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CVG (NASDAQ: CVGI) posts Q1 2026 profit, cuts debt and keeps 2026 outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Commercial Vehicle Group, Inc. reported first quarter 2026 revenue of $171.5 million, up 1.0% from a year ago, with growth led by its Global Electrical Systems segment. Gross margin improved to 11.5%, reflecting higher volumes and operational efficiency gains.

Operating income rose to $14.7 million, largely due to a $14.0 million gain on sale of assets, while adjusted operating income was stable at $2.0 million. The company generated net income from continuing operations of $0.9 million, or $0.03 per diluted share, but an adjusted net loss of $3.4 million, or $(0.10) per diluted share, as adjusted EBITDA declined 17.2% to $4.8 million.

CVG completed a sale-leaseback of its Vonore, Tennessee facility, supporting $12.8 million of debt reduction since year-end 2025 and total liquidity of $128.4 million. For full-year 2026, it reaffirmed guidance for net sales of $660–$700 million, adjusted EBITDA of $24–$30 million, and positive free cash flow.

Positive

  • None.

Negative

  • None.

Insights

CVG returned to modest growth, improved margins and reduced leverage, but underlying profitability remains pressured.

CVG delivered Q1 2026 revenue of $171.5 million, up 1.0%, with notable strength in Global Electrical Systems, where sales rose 13.9%. Gross margin improved to 11.5%, aided by cost actions and mix, and adjusted gross margin reached 12.2%.

However, adjusted operating income was essentially flat at $2.0 million and adjusted EBITDA fell 17.2% to $4.8 million, indicating that higher SG&A and other items are offsetting margin gains. Adjusted net loss from continuing operations widened to $3.4 million, even though reported net income turned positive due to a $14.0 million asset sale gain.

Balance sheet actions were meaningful: a Vonore sale-leaseback supported $12.8 million of debt reduction since year-end 2025, bringing long-term debt to $89.7 million and total liquidity to $128.4 million as of March 31, 2026. Management reaffirmed 2026 guidance for net sales of $660–$700 million, adjusted EBITDA of $24–$30 million, and positive free cash flow, tying expectations to industry forecasts for higher North American Class 8 truck production.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $171.5 million Up 1.0% vs Q1 2025 from $169.8 million
Q1 2026 Net income from continuing operations $0.9 million Diluted EPS $0.03 vs $(0.09) prior year
Q1 2026 Adjusted net loss $3.4 million Adjusted diluted EPS $(0.10) vs $(0.08) prior year
Q1 2026 Adjusted EBITDA $4.8 million Margin 2.8%, down from 3.4% and $5.8 million
Gain on sale of assets $14.0 million Included in Q1 2026 operating income
Total liquidity $128.4 million Cash, revolvers and availability as of March 31, 2026
2026 Net sales outlook $660–$700 million Full-year 2026 guidance range reaffirmed
2026 Adjusted EBITDA outlook $24–$30 million Full-year 2026 guidance with positive free cash flow
Adjusted EBITDA financial
"Adjusted EBITDA of $4.8 million, down 17.2%, with an adjusted EBITDA margin of 2.8%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
sale-leaseback financial
"Completed sale-leaseback of Vonore, Tennessee manufacturing facility, facilitating debt reduction"
A sale-leaseback is a deal where an owner sells an asset—commonly real estate or equipment—to another party and immediately rents it back so they can keep using it. For investors, it matters because the seller converts a fixed asset into cash without disrupting operations, which can boost liquidity or pay down debt but also creates ongoing lease payments and long-term obligations that affect cash flow and the balance sheet.
free cash flow financial
"Free Cash Flow | Positive"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
loss on extinguishment of debt financial
"Loss on extinguishment of debt | 1,958"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
warrant fair value adjustment financial
"Warrant fair value adjustment | 4,978"
Non-GAAP financial measures financial
"This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $171.5 million +1.0% YoY
Net income from continuing operations $0.9 million vs $(3.1) million prior year
Diluted EPS from continuing operations $0.03 vs $(0.09) prior year
Adjusted EBITDA $4.8 million -17.2% YoY
Adjusted net income (loss) from continuing operations $(3.4) million vs $(2.6) million prior year
Guidance

For 2026, CVG guides to net sales of $660–$700 million, adjusted EBITDA of $24–$30 million, and positive free cash flow.

Understanding 8-K Material Events →
0001290900FALSE00012909002025-11-102025-11-10


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): May 5, 2026
Commercial Vehicle Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3436541-1990662
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVGIThe 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 May 5, 2026, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the first quarter ended March 31, 2026.

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
  
99.1
  
First quarter ended March 31, 2026 earnings press release dated May 5, 2026.









 



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.
May 5, 2026By:
/s/ Angela M. O'Leary
Name:Angela M. O'Leary
Title:Interim Chief Financial Officer
(Principal Financial Officer)


newsrelease-newversionx116a.jpg
Exhibit 99.1

CVG REPORTS FIRST QUARTER 2026 RESULTS

First quarter sales of $171 million, EPS of $0.03, Adjusted EBITDA of $4.8 million
Returns to revenue growth at the consolidated level
Accelerates leverage reduction through sale-leaseback transaction
Reaffirms full-year guidance


NEW ALBANY, OHIO (May 5, 2026) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2026.

First Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
•Revenues of $171.5 million, up 1.0%, primarily driven by 14% growth in our Global Electrical Systems segment.
•Operating income of $14.7 million, which included $14.0 million gain on sale of assets, was up $13.3 million, compared to $1.4 million. Adjusted operating income of $2.0 million, relatively flat compared to $2.1 million.
•Net income from continuing operations of $0.9 million, or $0.03 per diluted share and adjusted net loss of $3.4 million, or $(0.10) per diluted share, compared to net loss from continuing operations of $3.1 million, or $(0.09) per diluted share and adjusted net loss of $2.6 million, or $(0.08) per diluted share.
•Adjusted EBITDA of $4.8 million, down 17.2%, with an adjusted EBITDA margin of 2.8%, down from 3.4%.
•Gross margin expansion of 180 basis points versus Q4 2025 and 100 basis points versus Q1 2025 due to increased revenues and operational efficiency improvements.
•Completed sale-leaseback of Vonore, Tennessee manufacturing facility, facilitating debt reduction of $12.8 million since the end of 2025.

James Ray, President and Chief Executive Officer, said, “During the quarter, we executed in-line with our operational priorities while navigating a demand environment that, while still below historical levels, is showing signs of stabilization in key end markets. We were encouraged by our ability to deliver sequential margin improvement resulting from operational efficiency and footprint rationalization efforts we have implemented across the organization.”

Mr. Ray continued, “Importantly, we are beginning to see early indications of improved customer activity in select markets, with our Global Seating segment returning to top line growth, and our Global Electrical Systems segment continuing to benefit from new business ramps and a more diversified end market mix driving consistent growth. As evidence of the ramp success, we are officially in production on the Zoox robotaxi program. With Class 8 truck production projected to increase in 2026, our focus remains on disciplined execution, cost management, and positioning CVG to capitalize on improving demand trends as they materialize.”
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Angie O’Leary, Interim Chief Financial Officer, added, “Our results this quarter reflect the benefits of sustained cost discipline and working capital execution. We further strengthened our balance sheet through the sale-leaseback transaction of our Vonore facility, with the proceeds used to pay down debt. As end market conditions show early signs of improvement, we remain focused on improving margins, driving free cash flow, and increasing financial flexibility to support the expected future growth of the business.”

First Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
First Quarter
20262025$ Change% Change
Revenues
$171.5 $169.8 $1.7 1.0%
Gross profit$19.8 $17.8 $2.0 11.2%
Gross margin11.5 %10.5 %
Adjusted gross profit 1
$21.0 $18.3 $2.7 14.8%
Adjusted gross margin 1
12.2 %10.8 %
Operating income$14.7 $1.4 $13.3 950.0%
Operating margin8.6 %0.8 %
Adjusted operating income 1
$2.0 $2.1 $(0.1)(4.8)%
Adjusted operating margin 1
1.2 %1.2 %
Net income (loss) from continuing operations$0.9 $(3.1)$4.0 
NM2
Adjusted net income (loss) from continuing operations 1
$(3.4)$(2.6)$(0.8)30.8%
Earnings (loss) per share, diluted
$0.03 $(0.09)$0.12 
NM2
Adjusted earnings (loss) per share, diluted 1
$(0.10)$(0.08)$(0.02)25.0%
Adjusted EBITDA 1
$4.8 $5.8 $(1.0)(17.2)%
Adjusted EBITDA margin 1
2.8 %3.4 %
1 See Appendix A for GAAP to Non-GAAP reconciliation
2 Not meaningful

Consolidated Results from Continuing Operations

First Quarter 2026 Results
•First quarter 2026 revenues were $171.5 million, compared to $169.8 million in the prior year period, an increase of 1.0%. The overall increase in revenues was due to higher sales in Global Electrical Systems and Global Seating, somewhat offset by lower sales in Trim Systems and Components.
•Operating income in the first quarter 2026 was $14.7 million, up $13.3 million compared to the prior year period, primarily attributable to gain on sale of assets of $14.0 million. First quarter 2026 adjusted operating income was $2.0 million, compared to income of $2.1 million in the prior year period. The decrease in adjusted operating income was primarily attributable to higher SG&A expenses, mostly offset by improved gross margin performance.
•Interest associated with debt and other expenses was $4.1 million and $2.5 million for the first quarter 2026 and 2025, respectively, due to higher interest rates.
•Net income from continuing operations was $0.9 million, or $0.03 per diluted share, for the first quarter 2026 compared to net loss of $3.1 million, or $(0.09) per diluted share, in the prior year period. First quarter 2026 adjusted net loss from continuing operations was $3.4 million,
2

or $(0.10) per diluted share, compared to adjusted net loss of $2.6 million, or $(0.08) per diluted share.

On March 31, 2026, the Company had $16.1 million of outstanding borrowings on its U.S. revolving credit facility and $2.9 million outstanding borrowings on its China credit facility, $28.7 million of cash and $99.7 million of availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $128.4 million.


First Quarter 2026 Segment Results

Global Seating Segment
•Revenues were $74.5 million compared to $73.4 million for the prior year period, an increase of 1.5%, due primarily to higher international sales volume, offset by decreased customer demand in North America.
•Operating income was $16.8 million, compared to $2.7 million in the prior year period, an increase of $14.1 million, driven by gain on sale of assets and improved gross margin performance. First quarter 2026 adjusted operating income was $3.6 million compared to $2.7 million in the prior year period.

Global Electrical Systems Segment
•Revenues were $57.4 million compared to $50.5 million in the prior year period, an increase of 13.9%, primarily as a result of ramping new business wins.
•Operating results were breakeven compared to an operating loss of $0.3 million in the prior year period. First quarter 2026 adjusted operating income was $0.5 million compared to $0.2 million in the prior year period.

Trim Systems and Components Segment
•Revenues were $39.5 million compared to $45.9 million in the prior year period, a decrease of 13.9%, primarily due to lower sales volume as a result of softening demand in North America.
•Operating loss was $0.1 million compared to operating income of $1.5 million in the prior year period. The decrease in operating income was primarily attributable to lower demand. First quarter 2026 adjusted operating income was $0.1 million compared to $1.6 million in the prior year period.
Outlook

CVG updated the Company's outlook for the full year 2026, based on current market conditions:

Metric2026 Outlook ($ millions)
Net Sales$660 - $700
Adjusted EBITDA$24 - $30
Free Cash FlowPositive

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 274,000 units, up 9% versus the 2025 actual Class 8 truck builds of 251,251 units, and up 5% from the time of our fourth quarter 2025 earnings release, when ACT Research forecasted 260,000 units for 2026 North American Class 8 truck production.

3

The outlook for the Construction end market reflects low-single digit growth in 2026.

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 Wednesday, May 6, 2026, at 8:30 a.m. ET. Management intends to reference the Q1 2026 Earnings Call Presentation during the conference call. To participate, dial (833) 461-5787 using conference code 496990489. International participants dial (585) 542-9983 using conference code 496990489.
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
4

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
Three Months Ended March 31, 2026 and 2025
(Unaudited)
(Amounts in thousands, except per share amounts)
 Three Months Ended
 March 31, 2026March 31, 2025
(Unaudited)(Unaudited)
Revenues$171,495 $169,795 
Cost of revenues151,680 152,002 
Gross profit19,815 17,793 
Selling, general and administrative expenses19,059 16,385 
Gain on sale of assets(13,957)— 
Operating income14,713 1,408 
Other (income) expense886 (72)
Warrant expense4,978 — 
Loss on extinguishment of debt1,958 — 
Interest expense4,095 2,503 
 Income (loss) before provision for income taxes2,796 (1,023)
Provision for income taxes1,894 2,116 
        Net income (loss) from continuing operations$902 $(3,139)
Net income (loss) from discontinued operations— (1,173)
Net income (loss)902 (4,312)
Basic earnings (loss) per share
Income (loss) from continuing operations$0.03 $(0.09)
Income (loss) from discontinued operations$— $(0.03)
Diluted earnings (loss) per share
Income (loss) from continuing operations$0.03 $(0.09)
Income (loss) from discontinued operations$— $(0.03)
Weighted average shares outstanding:
Basic34,190 33,693 
Diluted35,511 33,693 



6

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETSMarch 31, 2026December 31, 2025
Current assets:
Cash$28,684 $33,282 
Accounts receivable, net 100,850 86,262 
Inventories121,607 118,557 
Other current assets25,523 25,226 
Total current assets276,664 263,327 
Property, plant and equipment, net62,549 66,638 
Intangible assets, net3,201 3,350 
Deferred income taxes, net11,190 11,349 
Other assets, net58,945 47,050 
Total assets$412,549 $391,714 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$84,018 $74,180 
Accrued liabilities and other41,898 31,800 
Current portion of long-term debt and short-term debt3,837 2,371 
Total current liabilities129,753 108,351 
Long-term debt89,732 104,004 
Pension and other post-retirement benefits6,744 6,902 
Other long-term liabilities55,332 39,100 
Total liabilities$281,561 $258,357 
Stockholders’ equity:
Preferred stock$— $— 
Common stock346 342 
Treasury stock, at cost(17,281)(16,706)
Additional paid-in capital273,830 272,903 
Retained deficit(95,930)(96,832)
Accumulated other comprehensive loss(29,977)(26,350)
Total stockholders’ equity130,988 133,357 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$412,549 $391,714 

7

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31,
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
2026202520262025202620252026202520262025
Revenues$74,505 $73,408 $57,446 $50,453 $39,544 $45,934 $— $— 171,495 169,795 
Gross profit (loss)10,432 9,091 5,769 3,990 3,614 4,712 — — 19,815 17,793 
Selling, general & administrative expenses 7,366 6,378 5,784 4,306 3,714 3,177 2,195 2,524 19,059 16,385 
Gain on sale of assets$(13,716)$— $— $— $— $— $(241)$— $(13,957)$— 
Operating income (loss)$16,782 $2,713 $(15)$(316)$(100)$1,535 $(1,954)$(2,524)$14,713 $1,408 







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
March 31, 2026March 31, 2025
Gross profit$19,815 $17,793 
Restructuring1,201 530 
Adjusted gross profit$21,016 $18,323 
% of revenues12.2 %10.8 %
Three Months Ended
March 31, 2026March 31, 2025
Operating income$14,713 $1,408 
Restructuring1,237 702 
Gain on sale of fixed assets(13,957)— 
Total operating income adjustments(12,720)702 
Adjusted operating income$1,993 $2,110 
% of revenues1.2 %1.2 %
Three Months Ended
March 31, 2026March 31, 2025
Net income (loss) from continuing operations$902 $(3,139)
Operating income adjustments(12,720)702 
Loss on early extinguishment of debt1,958 — 
Warrant fair value adjustment4,978 — 
Adjusted provision for income taxes1
1,446 (176)
Adjusted net income (loss) from continuing operations$(3,436)$(2,613)
Diluted EPS$0.03 $(0.09)
Adjustments to diluted EPS$(0.13)$0.01 
Adjusted diluted EPS$(0.10)$(0.08)
1.Reported Tax Provision adjusted for tax effect of special charges at 25%.
9

Three Months Ended
March 31, 2026March 31, 2025
Net income (loss) from continuing operations$902 $(3,139)
Interest expense4,095 2,503 
Provision for income taxes1,894 2,116 
Depreciation expense3,578 3,438 
Amortization expense137 141 
EBITDA$10,606 $5,059 
% of revenues6.2 %3.0 %
EBITDA adjustments
Restructuring$1,237 $702 
Gain on sale of fixed assets(13,957)— 
Loss on extinguishment of debt1,958 — 
Warrant fair value adjustment4,978 — 
Adjusted EBITDA$4,822 $5,761 
% of revenues2.8 %3.4 %

Three Months Ended March 31, 2026
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$16,782 $(15)$(100)$(1,954)$14,713 
Restructuring565 509 163 — 1,237 
Gain on sale of fixed assets(13,716)— — (241)(13,957)
Adjusted operating income (loss)$3,631 $494 $63 $(2,195)$1,993 
% of revenues4.9 %0.9 %0.2 %1.2 %


Three Months Ended March 31, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$2,713 $(316)$1,535 $(2,524)$1,408 
Restructuring— 530 45 127 702 
Adjusted operating income (loss)$2,713 $214 $1,580 $(2,397)$2,110 
% of revenues3.7 %0.4 %3.4 %1.2 %


10

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 months ended March 31, 2026 and 2025.

Three Months Ended
March 31, 2026March 31, 2025
CONTINUING OPERATIONS
Cash flows from operating activities$(1,561)$15,015 
Purchases of property, plant and equipment(2,653)(3,806)
Proceeds from disposal/sale of property, plant and equipment15,892 — 
Free cash flow from continuing operations$11,678 $11,209 
DISCONTINUED OPERATIONS
Cash flows from operating activities$— $157 
Free cash flow from discontinued operations$— $157 
TOTAL COMPANY
Cash flows from operating activities$(1,561)$15,172 
Purchases of property, plant and equipment(2,653)(3,806)
Proceeds from disposal/sale of property, plant and equipment15,892 — 
Free cash flow$11,678 $11,366 



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.
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Source: View Original Filing on SEC EDGAR

FAQ

How did Commercial Vehicle Group (CVGI) perform in Q1 2026?

Commercial Vehicle Group reported Q1 2026 revenue of $171.5 million, up 1.0% year over year. It generated net income from continuing operations of $0.9 million, or $0.03 per diluted share, but posted an adjusted net loss of $3.4 million.

What were CVGI’s margins and adjusted EBITDA in the first quarter of 2026?

In Q1 2026, CVGI’s gross margin was 11.5%, with adjusted gross margin at 12.2%. Adjusted EBITDA was $4.8 million, down 17.2% from $5.8 million a year earlier, resulting in an adjusted EBITDA margin of 2.8%.

How did CVGI’s business segments perform in Q1 2026?

In Q1 2026, Global Seating revenue was $74.5 million and Global Electrical Systems reached $57.4 million, up 13.9%. Trim Systems and Components declined to $39.5 million. Seating and Electrical posted improved operating results, while Trim moved from income to a small loss.

What is Commercial Vehicle Group’s 2026 financial outlook?

For full-year 2026, CVGI expects net sales of $660–$700 million, adjusted EBITDA of $24–$30 million, and positive free cash flow. This outlook incorporates current industry forecasts for increased North American Class 8 truck production and modest growth in construction markets.

How did CVGI’s balance sheet and liquidity change by March 31, 2026?

As of March 31, 2026, CVGI had $28.7 million in cash, $16.1 million drawn on its U.S. revolver, $2.9 million on its China facility, and $99.7 million of credit availability, giving total liquidity of $128.4 million and long-term debt of $89.7 million.

What impact did the Vonore sale-leaseback have on CVGI?

CVGI completed a sale-leaseback of its Vonore, Tennessee facility, which supported $12.8 million of debt reduction since the end of 2025. The transaction also contributed to a $14.0 million gain on sale of assets included in Q1 2026 operating income.

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