CVG Reports Third Quarter 2026 Results and Announces CEO Succession Plan
The higher revenue outlook comes alongside a lower adjusted EBITDA ceiling reflecting incremental CEO succession expenses.
Sentiment and the balance of points
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Rhea-AI Summary
CVG (CVGI) reported third-quarter 2026 revenue of $208.1 million, returning to profitability as sales increased across all three segments. Revenue rose 36.5% year over year. Gross margin reached 13.5%, versus 10.5%, and operating income was $7.7 million, versus a $1.1 million loss. Continuing-operations net income was $5.6 million, or $0.14 per diluted share, versus a $6.8 million loss. Earnings included a $3.1 million asset-sale gain and a $4.1 million pre-tax warrant revaluation benefit.
Adjusted EBITDA rose to $8.5 million from $4.6 million. CVG raised its 2026 revenue outlook to $755–$775 million but lowered the adjusted EBITDA ceiling to $29 million from $31 million, citing incremental CEO succession expenses. David Ruppel succeeds James Ray as president and CEO on November 9, 2026. Ray will serve as senior advisor through retirement on January 5, 2027.
How this balance works
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Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance increased to $755–$775 million from $725–$755 million.
- Moderate pointQ3 revenue rose 36.5% year over year to $208.1 million, with growth across all three segments.
- Moderate pointQ3 continuing-operations net income reached $5.6 million, or $0.14 diluted EPS, versus a $6.8 million loss.
- Moderate pointQ3 gross profit rose 75.6% to $28.1 million; gross margin increased to 13.5% from 10.5%.
- Moderate pointQ3 operating income reached $7.7 million, versus a $1.1 million loss; operating margin reached 3.7% versus negative 0.7%.
- Moderate pointQ3 adjusted EBITDA rose 84.8% to $8.5 million; margin increased to 4.1% from 3.0%.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Net leverage decreased to approximately 2.7 times; CVG continues targeting approximately two times.
17 minor points
- Minor pointQ3 gross margin expanded 80 basis points sequentially versus Q2 2026.
- Minor pointQ3 adjusted net income reached $1.2 million, or $0.03 diluted EPS, versus a $4.6 million adjusted loss.
- Minor pointQ3 adjusted operating income rose to $5.6 million from $1.6 million; margin reached 2.7% from 1.0%.
- Minor pointQ3 adjusted gross profit rose 56.5% to $28.8 million; adjusted gross margin reached 13.8% from 12.1%.
- Minor pointGlobal Seating Q3 revenue rose 23.3% year over year to $84.7 million.
- Minor pointGlobal Seating Q3 operating income increased to $3.6 million from $1.4 million.
- Minor pointGlobal Seating Q3 adjusted operating income increased to $4.6 million from $2.9 million.
- Minor pointGlobal Electrical Systems Q3 revenue rose 30.2% year over year to $64.4 million.
- Minor pointGlobal Electrical Systems Q3 operating income increased to $3.7 million from $0.8 million.
- Minor pointTrim Systems and Components Q3 revenue rose 71.9% year over year to $58.9 million.
- Minor pointTrim Systems and Components Q3 operating income reached $5.8 million, versus a $0.9 million loss.
- Minor pointTrim Systems and Components Q3 adjusted operating income reached $2.7 million, versus a $0.3 million adjusted loss.
- Minor pointQ3 debt-related interest and other expenses decreased to $3.4 million from $4.1 million on lower debt balances.
- Minor pointSeptember 30 liquidity totaled $123.1 million, including $39.8 million cash and $83.3 million credit availability.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 free cash flow outlook remains positive.
- Minor point. Forward-looking: it has not happened yet and may not happen.Global Seating footprint initiatives in China, the U.S. and the U.K. are expected to lower costs over time.
- Minor point. Forward-looking: it has not happened yet and may not happen.Further earnings growth into 2027 is expected by CVG from new business ramps and operational improvements.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance narrowed to $26–$29 million from $26–$31 million, reflecting incremental CEO succession expenses.
- Minor pointQ3 selling, general and administrative expenses increased to $23.531 million from $17.104 million.
- Minor pointHigher commodity and freight costs remain costs CVG is working to recover.
- Minor pointSeptember 30 revolving borrowings were $34.2 million on the U.S. facility and $1.5 million on the China facility.
- Minor point. Forward-looking: it has not happened yet and may not happen.Cash-settled performance-share remeasurement means share-price changes could materially affect CVG’s adjusted EBITDA outlook.
News Explained
Management reported net leverage of about two point seven times and a goal of about two times.
In its third-quarter release, CVG reports that at
Details
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On Nov 2, the day this news came out, the latest delayed price for CVGI is 12.30% above the previous close. Our momentum scanner has recorded 5 alerts for this stock so far that day. The latest delayed price is $3.56.
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Key Figures
- Q3 revenue
- $208.1 million; up 36.5%
- Third quarter 2026, compared with prior year
- Gross margin expansion
- 300 basis points
- Q3 2026 versus Q3 2025
- Diluted EPS
- $0.14
- Q3 2026, compared with $(0.20) in Q3 2025
- Adjusted EBITDA
- $8.5 million
- Q3 2026, compared with $4.6 million in Q3 2025
- Adjusted EBITDA margin
- 4.1%
- Q3 2026, compared with 3.0% in Q3 2025
- FY2026 revenue outlook
- $755–$775 million
- Updated from $725–$755 million
- FY2026 Adjusted EBITDA outlook
- $26–$29 million
- Updated from $26–$31 million; top end reduced
- CEO appointment effective date
- November 9, 2026
- David Ruppel appointed President and CEO and a Board member
Previous Earnings Reports
-
Revenue growth and raised FY2026 outlook established prior guidance ranges revised in the current release.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
gaap financial
adjusted ebitda financial
warrant liability revaluation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Delivered strong revenue growth and margin expansion
Returned to positive GAAP and Adjusted EPS
Raises revenue outlook and narrows Adjusted EBITDA guidance range
Appoints David Ruppel as President and CEO and a member of the Board
NEW ALBANY, Ohio, Nov. 02, 2026 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its third quarter ended September 30, 2026.
Third Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
- Revenues of
$208.1 million , up36.5% , primarily driven by increased demand across all three segments. - Gross margin expansion of 300 basis points versus Q3 2025 and 80 basis points sequentially versus Q2 2026 primarily from volume leverage and operational efficiency improvements.
- Operating income of
$7.7 million , which included$3.1 million gain on sale of assets, up$8.7 million , compared to an operating loss of$1.1 million . Adjusted operating income of$5.6 million , compared to$1.6 million . - Net income from continuing operations of
$5.6 million , or$0.14 per diluted share and adjusted net income of$1.2 million , or$0.03 per diluted share, compared to 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. Net income includes a$4.1 million pre-tax warrant liability revaluation benefit. - Adjusted EBITDA of
$8.5 million , compared to$4.6 million , with an adjusted EBITDA margin of4.1% , up from3.0% .
James Ray, President and Chief Executive Officer, said, “The third quarter demonstrated the earnings potential of a leaner, more efficient, and more focused CVG. Strong volume growth across all three segments, together with productivity gains, drove meaningful revenue growth and improvement in gross margin, adjusted operating income, and adjusted EBITDA. We see further opportunities to improve performance, particularly through driving plant efficiencies and recovering higher commodity and freight costs."
Mr. Ray continued, “Trim Systems & Components delivered the strongest year-over-year growth, benefiting from higher North American Class 8 production volumes and new program launches. Global Electrical Systems benefited from new program ramps and increased demand in construction markets, and we continue to work closely with Zoox to support their production plans. Global Seating delivered solid growth while executing the footprint initiatives in China, the U.S., and the U.K. We expect these initiatives to lower our cost base over time. We expect the combination of new business ramps, continued operational improvement and execution in our key end markets to support further earnings growth into 2027.”
Angie O’Leary, Chief Financial Officer, added, “The third quarter marks a meaningful step in our transition toward profitable growth, with stronger volume translating into higher adjusted margins and positive adjusted EPS. As growth accelerates, our financial priorities remain clear: converting higher earnings into cash, strengthening the balance sheet and investing in the working capital and capacity needed to support new business. We made progress in each area this quarter, including reducing net leverage to approximately 2.7 times. We remain focused on driving profitable growth and progressing toward our net leverage goal of approximately two times. Based on our performance through the first nine months of the year, and our expectations for the fourth quarter, we are raising our full-year revenue outlook. We are also reducing the top end of the Adjusted EBITDA guidance range, reflecting incremental expenses related to the CEO succession.”
CEO Succession Plan
The Company also announced that its Board of Directors (the “Board”) has appointed David Ruppel as the Company’s next President and Chief Executive Officer and a member of the Board, in each case effective November 9, 2026. Mr. Ruppel will succeed James Ray, who will step down as President and Chief Executive Officer and as a member of the Board on November 9, 2026 and will remain with CVG as a Senior Advisor through his retirement on January 5, 2027.
The Board extends its sincere gratitude to Mr. Ray for his outstanding leadership and the significant contributions he has made to CVG during his tenure and appreciates his continued counsel as Senior Advisor to support a seamless transition. During his nearly three years as CEO, Mr. Ray guided the Company through challenging end market conditions, refinanced its balance sheet, and transformed its operating structure to sharpen CVG's focus on profitable growth. Mr. Ray’s resignation did not result from any disagreement with the Company on any matter relating to its operations, policies or practices.
Mr. Ruppel brings more than 25 years of operational and general management experience across many of CVG’s key end markets, including commercial vehicles, electrical systems, and industrials. He currently serves as Senior Vice President and General Manager, Transportation & Logistics at Littelfuse, Inc., with global P&L responsibility for a
Mr. Ruppel holds an Executive Master of Business Administration from Marquette University and a Bachelor of Science in Management from Cardinal Stritch University.
“We have found an exceptional leader whose deep operating experience and strong record of execution position him well to advance CVG’s strategy and drive growth,” said William C. Johnson, Chairman of the Board. “David is a seasoned, results-oriented executive who has led complex global businesses, including in the commercial vehicle and electrical markets that are central to the Company. He is the right leader to guide CVG through its next phase of growth, and I am confident that this transition will be smooth.”
Mr. Ruppel said, “I am honored to be appointed President and CEO and thank the Board for its confidence. I look forward to partnering with our talented employees around the world as we execute our strategy and deliver value for our customers and shareholders. CVG is a diverse organization with a global footprint and broad product portfolio, and I am excited for the opportunity to lead it. Having spent my career in markets closely aligned with CVG’s, I see a strong foundation with clear potential to deliver profitable growth.”
Third Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
| Third Quarter | ||||||||||||
| 2026 | 2025 | $ Change | % Change | |||||||||
| Revenues | $ | 208.1 | $ | 152.5 | $ | 55.6 | ||||||
| Gross profit | $ | 28.1 | $ | 16.0 | $ | 12.1 | ||||||
| Gross margin | 13.5 | % | 10.5 | % | ||||||||
| Adjusted gross profit 1 | $ | 28.8 | $ | 18.4 | $ | 10.4 | ||||||
| Adjusted gross margin 1 | 13.8 | % | 12.1 | % | ||||||||
| Operating income | $ | 7.7 | $ | (1.1 | ) | $ | 8.8 | NM2 | ||||
| Operating margin | 3.7 | % | (0.7) % | |||||||||
| Adjusted operating income 1 | $ | 5.6 | $ | 1.6 | $ | 4.0 | ||||||
| Adjusted operating margin 1 | 2.7 | % | 1.0 | % | ||||||||
| Net income (loss) from continuing operations | $ | 5.6 | $ | (6.8 | ) | $ | 12.4 | NM2 | ||||
| Adjusted net income (loss) from continuing operations 1 | $ | 1.2 | $ | (4.6 | ) | $ | 5.8 | NM2 | ||||
| Earnings (loss) per share, diluted | $ | 0.14 | $ | (0.20 | ) | $ | 0.34 | NM2 | ||||
| Adjusted earnings (loss) per share, diluted 1 | $ | 0.03 | $ | (0.14 | ) | $ | 0.17 | NM2 | ||||
| Adjusted EBITDA 1 | $ | 8.5 | $ | 4.6 | $ | 3.9 | ||||||
| Adjusted EBITDA margin 1 | 4.1 | % | 3.0 | % | ||||||||
| 1 See Appendix A for GAAP to Non-GAAP reconciliation | ||||||||||||
| 2 Not meaningful | ||||||||||||
Consolidated Results from Continuing Operations
Third Quarter 2026 Results
- Third quarter 2026 revenues were
$208.1 million , compared to$152.5 million in the prior year period, an increase of36.5% . The overall increase in revenues was primarily due to increased customer demand in global markets and the ramp of previously awarded new business wins across all three of our segments. - Operating income in the third quarter 2026 was
$7.7 million , which included$3.1 million gain on sale of assets, up$8.7 million compared to an operating loss of$1.1 million in the prior year period. Third quarter 2026 adjusted operating income was$5.6 million , compared to adjusted operating income of$1.6 million in the prior year period. The increase in adjusted operating income was primarily attributable to the impact of higher sales volumes and operational efficiency improvements, partially offset by higher SG&A expense, driven primarily by share-based compensation, increased performance-based incentive compensation, and recruiting costs related to the CEO succession process. - Interest associated with debt and other expenses was
$3.4 million and$4.1 million for the third quarter 2026 and 2025, respectively, with the decrease for the third quarter 2026 due to lower debt balances. - Net income from continuing operations was
$5.6 million , or$0.14 per diluted share, for the third quarter 2026 compared to net loss of$6.8 million , or$(0.20) per diluted share, in the prior year period. Net income includes a$4.1 million pre-tax warrant liability revaluation benefit. Third quarter 2026 adjusted net income from continuing operations was$1.2 million , or$0.03 per diluted share, compared to adjusted net loss of$4.6 million , or$(0.14) per diluted share.
On September 30, 2026, the Company had
Third Quarter 2026 Segment Results
Global Seating Segment
- Revenues were
$84.7 million compared to$68.7 million for the prior year period, an increase of23.3% , due primarily to increased customer demand in North America and Asia-Pacific markets. - Operating income was
$3.6 million , compared to$1.4 million in the prior year period, an increase of$2.2 million , driven by higher sales and improved gross margin performance. Third quarter 2026 adjusted operating income was$4.6 million compared to$2.9 million in the prior year period.
Global Electrical Systems Segment
- Revenues were
$64.4 million compared to$49.5 million in the prior year period, an increase of30.2% , primarily as a result of ramping new business wins and increased customer demand in construction markets. - Operating income was
$3.7 million compared to operating income of$0.8 million in the prior year period. The increase in operating income was primarily attributable to higher volume and product mix.
Trim Systems and Components Segment
- Revenues were
$58.9 million compared to$34.3 million in the prior year period, an increase of71.9% , primarily due to higher sales volume as a result of increased customer demand in North America, including improved product mix. - Operating income was
$5.8 million compared to operating loss of$0.9 million in the prior year period. The increase in operating income was primarily attributable to higher demand, improved operational efficiencies, and a gain on sale of assets. Third quarter 2026 adjusted operating income was$2.7 million compared to an adjusted operating loss of$0.3 million in the prior year period.
Outlook
CVG updated the Company's outlook for the full year 2026, based on current market conditions:
| Metric | Prior 2026 Outlook ($ millions) | Updated 2026 Outlook ($ millions) |
| Revenues | ||
| Adjusted EBITDA | ||
| Free Cash Flow | Positive | Positive |
This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2026 North American Class 8 truck production levels are expected to be at 272,442 units, up
The outlook for the Construction end market reflects high-single digit growth in 2026.
Our long-term incentive awards are designed to align executive compensation with shareholder returns. Our adjusted EBITDA outlook incorporates current estimates of long-term performance shares settled in cash. Under GAAP accounting, such awards are remeasured each reporting period. Therefore, changes in our share price could materially affect our Adjusted EBITDA outlook. While this creates periodic earnings volatility under GAAP, it does not represent a corresponding change in our underlying cost structure. (see Appendix A)
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 3, 2026, at 8:30 a.m. ET. Management intends to reference the Q3 2026 Earnings Call Presentation during the conference call. To participate, dial (833) 461-5787 using conference code 592968497. International participants dial (585) 542-9983 using conference code 592968497.
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 and available for replay for one year.
Company Contact
Michelle Hards
Vice-President, Investor Relations / Corporate Financial Planning & Analysis
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 global commercial vehicle markets and electric vehicle markets. 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, including, but not limited to, global commercial vehicle markets and electric vehicle markets, changes in the North America Class 8 and Class 5-7 truck build rates, performance of the global construction and agricultural equipment businesses, the Company’s prospects in the global commercial vehicle markets 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 or divestitures, production of new products, plans for capital expenditures, and the Company’s financial position or other financial information. 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.
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months and Nine Months Ended September 30, 2026 and 2025 (Unaudited) (Amounts in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Revenues | $ | 208,091 | $ | 152,489 | $ | 574,825 | $ | 494,240 | |||||||
| Cost of revenues | 179,991 | 136,446 | 502,181 | 440,875 | |||||||||||
| Gross profit | 28,100 | 16,043 | 72,644 | 53,365 | |||||||||||
| Selling, general and administrative expenses | 23,531 | 17,104 | 65,761 | 52,222 | |||||||||||
| Gain on sale of assets | (3,084 | ) | — | (17,041 | ) | — | |||||||||
| Operating income (loss) | 7,653 | (1,061 | ) | 23,924 | 1,143 | ||||||||||
| Other (income) expense | 686 | 729 | 2,465 | 1,083 | |||||||||||
| Change in fair value of warrant liabilities | (4,112 | ) | 275 | 4,309 | 275 | ||||||||||
| Loss on extinguishment of debt | 419 | — | 3,406 | 460 | |||||||||||
| Interest expense | 3,356 | 4,068 | 10,398 | 8,862 | |||||||||||
| Income (loss) before provision for income taxes | 7,304 | (6,133 | ) | 3,346 | (9,537 | ) | |||||||||
| Provision for income taxes | 1,733 | 687 | 5,614 | 4,527 | |||||||||||
| Net income (loss) from continuing operations | $ | 5,571 | $ | (6,820 | ) | (2,268 | ) | (14,064 | ) | ||||||
| Net income (loss) from discontinued operations | — | (260 | ) | (1,500 | ) | (2,088 | ) | ||||||||
| Net income (loss) | 5,571 | (7,080 | ) | (3,768 | ) | (16,152 | ) | ||||||||
| Basic earnings (loss) per share | |||||||||||||||
| Income (loss) from continuing operations | $ | 0.15 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.42 | ) | ||||
| Income (loss) from discontinued operations | $ | — | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.06 | ) | ||||
| Diluted earnings (loss) per share | |||||||||||||||
| Income (loss) from continuing operations | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.42 | ) | ||||
| Income (loss) from discontinued operations | $ | — | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.06 | ) | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 37,607 | 33,885 | 37,291 | 33,793 | |||||||||||
| Diluted | 39,160 | 33,885 | 37,291 | 33,793 | |||||||||||
| COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts) | |||||||
| ASSETS | September 30, 2026 | December 31, 2025 | |||||
| Current assets: | |||||||
| Cash | $ | 39,777 | $ | 33,282 | |||
| Accounts receivable, net | 125,523 | 86,262 | |||||
| Inventories | 141,906 | 118,557 | |||||
| Other current assets | 30,098 | 25,226 | |||||
| Total current assets | 337,304 | 263,327 | |||||
| Property, plant and equipment, net | 63,410 | 66,638 | |||||
| Intangible assets, net | 2,929 | 3,350 | |||||
| Deferred income taxes, net | 11,228 | 11,349 | |||||
| Other assets, net | 69,215 | 47,050 | |||||
| Total assets | $ | 484,086 | $ | 391,714 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 109,206 | $ | 74,180 | |||
| Accrued liabilities and other | 62,034 | 31,800 | |||||
| Current portion of long-term debt and short-term debt | 4,342 | 2,371 | |||||
| Total current liabilities | 175,582 | 108,351 | |||||
| Long-term debt | 91,750 | 104,004 | |||||
| Pension and other post-retirement benefits | 6,694 | 6,902 | |||||
| Other long-term liabilities | 68,884 | 39,100 | |||||
| Total liabilities | $ | 342,910 | $ | 258,357 | |||
| Stockholders’ equity: | |||||||
| Preferred stock | $ | — | $ | — | |||
| Common stock | 377 | 342 | |||||
| Treasury stock, at cost | (17,320 | ) | (16,706 | ) | |||
| Additional paid-in capital | 290,070 | 272,903 | |||||
| Retained deficit | (100,601 | ) | (96,832 | ) | |||
| Accumulated other comprehensive loss | (31,350 | ) | (26,350 | ) | |||
| Total stockholders’ equity | 141,176 | 133,357 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 484,086 | $ | 391,714 | |||
| 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 | |||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Revenues | $ | 84,713 | $ | 68,707 | $ | 64,447 | $ | 49,491 | $ | 58,931 | $ | 34,291 | $ | — | $ | — | $ | 208,091 | $ | 152,489 | |||||||||||||||
| Gross profit (loss) | 12,106 | 8,516 | 8,977 | 5,321 | 7,017 | 2,206 | — | — | 28,100 | 16,043 | |||||||||||||||||||||||||
| Selling, general & administrative expenses | 8,505 | 7,108 | 5,303 | 4,483 | 4,348 | 3,136 | 5,375 | 2,377 | 23,531 | 17,104 | |||||||||||||||||||||||||
| Gain on sale of assets | — | — | — | — | (3,084 | ) | — | — | — | (3,084 | ) | — | |||||||||||||||||||||||
| Operating income (loss) | $ | 3,601 | $ | 1,408 | $ | 3,674 | $ | 838 | $ | 5,753 | $ | (930 | ) | $ | (5,375 | ) | $ | (2,377 | ) | $ | 7,653 | $ | (1,061 | ) | |||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | ||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Revenues | $ | 239,232 | $ | 216,574 | $ | 183,925 | $ | 153,527 | $ | 151,668 | $ | 124,139 | $ | — | $ | — | $ | 574,825 | $ | 494,240 | ||||||||||||||
| Gross profit (loss) | 33,672 | 27,537 | 21,646 | 15,222 | 17,326 | 10,606 | — | — | 72,644 | 53,365 | ||||||||||||||||||||||||
| Selling, general & administrative expenses | 24,026 | 21,092 | 16,299 | 14,260 | 12,534 | 10,083 | 12,902 | 6,787 | 65,761 | 52,222 | ||||||||||||||||||||||||
| Gain on sale of assets | (13,716 | ) | — | — | — | (3,084 | ) | — | (241 | ) | — | (17,041 | ) | — | ||||||||||||||||||||
| Operating income (loss) | $ | 23,362 | $ | 6,445 | $ | 5,347 | $ | 962 | $ | 7,876 | $ | 523 | $ | (12,661 | ) | $ | (6,787 | ) | $ | 23,924 | $ | 1,143 | ||||||||||||
| 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, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Gross profit | $ | 28,100 | $ | 16,043 | $ | 72,644 | $ | 53,365 | |||||||
| Restructuring | 684 | 2,375 | 2,622 | 4,016 | |||||||||||
| Adjusted gross profit | $ | 28,784 | $ | 18,418 | $ | 75,266 | $ | 57,381 | |||||||
| % of revenues | 13.8 | % | 12.1 | % | 13.1 | % | 11.6 | % | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Operating income | $ | 7,653 | $ | (1,061 | ) | $ | 23,924 | $ | 1,143 | ||||||
| Restructuring | 999 | 2,703 | 3,233 | 4,545 | |||||||||||
| Gain on sale of fixed assets | (3,084 | ) | — | (17,041 | ) | — | |||||||||
| Total operating income adjustments | (2,085 | ) | 2,703 | (13,808 | ) | 4,545 | |||||||||
| Adjusted operating income | $ | 5,568 | $ | 1,642 | $ | 10,116 | $ | 5,688 | |||||||
| % of revenues | 2.7 | % | 1.1 | % | 1.8 | % | 1.2 | % | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Net income (loss) from continuing operations | $ | 5,571 | $ | (6,820 | ) | $ | (2,268 | ) | $ | (14,064 | ) | ||||
| Operating income adjustments | (2,085 | ) | 2,703 | (13,808 | ) | 4,545 | |||||||||
| Loss on early extinguishment of debt | 419 | — | 3,406 | 460 | |||||||||||
| Warrant fair value adjustment | (4,112 | ) | 275 | 4,309 | 275 | ||||||||||
| Adjusted provision for income taxes1 | 1,445 | (745 | ) | 1,523 | (1,320 | ) | |||||||||
| Adjusted net income (loss) from continuing operations | $ | 1,238 | $ | (4,587 | ) | $ | (6,838 | ) | $ | (10,104 | ) | ||||
| Diluted EPS | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.42 | ) | ||||
| Adjustments to diluted EPS | $ | (0.11 | ) | $ | 0.06 | $ | (0.12 | ) | $ | 0.12 | |||||
| Adjusted diluted EPS | $ | 0.03 | $ | (0.14 | ) | $ | (0.18 | ) | $ | (0.30 | ) | ||||
1. Reported Tax Provision adjusted for tax effect of special charges at
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| Net income (loss) from continuing operations | $ | 5,571 | $ | (6,820 | ) | $ | (2,268 | ) | $ | (14,064 | ) | ||||
| Interest expense | 3,356 | 4,068 | 10,398 | 8,862 | |||||||||||
| Provision for income taxes | 1,733 | 687 | 5,614 | 4,527 | |||||||||||
| Depreciation expense | 3,453 | 3,588 | 10,668 | 10,540 | |||||||||||
| Amortization expense | 134 | 141 | 406 | 424 | |||||||||||
| EBITDA | $ | 14,247 | $ | 1,664 | $ | 24,818 | $ | 10,289 | |||||||
| % of revenues | 6.8 | % | 1.1 | % | 4.3 | % | 2.1 | % | |||||||
| EBITDA adjustments | |||||||||||||||
| Restructuring | $ | 999 | $ | 2,703 | $ | 3,233 | $ | 4,545 | |||||||
| Gain on sale of fixed assets | (3,084 | ) | — | (17,041 | ) | — | |||||||||
| Loss on extinguishment of debt | 419 | — | 3,406 | 460 | |||||||||||
| Warrant fair value adjustment | (4,112 | ) | 275 | 4,309 | 275 | ||||||||||
| Adjusted EBITDA | $ | 8,469 | $ | 4,642 | $ | 18,725 | $ | 15,569 | |||||||
| % of revenues | 4.1 | % | 3.0 | % | 3.3 | % | 3.2 | % | |||||||
| Long-term incentive compensation items impacting EBITDA: | |||||||||||||||
| Share-based compensation | $ | 3,052 | $ | 1,037 | $ | 5,508 | $ | 2,788 | |||||||
| Performance shares settled in cash | (366 | ) | 199 | 1,614 | 538 | ||||||||||
| $ | 2,686 | $ | 1,236 | $ | 7,122 | $ | 3,326 | ||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | |||||||||||||||
| Operating income (loss) | $ | 3,601 | $ | 3,674 | $ | 5,754 | $ | (5,375 | ) | $ | 7,654 | ||||||||
| Restructuring | 974 | 25 | — | — | 999 | ||||||||||||||
| Gain on sale of fixed assets | — | — | (3,084 | ) | — | (3,084 | ) | ||||||||||||
| Adjusted operating income (loss) | $ | 4,575 | $ | 3,699 | $ | 2,670 | $ | (5,375 | ) | $ | 5,569 | ||||||||
| % of revenues | 5.4 | % | 5.7 | % | 4.5 | % | 2.7 | % | |||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Corporate/Other | Total | |||||||||||||||
| Operating income (loss) | $ | 23,362 | $ | 5,347 | $ | 7,876 | $ | (12,661 | ) | $ | 23,924 | ||||||||
| Restructuring | 2,536 | 534 | 163 | — | 3,233 | ||||||||||||||
| Gain on sale of fixed assets | (13,716 | ) | — | (3,084 | ) | (241 | ) | (17,041 | ) | ||||||||||
| Adjusted operating income (loss) | $ | 12,182 | $ | 5,881 | $ | 4,955 | $ | (12,902 | ) | $ | 10,116 | ||||||||
| % of revenues | 5.1 | % | 3.2 | % | 3.3 | % | 1.8 | % | |||||||||||
| 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 | 620 | — | 2,703 | ||||||||||||||
| Adjusted operating income (loss) | $ | 2,942 | $ | 1,387 | $ | (310 | ) | $ | (2,377 | ) | $ | 1,642 | |||||||
| % 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 | % | |||||||||||
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, 2026 and 2025.
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||
| CONTINUING OPERATIONS | |||||||||||||||
| Cash flows from operating activities | $ | 1,562 | $ | (1,686 | ) | $ | 1,685 | $ | 32,049 | ||||||
| Purchases of property, plant and equipment | (5,072 | ) | (1,818 | ) | (10,807 | ) | (7,089 | ) | |||||||
| Proceeds from disposal/sale of property, plant and equipment | 4,110 | 58 | 20,032 | 58 | |||||||||||
| Free cash flow from continuing operations | $ | 600 | $ | (3,446 | ) | $ | 10,910 | $ | 25,018 | ||||||
| DISCONTINUED OPERATIONS | |||||||||||||||
| Cash flows from operating activities | $ | — | $ | — | $ | — | $ | 306 | |||||||
| Free cash flow from discontinued operations | $ | — | $ | — | $ | — | $ | 306 | |||||||
| TOTAL COMPANY | |||||||||||||||
| Cash flows from operating activities | $ | 1,562 | $ | (1,686 | ) | $ | 1,685 | $ | 32,355 | ||||||
| Purchases of property, plant and equipment | (5,072 | ) | (1,818 | ) | (10,807 | ) | (7,089 | ) | |||||||
| Proceeds from disposal/sale of property, plant and equipment | 4,110 | 58 | 20,032 | 58 | |||||||||||
| Free cash flow | $ | 600 | $ | (3,446 | ) | $ | 10,910 | $ | 25,324 | ||||||
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.
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CVG’s third-quarter 2026 earnings?
CVG reported continuing-operations net income of $5.6 million, or $0.14 per diluted share, versus a $6.8 million loss, or $0.20 per diluted share, a year earlier. Adjusted net income was $1.2 million, or $0.03 per diluted share, versus an adjusted loss of $4.6 million, or $0.14 per diluted share.
Who is becoming CVG’s CEO and when?
David Ruppel becomes CVG’s president and CEO on November 9, 2026, succeeding James Ray and joining the board. Ray steps down from those roles that day and remains senior advisor through his retirement on January 5, 2027.