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Commercial Vehicle Group, Inc. (NASDAQ: CVGI) lifts 2026 revenue and EBITDA guidance

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

Rhea-AI Filing Summary

Commercial Vehicle Group, Inc. reported second-quarter 2026 revenues of $195.2 million, up 13.5% from $172.0 million, with gross margin improving to 12.7% from 11.3%. Operating income doubled to $1.6 million, while adjusted operating income rose to $2.6 million.

The company recorded a net loss from continuing operations of $8.7 million, or $(0.25) per diluted share, including a $3.4 million warrant liability revaluation expense. Adjusted net loss was $4.6 million, or $(0.13) per diluted share. Adjusted EBITDA was $5.4 million, with a 2.8% margin.

All three segments delivered year-over-year revenue growth: Global Seating $80.0 million, Global Electrical Systems $62.0 million, and Trim Systems & Components $53.2 million. Total liquidity was $127.2 million. Based on first-half performance, CVG raised its 2026 outlook to revenues of $725–$755 million and adjusted EBITDA of $26–$31 million, while maintaining an expectation of positive free cash flow.

Positive

  • Revenue growth and margin expansion: Q2 2026 revenues rose 13.5% to $195.2 million, with gross margin improving to 12.7% from 11.3%, and all three segments posting year-over-year revenue gains.
  • Raised full-year 2026 guidance: The company increased its 2026 revenue outlook from $660–$700 million to $725–$755 million and adjusted EBITDA from $24–$30 million to $26–$31 million, while still expecting positive free cash flow.

Negative

  • Wider net loss despite growth: Net loss from continuing operations increased to $8.7 million ($(0.25) per diluted share) from $4.1 million ($(0.12) per share), including a $3.4 million warrant fair value expense.
  • Free cash flow pressure in the quarter: Free cash flow from continuing operations for Q2 2026 was $(1.368) million, compared with $17.255 million in the prior-year quarter, reflecting lower operating cash flow and higher capital spending.

Filing Explained

Existing holders face dilution from the executed share issuance, while approximately 11.6 million dollars of proceeds reduced term-loan obligations; dilution is not quantified.

As a Form 8-K, this filing reports the company’s second-quarter results and related material disclosures under Items 2.02 and 7.01; the financing disclosure is already at the proceeds-used stage. The company reports that an at-the-market equity issuance generated approximately $11.6 million of net proceeds, which were used to pay down the term loan.

An at-the-market program allows an issuer to sell new shares gradually at prevailing market prices rather than through one single priced deal. Issuing those additional shares reduces existing holders’ percentage ownership absent offsetting changes; this filing does not provide a share count or dilution measure, so that ownership effect cannot be sized from the disclosure.

At June 30, 2026, the company reported $24.8 million outstanding on its U.S. revolving credit facility, $2.9 million on its China credit facility, $36.0 million of cash, and $91.2 million of credit-facility availability subject to conditions. Taken together, the disclosed financing both adds new equity—diluting existing ownership—and reduces term-loan obligations, leaving the near-term holder effect mixed on the supplied facts.

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.
Q2 2026 Revenue $195.2 million Revenues of $195.2 million, up 13.5% compared to $172.0 million in Q2 2025
Q2 2026 Net loss from continuing operations $8.7 million Net loss from continuing operations of $8.7 million, or $(0.25) per diluted share
Q2 2026 Adjusted EBITDA $5.4 million Adjusted EBITDA of $5.4 million with an adjusted EBITDA margin of 2.8%
Warrant liability revaluation expense $3.4 million Net loss includes a $3.4 million pre-tax warrant liability revaluation expense
Total liquidity $127.2 million Cash of $36.0 million and $91.2 million of availability, resulting in total liquidity of $127.2 million
Updated 2026 revenue outlook $725–$755 million Updated 2026 outlook for revenues of $725–$755 million, up from $660–$700 million
Updated 2026 Adjusted EBITDA outlook $26–$31 million Updated 2026 outlook for Adjusted EBITDA of $26–$31 million, up from $24–$30 million
Q2 2026 free cash flow from continuing ops $(1.368) million Free cash flow from continuing operations of $(1.368) million for the three months ended June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA of $5.4 million, compared to $5.2 million, 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.
at-the-market equity issuance program financial
"Net proceeds of approximately $11.6 million from the at-the-market equity issuance program used to pay down term loan"
A program that lets a company sell newly issued shares directly into the open market at the current trading price, rather than in one large block. Investors should care because it’s a flexible way for a company to raise cash over time—think of filling a bucket with a steady stream instead of dumping a bucket at once—which can dilute existing shares gradually and may put downward pressure on the stock if large amounts are sold.
warrant liability revaluation expense financial
"Net loss includes a $3.4 million pre-tax warrant liability revaluation expense"
loss on extinguishment of debt financial
"Loss on extinguishment of debt 1,029 ... 2,987 ... 460"
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.
free cash flow financial
"Free cash flow from continuing operations $ (1,368) ... $ 10,310 ... $ 28,464"
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.
Revenue $195.2 million Up 13.5% from $172.0 million in the prior-year quarter
Net income (loss) from continuing operations $(8.7) million Compared with $(4.1) million in the prior-year quarter
Diluted EPS from continuing operations $(0.25) Compared with $(0.12) in the prior-year quarter
Adjusted EBITDA $5.4 million Compared with $5.2 million in the prior-year quarter
Gross margin 12.7% Up from 11.3% in the prior-year quarter
Guidance

Updated 2026 outlook: revenues of $725–$755 million, adjusted EBITDA of $26–$31 million, and positive free cash flow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Commercial Vehicle Group (CVGI) perform in Q2 2026?
Commercial Vehicle Group reported Q2 2026 revenue of $195.2 million, up 13.5% year over year, with operating income of $1.6 million. Net loss from continuing operations was $8.7 million, or $(0.25) per diluted share, including warrant revaluation expense.

What were Commercial Vehicle Group (CVGI)'s key profitability metrics for Q2 2026?
Gross margin improved to 12.7% and operating margin reached 0.8% in Q2 2026. Adjusted EBITDA was $5.4 million, with a 2.8% margin, compared with $5.2 million and a 3.0% margin in the prior-year quarter.

How did Commercial Vehicle Group (CVGI)'s segments perform in Q2 2026?
All three segments delivered growth: Global Seating revenue $80.0 million, Global Electrical Systems $62.0 million, and Trim Systems & Components $53.2 million. Each segment increased operating income compared with the prior-year quarter.

What is Commercial Vehicle Group (CVGI)'s updated 2026 outlook?
The company raised its 2026 revenue outlook to $725–$755 million from $660–$700 million and adjusted EBITDA to $26–$31 million from $24–$30 million. It continues to expect positive free cash flow for the full year.

What is Commercial Vehicle Group (CVGI)'s liquidity and debt position as of June 30, 2026?
As of June 30, 2026, the company had $36.0 million of cash, $24.8 million outstanding on its U.S. revolver, $2.9 million on its China facility, and $91.2 million of availability, resulting in total liquidity of $127.2 million.

How did Commercial Vehicle Group (CVGI)'s free cash flow trend in 2026?
Free cash flow from continuing operations was $(1.368) million in Q2 2026 but totaled $10.310 million for the first six months. The company’s 2026 outlook continues to call for positive free cash flow for the full year.
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): August 3, 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 August 3, 2026, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the second quarter ended June 30, 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
  
Second quarter ended June 30, 2026 earnings press release dated August 3, 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.
August 3, 2026By:
/s/ Angela M. O'Leary
Name:Angela M. O'Leary
Title:Interim Chief Financial Officer
(Principal Financial Officer)


newsrelease-newversionx116.jpg
Exhibit 99.1

CVG REPORTS SECOND QUARTER 2026 RESULTS

Second quarter revenues of $195 million, EPS of $(0.25), Adjusted EBITDA of $5.4 million
Strong revenue growth across all three business segments
Raises full-year 2026 guidance


NEW ALBANY, OHIO (August 3, 2026) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2026.

Second Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
•Revenues of $195.2 million, up 13.5%, primarily driven by increased demand across all three segments.
•Gross margin expansion of 140 basis points versus Q2 2025 and 120 basis points sequentially versus Q1 2026 primarily from increased revenues and operational efficiency improvements.
•Operating income of $1.6 million, up $0.8 million, compared to $0.8 million. Adjusted operating income of $2.6 million, compared to $1.9 million.
•Net loss from continuing operations of $8.7 million, or $(0.25) per diluted share and adjusted net loss of $4.6 million, or $(0.13) per diluted share, compared to net loss from continuing operations of $4.1 million, or $(0.12) per diluted share and adjusted net loss of $2.9 million, or $(0.09) per diluted share. Net loss includes a $3.4 million pre-tax warrant liability revaluation expense.
•Adjusted EBITDA of $5.4 million, compared to $5.2 million, with an adjusted EBITDA margin of 2.8%, down from 3.0%.

•Net proceeds of approximately $11.6 million from the at-the-market equity issuance program used to pay down term loan.

James Ray, President and Chief Executive Officer, said, “We are encouraged by the strong revenue growth and gross margin expansion we delivered in the second quarter. All three segments generated year-over-year revenue growth, driven by the continued ramp of new business and increased customer demand. North American Class 8 truck production began to improve late in the quarter. We continued to deliver sequential gross margin expansion, reflecting the improvements from our operational efficiency and footprint rationalization initiatives and position CVG to benefit from increased demand.”

Mr. Ray continued, “Our Trim Systems & Components segment returned to year-over-year growth despite a lower Class 8 build rate compared with the prior-year quarter, driven in part by new business ramping in our wiper systems business. Global Seating continued to benefit from customer demand growth in international markets. Global Electrical Systems benefited from the ramp of new
1

business, including the Zoox robotaxi program and a more diversified end market mix driving consistent growth. As we look to the second half of 2026, we remain focused on disciplined execution, continued margin improvement, and free cash generation. We expect CVG to be positioned to capitalize on improving market conditions."

Angie O’Leary, Interim Chief Financial Officer, added, “During the second quarter, we continued to strengthen our balance sheet and execute our capital allocation priorities. Building on the progress from earlier this year, we further reduced outstanding debt with proceeds from our recently executed at-the-market equity offering program, which we expect to contribute to lower cash interest expense going forward. We also continue to make targeted investments in working capital to support key program launches and the growth opportunities across our businesses. SG&A expense increased from the prior year driven by higher incentive compensation and advisory service fees. We remain focused on driving profitable growth, generating free cash flow, and advancing toward our long-term net leverage objective of approximately two times. Based on our first-half revenue performance, and the momentum we see across all three segments, we are raising our revenue and Adjusted EBITDA guidance ranges for the year.”


Second Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
Second Quarter
20262025$ Change% Change
Revenues
$195.2 $172.0 $23.2 13.5%
Gross profit$24.7 $19.5 $5.2 26.7%
Gross margin12.7 %11.3 %
Adjusted gross profit 1
$25.2 $20.6 $4.6 22.3%
Adjusted gross margin 1
12.9 %12.0 %
Operating income$1.6 $0.8 $0.8 100.0%
Operating margin0.8 %0.5 %
Adjusted operating income 1
$2.6 $1.9 $0.7 36.8%
Adjusted operating margin 1
1.3 %1.1 %
Net income (loss) from continuing operations$(8.7)$(4.1)$(4.6)
NM2
Adjusted net income (loss) from continuing operations 1
$(4.6)$(2.9)$(1.7)58.6%
Earnings (loss) per share, diluted
$(0.25)$(0.12)$(0.13)
NM2
Adjusted earnings (loss) per share, diluted 1
$(0.13)$(0.09)$(0.04)44.4%
Adjusted EBITDA 1
$5.4 $5.2 $0.2 3.8%
Adjusted EBITDA margin 1
2.8 %3.0 %
1 See Appendix A for GAAP to Non-GAAP reconciliation
2 Not meaningful

Consolidated Results from Continuing Operations

Second Quarter 2026 Results
•Second quarter 2026 revenues were $195.2 million, compared to $172.0 million in the prior year period, an increase of 13.5%. The overall increase in revenues was primarily due to increased customer demand in international markets and the ramp of previously awarded new business wins across all three of our segments.
•Operating income in the second quarter 2026 was $1.6 million, up $0.8 million compared to the prior year period. Second quarter 2026 adjusted operating income was $2.6 million, compared to adjusted operating income of $1.9 million in the prior year period. The increase in
2

adjusted operating income was primarily attributable to higher sales and improved gross margin performance, partially offset by higher SG&A expense that was driven by higher incentive compensation and advisory service fees.
•Interest associated with debt and other expenses was $2.9 million and $2.3 million for the second quarter 2026 and 2025, respectively, with the increase for the second quarter 2026 due to higher interest rates.
•Net loss from continuing operations was $8.7 million, or $(0.25) per diluted share, for the second quarter 2026 compared to net loss of $4.1 million, or $(0.12) per diluted share, in the prior year period. Net loss includes a $3.4 million pre-tax warrant liability revaluation expense. Second quarter 2026 adjusted net loss from continuing operations was $4.6 million, or $(0.13) per diluted share, compared to adjusted net loss of $2.9 million, or $(0.09) per diluted share.

On June 30, 2026, the Company had $24.8 million of outstanding borrowings on its U.S. revolving credit facility and $2.9 million outstanding borrowings on its China credit facility, $36.0 million of cash and $91.2 million of availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $127.2 million.


Second Quarter 2026 Segment Results

Global Seating Segment

•Revenues were $80.0 million compared to $74.5 million for the prior year period, an increase of 7.5%, due primarily to increased customer demand in international markets.
•Operating income was $3.0 million, compared to $2.7 million in the prior year period, an increase of $0.3 million, driven by higher sales and improved gross margin performance. Second quarter 2026 adjusted operating income was $4.0 million compared to $3.1 million in the prior year period.

Global Electrical Systems Segment
•Revenues were $62.0 million compared to $53.6 million in the prior year period, an increase of 15.8%, primarily as a result of ramping new business wins.
•Operating income was $1.7 million compared to operating income of $0.7 million in the prior year period. The increase in operating income was primarily attributable to higher revenues.

Trim Systems and Components Segment
•Revenues were $53.2 million compared to $43.9 million in the prior year period, an increase of 21.1%, primarily due to higher sales volume as a result of increased customer demand in North America, including improved product mix.
•Operating income was $2.2 million compared to operating income of $0.1 million in the prior year period. The increase in operating income was primarily attributable to higher demand and improved operational efficiencies.
3

Outlook

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

MetricPrior 2026 Outlook ($ millions)Updated 2026 Outlook ($ millions)
Revenues$660 - $700$725 - $755
Adjusted EBITDA$24 - $30$26 - $31
Free Cash FlowPositivePositive

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 274,111 units, up 9% versus the 2025 actual Class 8 truck builds of 251,251 units.

The outlook for the Construction end market reflects mid-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 Tuesday, August 4, 2026, at 8:30 a.m. ET. Management intends to reference the Q2 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”,
4

“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.
###
5

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months and Six Months Ended June 30, 2026 and 2025
(Unaudited)
(Amounts in thousands, except per share amounts)
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
​
Revenues$195,238 $171,956 $366,733 $341,751 
Cost of revenues170,510 152,427 322,190 304,429 
Gross profit24,728 19,529 44,543 37,322 
Selling, general and administrative expenses23,171 18,732 42,230 35,117 
Gain on sale of assets— — (13,957)— 
Operating income (loss)1,557 797 16,270 2,205 
Other (income) expense893 427 1,782 355 
Warrant expense3,443 — 8,420 — 
Loss on extinguishment of debt1,029 460 2,987 460 
Interest expense2,947 2,291 7,041 4,794 
 Income (loss) before provision for income taxes(6,755)(2,381)(3,960)(3,404)
Provision for income taxes1,987 1,725 3,880 3,841 
        Net income (loss) from continuing operations$(8,742)$(4,106)(7,840)(7,245)
Net income (loss) from discontinued operations(1,500)(655)(1,500)(1,828)
Net income (loss) (10,242)(4,761)(9,340)(9,073)
Basic earnings (loss) per share
Income (loss) from continuing operations$(0.25)$(0.12)$(0.23)$(0.21)
Income (loss) from discontinued operations$(0.04)$(0.02)$(0.04)$(0.05)
Diluted earnings (loss) per share
Income (loss) from continuing operations$(0.25)$(0.12)$(0.23)$(0.21)
Income (loss) from discontinued operations$(0.04)$(0.02)$(0.04)$(0.05)
Weighted average shares outstanding:
Basic34,769 33,799 34,481 33,747 
Diluted34,769 33,799 34,481 33,747 



6

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETSJune 30, 2026December 31, 2025
Current assets:
Cash$35,952 $33,282 
Accounts receivable, net 115,429 86,262 
Inventories129,914 118,557 
Other current assets33,234 25,226 
Total current assets314,529 263,327 
Property, plant and equipment, net62,601 66,638 
Intangible assets, net3,064 3,350 
Deferred income taxes, net11,279 11,349 
Other assets, net63,055 47,050 
Total assets$454,528 $391,714 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$100,469 $74,180 
Accrued liabilities and other53,311 31,800 
Current portion of long-term debt and short-term debt4,844 2,371 
Total current liabilities158,624 108,351 
Long-term debt86,938 104,004 
Pension and other post-retirement benefits6,721 6,902 
Other long-term liabilities66,128 39,100 
Total liabilities$318,411 $258,357 
Stockholders’ equity:
Preferred stock$— $— 
Common stock377 342 
Treasury stock, at cost(17,308)(16,706)
Additional paid-in capital287,253 272,903 
Retained deficit(106,172)(96,832)
Accumulated other comprehensive loss(28,033)(26,350)
Total stockholders’ equity136,117 133,357 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$454,528 $391,714 

7

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended June 30,
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
2026202520262025202620252026202520262025
Revenues$80,014 $74,457 $62,032 $53,585 $53,192 $43,914 $— $— $195,238 $171,956 
Gross profit (loss)11,133 9,930 6,900 5,911 6,695 3,688 — — 24,728 19,529 
Selling, general & administrative expenses 8,155 7,219 5,212 5,204 4,472 3,583 5,332 2,726 23,171 18,732 
Gain on sale of assets— — — — — — — — — — 
Operating income (loss)$2,978 $2,711 $1,688 $707 $2,223 $105 $(5,332)$(2,726)$1,557 $797 

Six Months Ended June 30,
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
2026202520262025202620252026202520262025
Revenues$154,519 $147,866 $119,478 $104,037 $92,736 $89,848 $— $— $366,733 $341,751 
Gross profit (loss)21,565 19,023 12,669 9,900 10,309 8,399 — — 44,543 37,322 
Selling, general & administrative expenses 15,521 13,608 10,996 9,511 8,186 6,761 7,527 5,237 42,230 35,117 
Gain on sale of assets(13,716)— — — — — (241)— (13,957)— 
Operating income (loss)$19,760 $5,415 $1,673 $389 $2,123 $1,638 $(7,286)$(5,237)$16,270 $2,205 





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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 EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Gross profit$24,728 $19,529 $44,543 $37,322 
Restructuring507 1,111 1,937 1,641 
Adjusted gross profit$25,235 $20,640 $46,480 $38,963 
% of revenues12.9 %12.0 %12.7 %11.4 %
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating income$1,557 $797 $16,270 $2,205 
Restructuring997 1,140 2,234 1,842 
Gain on sale of fixed assets— — (13,957)— 
Total operating income adjustments997 1,140 (11,723)1,842 
Adjusted operating income$2,554 $1,937 $4,547 $4,047 
% of revenues1.3 %1.1 %1.2 %1.2 %
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net income (loss) from continuing operations$(8,742)$(4,106)$(7,840)$(7,245)
Operating income adjustments997 1,140 (11,723)1,842 
Loss on early extinguishment of debt1,029 460 2,987 460 
Warrant fair value adjustment3,443 — 8,420 — 
Adjusted provision for income taxes1
(1,367)(400)79 (576)
Adjusted net income (loss) from continuing operations$(4,640)$(2,906)$(8,077)$(5,519)
Diluted EPS$(0.25)$(0.12)$(0.23)$(0.21)
Adjustments to diluted EPS$0.12 $0.03 $— $0.05 
Adjusted diluted EPS$(0.13)$(0.09)$(0.23)$(0.16)
1.Reported Tax Provision adjusted for tax effect of special charges at 25%.
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Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net income (loss) from continuing operations$(8,742)$(4,106)$(7,840)$(7,245)
Interest expense2,947 2,291 7,041 4,794 
Provision for income taxes1,987 1,725 3,880 3,841 
Depreciation expense3,637 3,514 7,215 6,952 
Amortization expense134 142 272 284 
EBITDA$(37)$3,566 $10,568 $8,626 
% of revenues— %2.1 %2.9 %2.5 %
EBITDA adjustments
Restructuring$997 $1,140 $2,234 $1,842 
Gain on sale of fixed assets— — (13,957)— 
Loss on extinguishment of debt1,029 460 2,987 460 
Warrant fair value adjustment3,443 — 8,420 — 
Adjusted EBITDA$5,432 $5,166 $10,252 $10,928 
% of revenues2.8 %3.0 %2.8 %3.2 %

Three Months Ended June 30, 2026
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$2,978 $1,688 $2,223 $(5,332)$1,557 
Restructuring997 — — — 997 
Adjusted operating income (loss)$3,975 $1,688 $2,223 $(5,332)$2,554 
% of revenues5.0 %2.7 %4.2 %1.3 %


Six months ended June 30, 2026
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$19,760 $1,673 $2,123 $(7,286)$16,270 
Restructuring1,562 509 163 — 2,234 
Gain on sale of fixed assets(13,716)— — (241)(13,957)
Adjusted operating income (loss)$7,606 $2,182 $2,286 $(7,527)$4,547 
% of revenues4.1 %2.3 %0.8 %1.1 %


Three Months Ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$2,711 $707 $105 $(2,726)$797 
Restructuring358 539 243 — 1,140 
Adjusted operating income (loss)$3,069 $1,246 $348 $(2,726)$1,937 
% of revenues4.1 %2.3 %0.8 %1.1 %

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Six months ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsCorporate/OtherTotal
Operating income (loss)$5,415 $389 $1,638 $(5,237)$2,205 
Restructuring358 1,069 288 127 $1,842 
Adjusted operating income (loss)$5,773 $1,458 $1,926 $(5,110)$4,047 
% of revenues3.9 %1.4 %2.1 %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 six months ended June 30, 2026 and 2025.

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
CONTINUING OPERATIONS
Cash flows from operating activities$1,684 $18,720 $123 $33,735 
Purchases of property, plant and equipment(3,082)(1,465)(5,735)(5,271)
Proceeds from disposal/sale of property, plant and equipment30 — 15,922 — 
Free cash flow from continuing operations$(1,368)$17,255 $10,310 $28,464 
DISCONTINUED OPERATIONS
Cash flows from operating activities$— $149 $— $306 
Free cash flow from discontinued operations$— $149 $— $306 
TOTAL COMPANY
Cash flows from operating activities$1,684 $18,869 $123 $34,041 
Purchases of property, plant and equipment(3,082)(1,465)(5,735)(5,271)
Proceeds from disposal/sale of property, plant and equipment30 — 15,922 — 
Free cash flow$(1,368)$17,404 $10,310 $28,770 



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
11

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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