Stoneridge Reports Third Quarter 2025 Results
Rhea-AI Summary
Stoneridge (NYSE: SRI) reported 3Q25 sales of $210.3M, gross profit of $42.8M (20.3% of sales) and a net loss of $(9.4M) (EPS $(0.34)).
Adjusted EBITDA was $9.3M (4.4% of sales) or $11.7M (5.6%) excluding a $2.4M non-operating FX charge. The company updated 2025 revenue guidance to $860M–$870M (midpoint $865M) and adjusted EBITDA guidance to $30M–$32M. Cash was $54.0M, total debt $171.1M (net debt $117.2M) and adjusted net debt/TTM EBITDA was 3.67x.
New awards totalled ~$185M estimated lifetime revenue, including a MirrorEye OEM award (~$55M) and Control Devices/park lock awards (~$130M).
Positive
- MirrorEye sales +78% year-to-date
- New program awards totaling $185M estimated lifetime revenue
- Adjusted EBITDA excluding FX $11.7M (5.6% of sales), +200 bps vs Q2
- Stoneridge Brazil sales +23.5% QoQ with operating income up ~$1.7M
Negative
- Net loss of $(9.4M) and EPS $(0.34) in 3Q25
- Full-year revenue midpoint reduced by $10M to $865M
- Adjusted EBITDA midpoint reduced by $5M and includes a $2.4M non-operating FX expense
- Total debt $171.1M with credit facility maturing Nov 2, 2026
News Market Reaction 18 Alerts
On the day this news was published, SRI gained 2.08%, reflecting a moderate positive market reaction. Argus tracked a trough of -8.4% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $4M to the company's valuation, bringing the market cap to $176M at that time. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Continued Progress on Key Operational Priorities
Announcing MirrorEye® OEM Program Award with an Additional Truck Manufacturer
Announcing Leak Detection Module and Park Lock Actuator Program Awards
2025 Third Quarter Results
- Sales of
$210.3 million - Gross profit of
$42.8 million 20.3% of sales) - Adjusted gross profit of
$43.7 million 20.8% of sales) - Operating loss of
$(3.3) million - Adjusted operating income of
$2.4 million 1.2% of sales)- Adjusted operating margin improvement of 100 basis points vs. Q2 2025
- Net loss of
$(9.4) million - Adjusted net loss of
$(5.1) million - Adjusted EBITDA of
$9.3 million 4.4% of sales),- Adjusted EBITDA, excluding non-operating, non-cash FX expense of
$2.4 million $11.7 million 5.6% of sales (a 200 basis point improvement vs. Q2 2025)
- Adjusted EBITDA, excluding non-operating, non-cash FX expense of
2025 Full-Year Guidance Update
- Updating revenue guidance to
$860 million $870 million $865 million - Updating to reflect customer production volume reductions, primarily in the North American commercial vehicle end market
- Updating adjusted EBITDA to
$30 million $32 million 3.5% to3.7% )- Updating to reflect the non-operating FX expense of
$2.4 million - Updating to reflect reduced revenue expectations due to customer production volume reductions
- Updating to reflect the non-operating FX expense of
The exhibits attached hereto provide reconciliation details on normalizing adjustments of non-GAAP financial measures used in this press release.
Jim Zizelman, president and chief executive officer, commented, "Our third quarter performance demonstrates our ability to navigate challenging macroeconomic conditions as we continued to expand our adjusted operating margin and made progress across all of our key initiatives. During the quarter, our major commercial vehicle end markets, especially
Zizelman concluded, "Finally we continue to build a strong backlog for future growth with several new programs awarded this quarter totaling over
Third Quarter in Review
Electronics third quarter sales of
Control Devices third quarter sales of
Stoneridge Brazil third quarter sales of
Relative to the third quarter of 2024, Electronics third quarter sales decreased by
Relative to the third quarter of 2024, Control Devices third quarter sales decreased by
Relative to the third quarter of 2024, Stoneridge Brazil third quarter sales increased by
Cash and Debt Balances
As of September 30, 2025, Stoneridge had cash and cash equivalents totaling
For Credit Facility compliance purposes, adjusted net debt was
Matt Horvath, chief financial officer, commented, "Due to the ongoing strategic review process related to Control Devices, we are waiting to refinance our credit facility to ensure we align the capital structure with the long-term structure of the Company. Additionally, we are incurring incremental costs with third-party advisors as we evaluate strategic alternatives, which are not all adjustable per the existing terms of our credit facility. We have amended our credit facility to extend our interest coverage ratio relief by maintaining the same ratio as this quarter, or 2.5x, through the first quarter of next year. Should we sell Control Devices, the sale proceeds would be used to reduce debt and significantly improve our overall leverage ratios. Should we complete our review without a sale of the Control Devices segment, we would expect to refinance the credit facility early next year. Regardless, we expect to remain in compliance with all of our covenant ratios."
2025 Outlook
The Company is updating its full-year 2025 sales guidance range to
Horvath, commented, "We are updating our full-year 2025 sales guidance to the low end of the previously provided range to reflect lower production volume expectations, primarily in the North American and European commercial vehicle end markets as the volatile trade environment and reduced truck demand continues to impact these markets. That said, we expect that MirrorEye, and other Stoneridge specific growth drivers, will offset some of the macroeconomic headwinds that we face. This results in a midpoint reduction of
Horvath concluded, "We remain focused on building a strong foundation for continued earnings expansion as we capitalize on our impressive portfolio of advanced technologies. We will continue to monitor shifts in macroeconomic policies, including tariffs, and the impacts on our business to ensure that we respond quickly to offset any incremental costs, just as we have done historically. As demonstrated by new business award announcements this quarter, Stoneridge remains well positioned to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation over the coming years."
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2025 third quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, November 6, 2025, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this press release and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "could," "would," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
- the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
- fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;
- global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the
U.S. and other countries; - tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;
- our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;
- the costs and timing of business realignment, facility closures or similar actions;
- a significant change in commercial, automotive, off-highway or agricultural vehicle production;
- competitive market conditions and resulting effects on sales and pricing;
- foreign currency fluctuations and our ability to manage those impacts;
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded business;
- adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers' products;
- our ability to protect our intellectual property and successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
- labor disruptions at our facilities, or at any of our significant customers or suppliers;
- business disruptions due to natural disasters or other disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;
- capital availability or costs, including changes in interest rates;
- refinancing risk and access to capital markets and liquidity;
- the failure to achieve the successful integration of any acquired company or business;
- risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and
- the items described in Part I, Item IA ("Risk Factors") in the Company's 2024 Form 10-K.
The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
There can be no assurance that the strategic review of the Control Devices business will result in a transaction. The Company does not intend to comment further regarding this matter unless and until further disclosure is determined to be appropriate.
Use of Non-GAAP Financial Information
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in
In evaluating its business, the Company considers and uses free cash flow and net debt as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, net debt, adjusted net debt, adjusted cash, free cash flow, and adjusted free cash flow are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.
Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, net debt, adjusted net debt, adjusted cash, free cash flow, and adjusted free cash flow should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
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|
||||
|
(in thousands) |
|
September 30,
|
|
December 31,
|
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 53,988 |
|
$ 71,832 |
|
Accounts receivable, less reserves of |
|
153,072 |
|
137,766 |
|
Inventories, net |
|
145,449 |
|
151,337 |
|
Prepaid expenses and other current assets |
|
31,806 |
|
26,579 |
|
Total current assets |
|
384,315 |
|
387,514 |
|
Long-term assets: |
|
|
|
|
|
Property, plant and equipment, net |
|
100,477 |
|
97,667 |
|
Intangible assets, net |
|
40,741 |
|
39,677 |
|
Goodwill |
|
37,530 |
|
33,085 |
|
Operating lease right-of-use asset |
|
13,481 |
|
10,050 |
|
Investments and other long-term assets, net |
|
55,535 |
|
53,563 |
|
Total long-term assets |
|
247,764 |
|
234,042 |
|
Total assets |
|
$ 632,079 |
|
$ 621,556 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of debt |
|
$ 947 |
|
$ — |
|
Accounts payable |
|
101,773 |
|
83,478 |
|
Accrued expenses and other current liabilities |
|
77,292 |
|
66,494 |
|
Total current liabilities |
|
180,012 |
|
149,972 |
|
Long-term liabilities: |
|
|
|
|
|
Revolving credit facility |
|
170,194 |
|
201,577 |
|
Deferred income taxes |
|
4,939 |
|
5,321 |
|
Operating lease long-term liability |
|
9,514 |
|
6,484 |
|
Other long-term liabilities |
|
16,225 |
|
12,942 |
|
Total long-term liabilities |
|
200,872 |
|
226,324 |
|
Shareholders' equity: |
|
|
|
|
|
Preferred Shares, without par value, 5,000 shares authorized, none issued |
|
— |
|
— |
|
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 |
|
— |
|
— |
|
Additional paid-in capital |
|
218,048 |
|
225,712 |
|
Common Shares held in treasury, 948 and 1,271 shares at September 30, 2025 and |
|
(27,457) |
|
(38,424) |
|
Retained earnings |
|
154,059 |
|
179,985 |
|
Accumulated other comprehensive loss |
|
(93,455) |
|
(122,013) |
|
Total shareholders' equity |
|
251,195 |
|
245,260 |
|
Total liabilities and shareholders' equity |
|
$ 632,079 |
|
$ 621,556 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three months ended
|
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Nine months ended
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(in thousands, except per share data) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ 210,267 |
|
$ 213,831 |
|
$ 656,109 |
|
$ 690,047 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
167,498 |
|
169,340 |
|
518,105 |
|
543,459 |
|
Selling, general and administrative |
|
31,594 |
|
26,533 |
|
96,125 |
|
88,832 |
|
Design and development |
|
14,454 |
|
17,643 |
|
50,984 |
|
53,703 |
|
Operating (loss) income |
|
(3,279) |
|
315 |
|
(9,105) |
|
4,053 |
|
Interest expense, net |
|
3,801 |
|
3,604 |
|
10,102 |
|
11,039 |
|
Equity in loss (earnings) of investee |
|
220 |
|
752 |
|
(124) |
|
1,081 |
|
Other expense (income), net |
|
2,414 |
|
(384) |
|
5,378 |
|
(644) |
|
Loss before income taxes |
|
(9,714) |
|
(3,657) |
|
(24,461) |
|
(7,423) |
|
(Benefit) provision for income taxes |
|
(343) |
|
3,413 |
|
1,465 |
|
2,987 |
|
Net loss |
|
$ (9,371) |
|
$ (7,070) |
|
$ (25,926) |
|
$ (10,410) |
|
|
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ (0.34) |
|
$ (0.26) |
|
$ (0.93) |
|
$ (0.38) |
|
Diluted |
|
$ (0.34) |
|
$ (0.26) |
|
$ (0.93) |
|
$ (0.38) |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
27,859 |
|
27,618 |
|
27,776 |
|
27,586 |
|
Diluted |
|
27,859 |
|
27,618 |
|
27,776 |
|
27,586 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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Nine months ended September 30, (in thousands) |
|
2025 |
|
2024 |
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|
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OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
|
$ (25,926) |
|
$ (10,410) |
|
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: |
|
|
|
|
|
Depreciation |
|
17,968 |
|
19,695 |
|
Amortization, including accretion of deferred financing costs |
|
7,121 |
|
6,812 |
|
Deferred income taxes |
|
(6,560) |
|
(6,339) |
|
(Earnings) loss of equity method investee |
|
(124) |
|
1,081 |
|
Loss on sale of fixed assets |
|
88 |
|
257 |
|
Share-based compensation expense |
|
3,659 |
|
3,092 |
|
Excess tax deficiency related to share-based compensation expense |
|
469 |
|
263 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
(4,823) |
|
6,042 |
|
Inventories, net |
|
17,751 |
|
9,694 |
|
Prepaid expenses and other assets |
|
1,450 |
|
4,949 |
|
Accounts payable |
|
11,226 |
|
(13,127) |
|
Accrued expenses and other liabilities |
|
2,893 |
|
6,508 |
|
Net cash provided by operating activities |
|
25,192 |
|
28,517 |
|
|
|
|
|
|
|
INVESTING ACTIVITIES: |
|
|
|
|
|
Capital expenditures, including intangibles |
|
(15,653) |
|
(19,049) |
|
Proceeds from sale of fixed assets |
|
338 |
|
312 |
|
Investment in venture capital fund, net |
|
(272) |
|
(260) |
|
Net cash used for investing activities |
|
(15,587) |
|
(18,997) |
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|
|
|
|
|
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FINANCING ACTIVITIES: |
|
|
|
|
|
Revolving credit facility borrowings |
|
36,000 |
|
98,000 |
|
Revolving credit facility payments |
|
(70,691) |
|
(91,000) |
|
Proceeds from issuance of debt |
|
15,376 |
|
24,277 |
|
Repayments of debt |
|
(14,985) |
|
(26,364) |
|
Repurchase of Common Shares to satisfy employee tax withholding |
|
(340) |
|
(780) |
|
Net cash (used for) provided by financing activities |
|
(34,640) |
|
4,133 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
7,191 |
|
(356) |
|
Net change in cash and cash equivalents |
|
(17,844) |
|
13,297 |
|
Cash and cash equivalents at beginning of period |
|
71,832 |
|
40,841 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ 53,988 |
|
$ 54,138 |
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Cash paid for interest, net |
|
$ 10,711 |
|
$ 11,892 |
|
Cash paid for income taxes, net |
|
$ 8,440 |
|
$ 8,429 |
|
Capital expenditures included in accounts payable |
|
$ 1,265 |
|
$ 1,070 |
|
Regulation G Non-GAAP Financial Measure Reconciliations |
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Exhibit 1 – Reconciliation of Adjusted Gross Profit |
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(USD in millions) |
Q3 2024 |
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Q3 2025 |
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Gross Profit |
$ 44.5 |
|
$ 42.8 |
|
|
|
|
|
|
Add: Pre-Tax Business Realignment Costs |
0.1 |
|
0.9 |
|
Adjusted Gross Profit |
$ 44.6 |
|
$ 43.7 |
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Exhibit 2 - Reconciliation of Adjusted Operating Income (Loss) |
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|
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(USD in millions) |
Q3 2024 |
|
Q3 2025 |
|
Operating Income (Loss) |
$ 0.3 |
|
$ (3.3) |
|
|
|
|
|
|
Add: Pre-Tax Business Realignment Costs |
0.3 |
|
2.1 |
|
Add: Pre-Tax Environmental Remediation Costs |
0.2 |
|
— |
|
Add: Pre-Tax Strategic Review Costs |
— |
|
3.7 |
|
Adjusted Operating Income |
$ 0.7 |
|
$ 2.4 |
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Exhibit 3 – Reconciliation of Adjusted Tax Rate |
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|
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(USD in millions) |
Q3 2025 |
|
Tax Rate |
|
Loss Before Tax |
$ (9.7) |
|
|
|
Add: Pre-Tax Business Realignment Costs |
2.1 |
|
|
|
Add: Pre-Tax Strategic Review Costs |
3.7 |
|
|
|
Adjusted Loss Before Tax |
$ (4.0) |
|
|
|
|
|
|
|
|
Income Tax Benefit |
$ (0.3) |
|
3.5 % |
|
Add: Tax Impact from Pre-Tax Adjustments |
1.4 |
|
|
|
Adjusted Income Tax Expense on Adjusted Loss Before Tax |
$ 1.1 |
|
(26.7) % |
|
Exhibit 4 - Reconciliation of Adjusted Net Loss and EPS |
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|
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|
(USD in millions, except EPS) |
Q3 2025 |
|
Q3 2025 EPS |
|
Net Loss |
$ (9.4) |
|
$ (0.34) |
|
|
|
|
|
|
Add: After-Tax Business Realignment Costs |
1.5 |
|
0.05 |
|
Add: After-Tax Strategic Review Costs |
2.8 |
|
0.10 |
|
Adjusted Net Loss |
$ (5.1) |
|
$ (0.18) |
|
Exhibit 5 – Reconciliation of Adjusted EBITDA |
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|
||||||||||
|
(USD in millions) |
|
Q3 2024 |
|
Q4 2024 |
|
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Loss Before Tax |
|
$ (3.7) |
|
$ (6.2) |
|
$ (5.6) |
|
$ (9.1) |
|
$ (9.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
3.6 |
|
3.4 |
|
3.2 |
|
3.1 |
|
3.8 |
|
Depreciation and amortization |
|
8.8 |
|
8.3 |
|
7.3 |
|
7.6 |
|
9.5 |
|
EBITDA |
|
$ 8.8 |
|
$ 5.5 |
|
$ 4.8 |
|
$ 1.6 |
|
$ 3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax Business Realignment Costs |
|
0.3 |
|
0.4 |
|
2.8 |
|
1.7 |
|
2.1 |
|
Add: Pre-Tax Environmental Remediation Costs |
|
0.2 |
|
— |
|
— |
|
— |
|
— |
|
Add: Pre-Tax Strategic Review Costs |
|
— |
|
— |
|
— |
|
1.0 |
|
3.7 |
|
Add: Pre-Tax Share-Based Compensation Accelerated |
|
— |
|
— |
|
— |
|
0.3 |
|
— |
|
Adjusted EBITDA |
|
$ 9.2 |
|
$ 6.0 |
|
$ 7.6 |
|
$ 4.6 |
|
$ 9.3 |
|
Exhibit 6 – Segment Adjusted Operating Income |
|||||
|
|
|||||
|
Reconciliation of Control Devices Adjusted Operating Income |
|||||
|
|
|||||
|
(USD in millions) |
Q3 2024 |
|
Q2 2025 |
|
Q3 2025 |
|
Control Devices Operating Income |
$ 2.1 |
|
$ 2.6 |
|
$ 1.2 |
|
|
|
|
|
|
|
|
Add: Pre-Tax Environmental Remediation Costs |
0.2 |
|
— |
|
— |
|
Add: Pre-Tax Business Realignment Costs |
— |
|
0.3 |
|
0.3 |
|
Control Devices Adjusted Operating Income |
$ 2.3 |
|
$ 2.8 |
|
$ 1.5 |
|
|
|||||
|
Reconciliation of Electronics Adjusted Operating Income |
|||||
|
|
|||||
|
(USD in millions) |
Q3 2024 |
|
Q2 2025 |
|
Q3 2025 |
|
Electronics Operating Income |
$ 3.5 |
|
$ 2.7 |
|
$ 5.9 |
|
|
|
|
|
|
|
|
Add: Pre-Tax Business Realignment Costs |
0.3 |
|
1.4 |
|
0.9 |
|
Electronics Adjusted Operating Income |
$ 3.8 |
|
$ 4.2 |
|
$ 6.7 |
|
Exhibit 7 – Reconciliation of Adjusted Free Cash Flow |
|||
|
|
|||
|
Reconciliation of Adjusted Free Cash Flow |
|||
|
(USD in millions) |
YTD Q3 2024 |
|
YTD Q3 2025 |
|
Net Cash Provided by Operating Activities |
$ 28.5 |
|
$ 25.2 |
|
|
|
|
|
|
Capital Expenditures, including Intangibles |
(19.0) |
|
(15.7) |
|
Proceeds from Sale of Fixed Assets |
0.3 |
|
0.3 |
|
Free Cash Flow |
$ 9.8 |
|
$ 9.9 |
|
|
|
|
|
|
Add: Business Realignment Related Payments |
2.2 |
|
5.6 |
|
Add: Strategic Review Cost Related Payments |
0.0 |
|
0.7 |
|
Adjusted Free Cash Flow |
$ 11.9 |
|
$ 16.2 |
|
Exhibit 8 – Reconciliation of Net Debt |
|||
|
|
|||
|
(USD in millions) |
Q2 2025 |
|
Q3 2025 |
|
Total Debt |
$ 164.4 |
|
$ 171.1 |
|
|
|
|
|
|
Less: Cash and Cash Equivalents |
49.8 |
|
54.0 |
|
Net Debt |
$ 114.6 |
|
$ 117.2 |
|
Exhibit 9 – Reconciliation of Compliance Leverage Ratio |
|||||||||||
|
|
|||||||||||
|
Reconciliation of Adjusted EBITDA for Compliance Calculation |
|||||||||||
|
(USD in millions) |
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Income (Loss) Before Tax |
$ 1.9 |
|
$ (3.7) |
|
$ (6.2) |
|
$ (5.6) |
|
$ (9.1) |
|
$ (9.7) |
|
Interest Expense, net |
3.8 |
|
3.6 |
|
3.4 |
|
3.2 |
|
3.1 |
|
3.8 |
|
Depreciation and Amortization |
8.5 |
|
8.8 |
|
8.3 |
|
7.3 |
|
7.6 |
|
9.5 |
|
EBITDA |
$ 14.2 |
|
$ 8.8 |
|
$ 5.5 |
|
$ 4.8 |
|
$ 1.6 |
|
$ 3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compliance adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-Cash Impairment Charges and Write-offs or Write Downs |
— |
|
— |
|
0.4 |
|
— |
|
0.1 |
|
0.1 |
|
Add: Adjustments from Foreign Currency Impact |
(2.4) |
|
(0.3) |
|
(1.8) |
|
(0.4) |
|
3.4 |
|
2.4 |
|
Add: Extraordinary, Non-recurring or Unusual Items |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Add: Cash Restructuring Charges |
0.5 |
|
0.7 |
|
0.3 |
|
1.6 |
|
0.5 |
|
0.7 |
|
Add: Charges for Transactions, Amendments, and Refinances |
— |
|
— |
|
— |
|
0.3 |
|
1.0 |
|
0.6 |
|
Add: Adjustment to Autotech Fund II Investment |
0.1 |
|
0.8 |
|
0.2 |
|
(0.3) |
|
(0.1) |
|
0.2 |
|
Add: Share Based Compensation |
1.1 |
|
0.9 |
|
1.0 |
|
1.1 |
|
1.4 |
|
1.1 |
|
Add: Accrual-based Expenses |
7.1 |
|
1.3 |
|
6.4 |
|
8.2 |
|
5.6 |
|
6.5 |
|
Less: Cash Payments for Accrual-based Expenses |
(3.7) |
|
(3.3) |
|
(2.8) |
|
(6.3) |
|
(4.5) |
|
(5.6) |
|
Adjusted EBITDA (Compliance) |
$ 16.9 |
|
$ 8.7 |
|
$ 9.2 |
|
$ 9.1 |
|
$ 9.0 |
|
$ 9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted TTM EBITDA (Compliance) |
|
|
|
|
|
|
$ 43.9 |
|
$ 36.0 |
|
$ 36.8 |
|
Reconciliation of Adjusted Cash for Compliance Calculation |
|||||
|
(USD in millions) |
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Total Cash and Cash Equivalents |
$ 79.1 |
|
$ 49.8 |
|
$ 54.0 |
|
Less: |
(23.3) |
|
(13.4) |
|
(16.4) |
|
Total Adjusted Cash (Compliance) |
$ 55.8 |
|
$ 36.4 |
|
$ 37.6 |
|
|
|||||
|
Reconciliation of Adjusted Debt for Compliance Calculation |
|||||
|
(USD in millions) |
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Total Debt |
$ 203.2 |
|
$ 164.4 |
|
$ 171.1 |
|
Outstanding Letters of Credit |
1.6 |
|
1.5 |
|
1.5 |
|
Total Adjusted Debt (Compliance) |
$ 204.8 |
|
$ 165.9 |
|
$ 172.6 |
|
|
|
|
|
|
|
|
Adjusted Net Debt (Compliance) |
$ 149.0 |
|
$ 129.5 |
|
$ 135.0 |
|
Compliance Leverage Ratio (Net Debt / TTM EBITDA) |
3.39x |
|
3.60x |
|
3.67x |
|
Compliance Leverage Ratio Maximum Requirement |
6.00x |
|
5.50x |
|
4.50x |
View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-third-quarter-2025-results-302606250.html
SOURCE Stoneridge, Inc.
FAQ
What were Stoneridge (SRI) results for 3Q25?
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