Gentex (NASDAQ: GNTX) lifts 2026 outlook after 17% Q1 revenue jump
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Gentex Corporation reported strong first quarter 2026 results with consolidated net sales of $675.4 million, up 17% from $576.8 million a year earlier. VOXX contributed $88.6 million of revenue, while core Gentex revenue was $586.8 million, a 2% increase despite lower global light vehicle production.
Consolidated gross margin was 33.8% versus 33.2% last year, with core Gentex gross margin improving to 34.0%, an 80 basis-point gain driven by operational efficiencies and favorable product mix. GAAP net income attributable to Gentex was $98.5 million and diluted EPS was $0.46, compared with $94.9 million and $0.42 in the prior-year quarter; adjusted net income was $103.7 million and adjusted diluted EPS was $0.48.
The company raised its 2026 consolidated revenue guidance to $2.65–$2.75 billion while maintaining margin and cost outlooks, and introduced 2027 revenue guidance of $2.80–$2.90 billion. Gentex repurchased 3.3 million shares for $71.6 million and highlighted ongoing technology launches, VOXX integration progress, and exposure to tariff-related costs and potential IEEPA tariff refunds.
Positive
- Strong top-line growth: Consolidated net sales rose 17% year over year to $675.4 million, with core Gentex revenue up 2% despite declines in global light vehicle production.
- Profit and EPS improvement: GAAP net income attributable to Gentex increased to $98.5 million and diluted EPS to $0.46, while adjusted diluted EPS rose to $0.48 from $0.43.
- Margin expansion and guidance raise: Core Gentex gross margin improved by 80 basis points to 34.0%, and the company raised 2026 revenue guidance to a $2.65–$2.75 billion range and introduced higher 2027 revenue targets.
Negative
- Tariff and cost headwinds: The company cited pressure from tariffs and higher precious metals and commodity costs, with about $42 million in cumulative IEEPA tariffs paid and $15 million capitalized in inventory, and has not recognized any potential tariff refunds.
- Regional softness and higher expenses: China revenue declined about 29% quarter over quarter to approximately $28 million, and consolidated operating expenses increased to $105.0 million, including VOXX-related costs and intangible asset impairments.
Insights
Gentex posted double-digit revenue growth, slight margin expansion, higher EPS, and raised multi-year revenue guidance.
Gentex delivered consolidated net sales of $675.4M, up 17% year over year, with VOXX contributing $88.6M and core Gentex revenue up 2% to $586.8M. Core gross margin improved 80 basis points to 34.0%, reflecting favorable mix and efficiencies.
GAAP net income attributable to Gentex increased to $98.5M and diluted EPS to $0.46, while adjusted net income reached $103.7M and adjusted diluted EPS $0.48. Operating expenses rose with VOXX and impairments, but non-GAAP core operating expenses grew modestly.
The company lifted 2026 revenue guidance to $2.65–$2.75B and set 2027 guidance at $2.80–$2.90B, assuming S&P Global Mobility’s vehicle production outlook. Tariffs and commodity costs remain headwinds, with about $42M in cumulative IEEPA tariffs paid and $15M capitalized in inventory, but management notes VOXX profitability and strong adoption of technologies like FDM and ICMS.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Net Sales: $675.4M
Core Gentex Revenue: $586.8M
Core Gross Margin: 34.0%
+5 more
8 metrics
Q1 2026 Net Sales
$675.4M
Consolidated, up 17% vs Q1 2025
Core Gentex Revenue
$586.8M
Q1 2026, 2% increase year over year
Core Gross Margin
34.0%
Q1 2026, +80 bps vs Q1 2025
Q1 2026 Diluted EPS
$0.46
GAAP, up from $0.42 in Q1 2025
Adjusted Diluted EPS
$0.48
Q1 2026, vs $0.43 in Q1 2025
2026 Revenue Guidance
$2.65–$2.75B
Updated full-year 2026 range
Share Repurchases
$71.6M
3.3M shares at $22.01 in Q1 2026
Cumulative IEEPA Tariffs Paid
$42M
Directly paid since inception, excluding supplier-paid amounts
Key Terms
Full Display Mirror, In-Cabin-Monitoring-System, non-GAAP, International Emergency Economic Powers Act, +1 more
5 terms
Full Display Mirror technical
"continued growth and penetration of Full Display Mirror ("FDM") shipments"
In-Cabin-Monitoring-System technical
"successful launch and ramp of one of our key In-Cabin-Monitoring-System ("ICMS") platforms"
non-GAAP financial
"adjusted income from operations (non‑GAAP) for core Gentex $121.4 million"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
International Emergency Economic Powers Act regulatory
"As it relates to the recent invalidation of the IEEPA tariffs by the U.S. Supreme Court"
A U.S. law that gives the president broad authority to control trade, financial transactions, and assets during a declared national emergency, such as by imposing sanctions, freezing property, or restricting exports and imports. For investors it matters because those powers can suddenly block deals, cut off access to markets or funds, and change the value of companies or securities much like an emergency brake that can stop or reroute economic activity overnight.
Redeemable Non-controlling Interest financial
"Redeemable Non-controlling Interest | 3,021,490"
Earnings Snapshot
Revenue: $675.4M · Guidance included
Q1 2026
Revenue
$675.4M
+17% YoY
GAAP Diluted EPS
$0.46
up from $0.42
Adjusted Diluted EPS
$0.48
up from $0.43
Gross Margin (Core Gentex)
34.0%
+80 bps YoY
Guidance
2026 revenue guidance raised to $2.65–$2.75B; 2027 revenue expected between $2.80B and $2.90B, with gross margin and cost guidance unchanged for 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report: April 24, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant's telephone number, including area code: (616 ) 772-1800
_____________________________________________________________
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 (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company 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. ☐
Section 2. Financial Information
Item 2.02 Results of Operations and Financial Condition.
(a)On April 24, 2026 Gentex Corporation issued a news release announcing financial results for the first quarter ended March 31, 2026. A copy of the news release is attached as Exhibit 99.1 to the Form 8-K.
The information in this Form 8-K and the attached Exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Section 9. Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
99.1 – News Release Dated April 24, 2026.
SIGNATURE
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 thereunto duly authorized.
Date: April 24, 2026
GENTEX CORPORATION
(Registrant)
By /s/ Kevin C. Nash
Kevin C. Nash
Vice President - Finance and Chief Financial Officer
EXHIBIT INDEX
99.1 News Release Dated April 24, 2026
Exhibit 99.1
GENTEX REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
ZEELAND, MI -- (GLOBE NEWSWIRE - April 24, 2026) - Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics, today reported financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
•Net sales: Consolidated $675.4 million; core Gentex (ex‑VOXX) $586.8 million
•Gross margin: Consolidated 33.8%; core Gentex (ex‑VOXX) 34.0%
•Consolidated Income from operations: (GAAP) $123.7 million; core Gentex $117.9 million; adjusted income from operations (non‑GAAP) for core Gentex $121.4 million
•Net income attributable to Gentex: (GAAP) $98.5 million; adjusted net income (non‑GAAP) $103.7 million
•Earnings per diluted share attributable to Gentex: (GAAP) $0.46; adjusted earnings per diluted share (non‑GAAP) $0.48
•Share repurchases: 3.3 million shares repurchased during the quarter for a total of $71.6 million
Financial Summary
For the first quarter of 2026, the Company reported consolidated net sales of $675.4 million, a 17% increase compared to net sales of $576.8 million in the first quarter of 2025, which did not include VOXX International Corporation ("VOXX"). During the first quarter of 2026, VOXX contributed $88.6 million of revenue, while core Gentex revenue totaled $586.8 million, representing a 2% quarter-over-quarter increase despite global light vehicle production that was down over 3% compared to the first quarter of 2025. “Core Gentex revenue growth in the quarter was driven by advanced feature strength in several regions that helped offset lower light vehicle production and continuing unit volume headwinds. As an example, North American revenue increased approximately 6% year‑over‑year despite a 2% decline in light vehicle production in that region compared to the first quarter of 2025. This outperformance was driven primarily by continued growth and penetration of Full Display Mirror ("FDM") shipments. In Europe, Japan, and Korea, auto-dimming mirror unit shipments declined approximately 8%
quarter‑over‑quarter; however, revenue for these combined regions declined only 2%, reflecting a favorable shift in product mix, driven by the successful launch and ramp of one of our key In-Cabin-Monitoring-System ("ICMS") platforms in Europe and continued growth of FDM. In China, revenue in the first quarter of 2026 totaled approximately $28 million, a 29% decline quarter-over-quarter, reflecting the ongoing impact of tariffs and counter‑tariff actions on our China business. Given the difficult market conditions for many of our customers, the Company’s revenue growth continues to be driven by expanding electronic content and new technologies,” said Steve Downing, President and CEO. “Another bright spot during the first‑quarter was VOXX revenue, which was approximately 9% above our beginning of quarter forecast, driven primarily by stronger‑than‑anticipated performance in the Premium Audio segment," remarked Downing.
For the first quarter of 2026, the Company's consolidated gross margin was 33.8%, compared to a gross margin of 33.2% for the first quarter of 2025, which did not include VOXX. The core Gentex gross margin in the first quarter of 2026 was 34.0%, representing an 80 basis-point increase over the first quarter of 2025. When compared with the first quarter of 2025, the Company's gross margin this quarter was positively impacted by operational efficiencies and favorable product mix, partially offset by the negative effect of tariff-related costs and commodity price increases. Compared to the first quarter of last year, the Company delivered nearly 200 basis points of operational gross margin improvement, driven by favorable product mix and strong execution, despite the headwinds associated with tariffs and commodity pricing. “The gross margin was slightly below our forecast due to the impact of tariffs and precious metals pricing that is up significantly versus the same time last year, and yet we were able to increase the core Gentex gross margin by 80 basis points versus the first quarter of last year," said Downing.
Consolidated operating expenses during the first quarter of 2026 were $105.0 million, compared to operating expenses of $78.7 million in the first quarter of 2025, which did not include VOXX. The increase was primarily due to the VOXX acquisition, which accounted for $23.2 million of the increase. Total operating expenses for the quarter were also impacted by intangible asset impairment charges of $2.8 million. On a non-GAAP basis, core Gentex adjusted operating expenses were $78.3 million in the first quarter of 2026, compared to $75.0 million in the first quarter of 2025, when excluding the impact of certain impairment charges, acquisition related costs, and severance costs in each of the quarters. "The
Company has been incredibly busy launching some of the most complex and exciting technologies in the Company’s history. This includes our fourth generation of FDM, new CMOS imaging sensors, ICMS, dimmable visors and large area devices, as well as many new launches in the VOXX automotive and premium audio product lines, all while managing our customers' increased focus and criteria for cyber security on many of our latest products. While the teams are incredibly busy with this workload, the Company has remained focused on managing operating expenses. We are actively leveraging all available tools to meet customer deliverables with only modest quarter‑over‑quarter growth in operating expenses,” said Gentex COO and CTO Neil Boehm.
Consolidated income from operations for the first quarter of 2026 was $123.7 million, compared to income from operations of $113.0 million for the first quarter of 2025, which did not include VOXX. Core Gentex income from operations was $117.9 million in the first quarter of 2026, a 4% improvement compared with the first quarter of 2025. On a non-GAAP basis, core Gentex adjusted income from operations was $121.4 million in the first quarter of 2026, compared to $116.8 million in the first quarter of 2025, when adjusting for the impact of certain impairment charges, acquisition related costs, and severance costs in each of the quarters.
Total other loss was $5.6 million during the first quarter of 2026, compared to income of $0.6 million in the first quarter of 2025. The year-over-year decline was primarily driven by lower investment income, as well as impairment charges and credit loss reserves related to certain technology investments and loans receivable.
During the first quarter of 2026, the Company had an effective tax rate of 16.6%, compared to an effective tax rate of 16.5% during the first quarter of 2025.
Consolidated net income attributable to Gentex for the first quarter of 2026 was $98.5 million, driven by higher quarter over quarter sales and improved profitability, compared to $94.9 million in the first quarter of 2025, which did not include VOXX. Non-GAAP consolidated net income attributable to Gentex was $103.7 million in the first quarter of 2026, compared to $98.0 million in the first quarter of 2025 (which did not include VOXX), when adjusting for the impact of impairment charges, acquisition related costs, and severance costs in each of the quarters.
Consolidated earnings per diluted share attributable to Gentex for the first quarter of 2026 were $0.46, compared to earnings per diluted share of $0.42 for the first quarter of 2025, which did not include VOXX. Earnings per diluted share were also positively impacted by the increase in sales and improved profitability, partially offset by other losses incurred in the first quarter of 2026. On a non-GAAP basis, consolidated adjusted earnings per diluted share attributable to Gentex were $0.48 for the first quarter of 2026, compared to $0.43 for the first quarter of 2025 (which did not include VOXX), excluding the impact of impairment charges, acquisition related costs, and severance costs in each of the quarters.
Revenue By Category
Gentex Automotive
Gentex Automotive net sales were $566.2 million in the first quarter of 2026, up from $563.9 million in the first quarter of 2025, demonstrating revenue growth despite a quarter over quarter decline in light vehicle production and in base auto‑dimming mirror unit shipments. The quarter over quarter increase in net sales reflects favorable product mix, new technology launches, and content gains with customers.
Gentex Other
Net sales from Gentex’s Other product lines, which include dimmable aircraft windows, fire protection products, medical devices, and biometrics, were $20.6 million in the first quarter of 2026, compared to $12.9 million in the first quarter of 2025, which represents an increase of nearly 60%. This growth was driven by quarter over quarter increases of $3.4 million in aircraft window sales and $2.1 million in each of fire protection products and biometric net sales.
VOXX
VOXX net sales contributed $88.6 million during the first quarter of 2026. One year after the close of the VOXX acquisition, the integration is well under way and the VOXX business has now achieved profitability. The focus for the next twelve months will be on scaling product launches, expanding sales
channels, and strengthening market position, while at the same time, improving margins and continuing to manage operating expenses.
Share Repurchases
During the first quarter of 2026, the Company repurchased 3.3 million shares of its common stock at an average price of $22.01 per share, for a total of $71.6 million. As of March 31, 2026, the Company has approximately 32.6 million shares remaining available for repurchase pursuant to its previously announced share repurchase plan. The Company intends to continue to repurchase additional shares of its common stock in the future in support of the previously disclosed capital allocation strategy, but share repurchases will vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.
Future Estimates
The Company’s light vehicle production forecast for the second quarter of 2026 and full years 2026 and 2027 are based on the mid-April 2026 S&P Global Mobility outlook for North America, Europe, Japan/Korea, and China (see table below). The S&P Global mobility forecast for global light vehicle production for the second quarter of 2026 is expected to decline 2% versus the second quarter of 2025, while light vehicle production in the Company's primary markets is expected to be down over 3% quarter over quarter. Full-year 2026 production in the Company's primary markets is also expected to decline 2% year over year based on the S&P Global mobility forecast. Forecasted vehicle production volumes from S&P Global Mobility for the second quarter of 2026 and calendar years 2026 and 2027 are shown below:
Light Vehicle Production (per S&P Global Mobility mid-April light vehicle production forecast) | ||||||||||||||||||||||||||||||||
| (in Millions) | ||||||||||||||||||||||||||||||||
| Region | Q2 2026 | Q2 2025 | % Change | Calendar Year 2027 | Calendar Year 2026 | Calendar Year 2025 | 2027 vs 2026 % Change | 2026 vs 2025 % Change | ||||||||||||||||||||||||
| North America | 3.81 | 3.95 | (4) | % | 15.30 | 14.96 | 15.27 | 2 | % | (2) | % | |||||||||||||||||||||
| Europe | 4.31 | 4.47 | (4) | % | 16.87 | 16.75 | 17.05 | 1 | % | (2) | % | |||||||||||||||||||||
| Japan and Korea | 2.95 | 3.02 | (2) | % | 11.57 | 11.82 | 12.07 | (2) | % | (2) | % | |||||||||||||||||||||
| China | 7.73 | 7.76 | — | % | 32.46 | 32.34 | 33.10 | — | % | (2) | % | |||||||||||||||||||||
| Total Light Vehicle Production | 18.80 | 19.20 | (2) | % | 76.20 | 75.87 | 77.49 | — | % | (2) | % | |||||||||||||||||||||
Based on the updated light vehicle production forecast and actual results for the first three months of 2026, as well as the Company’s estimates for premium audio, aerospace, medical, fire protection, and consumer electronic products, the Company is making certain changes to its full-year 2026 guidance. The updated guidance reflects the anticipated impact of all known tariffs effective as of April 24, 2026.
2026 Annual Guidance (as of April 24, 2026)
•Consolidated Revenue: $2.65 – $2.75 billion (previously $2.60 - $2.70 billion)
•Gross Margin: 34% – 35% (no change)
•Operating Expenses (excluding severance and impairments): $410 – $420 million (no change)
•Tax Rate: 16% – 18% (no change)
•Capital Expenditures: $125 – $140 million (no change)
•Depreciation & Amortization: $100 – $110 million (no change)
2027 Revenue Guidance
Based on the mid‑April 2026 S&P Global Mobility light‑vehicle production outlook and the Company’s estimates for premium audio, aerospace, medical, fire protection, and consumer electronics products, the Company has updated its expected calendar‑year 2027 revenue to range between $2.80 billion and $2.90 billion.
International Emergency Economic Powers Act ("IEEPA") Tariffs
As it relates to the recent invalidation of the IEEPA tariffs by the U.S. Supreme Court, the Company has not recognized any potential refund in its first‑quarter results. The Company is in the process of assessing the potential impact of such invalidation, and its eligibility and process for seeking refunds. As of March 31, 2026, the Company estimates that approximately $15 million of tariff costs have been capitalized in inventory associated with IEEPA tariffs, which had not yet been expensed as of that date. Since the inception of the IEEPA tariffs, the Company (including VOXX) has directly paid a cumulative total of approximately $42 million (excluding amounts paid indirectly through suppliers), partially offset by approximately $5 million of costs recovered from customers to date. Given the evolving situation, the Company has not recognized any potential refunds because of the difficulty in predicting
whether any tariff refunds will be available, or whether the U.S. Customs and Border Protection Agency will contest any tariff refund claims made by the Company.
Closing Remarks
“Based on first‑quarter performance and our current forecast for the remainder of the year, the Company is increasing its current revenue guidance for the year, while maintaining the full year gross margin guidance. New tariffs, which are currently temporary, have been reflected in our outlook as if effective for the full year. The Company is also facing new and ongoing cost pressures from key commodities including a number of precious metals, petroleum‑based products, and memory components. These headwinds have not resulted in material supply chain disruptions to date, and we will continue to pursue customer reimbursement opportunities and internal VA/VE projects to reduce the impact these headwinds could have on gross margin performance. At the one-year anniversary of the VOXX acquisition, we are pleased with the cost improvements accomplished and how the teams continue to further integrate. We are also proud of the progress made across the organization, as we begin to see the benefits of a shared strategy and expanded capabilities across the combined businesses. As we look ahead, we remain focused on the disciplined execution of the many technology launches, development initiatives, and R&D projects that are currently underway. Such focus is needed to accelerate growth in a market where light vehicle production challenges remain. These technology launches are designed to provide above market growth over the next few years and when combined with our disciplined approach to managing operating expenses, we believe we have a winning formula to create shareholder returns. We are also encouraged by the increased interest from our customers on Gen4 FDM, ICMS, dimmable visor and large area devices, as well as several ongoing discussions with customers around becoming a strategic, high-volume, electronics supplier with a US operating footprint to help OEM customers mitigate tariff exposure and geo-political risks that exist in the current supply base," said Downing.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication
that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” "likely", “may,” “opinion,” “optimistic,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” "work to," and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates and uncertainties in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation, including securities litigation relating to the conduct of our business; and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the
heading “Risk Factors” in the Company’s latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties include tariffs and supply chain constraints that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by S&P Global Mobility Light Vehicle Production Forecast of April 16, 2026 (http://www.gentex.com/forecast-disclaimer).
First Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, April 24, 2026. Participants who wish to ask questions may register for the call at https://register-conf.media-server.com/register/BI799e9a1c0dbc44a0a34de405360df322. It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming https://edge.media-server.com/mmc/p/qatwrwz7. A webcast replay will be available approximately 24 hours after the conclusion of the call at http://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics. Visit the Company’s web site at www.gentex.com.
Contact Information:
Gentex Investor & Media Contact
Josh O'Berski
616.931.3505
Exhibit 99.1
GENTEX CORPORATION
AUTO-DIMMING MIRROR SHIPMENTS
(Thousands)
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| North American Interior Mirrors | 2,272 | 2,249 | 1 | % | |||||||||||||
| North American Exterior Mirrors | 1,401 | 1,370 | 2 | % | |||||||||||||
| Total North American Mirror Units | 3,673 | 3,619 | 1 | % | |||||||||||||
| International Interior Mirrors | 4,509 | 5,140 | (12) | % | |||||||||||||
| International Exterior Mirrors | 2,671 | 2,783 | (4) | % | |||||||||||||
| Total International Mirror Units | 7,180 | 7,923 | (9) | % | |||||||||||||
| Total Interior Mirrors | 6,781 | 7,389 | (8) | % | |||||||||||||
| Total Exterior Mirrors | 4,072 | 4,153 | (2) | % | |||||||||||||
| Total Auto-Dimming Mirror Units | 10,853 | 11,542 | (6) | % | |||||||||||||
Note: Percent change and amounts may not total due to rounding.
Exhibit 99.1
| GENTEX CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 and 2025 | ||||||||||||||||||||||||||
Supplemental Information | Consolidated | |||||||||||||||||||||||||
Gentex | VOXX | 2026 | 2025 | |||||||||||||||||||||||
| Net Sales | $ | 586,814,513 | $ | 88,628,612 | $ | 675,443,125 | $ | 576,773,090 | ||||||||||||||||||
| Cost of Goods Sold | 387,094,819 | 59,721,393 | 446,816,212 | 385,039,503 | ||||||||||||||||||||||
| Gross Profit | 199,719,694 | 28,907,219 | 228,626,913 | 191,733,587 | ||||||||||||||||||||||
| Engineering, Research & Development | 46,310,378 | 5,342,241 | 51,652,619 | 45,924,364 | ||||||||||||||||||||||
| Selling, General & Administrative | 32,002,343 | 17,789,491 | 49,791,834 | 29,933,005 | ||||||||||||||||||||||
Impairment charges | 2,800,000 | — | 2,800,000 | — | ||||||||||||||||||||||
| Severance Expense | 689,341 | 33,200 | 722,541 | 2,889,112 | ||||||||||||||||||||||
| Operating Expenses | 81,802,062 | 23,164,932 | 104,966,994 | 78,746,481 | ||||||||||||||||||||||
Income from Operations | 117,917,632 | 5,742,287 | 123,659,919 | 112,987,106 | ||||||||||||||||||||||
Other (Loss)/Income | (6,049,584) | 437,227 | (5,612,357) | 640,476 | ||||||||||||||||||||||
Income before Income Taxes | 111,868,048 | 6,179,514 | 118,047,562 | 113,627,582 | ||||||||||||||||||||||
Income Tax Provision | 18,049,974 | 1,576,529 | 19,626,503 | 18,753,537 | ||||||||||||||||||||||
Net Income | 93,818,074 | 4,602,985 | $ | 98,421,059 | $ | 94,874,045 | ||||||||||||||||||||
Less: Net loss attributable to non-controlling interest | — | (34,084) | (34,084) | — | ||||||||||||||||||||||
Net Income Attributable to Gentex Corporation | $ | 93,818,074 | $ | 4,637,069 | $ | 98,455,143 | $ | 94,874,045 | ||||||||||||||||||
Earnings Per Share Attributable to Gentex Corporation(1) | ||||||||||||||||||||||||||
| Basic | $ | 0.44 | $ | 0.02 | $ | 0.46 | $ | 0.42 | ||||||||||||||||||
| Diluted | $ | 0.44 | $ | 0.02 | $ | 0.46 | $ | 0.42 | ||||||||||||||||||
| Cash Dividends Declared per Share | $ | 0.120 | $ | 0.120 | ||||||||||||||||||||||
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | ||||||||||||||||||||||||||
Exhibit 99.1
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | (Note) | ||||||||||
| ASSETS | |||||||||||
| Cash and Cash Equivalents | $ | 164,761,633 | $ | 145,645,715 | |||||||
| Short-Term Investments | 10,285,838 | 5,386,566 | |||||||||
| Accounts Receivable, net | 419,468,925 | 368,517,569 | |||||||||
Inventories, net | 523,509,606 | 516,253,617 | |||||||||
| Other Current Assets | 90,166,999 | 92,631,001 | |||||||||
| Total Current Assets | 1,208,193,001 | 1,128,434,468 | |||||||||
| Plant and Equipment - Net | 786,333,204 | 790,935,378 | |||||||||
| Goodwill | 359,175,664 | 357,211,919 | |||||||||
| Long-Term Investments | 270,092,847 | 272,975,939 | |||||||||
| Intangible Assets, net | 185,598,287 | 189,341,387 | |||||||||
Deferred Tax Asset | 111,197,574 | 108,338,592 | |||||||||
| Patents and Other Assets, net | 77,045,617 | 81,355,151 | |||||||||
| Total Other Assets | 1,003,109,989 | 1,009,222,988 | |||||||||
| Total Assets | $ | 2,997,636,194 | $ | 2,928,592,834 | |||||||
| LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||||||||
| Current Liabilities | $ | 444,579,260 | $ | 387,542,969 | |||||||
| Other Non-current Liabilities | 46,510,151 | 49,209,006 | |||||||||
| Deferred Income Taxes | 940,127 | 908,922 | |||||||||
Redeemable Non-controlling Interest | 3,021,490 | 3,102,213 | |||||||||
| Shareholders' Investment | 2,502,585,166 | 2,487,829,724 | |||||||||
| Total Liabilities & Shareholders' Investment | $ | 2,997,636,194 | $ | 2,928,592,834 | |||||||
Note: The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
Exhibit 99.1
GENTEX CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In this press release, the Company has provided information regarding certain non-GAAP financial measures, which are reconciled to their closest GAAP financial measure in the following schedules. Use of the term "adjusted" or "excluding" in connection with a financial measure identifies and reflects a non-GAAP financial measure.
Non-GAAP Financial Measures: The Company has presented Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income as supplemental measures of the Company's performance. Current quarter Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income exclude impairment charges, acquisition related costs, and severance costs set forth in the table below.
(Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||
Gentex | VOXX | Consolidated 2026 | Consolidated 2025 | |||||||||||||||||||||||
Operating Expenses - GAAP | $ | 81,802,062 | $ | 23,164,932 | $ | 104,966,994 | $ | 78,746,481 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Impairment Charge - Intangible Assets | 2,800,000 | — | 2,800,000 | — | ||||||||||||||||||||||
Acquisition Related Costs | — | — | — | 879,467 | ||||||||||||||||||||||
Severance Costs | 689,341 | 33,200 | 722,541 | 2,889,112 | ||||||||||||||||||||||
Adjusted Operating Expenses - (Non-GAAP) | $ | 78,312,721 | $ | 23,131,732 | $ | 101,444,453 | $ | 74,977,902 | ||||||||||||||||||
Income from Operations - GAAP | $ | 117,917,632 | $ | 5,742,287 | $ | 123,659,919 | $ | 112,987,106 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Impairment Charge - Intangible Assets | 2,800,000 | — | 2,800,000 | — | ||||||||||||||||||||||
Acquisition Related Costs | — | — | — | 879,467 | ||||||||||||||||||||||
Severance Costs | 689,341 | 33,200 | 722,541 | 2,889,112 | ||||||||||||||||||||||
Adjusted Income from Operations - (Non-GAAP) | $ | 121,406,973 | $ | 5,775,487 | $ | 127,182,460 | $ | 116,755,685 | ||||||||||||||||||
Other (Loss) Income - GAAP | $ | (6,049,584) | $ | 437,227 | $ | (5,612,357) | $ | 640,476 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Impairment Charge - Technology Investment | (2,739,466) | — | (2,739,466) | — | ||||||||||||||||||||||
Adjusted Other (Loss) Income - (Non-GAAP) | $ | (3,310,118) | $ | 437,227 | $ | (2,872,891) | $ | 640,476 | ||||||||||||||||||
Exhibit 99.1
Adjusted Net Income and Adjusted Earnings per Share: Adjusted Net Income and Adjusted Earnings per Share are presented as supplemental measures of the Company's performance. Adjusted Net Income is defined as Net Income adjusted for impairment charges, acquisition related costs, and severance costs during the first quarter of 2026 and first quarter of 2025. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding.
(Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||
Gentex | VOXX | 2026 Consolidated | 2025 Consolidated | |||||||||||||||||||||||
Net Income Attributable to Gentex Corporation - GAAP | $ | 93,818,074 | $ | 4,637,069 | $ | 98,455,143 | $ | 94,874,045 | ||||||||||||||||||
Impairment Charges - Intangible Assets, net of tax | 2,335,200 | — | 2,335,200 | — | ||||||||||||||||||||||
Acquisition Related Costs, net of tax | — | — | — | 734,355 | ||||||||||||||||||||||
Severance Costs, net of tax | 574,910 | 27,689 | 602,599 | 2,412,409 | ||||||||||||||||||||||
Impairment Charges - Technology Investment, net of tax | 2,284,715 | — | 2,284,715 | — | ||||||||||||||||||||||
Net Income (Loss) Attributable to Gentex Corporation - (Non-GAAP) | $ | 99,012,899 | $ | 4,664,758 | $ | 103,677,657 | $ | 98,020,809 | ||||||||||||||||||
Adjusted Earnings Per Share: | ||||||||||||||||||||||||||
Basic | $ | 0.46 | $ | 0.02 | $ | 0.48 | $ | 0.43 | ||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.02 | $ | 0.48 | $ | 0.43 | ||||||||||||||||||
The Company believes that the presentation of these non-GAAP financial measures provides insight into the Company's core performance and trends with respect to the same. Management of the Company similarly uses such non-GAAP financial measures in assessing the business internally.
FAQ
How did Gentex (GNTX) perform financially in the first quarter of 2026?
Gentex reported consolidated net sales of $675.4 million, up 17% from $576.8 million a year earlier. GAAP net income attributable to Gentex was $98.5 million, with diluted EPS of $0.46 and adjusted diluted EPS of $0.48, both higher than the prior-year quarter.
What impact did the VOXX acquisition have on Gentex’s Q1 2026 results?
VOXX contributed $88.6 million of net sales in the first quarter of 2026 and has achieved profitability one year after acquisition. VOXX also added $23.2 million to operating expenses, and management plans to scale product launches, expand channels, and work on margin improvement.
How did Gentex’s margins and operating expenses trend in Q1 2026?
Gentex’s consolidated gross margin was 33.8% versus 33.2% last year, while core Gentex gross margin improved to 34.0%, an 80 basis-point increase. Consolidated operating expenses rose to $105.0 million, but core adjusted operating expenses increased modestly to $78.3 million from $75.0 million.
What guidance did Gentex provide for full-year 2026 revenue and margins?
Gentex raised its 2026 consolidated revenue guidance to a range of $2.65–$2.75 billion from $2.60–$2.70 billion. The company maintained guidance for gross margin at 34%–35%, operating expenses of $410–$420 million, tax rate of 16%–18%, and capital expenditures of $125–$140 million.
What is Gentex’s revenue outlook for 2027 based on current forecasts?
Based on mid-April 2026 S&P Global Mobility vehicle production forecasts and expectations for other product lines, Gentex now expects 2027 consolidated revenue between $2.80 billion and $2.90 billion. This reflects anticipated growth from automotive electronics, premium audio, aerospace, medical, and fire protection products.