,002 
Accrued liabilities and other 40,218  40,358 
Current portion of long-term debt and short-term debt 5,157  8,438 
Total current liabilities 112,425  125,798 
Long-term debt 107,264  127,062 
Pension and other post-retirement benefits 8,765  8,143 
Other long-term liabilities 35,284  27,978 
Total liabilities $ 263,738  $ 288,981 
Stockholders’ equity:
Preferred stock $ —  $ — 
Common stock 340  337 
Treasury stock (16,570) (16,468)
Additional paid-in capital 271,905  269,117 
Retained deficit (90,204) (74,051)
Accumulated other comprehensive loss (28,944) (43,343)
Total stockholders’ equity 136,527  135,592 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 400,265  $ 424,573 

7


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended September 30,
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenues $ 68,707  $ 76,643  $ 49,491  $ 46,714  $ 34,291  $ 48,415  $ —  $ —  $ 152,489  $ 171,772 
Gross profit (loss) 8,516  7,719  5,321  2,993  2,206  5,709  —  —  16,043  16,421 
Selling, general & administrative expenses 1
7,108  9,259  4,483  4,468  3,136  262  2,377  3,492  17,104  17,481 
Operating income (loss) $ 1,408  $ (1,540) $ 838  $ (1,475) $ (930) $ 5,447  $ (2,377) $ (3,492) $ (1,061) $ (1,060)

Nine Months Ended September 30,
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenues $ 216,574  $ 239,844  $ 153,527  $ 159,079  $ 124,139  $ 161,140  $ —  $ —  $ 494,240  $ 560,063 
Gross profit (loss) 27,537  28,983  15,222  11,802  10,606  19,259  —  —  53,365  60,044 
Selling, general & administrative expenses 1
21,092  25,628  14,260  13,373  10,083  7,285  6,787  9,245  52,222  55,531 
Operating income (loss) $ 6,445  $ 3,355  $ 962  $ (1,571) $ 523  $ 11,974  $ (6,787) $ (9,245) $ 1,143  $ 4,513 

1.For the three and nine months ended September 30, 2024, selling, general and administrative expenses include a gain on the sale of a building of $3.5 million in the Trim Systems and Components segment.






8


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands, except per share amounts and percentages)

Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Gross profit $ 16,043  $ 16,421  $ 53,365  $ 60,044 
Restructuring 2,375  3,518  4,016  8,618 
Adjusted gross profit $ 18,418  $ 19,939  $ 57,381  $ 68,662 
% of revenues 12.1  % 11.6  % 11.6  % 12.3  %
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Operating income $ (1,061) $ (1,060) $ 1,143  $ 4,513 
Restructuring 2,703  4,217  4,545  9,769 
Gain on sale of fixed assets —  (3,544) —  (3,544)
Total operating income adjustments 2,703  673  4,545  6,225 
Adjusted operating income $ 1,642  $ (387) $ 5,688  $ 10,738 
% of revenues 1.1  % (0.2) % 1.2  % 1.9  %
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net income (loss) from continuing operations $ (6,820) $ (883) $ (14,064) $ (736)
Operating income adjustments 2,703  673  4,545  6,225 
Loss on early extinguishment of debt —  —  460  — 
Warrant fair value adjustment 275  —  275  — 
Adjusted provision for income taxes1
(745) (168) (1,320) (1,556)
Adjusted net income (loss) from continuing operations $ (4,587) $ (378) $ (10,104) $ 3,933 
Diluted EPS $ (0.20) $ (0.03) $ (0.42) $ (0.02)
Adjustments to diluted EPS $ 0.06  $ 0.02  $ 0.12  $ 0.14 
Adjusted diluted EPS $ (0.14) $ (0.01) $ (0.30) $ 0.12 
1.Reported Tax Provision adjusted for tax effect of special charges at 25%.
9


Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net income (loss) from continuing operations $ (6,820) $ (883) $ (14,064) $ (736)
Interest expense 4,068  2,371  8,862  6,974 
Provision for income taxes 687  (1,515) 4,527  (1,110)
Depreciation expense 3,588  3,562  10,540  10,438 
Amortization expense 141  140  424  463 
EBITDA $ 1,664  $ 3,675  $ 10,289  $ 16,029 
% of revenues 1.1  % 2.1  % 2.1  % 2.9  %
EBITDA adjustments
Restructuring $ 2,703  $ 4,217  $ 4,545  $ 9,769 
Gain on sale of fixed assets —  (3,544) —  (3,544)
Loss on extinguishment of debt —  —  460  — 
Warrant fair value adjustment 275  —  275  — 
Adjusted EBITDA $ 4,642  $ 4,348  $ 15,569  $ 22,254 
% of revenues 3.0  % 2.5  % 3.2  % 4.0  %

Three Months Ended September 30, 2025
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 1,408  $ 838  $ (930) $ (2,377) $ (1,061)
Restructuring 1,534  549  619  —  2,702 
Adjusted operating income (loss) $ 2,942  $ 1,387  $ (311) $ (2,377) $ 1,641 
% of revenues 4.3  % 2.8  % (0.9) % 1.1  %

Nine Months Ended September 30, 2025
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 6,445  $ 962  $ 523  $ (6,787) $ 1,143 
Restructuring 1,892  1,618  907  127  4,544 
Adjusted operating income (loss) $ 8,337  $ 2,580  $ 1,430  $ (6,660) $ 5,687 
% of revenues 3.8  % 1.7  % 1.2  % 1.2  %


Three Months Ended September 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ (1,540) $ (1,475) $ 5,447  $ (3,492) $ (1,060)
Restructuring 778  1,275  2,164  —  4,217 
Gain on sale of fixed assets —  —  (3,544) —  (3,544)
Adjusted operating income (loss) $ (762) $ (200) $ 4,067  $ (3,492) $ (387)
% of revenues (1.0) % (0.4) % 8.4  % (0.2) %

10


Nine Months Ended September 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 3,355  $ (1,571) $ 11,974  $ (9,245) $ 4,513 
Restructuring 1,585  3,745  4,268  171  9,769 
Gain on sale of fixed assets —  —  (3,544) —  (3,544)
Adjusted operating income (loss) $ 4,940  $ 2,174  $ 12,698  $ (9,074) $ 10,738 
% of revenues 2.1  % 1.4  % 7.9  % 1.9  %

The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and nine months ended September 30, 2025 and 2024.

Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
CONTINUING OPERATIONS
Cash flows from operating activities $ (1,686) $ (4,190) $ 32,049  $ (2,268)
Purchases of property, plant and equipment (1,818) (2,877) (7,089) (13,709)
Proceeds from disposal/sale of property, plant and equipment 58  4,455  58  4,455 
Proceeds from sale of business —  19,760  —  22,960 
Free cash flow from continuing operations $ (3,446) $ 17,148  $ 25,018  $ 11,438 
DISCONTINUED OPERATIONS
Cash flows from operating activities $ —  $ (12,877) $ 306  $ (4,567)
Purchases of property, plant and equipment —  (404) —  (838)
Free cash flow from discontinued operations $ —  $ (13,281) $ 306  $ (5,405)
TOTAL COMPANY
Cash flows from operating activities $ (1,686) $ (17,067) $ 32,355  $ (6,835)
Purchases of property, plant and equipment (1,818) (3,281) (7,089) (14,547)
Proceeds from disposal/sale of property, plant and equipment 58  4,455  58  4,455 
Proceeds from sale of business —  19,760  —  22,960 
Free cash flow $ (3,446) $ 3,867  $ 25,324  $ 6,033 



Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.

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Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
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