Stoneridge (NYSE: SRI) posts 2025 loss but projects EBITDA growth through 2030
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Stoneridge, Inc. reported weak 2025 GAAP results but highlighted growth in core technologies and a reshaped business. Full-year sales were $861.3 million, down from 2024, with a net loss of $102.8 million driven largely by a $21.6 million impairment of Control Devices assets and $44.5 million of tax valuation allowances. Adjusted net loss was narrower at $31.9 million and adjusted EBITDA was $25.0 million, or 2.9% of sales.
MirrorEye camera system sales reached $111 million in 2025, up 69% year over year and helping Stoneridge outperform its weighted-average OEM end markets by 150 basis points. Inventory fell by $18.7 million, supporting adjusted free cash flow of $19.0 million. The company completed the sale of its Control Devices segment in January 2026 to focus on higher-growth electronics and Brazil operations.
For 2026, Stoneridge issued revenue guidance of $625 million to $650 million and adjusted EBITDA of $20 million to $25 million, assuming flat end markets but at least 45% MirrorEye growth. Management targets at least $715 million of revenue and $44 million of EBITDA in 2027, and 2030 revenue of $850 million to $1 billion with EBITDA of $80 million to $120 million. Natalia Noblet will become president and CEO on April 1, 2026.
Positive
- None.
Negative
- None.
Insights
Large 2025 loss is offset by strong MirrorEye growth and ambitious EBITDA targets.
Stoneridge posted 2025 sales of
On an adjusted basis, net loss was
Management guides to 2026 revenue of
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): March 11, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices, and Zip Code)
(248 ) 489-9300
Registrant’s Telephone Number, Including Area Code
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):
| 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 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. o
ITEM 2.02 Results of Operations and Financial Condition.
On March 11, 2026, Stoneridge, Inc. (the “Company”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1. On March 12, 2026, members of the Company’s senior management will hold the full-year and fourth quarter 2025 earnings conference call via webcast to discuss the Company’s financial results and the presentation attached hereto as Exhibit 99.2, will accompany management’s comments.
The press release and earnings conference call presentation contain certain non-GAAP financial measures, including Sales Excluding Control Devices, Adjusted Gross Profit and Margin, Adjusted Operating Income (Loss) and Margin, Adjusted Loss Before Tax, Adjusted Tax Expense, Adjusted Net Loss, Adjusted Loss per Share (“Adjusted EPS”), Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Excluding Control Devices, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Free Cash Flow, Net Debt, Adjusted Net Debt, Adjusted Debt and Adjusted Cash (collectively, the “Non-GAAP Financial Measures”). Management believes that the presentation of the Non-GAAP Financial Measures used in the press release and earnings conference call presentation are useful to both management and investors in their analysis of the Company’s financial position, results of operations and expected results of operations because the Non-GAAP Financial Measures facilitate a period to period comparison of operating results by excluding significant unusual, non-recurring items in 2025 and 2024. For 2025, these items relate to after-tax and pre-tax business realignment costs, after-tax and pre-tax strategic review costs, after-tax and pre-tax share-based compensation accelerated vesting, after-tax and pre-tax impairment of control devices assets, after-tax impact of valuation allowances, net, after-tax and pre-tax deferred financing fee write off and adjustments for debt compliance calculations. For 2024, these items relate to pre-tax business realignment costs, pre-tax environmental remediation costs, and adjustments for debt compliance calculations. These Non-GAAP Financial Measures, however, should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures used by the Company may not be comparable to non-GAAP financial measures used by other companies. Sales Excluding Control Devices, Adjusted Gross Profit and Margin, Adjusted Operating Income (Loss) and Margin, Adjusted Loss Before Tax, Adjusted Tax Expense, Adjusted Net Loss, Adjusted EPS, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Excluding Control Devices, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Free Cash Flow, Net Debt, Adjusted Net Debt, Adjusted Debt and Adjusted Cash should not be considered a substitute for Net Sales, Gross Profit, Operating Income (Loss), Loss Before Tax, Income Tax Expense, Net Loss, Loss per Share, Net Cash from Operating Activities, Debt or Cash and Cash Equivalents prepared in accordance with GAAP.
ITEM 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 above is hereby incorporated herein by reference.
The information in this report, including the press release and the earnings conference call presentation furnished as Exhibits 99.1 and 99.2 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibits furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibits.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | ||||
| 99.1 | Press release dated March 11, 2026, announcing results for the full-year and fourth quarter ended December 31, 2025 | ||||
| 99.2 | Full-year and fourth quarter 2025 results earnings conference call presentation materials, dated March 12, 2026 | ||||
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) | ||||
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.
| Stoneridge, Inc. | |||||
Date: March 11, 2026 | /s/ Matthew R. Horvath | ||||
Matthew R. Horvath Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
Stoneridge Reports Fourth Quarter and Full-Year 2025 Results
Outperformed End-Markets by 150 Basis Points in 2025 Driven by MirrorEye® Growth of 69%
Drove Improvements in Material Cost of 80 bps and Quality-Related Costs of $6.6 Million in 2025
Issues 2026 Midpoint EBITDA Guidance of $22.5 Million and 2027 EBITDA Target of $44 Million
2025 Fourth Quarter Results
•Sales of $205.2 million
•Net loss of $(76.9) million ((37.5)% of sales)
◦Includes the after-tax impairment of Control Devices assets of $(16.7) million and income tax expense related to the recording of valuation allowances of $(44.5) million, net
•Adjusted net loss of $(14.7) million ((7.2)% of sales)
•Adjusted EBITDA of $3.4 million (1.7% of sales)
2026 Full-Year Guidance
•Revenue guidance of $625 million - $650 million (midpoint of $638 million) represents growth of 4.2% vs. 2025 sales (excluding Control Devices) of $612 million
◦Guidance conservatively assumes flat end market growth based on current customer expectations (IHS third party production data expects 7.1% year-over-year growth based on our weighted-average OEM end markets)
◦Expecting continued market outperformance led by MirrorEye growth of at least 45%
•Adjusted EBITDA of $20 million to $25 million (adjusted EBITDA margin of 3.2% to 3.8%)
◦Contribution margin from incremental sales, continued performance improvements and structural cost reductions of $5 million expected to drive significant margin improvement.
2027 Financial Targets
•2027 revenue target of at least $715 million driven by improving market conditions and continued growth in MirrorEye
◦Incremental growth opportunities with our aftermarket, off-highway and Brazilian OEM businesses
•2027 EBITDA expected of at least $44 million based on contribution on incremental revenue
◦Continued material cost, quality-related cost and structural cost improvement could expand targeted 2027 EBITDA above contribution-based target.
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NOVI, Mich. – March 11, 2026– Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter ended December 31, 2025.
The Company announced fourth quarter sales of $205.2 million. Gross profit was $33.2 million (16.2% of sales) and adjusted gross profit was $33.2 million (16.2% of sales). Operating loss was $(29.5) million ((14.4)% of sales) while adjusted operating loss was $(6.7) million ((3.3)% of sales). Operating loss was adjusted to account for the pre-tax impairment of Control Devices assets of $(21.6) million among other non-recurring expenses as outlined in Exhibit 2. Net loss was $(76.9) million and adjusted net loss was $(14.7) million. Net loss was adjusted to account for the previously discussed impairment as well as the recording of tax valuation allowances of $44.5 million net, among other non-recurring expenses as outlined in Exhibit 4. Loss per share (EPS) was $(2.76) and adjusted EPS was $(0.53). Adjusted EBITDA was $3.4 million (1.7% of sales).
The Company announced full-year sales of $861.3 million, gross profit of $171.2 million (19.9% of sales) and adjusted gross profit of $173.6 million (20.2% of sales). Operating loss was $(38.6) million ((4.5)% of sales) and adjusted operating loss was $(4.3) million ((0.5)% of sales). Operating loss was adjusted to account for the pre-tax impairment of Control Devices assets of $(21.6) million among other non-recurring expenses as outlined in Exhibit 2. Net loss was $(102.8) million and adjusted net loss was $(31.9) million. Net loss was primarily adjusted to account for the previously discussed asset impairment as well as the recording of tax valuation allowances of $44.5 million net, among other non-recurring expenses as outlined in Exhibit 4. Loss per share was $(3.70) and adjusted EPS was $(1.15). Adjusted EBITDA was $25.0 million (2.9% of sales).
The exhibits attached hereto provide reconciliation details on normalizing adjustments of non-GAAP financial measures used in this press release.
Jim Zizelman, president and chief executive officer, commented, “In 2025, our focused growth strategy, material and quality-related cost improvements, and structural cost control enabled us to navigate another year marked by challenging macroeconomic conditions. Driven by continued momentum with our MirrorEye programs, we outperformed our weighted average end markets by 150 basis points compared to the prior year. MirrorEye sales were $111 million in 2025, which represents 69% growth compared to the prior year, driven by the continued ramp-up of OEM programs in Europe, improved take rates, and two new program launches in North America. Our continued efforts to improve manufacturing performance resulted in an 80-basis point improvement in material costs and an overall reduction in quality-related costs of $6.6 million. We are proud of our ability to continuously outperform our end markets, even in a challenging vehicle production environment, while minimizing the impact on our bottom line. Finally, our focus on reducing inventory, which declined by $18.7 million this year, drove adjusted free cash flow of $19 million.”
Zizelman continued, “Earlier this year, we completed the sale of our Control Devices segment. As a result of this sale, we will now focus our resources on our highest growth, highest return businesses and reduce overall organizational complexity leading to a clear, focused strategy for the Company. Natalia Noblet, as the named president and chief executive officer effective April 1st, will continue the strategic vision of the Company, advancing the rigor and discipline we have built over the last several years to drive long-term sustainable performance.”
Natalia Noblet, incoming president and chief executive officer, commented, “As president and CEO, my priority will be to continue delivering superior customer value proposition through advanced technology solutions that solve critical challenges and help our customers achieve their long-term goals. Second, my team and I will be focused on excellence in execution to sharpen our strategy and drive financial performance. We will continue to embed rigor and discipline in all our processes to drive operational efficiency and continuous improvement. We are committed to organizational efficiencies to streamline costs to better align our structure with our global goals. Finally, when passion, processes, and priorities are aligned, a strong performance culture emerges —
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one that consistently delivers long-term value. As the outcome, we expect to drive market outperformance, margin expansion and cash flow conversion to create value for shareholders, customers and employees.”
Noblet continued, “Our advanced product portfolio is directly aligned with industry trends including more automated and connected vehicle technologies, focused on advanced safety and vehicle efficiency. We have built a substantial and growing backlog of awarded programs, and we expect to continue this momentum in the coming years.”
Fourth Quarter in Review
Electronics fourth quarter sales of $133.2 million decreased by 10.8%, relative to the fourth quarter of 2024. This was primarily driven by lower commercial vehicle production volumes in Europe and North America, partially offset by incremental MirrorEye sales and favorable foreign exchange translation. Fourth quarter adjusted operating margin of 0.2% decreased by 330 basis points compared to the fourth quarter of 2024, primarily driven by lower contribution on lower sales and higher overhead costs, partially offset by lower D&D due to higher customer reimbursements.
Stoneridge Brazil fourth quarter sales of $16.6 million increased by $4.1 million, or 33.3%, relative to the fourth quarter of 2024. This increase was primarily driven by increased OEM and aftermarket sales. Fourth quarter operating income of $1.3 million increased by approximately $1.2 million compared to the fourth quarter of 2024 primarily due to increased sales and favorable foreign exchange impact on material purchases.
Control Devices fourth quarter sales of $64.4 million increased by 2.0%, relative to the fourth quarter of 2024. This increase was primarily due to higher passenger vehicle sales in North America and China. Fourth quarter adjusted operating margin of (2.3)% improved by 20 basis points compared to the fourth quarter of 2024, primarily driven by lower SG&A and engineering costs.
Full-Year in Review
Electronics full-year sales of $551.4 million decreased by (7.3)% relative to 2024. This decrease was primarily driven by lower customer production volumes in the North American and European commercial vehicle end markets, partially offset by incremental MirrorEye sales driven by the ramp up of a previously launched European OEM program and two additional OEM program launches in North America. Full-year adjusted operating margin of 3.3% decreased by 140 basis points compared to 2024, driven by lower contribution from lower sales and higher overhead costs offset by lower direct material, quality-related and engineering costs.
Stoneridge Brazil full-year sales of $65.1 million increased by 29.9% relative to 2024. This increase was primarily due to OEM sales that almost doubled compared to 2024. Full-year operating margin of 8.6% increased by approximately 660 basis points compared to 2024, primarily driven by increased contribution from incremental sales.
Control Devices full-year sales of $277.9 million decreased by (6.2)% relative to 2024. This decrease was primarily due to the production volume decline in the North American passenger vehicle end market as well as lower sales in the China automotive and off-highway end markets. Full-year adjusted operating margin of 1.6% decreased by 60 basis points compared to 2024, primarily due to lower contribution on lower sales as well as unfavorable mix offset by lower engineering costs.
Cash and Debt Balances
As of December 31, 2025, Stoneridge had cash and cash equivalents totaling $66.3 million and total debt of $180.9 million resulting in net debt of $114.7 million. For the twelve months ending December 31, 2025, the
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Company generated $34.0 million in net cash provided by operating activities and $19.0 million in adjusted free cash flow.
The Company has entered into an amendment to its current credit facility to extend the maturity date to July 1, 2027 to allow ample time to refinance the existing credit facility and align the long-term capital structure with the structure of the Company after the sale of Control Devices. The Company expects to remain in compliance with all of the amended covenant ratios.
For credit facility compliance purposes, adjusted net debt was $137.7 million while adjusted EBITDA for the trailing twelve months was $39.8 million, resulting in an adjusted net debt to trailing twelve-month EBITDA compliance leverage ratio of 3.46x relative to a required leverage ratio of not greater than 3.75x as per the amended credit facility agreement.
2026 and Future Outlook
The Company is issuing its full-year 2026 sales guidance range of $625 million to $650 million, gross margin guidance of 21.5% to 22.0%, adjusted operating margin guidance of approximately break-even, and adjusted EBITDA guidance of $20 million to $25 million, or approximately 3.2% to 3.8% of sales.
Bob Hartman, chief accounting officer and incoming interim chief financial officer commented, “We are introducing our full-year 2026 guidance ranges, including midpoint revenue of $638 million, representing 4.2% year-over-year growth relative to the 2025 sales for the remaining company. Our revenue guidance assumes that OEM production volumes will remain broadly in line with 2025. That said, based on our weighted average end-markets, IHS is forecasting 7.1% growth in 2026. However, we believe continued geopolitical volatility warrants some level of conservatism. We expect continued strong growth in MirrorEye this year, driven by improved customer take rates and the continued ramp up of recently launched OEM programs, resulting in expected MirrorEye revenue of at least $160 million, or approximately 45% growth. As Natalia outlined previously, we will continue to drive material cost and quality-related improvements as well as reducing our structural costs, which we expect to result in expanded margins. As a result, we expect EBITDA of $20 million to $25 million in 2026.”
Noblet continued, “Finally, today we are providing both short-term and long-term revenue and EBITDA targets. Looking at 2027, our weighted-average end markets are expected to grow by 6.6% relative to 2026. In addition, we expect the continued ramp-up and increased customer take rates for our existing MirrorEye OEM programs to drive growth of at least $35 million incremental to 2026. Based on market expectations and MirrorEye-related growth, we are targeting at least $715 million of revenue in 2027. We have additional opportunities to outperform this target, including growth in our aftermarket, off-highway and Brazilian OEM businesses. Based on the contribution margin on expected revenue growth, we are targeting 2027 EBITDA of at least $44 million, or almost double our expected EBITDA in 2026. Incremental to that contribution-based target would be our continued focus on improving material costs, quality-related costs and structural cost reductions to align with our current company structure.”
Noblet concluded, “Similarly, we have updated our long-term targets to reflect continued strong growth expectations in our key product categories resulting in a 2030 revenue target of $850 million to $1 billion, implying revenue growth of 2x to 3x our weighted-average end market growth. This results in our expected 2030 EBITDA target of $80 million to $120 million, implying an EBITDA margin range of approximately 9.5% to 12.0%. We remain focused on building a strong foundation for continued earnings expansion as we capitalize on our impressive portfolio of advanced technologies. Stoneridge remains well positioned to continue to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation.”
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Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2025 fourth quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, March 12, 2026, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off-highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this press release and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) strategic focus following the sale of the Control Devices segment, (iii) acquisition strategy, (iv) investments and new product development, (v) growth opportunities related to awarded business, and (vi) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “could,” “would,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
•the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
•fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;
•global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;
•tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;
•our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
•the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;
•the costs and timing of business realignment, facility closures or similar actions;
•a significant change in commercial, automotive, off-highway or agricultural vehicle production;
•competitive market conditions and resulting effects on sales and pricing;
•foreign currency fluctuations and our ability to manage those impacts;
•customer acceptance of new products;
•our ability to successfully launch/produce products for awarded business;
•adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;
•our ability to protect our intellectual property and successfully defend against assertions made against us;
•liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
•labor disruptions at our facilities, or at any of our significant customers or suppliers;
•business disruptions due to natural disasters or other disasters outside of our control;
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•the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving credit facility;
•capital availability or costs, including changes in interest rates;
•refinancing risk and access to capital markets and liquidity;
•the failure to achieve the successful integration of any acquired company or business;
•risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions;
•as a result of the sale of the Company's Control Devices business in January 2026, the Company will operate as a two-segment business; the 2025 financial statements are not representative of the Company's future operating profile; and
•the items described in Part I, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-K.
The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2025 and 2024 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably estimate.
In evaluating its business, the Company considers and uses free cash flow and net debt as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that sales excluding Control Devices, adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted EBITDA excluding Control Devices, adjusted debt, net debt, adjusted net debt, adjusted cash, free cash flow, and adjusted free cash flow are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.
Sales excluding Control Devices, adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted EBITDA excluding Control Devices, adjusted debt, net debt, adjusted net debt, adjusted cash, free cash flow, and adjusted free cash flow should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
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For more information, contact Kelly K. Harvey, Director Investor Relations (Kelly.Harvey@Stoneridge.com).
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CONSOLIDATED BALANCE SHEETS
| (in thousands) | December 31, 2025 | December 31, 2024 | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 66,252 | $ | 71,832 | ||||||||||
| Accounts receivable, less reserves of $383 and $1,060, respectively | 131,430 | 137,766 | ||||||||||||
| Inventories, net | 132,673 | 151,337 | ||||||||||||
| Prepaid expenses and other current assets | 31,514 | 26,579 | ||||||||||||
| Total current assets | 361,869 | 387,514 | ||||||||||||
| Long-term assets: | ||||||||||||||
| Property, plant and equipment, net | 78,922 | 97,667 | ||||||||||||
| Intangible assets, net | 37,973 | 39,677 | ||||||||||||
| Goodwill | 37,590 | 33,085 | ||||||||||||
| Operating lease right-of-use asset | 12,513 | 10,050 | ||||||||||||
| Investments and other long-term assets, net | 22,321 | 53,563 | ||||||||||||
| Total long-term assets | 189,319 | 234,042 | ||||||||||||
| Total assets | $ | 551,188 | $ | 621,556 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 82,235 | $ | 83,478 | ||||||||||
| Accrued expenses and other current liabilities | 75,321 | 66,494 | ||||||||||||
| Total current liabilities | 157,556 | 149,972 | ||||||||||||
| Long-term liabilities: | ||||||||||||||
| Revolving credit facility | 180,942 | 201,577 | ||||||||||||
| Deferred income taxes | 9,972 | 5,321 | ||||||||||||
| Operating lease long-term liability | 9,014 | 6,484 | ||||||||||||
| Other long-term liabilities | 13,925 | 12,942 | ||||||||||||
| Total long-term liabilities | 213,853 | 226,324 | ||||||||||||
| Shareholders' equity: | ||||||||||||||
| Preferred Shares, without par value, 5,000 shares authorized, none issued | — | — | ||||||||||||
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 28,018 and 27,695 shares outstanding at December 31, 2025 and December 31, 2024, respectively, with no stated value | — | — | ||||||||||||
| Additional paid-in capital | 219,186 | 225,712 | ||||||||||||
Common Shares held in treasury, 948 and 1,271 shares at December 31, 2025 and December 31, 2024, respectively, at cost | (27,457) | (38,424) | ||||||||||||
| Retained earnings | 77,150 | 179,985 | ||||||||||||
| Accumulated other comprehensive loss | (89,100) | (122,013) | ||||||||||||
| Total shareholders' equity | 179,779 | 245,260 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 551,188 | $ | 621,556 | ||||||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS
| Year ended December 31, (in thousands, except per share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net sales | $ | 861,263 | $ | 908,295 | $ | 975,818 | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of goods sold | 690,109 | 719,042 | 774,512 | |||||||||||||||||
| Selling, general and administrative | 125,605 | 117,460 | 117,395 | |||||||||||||||||
| Impairment of Control Devices assets | 21,628 | — | — | |||||||||||||||||
| Design and development | 62,527 | 72,174 | 71,075 | |||||||||||||||||
| Operating (loss) income | (38,606) | (381) | 12,836 | |||||||||||||||||
| Interest expense, net | 13,578 | 14,447 | 13,000 | |||||||||||||||||
| Equity in (earnings) loss of investee | (340) | 1,292 | 522 | |||||||||||||||||
| Other expense (income), net | 3,608 | (2,523) | 1,236 | |||||||||||||||||
| Loss before income taxes | (55,452) | (13,597) | (1,922) | |||||||||||||||||
| Provision for income taxes | 47,383 | 2,927 | 3,261 | |||||||||||||||||
| Net loss | $ | (102,835) | $ | (16,524) | $ | (5,183) | ||||||||||||||
| Loss per share: | ||||||||||||||||||||
| Basic | $ | (3.70) | $ | (0.60) | $ | (0.19) | ||||||||||||||
| Diluted | $ | (3.70) | $ | (0.60) | $ | (0.19) | ||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||
| Basic | 27,797 | 27,596 | 27,443 | |||||||||||||||||
| Diluted | 27,797 | 27,596 | 27,443 | |||||||||||||||||
9
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, (in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net loss | $ | (102,835) | $ | (16,524) | $ | (5,183) | ||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||||||||||||
| Depreciation | 23,731 | 26,140 | 26,749 | |||||||||||||||||
| Amortization, including accretion and write-off of deferred financing costs | 9,955 | 8,852 | 8,132 | |||||||||||||||||
| Deferred income taxes | 37,079 | (5,742) | (4,038) | |||||||||||||||||
| Impairment of Control Devices assets | 21,628 | — | — | |||||||||||||||||
| (Gain) loss of equity method investee | (340) | 1,292 | 522 | |||||||||||||||||
| Loss (gain) on sale of fixed assets | 146 | 257 | (860) | |||||||||||||||||
| Share-based compensation expense | 4,801 | 4,094 | 3,322 | |||||||||||||||||
| Excess tax deficiency related to share-based compensation expense | 475 | 248 | 230 | |||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable, net | 17,341 | 20,170 | (5,854) | |||||||||||||||||
| Inventories, net | 30,765 | 26,904 | (31,563) | |||||||||||||||||
| Prepaid expenses and other assets | (7,489) | 877 | 16,625 | |||||||||||||||||
| Accounts payable | (8,780) | (24,624) | 1,090 | |||||||||||||||||
| Accrued expenses and other liabilities | 7,545 | 5,804 | (4,226) | |||||||||||||||||
| Net cash provided by operating activities | 34,022 | 47,748 | 4,946 | |||||||||||||||||
| INVESTING ACTIVITIES: | ||||||||||||||||||||
| Capital expenditures, including intangibles | (21,850) | (24,303) | (38,498) | |||||||||||||||||
| Proceeds from sale of fixed assets | 399 | 385 | 1,869 | |||||||||||||||||
| Investment in venture capital fund, net | (372) | (550) | (350) | |||||||||||||||||
| Net cash used for investing activities | (21,823) | (24,468) | (36,979) | |||||||||||||||||
| FINANCING ACTIVITIES: | ||||||||||||||||||||
| Revolving credit facility borrowings | 49,000 | 135,500 | 117,369 | |||||||||||||||||
| Revolving credit facility payments | (73,191) | (121,500) | (96,568) | |||||||||||||||||
| Proceeds from issuance of debt | 19,888 | 31,661 | 35,757 | |||||||||||||||||
| Repayments of debt | (19,882) | (33,745) | (35,102) | |||||||||||||||||
| Other financing costs | (777) | — | (2,251) | |||||||||||||||||
| Repurchase of Common Shares to satisfy employee tax withholding | (340) | (795) | (1,720) | |||||||||||||||||
| Net cash (used for) provided by financing activities | (25,302) | 11,121 | 17,485 | |||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 7,523 | (3,410) | 591 | |||||||||||||||||
| Net change in cash and cash equivalents | (5,580) | 30,991 | (13,957) | |||||||||||||||||
| Cash and cash equivalents at beginning of period | 71,832 | 40,841 | 54,798 | |||||||||||||||||
| Cash and cash equivalents at end of period | $ | 66,252 | $ | 71,832 | $ | 40,841 | ||||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||||||
| Cash paid for interest | $ | 14,166 | $ | 15,458 | $ | 13,007 | ||||||||||||||
| Cash paid for income taxes, net | $ | 10,337 | $ | 9,255 | $ | 10,302 | ||||||||||||||
10
Regulation G Non-GAAP Financial Measure Reconciliations
Exhibit 1 – Reconciliation of Adjusted Gross Profit
| (USD in millions) | Q4 2024 | 2024 | Q4 2025 | 2025 | |||||||||||||||||||
| Gross Profit | $ | 42.7 | $ | 189.3 | $ | 33.2 | $ | 171.2 | |||||||||||||||
| Add: Pre-Tax Business Realignment Costs | 0.4 | 0.5 | 0.1 | 2.4 | |||||||||||||||||||
| Adjusted Gross Profit | $ | 43.1 | $ | 189.8 | $ | 33.2 | $ | 173.6 | |||||||||||||||
Exhibit 2 - Reconciliation of Adjusted Operating Income (Loss)
| (USD in millions) | Q4 2024 | 2024 | Q4 2025 | 2025 | |||||||||||||||||||
| Operating Income (Loss) | $ | (4.4) | $ | (0.4) | $ | (29.5) | $ | (38.6) | |||||||||||||||
| Add: Pre-Tax Business Realignment Costs | 0.4 | 2.6 | (0.1) | 6.4 | |||||||||||||||||||
| Add: Pre-Tax Environmental Remediation Costs | — | 0.2 | — | — | |||||||||||||||||||
| Add: Pre-Tax Strategic Review Costs | — | — | 1.3 | 6.0 | |||||||||||||||||||
| Add: Pre-Tax Share-Based Compensation Accelerated Vesting | — | — | — | 0.3 | |||||||||||||||||||
| Add: Pre-Tax Impairment of Control Devices Assets | — | — | 21.6 | 21.6 | |||||||||||||||||||
| Adjusted Operating Income (Loss) | $ | (4.0) | $ | 2.4 | $ | (6.7) | $ | (4.3) | |||||||||||||||
11
Exhibit 3 – Reconciliation of Adjusted Tax Rate
Reconciliation of Q4 2025 Adjusted Tax Rate | |||||||||||
| (USD in millions) | Q4 2025 | Tax Rate | |||||||||
| Loss Before Tax | $ | (31.0) | |||||||||
| Add: Pre-Tax Business Realignment Costs | (0.1) | ||||||||||
| Add: Pre-Tax Strategic Review Costs | 1.3 | ||||||||||
| Add: Pre-Tax Deferred Financing Fee Write Off | 0.2 | ||||||||||
| Add: Pre-Tax Impairment of Control Devices Assets | 21.6 | ||||||||||
| Adjusted Loss Before Tax | $ | (8.0) | |||||||||
| Income Tax Expense | $ | 45.9 | nm | ||||||||
| Add: Tax Impact from Pre-Tax Adjustments | 5.3 | ||||||||||
| Add: After-Tax Impact of Valuation Allowances, net | (44.5) | ||||||||||
| Adjusted Income Tax Expense on Adjusted Loss Before Tax | $ | 6.7 | (83.3) | % | |||||||
Reconciliation of YTD 2025 Adjusted Tax Rate | |||||||||||
| (USD in millions) | 2025 | Tax Rate | |||||||||
| Loss Before Tax | $ | (55.5) | |||||||||
| Add: Pre-Tax Business Realignment Costs | 6.4 | ||||||||||
| Add: Pre-Tax Deferred Financing Fee Write Off | 0.2 | ||||||||||
| Add: Pre-Tax Impairment of Control Devices Assets | 21.6 | ||||||||||
| Add: Pre-Tax Strategic Review Costs | 6.0 | ||||||||||
| Add: Pre-Tax Share-Based Compensation Accelerated Vesting | 0.3 | ||||||||||
| Adjusted Loss Before Tax | $ | (20.9) | |||||||||
| Income Tax Expense | 47.4 | (85.4) | % | ||||||||
| Add: Tax Impact from Pre-Tax Adjustments | 8.1 | ||||||||||
| Add: After-Tax Impact of Valuation Allowances, net | (44.5) | ||||||||||
| Adjusted Income Tax Expense | $ | 11.0 | (52.7) | % | |||||||
12
Exhibit 4 - Reconciliation of Adjusted Net Loss and EPS
Reconciliation of Q4 2025 Adjusted Net Income and EPS | |||||||||||
| (USD in millions, except EPS) | Q4 2025 | Q4 2025 EPS | |||||||||
| Net Loss | $ | (76.9) | $ | (2.76) | |||||||
| Add: After-Tax Business Realignment Costs | (0.1) | — | |||||||||
| Add: After-Tax Deferred Financing Fee Write Off | 0.1 | 0.01 | |||||||||
| Add: After-Tax Strategic Review Costs | 1.0 | 0.04 | |||||||||
| Add: After-Tax Impairment of Control Devices Assets | 16.7 | 0.60 | |||||||||
| Add: After-Tax Impact of Valuation Allowances, net | 44.5 | 1.60 | |||||||||
| Adjusted Net Loss | $ | (14.7) | $ | (0.53) | |||||||
| Reconciliation of Full-Year 2025 Adjusted Net Income and EPS | |||||||||||
| (USD in millions, except EPS) | 2025 | 2025 EPS | |||||||||
| Net Loss | $ | (102.8) | $ | (3.70) | |||||||
| Add: After-Tax Business Realignment Costs | 4.8 | 0.17 | |||||||||
| Add: After-Tax Deferred Financing Fee Write Off | 0.1 | 0.01 | |||||||||
| Add: After-Tax Share-Based Compensation Accelerated Vesting | 0.2 | 0.01 | |||||||||
| Add: After-Tax Impact of Valuation Allowances, net | 44.5 | 1.60 | |||||||||
| Add: After-Tax Impairment of Control Devices Assets | 16.7 | 0.60 | |||||||||
| Add: After-Tax Strategic Review Costs | 4.6 | 0.17 | |||||||||
| Adjusted Net Loss | $ | (31.9) | $ | (1.15) | |||||||
Exhibit 5 – Reconciliation of Adjusted EBITDA
| (USD in millions) | Q4 2024 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 | |||||||||||||||||||||||||||||||||||||
| Loss Before Tax | $ | (6.2) | $ | (13.6) | $ | (5.6) | $ | (9.1) | $ | (9.7) | $ | (31.0) | $ | (55.5) | ||||||||||||||||||||||||||||||
| Interest expense, net | 3.4 | 14.4 | 3.2 | 3.1 | 3.8 | 3.5 | 13.6 | |||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 8.3 | 34.3 | 7.3 | 7.6 | 9.5 | 8.1 | 32.5 | |||||||||||||||||||||||||||||||||||||
| EBITDA | $ | 5.5 | $ | 35.1 | $ | 4.8 | $ | 1.6 | $ | 3.6 | $ | (19.4) | $ | (9.4) | ||||||||||||||||||||||||||||||
| Add: Pre-Tax Business Realignment Costs | 0.4 | 2.6 | 2.8 | 1.7 | 2.1 | (0.1) | 6.4 | |||||||||||||||||||||||||||||||||||||
| Add: Pre-Tax Environmental Remediation Costs | — | 0.2 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Add: Pre-Tax Strategic Review Costs | — | — | — | 1.0 | 3.7 | 1.3 | 6.0 | |||||||||||||||||||||||||||||||||||||
| Add: Pre-Tax Share-Based Compensation Accelerated Vesting | — | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||||||||||||||||||||
| Add: Pre-Tax Impairment of Control Devices Assets | — | — | — | — | — | 21.6 | 21.6 | |||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 6.0 | $ | 37.9 | $ | 7.6 | $ | 4.6 | $ | 9.3 | $ | 3.4 | $ | 25.0 | ||||||||||||||||||||||||||||||
13
Exhibit 6 – Reconciliation of Segment Adjusted Operating Income (Loss)
Reconciliation of Control Devices Adjusted Operating Income (Loss)
| (USD in millions) | Q4 2024 | 2024 | Q4 2025 | 2025 | |||||||||||||||||||
| Control Devices Operating Income (Loss) | $ | (1.8) | $ | 6.2 | $ | (22.9) | $ | (17.9) | |||||||||||||||
| Add: Pre-Tax Environmental Remediation Costs | — | 0.2 | — | — | |||||||||||||||||||
| Add: Pre-Tax Business Realignment Costs | 0.2 | 0.2 | (0.2) | 0.7 | |||||||||||||||||||
| Add: Pre-Tax Impairment of Control Devices Assets | — | — | 21.6 | 21.6 | |||||||||||||||||||
| Control Devices Adjusted Operating Income (Loss) | $ | (1.6) | $ | 6.6 | $ | (1.5) | $ | 4.4 | |||||||||||||||
Reconciliation of Electronics Adjusted Operating Income
| (USD in millions) | Q4 2024 | 2024 | Q4 2025 | 2025 | |||||||||||||||||||
| Electronics Operating Income | $ | 5.1 | $ | 25.6 | $ | 0.2 | $ | 14.3 | |||||||||||||||
| Add: Pre-Tax Business Realignment Costs | 0.2 | 2.3 | 0.1 | 3.8 | |||||||||||||||||||
| Electronics Adjusted Operating Income | $ | 5.3 | $ | 27.9 | $ | 0.3 | $ | 18.1 | |||||||||||||||
Exhibit 7 – Reconciliation of Sales Excluding Control Devices
| (USD in millions) | YTD 2025 | |||||||
| Sales | $ | 861.3 | ||||||
| Less: Control Devices Sales | (274.5) | |||||||
| Add: Inter-segment Sales to Control Devices | 24.7 | |||||||
| Sales Excluding Control Devices | $ | 611.5 | ||||||
Exhibit 8 – Reconciliation of Adjusted EBITDA Excluding Control Devices
| (USD in millions) | YTD 2025 | |||||||
| Adjusted EBITDA | $ | 25.0 | ||||||
| Less: Control Devices Adjusted EBITDA | (10.8) | |||||||
| Adjusted EBITDA Excluding Control Devices | $ | 14.2 | ||||||
14
Exhibit 9 – Reconciliation of Adjusted Free Cash Flow
| (USD in millions) | Q4 2024 | YTD 2024 | Q4 2025 | YTD 2025 | |||||||||||||||||||
| Net Cash Provided by Operating Activities | $ | 19.2 | $ | 47.7 | $ | 8.8 | $ | 34.0 | |||||||||||||||
| Capital Expenditures, including Intangibles | (5.3) | (24.3) | (6.2) | (21.9) | |||||||||||||||||||
| Proceeds from Sale of Fixed Assets | 0.1 | 0.4 | 0.1 | 0.4 | |||||||||||||||||||
| Free Cash Flow | $ | 14.1 | $ | 23.8 | $ | 2.7 | $ | 12.6 | |||||||||||||||
| Business Realignment Related Payments | $ | 0.4 | $ | 2.6 | $ | 0.1 | $ | 5.7 | |||||||||||||||
| Strategic Review Cost Related Payments | 0.0 | 0.0 | 0.0 | 0.7 | |||||||||||||||||||
| Adjusted Free Cash Flow | $ | 14.5 | $ | 26.4 | $ | 2.8 | $ | 19.0 | |||||||||||||||
Exhibit 10 – Reconciliation of Net Debt
| (USD in millions) | December 31, 2024 | December 31, 2025 | |||||||||
| Total Debt | $ | 201.6 | $ | 180.9 | |||||||
| Cash and Cash Equivalents | $ | 71.8 | $ | 66.3 | |||||||
| Net debt | $ | 129.7 | $ | 114.7 | |||||||
15
Exhibit 11 – Reconciliation of Compliance Leverage Ratio
| Reconciliation of Adjusted EBITDA for Compliance Calculation | ||||||||||||||||||||||||||
| (USD in millions) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | ||||||||||||||||||||||
| Loss Before Tax | (5.6) | (9.1) | (9.7) | (31.0) | ||||||||||||||||||||||
| Interest Expense, net | 3.2 | 3.1 | 3.8 | 3.5 | ||||||||||||||||||||||
| Depreciation and Amortization | 7.3 | 7.6 | 9.5 | 8.1 | ||||||||||||||||||||||
| EBITDA | $ | 4.8 | $ | 1.6 | $ | 3.6 | $ | (19.4) | ||||||||||||||||||
| Compliance adjustments: | ||||||||||||||||||||||||||
| Add: Non-Cash Impairment Charges and Write-offs or Write Downs | — | 0.1 | 0.1 | 21.7 | ||||||||||||||||||||||
| Add: Adjustments from Foreign Currency Impact | (0.4) | 3.4 | 2.4 | (1.9) | ||||||||||||||||||||||
| Add: Extraordinary, Non-recurring or Unusual Items | 0.1 | — | 0.8 | 1.2 | ||||||||||||||||||||||
| Add: Cash Restructuring Charges | 2.8 | 1.7 | 2.1 | (0.6) | ||||||||||||||||||||||
| Add: Charges for Transactions, Amendments, and Refinances | 0.3 | 1.4 | 3.7 | 1.5 | ||||||||||||||||||||||
| Add: Adjustment to Autotech Fund II Investment | (0.3) | (0.1) | 0.2 | (0.2) | ||||||||||||||||||||||
| Add: Share Based Compensation | 1.1 | 1.4 | 1.1 | 1.1 | ||||||||||||||||||||||
| Add: Accrual-based Expenses | 2.2 | 0.5 | 1.5 | 1.6 | ||||||||||||||||||||||
| Less: Cash Payments for Accrual-based Expenses | (1.3) | — | (0.1) | — | ||||||||||||||||||||||
| Adjusted EBITDA (Compliance) | $ | 9.4 | $ | 10.0 | $ | 15.4 | $ | 5.1 | ||||||||||||||||||
| Adjusted TTM EBITDA (Compliance) | $ | 44.2 | $ | 37.3 | $ | 43.9 | $ | 39.8 | ||||||||||||||||||
| Reconciliation of Adjusted Cash for Compliance Calculation | |||||||||||||||||||||||
| (USD in millions) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||
| Total Cash and Cash Equivalents | $ | 79.1 | $ | 49.8 | $ | 54.0 | $ | 66.3 | |||||||||||||||
| Less: 35% of Cash in Foreign Locations | (23.3) | (13.4) | (16.4) | 20.9 | |||||||||||||||||||
| Total Adjusted Cash (Compliance) | $ | 55.8 | $ | 36.4 | $ | 37.6 | $ | 45.3 | |||||||||||||||
| Reconciliation of Adjusted Debt for Compliance Calculation | |||||||||||||||||||||||
| (USD in millions) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||
| Total Debt | $ | 203.2 | $ | 164.4 | $ | 171.1 | $ | 180.9 | |||||||||||||||
| Outstanding Letters of Credit | 1.6 | 1.5 | 1.5 | 2.1 | |||||||||||||||||||
| Total Adjusted Debt (Compliance) | $ | 204.8 | $ | 165.9 | $ | 172.6 | $ | 183.0 | |||||||||||||||
| Adjusted Net Debt (Compliance) | $ | 149.0 | $ | 129.5 | $ | 135.0 | $ | 137.7 | |||||||||||||||
| Compliance Leverage Ratio (Net Debt / TTM EBITDA) | 3.37x | 3.47x | 3.08x | 3.46x | |||||||||||||||||||
| Compliance Leverage Ratio Maximum Requirement | 6.00x | 5.50x | 4.50x | 3.75x | |||||||||||||||||||
16
stoneridge.com © 2026 Full-Year & Q4 2025 Results March 12, 2026 Exhibit 99.2
stoneridge.com © 2026 Full-Year & Q4 2025 Results 2 Non-GAAP Financial Measures This presentation contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this presentation. The provision of these non-GAAP financial measures for 2025 and 2024 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this presentation and the adjustments that management can reasonably predict. Management believes the non-GAAP financial measures used in this presentation are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted tax expense (benefit), adjusted net debt, adjusted debt, adjusted cash and free cash flow are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods. Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted tax expense (benefit), adjusted net debt, adjusted debt, adjusted cash and free cash flow should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, net income (loss), earnings per share, tax expense (benefit), debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP. Q4 Reported Q4 Adjusted / Non-GAAP Full-Year Reported Full-Year Adjusted / Non-GAAP -$861.3 million-$205.2 million Sales $173.6 million 20.2% $171.2 million 19.9% $33.2 million 16.2% $33.2 million 16.2% Gross Profit Margin $(4.3) million (0.5)% $(38.6) million (4.5)% $(6.7) million (3.3)% $(29.5) million (14.4)% Operating Income (Loss) Margin $(31.9) million (3.7)% $(102.8) million (11.9)% $(14.7) million (7.2)% $(76.9) million (37.5)% Net Income (Loss) % of sales $25.0 million 2.9% -$3.4 million 1.7% -EBITDA Margin -$34.0 millionNet Cash Provided by Operating Activities $19.0 million-Free Cash Flow
stoneridge.com © 2026 Full-Year & Q4 2025 Results 3 Forward-Looking Statements Statements in this presentation contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) strategic focus following the sale of the Control Devices segment (iii) acquisition strategy, (iv) investments and new product development, and (v) growth opportunities related to awarded business, and (vi) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “could,” “would,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors, the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output; fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary; global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries; tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers; our ability to achieve cost reductions that offset or exceed customer- mandated selling price reductions; the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier; the costs and timing of business realignment, facility closures or similar actions; a significant change in commercial, automotive, off-highway or agricultural vehicle production; competitive market conditions and resulting effects on sales and pricing; foreign currency fluctuations and our ability to manage those impacts; customer acceptance of new products; our ability to successfully launch/produce products for awarded business; adverse changes in laws, government regulations or market conditions, affecting our products, our suppliers, or our customers’ products; our ability to protect intellectual property and successfully defend against assertions made against us; liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers; labor disruptions at our facilities or at any significant customers or suppliers; business disruptions due to natural disasters or other disasters outside of our control; the amount of our indebtedness and the restrictive covenants contained in the agreements governing its indebtedness, including our revolving credit facility; capital availability or costs, including changes in interest rates; refinancing risk and access to capital markets and liquidity; the failure to achieve successful integration of any acquired company or business; risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; as a result of the sale of Company’s Control Devices business in January 2026, the Company will operate as a two-segment business; the 2025 financial statements are not representative of the Company’s future operating profile, the occurrence or non-occurrence of circumstances beyond Stoneridge’s control; and the items described in Part I, Item 1A (“Risk Factors”) and other uncertainties or risks disclosed in Stoneridge’s periodic and current reports, including the Form 10-Ks and Form 10-Qs, filed with the Securities and Exchange Commission. The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise. Rounding Disclosure: There may be slight immaterial differences between figures represented in our public filings compared to what is shown in this presentation. The differences are the result of rounding due to the representation of values in millions rather than thousands in public filings.
stoneridge.com © 2026 Full-Year & Q4 2025 Results • Outperformed weighted-average OEM end markets by 150 basis points* • MirrorEye revenue growth of 69% year-over-year driven by the continued ramp-up of previously launched programs and new program launches • OEM sales in Brazil ~doubled vs. 2024 • Announced new business awards in 2025 totaling ~$830 million in estimated lifetime revenue – including the largest award in Company history • Limited the impact of significant end-market headwinds by controlling material costs, reducing quality-related costs and driving continued inventory reductions • Material cost improvement of 80 basis points • Quality-related cost improvement of $6.6 million, or 50 bps • Inventory improved by $18.7 million, including $12.7 million in Q4 2025 • Completed the sale of the Control Devices segment on January 30, 2026 2025 Overview of Achievements Sales $861.3M 1.5% outperformance of end markets* Full Year 2025 Results 2.9% of YTD Sales $25.0M Inventory Improvement $18.7M 12.3% YoY Improvement Adjusted Free Cash Flow Adjusted EBITDA $19.0M *Weighted-average based on 2025 revenue by end markets. Production Data Source: Feb 2026 LVP IHS; Q1 2026 MHCV IHS (includes Class 7-8) 4
5stoneridge.com © 2026 Full-Year & Q4 2025 Results Adjusted Sales Adjusted Gross Profit Adjusted Operating Income Adjusted EBITDA Adjusted Free Cash Flow Full-year 2024 vs. 2025 Q4 2025 Key Drivers • Underperformed our expectations in Q4 driven primarily by; • Control Devices EBITDA underperformance of $2.1 million (pre-sale) • Tariff-related costs in quarter of $1.2 million – working with customers to recoup costs but timing impacted Q4 • Incremental quality-related costs of $3.3 million - primarily related to legacy warranty issues Full-Year 2025 Key Drivers • Outperformed our weighted-average OEM end markets by 150 bps (end market decline of (6.7)%* vs. Stoneridge decline of (5.2)%) • MirrorEye sales of $111 million, growth of 69% versus prior year (OEM sales growth of 84% vs. 2024) • Limited decremental contribution margin to 14.2% • Material costs improved by 80 basis points (improvement of 120 bps in Electronics) vs. 2024 • Quality-related cost improved by $6.6 million vs. 2024 Financial Summary *Weighted-average based on 2025 revenue by end markets. Source: Feb 2026 LVP IHS; Q1 2026 MHCV IHS (includes Class 7-8) Outperformed our weighted-average end-markets, reduced material costs and significantly improved quality-related costs $908.3 $861.3 FY 2024 FY 2025 $’s in USD Millions *Excluding non-operating expense (income) of $3.6 million and $(2.5) million recognized in 2025 and 2024, respectively $26.4 $19.0 FY 2024 FY 2025 $189.8 $173.6 20.9% 20.2% FY 2024 FY 2025 $2.4 $(4.3) 0.3% -0.5% FY 2024 FY 2025 $37.9 $35.4 $25.0 $28.6 4.2% 3.9% 2.9% 3.3% FY 2024 FY 2024 ex Non-Op* FY 2025 FY 2025 ex Non-Op*
stoneridge.com © 2026 Full-Year & Q4 2025 Results Organizational Announcement • Noblet will assume the role as President and Chief Executive Officer and member of the Board of Directors effective April 1, 2026 • Natalia joined Stoneridge in September 2024 as president of Stoneridge Electronics and has led with focus and discipline, consistently delivering on our commitments to quality and operational excellence, while strengthening customer relationships • Noblet brings deep industry experience and a strong track record of leadership having spent nearly two decades at WABCO in increasingly senior roles across operations, sourcing, quality, project management, and continuous improvement • Following WABCO’s acquisition by ZF in 2020, Noblet served as senior vice president of ZF’s Commercial Vehicle Solutions division, where she oversaw the EMEA region’s profit and loss, including strategy, commercial operations, procurement, and manufacturing footprint Natalia Noblet appointed as President and Chief Executive Officer effective April 1, 2026
stoneridge.com © 2026 Full-Year & Q4 2025 Results 7 Stoneridge Global Footprint • Global Headquarters • Manufacturing Facility • Engineering • Distribution • Engineering Partner Stoneridge will continue to utilize our global footprint to serve our global customers primarily in the Commercial Vehicle and Off-Highway end markets Novi, Michigan Global Headquarters Juarez, Mexico •• El Paso, Texas • Manaus, Brazil • Campinas, Brazil • Barneveld, The Netherlands •• Gothenburg, Sweden • Tallinn, Estonia •• Orebro, Sweden • Stockholm, Sweden • Pune, India • $611M 2025 Revenue (Pro-Forma*) 61% 28% 10% 1% Europe North Amer i ca South Amer ica As ia Pac i f ic 69% 18% 8% 4% 1% Commerc ia l Vehic le Of f -Highway Af termarke t / Other Braz i l OEM CV Brazi l OEM Passenger Car Revenue by Region Revenue by End-Market Bangalore, India • 5 Manufacturing Facilities
stoneridge.com © 2026 Full-Year & Q4 2025 Results Stoneridge Technology Focus 8 Vision and Safety • MirrorEye • Off-Highway Vision Systems • Trailer Safety & Electronics • Focused primarily on Commercial Vehicle and Off-highway end markets, primarily in North America, South America and Europe • Expansion of Vision and Safety systems including MirrorEye and adjacent products and technologies through focused resource deployment • Expansion of capabilities focused on cockpit of the future and domain integration Focused Strategy Vehicle Intelligence and Electronic Controls • Digital Driver Information Systems • Secondary Vehicle Displays • Electronic Control Units Connectivity • Telematics • Tachograph • Track and Trace • Digital Services
stoneridge.com © 2026 Full-Year & Q4 2025 Results Drivers for Sustainable & Profitable Growth 9 Focused Advanced Technology Clear Path to Sustainable, Long-Term Value Creation Excellence in Execution Strong Performance Culture Driven by Passion Market Outperformance Margin Expansion Cash Flow Conversion 2x - 3x Market Outperformance ~2x EBITDA 2026 to 2027 Drive Long-Term Shareholder ValueSuperior Customer Value Proposition • Portfolio optimization and agility • Aligned with industry trends to drive safer more efficient transportation • Consistent delivery of promised outcomes • Deep customer intimacy • Operational efficiency and continuous Improvement • Talent aligned with core technology strategy • Reinforced creativity and accountability with focus on quality $80M-$120M EBITDA By 2030
stoneridge.com © 2026 Financial Update
11stoneridge.com © 2026 Full-Year & Q4 2025 Results 2025 Financial Performance Electronics • 2025 sales outperformed weighted-average OEM end markets by 4.3%* (weighted-average OEM market decline of ~11.3% vs. Electronics decline of 7.0%) • MirrorEye sales of $111 million, growth of $45 million, or 69%, vs. 2024 • Incremental tariff related impact of approximately $2 million • Limited impact of external headwinds with operational performance improvements • Material cost improvement of 120 bps • Quality-related costs improved by $3.7 million vs. 2024 Stoneridge Brazil • 2025 sales growth of $15.1 million, or 29.9%, vs. 2024 primarily driven by incremental OEM sales, which approximately doubled • Full-year 2025 adjusted operating income improved by ~660 bps vs. 2024 Outperformed our weighted average end-markets, reduced material costs and significantly improved quality-related costs Sales Adjusted Operating Income Electronics $’s in USD Millions *Weighted-average based on Electronics 2025 revenue by end markets. Source: Q1 2025 MHCV IHS (includes Class 7-8) $594.7 $551.4 FY 2024 FY 2025 $50.1 $65.1 FY 2024 FY 2025 $1.0 $5.6 2.0% 8.6% FY 2024 FY 2025 Stoneridge Brazil $27.9 $18.1 4.7% 3.3% FY 2024 FY 2025
stoneridge.com © 2026 Full-Year & Q4 2025 Results 12 Commercial Vehicle Market Update NORTH AMERICA 22.7% OF 2025 SALES** EUROPE 45.5% OF 2025 SALES** COMMERCIAL VEHICLE FORECAST* (Thousands of Units) Our weighted-average OEM end markets are expected to grow by 7.1% in 2026 and 6.6% in 2027 based on current IHS forecasts SOURCE: Q1 2026 MHCV IHS *Includes Class 7-8 **Weightings exclude Control Devices segment revenue in 2025 376.5 289.9 318.4 335.0 2024 2025 2026 2027 467.8 439.9 466.3 501.2 2024 2025 2026 2027 (23.0)% 9.8% 5.2% (6.0)% 6.0% 7.5%
stoneridge.com © 2026 Full-Year & Q4 2025 Results $50.0 $611.5 ($12.0) 2025 Revenue Excluding SCD** Incremental MirrorEye Revenue Smart 2 Aftermarket Revenue Price, FX, Tariff Reimbursements & Other, net 2026 Revenue Guidance Midpoint 2026 Guidance Detail Revenue 2026 Revenue Guidance Drivers • Guidance assumes flat weighted-average OEM end market growth • Third party production data expects 7.1% growth based on our weighted average end markets* • OEM sales comprise ~70% of total forecasted sales in 2026 • Expecting continued growth in MirrorEye sales of at least $50 million, or 45%+ • Expecting stable Smart 2 tachograph OEM sales in 2026, aligned with 2025 • Expecting reduction in SMART 2 tachograph aftermarket sales of ~$12 million as regulatory requirements drove significant sales in 2024 and 2025 2026 Revenue Guidance Walk $625.0 - $650.0 Expecting strong revenue growth as MirrorEye revenue expected to continue significant growth. Cautiously optimistic end-markets will return to growth. $’s in USD Millions 45%+ growth over 2025 $160M+ in Europe 35-50%+ 2026 Assumed Take Rates Revenue in North America 5-15%+ *Weighted-average based on 2025 revenue by end markets, excluding Control Devices due to the sale of the segment in January 2026. **Reflects 2025 Revenue excluding Control Devices for comparison purposes. Refer to Exhibits for reconciliation Production volume data source: Q1 2025 MHCV IHS (includes Class 7-8) 2026 MirrorEye Expectations $0.0 - ($24.0) 13
14stoneridge.com © 2026 Full-Year & Q4 2025 Results $6.5 $5.0 $14.2 $(6.7) 2025 EBITDA Excluding SCD* Contribution Margin on Incremental Sales Structural Cost Reductions Normalized Wage & Incentive Compensation Operating Performance and Net Impact of Transaction- related Services 2026 EBITDA Guidance Midpoint 2026 Guidance Detail EBITDA 2026 EBITDA Guidance Drivers • Volume-driven earnings growth at low-end of historical contribution margin of 25-30% due to reduction in relatively higher-margin aftermarket SMART 2 • Structural cost savings expected to drive at least $5 million of improvement in 2025 • Normalization of incentive-based compensation and inflationary merit increases • Operating performance improvement of up to ~$6 million vs. 2025 • Improved manufacturing performance including continued improvement in quality-related costs 2026 EBITDA Guidance Walk $20 - $25 Revenue growth, gross margin improvement, and streamlined operations to drive margin expansion $’s in USD Millions $1.0 - $6.0 2.3% 3.2%-3.8% . **Reflects 2025 EBITDA excluding Control Devices for comparison purposes. Refer to Exhibits for reconciliation
15stoneridge.com © 2026 Full-Year & Q4 2025 Results Capital Structure Update Expecting continued inventory improvement to drive cash performance. Amended existing credit facility to provide time for refinancing under new company structure. Compliance Leverage Ratio (Adj. Net Debt / TTM EBITDA*) $’s in USD Millions 2026 Expectations • Targeting compliance leverage ratio of 3.0x – 3.5x by the end of 2026 • Continued focus on improving inventory balance Capital Structure Update • Amended existing credit facility • Extends maturity date to provide time to refinance company considering post-Control Devices sale structure • Refinancing expected to kick-off after Q1 2026 • Amended covenant ratios to consider current market conditions • Timing of tariffs and expected reimbursements, commercial vehicle production volatility, global supply chain dynamics, etc. Compliance Net Debt *Compliance Leverage Ratio calculation includes adjustments in accordance with the Revolving Credit Facility agreement Amendment No. 3 entered on March 6, 2026 . Q1 -Q4 as presented reflects the updated compliance calculation method permissible under the terms of the existing credit facility, versus previously reported, for comparison purposes. Refer to Reconciliations to US GAAP for reconciliations. 3.08x 3.0x – 3.5 x3.47x3.37x **Compliance Net Debt Leverage Ratio Maximum was previously amended for the periods ending Q1 2025, Q2 2025, and Q3 2025. Amendment No. 3 entered on March 6, 2026 revises required compliance leverage ratio to 3.75x for the period ending Q4 2025 and 4.00x for the period ending Q4 2026. Required Compliance Leverage Ratio** 4.50x 4.00x5.50x6.00x $55.8 $36.4 $37.6 $66.3 $149.0 $129.5 $135.0 $137.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2026 Target Total Adjusted Net Debt (Compliance) Total Adjusted Cash (Compliance) 3.46x 3.75x
stoneridge.com © 2026 Long-Term Targets
17stoneridge.com © 2026 Full-Year & Q4 2025 Results $22.5 2026 Guidance Midpoint Incremental Sales Contribution 2027 Target 2030 Target $42 $35 2026 Guidance Midpoint OEM End Market Growth Incremental MirrorEye Revenue 2027 Target 2030 Target Long-Term EBITDA Targets Revenue Growth • Market outperformance driven by Stoneridge specific growth drivers • MirrorEye take-rate expansion as programs continue to mature and ramp-up • Strong growth expected for off-highway and bus camera systems • Growth in Brazil OEM programs • Connected trailer and 360-degree view opportunities build on MirrorEye platform • Supported by OEM backlog of $2.2 billion** EBITDA Expansion • Contribution margin on incremental revenue expected to be 25% - 30%, consistent with history • Focused on expanding gross margin through strong execution and ongoing material cost recovery strategies • Focused on leveraging existing cost structure to improve operating margin with growth Long-Term Targets *Weighted-average based on 2025 revenue by end market. Source: Feb 2025 LVP IHS; Q1 2025 MHCV IHS (includes Class 7-8) **5-year backlog as of December 31, 2025 based on Q4 2025 IHS MHCV; company data, customer provided data and management estimates ***5-year CAGR is based on 2025 actual revenue excluding the Control Devices (see reconciliation) and 2030 revenue targets Long-Term Revenue Targets Based on OEM weighted avg market growth of 6.6% $625 - $650 $715+ $850 - $1,000 6.8%-10.3% 5-year CAGR*** +720 – 970 bps vs. 2025 Aftermarket / Off-highway / Bus MirrorEye OEM 9.5% - 12.0% $20 - $25 $44+ $80 - $120+ 3.2% - 3.8% Contribution Margin based on historical range6.2% Brazilian OEM $’s in USD Millions Connected Trailer / 360-degree surround view $22
18stoneridge.com © 2026 Full-Year & Q4 2025 Results Summary • Strong portfolio of technologies and systems driving growth throughout the business • 2027 targeted revenue of at least $715 million dollars (at least 12% growth from 2026) • 2030 targeted revenue of $850 million - $1 billion (or approximately 6.8% to 10.3% 5-Year CAGR) • Continued focus on material cost improvement, operational efficiency and reduced quality-related costs • 2027 targeted EBITDA of at least $44 million dollars (6.2% of revenue) • 2030 targeted EBITDA of $80 million - $120 million dollars (approximately 9.5% - 12% of revenue) Driving Long-Term Shareholder Value 2026 Outlook • Sales of $625 million - $650 million • Guidance based on flat end markets and 45% growth in MirrorEye sales • Current third-party forecasts suggest 7.1% growth in our weighted average OEM end markets vs. prior year • Adjusted Gross Margin of 21.5% - 22.0% • Adjusted Operating Margin of approximately break-even • Adjusted EBITDA of $20 million - $25 million (3.2% - 3.8% of sales)
stoneridge.com © 2026 Appendix Materials
stoneridge.com © 2026 Appendix 20 Balance Sheets 20242025December 31, (in thousands) ASSETS Current assets: $ 71,832$ 66,252Cash and cash equivalents 137,766131,430Accounts receivable, less reserves of $383 and $1,060, respectively 151,337132,673Inventories, net 26,57931,514Prepaid expenses and other current assets 387,514361,869Total current assets Long-term assets: 97,66778,922Property, plant and equipment, net 39,67737,973Intangible assets, net 33,08537,590Goodwill 10,05012,513Operating lease right-of-use asset 53,56322,321Investments and other long-term assets, net 234,042189,319Total long-term assets $ 621,556$ 551,188Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: $ 83,478$ 82,235Accounts payable 66,49475,321Accrued expenses and other current liabilities 149,972157,556Total current liabilities Long-term liabilities: 201,577180,942Revolving credit facility 5,3219,972Deferred income taxes 6,4849,014Operating lease long-term liability 12,94213,925Other long-term liabilities 226,324213,853Total long-term liabilities Shareholders' equity: ——Preferred Shares, without par value, 5,000 shares authorized, none issued ——Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 28,018 and 27,695 shares outstanding at December 31, 2025 and December 31, 2024, respectively, with no stated value 225,712219,186Additional paid-in capital (38,424)(27,457)Common Shares held in treasury, 948 and 1,271 shares at December 31, 2025 and December 31, 2024, respectively, at cost 179,98577,150Retained earnings (122,013)(89,100)Accumulated other comprehensive loss 245,260179,779Total shareholders' equity $ 621,556$ 551,188Total liabilities and shareholders' equity
stoneridge.com © 2026 Appendix 21 Income Statement 202320242025Year ended December 31, (in thousands, except per share data) $ 975,818$ 908,295$ 861,263Net sales Costs and expenses: 774,512719,042690,109Cost of goods sold 117,395117,460125,605Selling, general and administrative ——21,628Impairment of Control Devices assets ———Gain on disposal of Non-core Product, net 71,07572,17462,527Design and development 12,836(381)(38,606)Operating (loss) income 13,00014,44713,578Interest expense, net 5221,292(340)Equity in (earnings) loss of investee 1,236(2,523)3,608Other expense (income), net (1,922)(13,597)(55,452)Loss before income taxes 3,2612,92747,383Provision for income taxes $ (5,183)$ (16,524)$ (102,835)Net loss Loss per share: $ (0.19)$ (0.60)$ (3.70)Basic $ (0.19)$ (0.60)$ (3.70)Diluted Weighted-average shares outstanding: 27,44327,59627,797Basic 27,44327,59627,797Diluted
stoneridge.com © 2026 Appendix 22 Statements of Cash Flows 202320242025Year ended December 31, (in thousands) OPERATING ACTIVITIES: $ (5,183)$ (16,524)$ (102,835)Net loss Adjustments to reconcile net loss to net cash provided by (used for) operating activities: 26,74926,14023,731Depreciation 8,1328,8529,955Amortization, including accretion and write-off of deferred financing costs (4,038)(5,742)37,079Deferred income taxes ——21,628Impairment of Control Devices assets 5221,292(340)(Gain) loss of equity method investee (860)257146Loss (gain) on sale of fixed assets 3,3224,0944,801Share-based compensation expense 230248475Excess tax deficiency related to share-based compensation expense Changes in operating assets and liabilities: (5,854)20,17017,341Accounts receivable, net (31,563)26,90430,765Inventories, net 16,625877(7,489)Prepaid expenses and other assets 1,090(24,624)(8,780)Accounts payable (4,226)5,8047,545Accrued expenses and other liabilities 4,94647,74834,022Net cash provided by operating activities INVESTING ACTIVITIES: (38,498)(24,303)(21,850)Capital expenditures, including intangibles 1,869385399Proceeds from sale of fixed assets (350)(550)(372)Investment in venture capital fund, net (36,979)(24,468)(21,823)Net cash used for investing activities FINANCING ACTIVITIES: 117,369135,50049,000Revolving credit facility borrowings (96,568)(121,500)(73,191)Revolving credit facility payments 35,75731,66119,888Proceeds from issuance of debt (35,102)(33,745)(19,882)Repayments of debt (2,251)—(777)Other financing costs (1,720)(795)(340)Repurchase of Common Shares to satisfy employee tax withholding 17,48511,121(25,302)Net cash (used for) provided by financing activities 591(3,410)7,523Effect of exchange rate changes on cash and cash equivalents (13,957)30,991(5,580)Net change in cash and cash equivalents 54,79840,84171,832Cash and cash equivalents at beginning of period $ 40,841$ 71,832$ 66,252Cash and cash equivalents at end of period Supplemental disclosure of cash flow information: $ 13,007$ 15,458$ 14,166Cash paid for interest $ 10,302$ 9,255$ 10,337Cash paid for income taxes, net
stoneridge.com © 2026 Appendix 23 Segment Reporting (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. 202320242025December 31, Net Sales: $ 342,065$ 292,606$ 274,500Control Devices 3,1953,6773,409Inter-segment sales 345,260296,283277,909Control Devices net sales 576,539566,040526,405Electronics 31,62128,66424,967Inter-segment sales 608,160594,704551,372Electronics net sales 57,21449,64960,358Stoneridge Brazil 134774,761Inter-segment sales 57,22750,12665,119Stoneridge Brazil net sales (34,829)(32,818)(33,137)Eliminations $ 975,818$ 908,295$ 861,263Total net sales Cost of Goods Sold: $ 285,303$ 243,784$ 232,863Control Devices 456,403445,537422,506Electronics 32,63029,74534,809Stoneridge Brazil 176(24)(69)Unallocated Corporate (A) $ 774,512$ 719,042$ 690,109Total cost of goods sold
stoneridge.com © 2026 Appendix 24 Segment Reporting (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. (B) These amounts represent depreciation and amortization on a property, plant and equipment and certain intangible assets. (C) Assets located at Corporate consist primarily of cash, intercompany receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries Design and Development: $ 21,848$ 20,044$ 15,857Control Devices 43,02745,56040,914Electronics 3,0613,1132,545Stoneridge Brazil 3,1393,4573,211Unallocated Corporate (A) $ 71,075$ 72,174$ 62,527Total design and development Other Segment Costs: $ 21,332$ 22,600$ 22,080Control Devices 49,79949,38248,670Electronics 17,06815,80917,425Stoneridge Brazil 29,19629,66937,430Unallocated Corporate (A) $ 117,395$ 117,460$ 125,605Total other segment costs Operating (Loss) Income: $ 13,582$ 6,178$ (17,927)Control Devices 27,30925,56114,315Electronics 4,4549825,578Stoneridge Brazil (32,509)(33,102)(40,572)Unallocated Corporate (A) $ 12,836$ (381)$ (38,606)Total operating (loss) income Depreciation and Amortization: $ 12,414$ 11,686$ 10,578Control Devices 14,03515,81415,885Electronics 4,8014,7534,691Stoneridge Brazil 2,3882,0131,334Unallocated Corporate(C) $ 33,638$ 34,266$ 32,488Total depreciation and amortization (B) Interest Expense (Income), net: $ 149$ (4)$ (184)Control Devices 1,7711,498740Electronics (1,693)(982)(892)Stoneridge Brazil 12,77313,93513,914Unallocated Corporate $ 13,000$ 14,447$ 13,578Total interest expense, net Capital Expenditures: $ 9,230$ 6,544$ 8,446Control Devices 18,3138,6236,329Electronics 3,0542,7054,587Stoneridge Brazil 1,2291,338804Unallocated Corporate(C) $ 31,826$ 19,210$ 20,166Total capital expenditures
stoneridge.com © 2026 Reconciliations to US GAAP
stoneridge.com © 2026 US GAAP Reconciliations US GAAP Reconciliations 26 This document contains information about Stoneridge's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in the appendix of this document. The provision of these non-GAAP financial measures is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non- GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this document and the adjustments that management can reasonably predict.
stoneridge.com © 2026 Reconciliations to US GAAP
stoneridge.com © 2026 US GAAP Reconciliations 28 US GAAP Reconciliations Reconciliation of Adjusted Gross Profit 2025Q4 20252024Q4 2024(USD in millions) $ 171.2$ 33.2$ 189.3$ 42.7Gross Profit 2.40.10.50.4Add: Pre-Tax Business Realignment Costs $ 173.6$ 33.2$ 189.8$ 43.1Adjusted Gross Profit
stoneridge.com © 2026 US GAAP Reconciliations 29 US GAAP Reconciliations Reconciliation of Adjusted Operating Income (Loss) 2025Q4 20252024Q4 2024(USD in millions) $ (38.6)$ (29.5)$ (0.4)$ (4.4)Operating Income (Loss) 6.4(0.1)2.60.4Add: Pre-Tax Business Realignment Costs ——0.2—Add: Pre-Tax Environmental Remediation Costs 6.01.3——Add: Pre-Tax Strategic Review Costs 0.3———Add: Pre-Tax Share-Based Compensation Accelerated Vesting 21.621.6——Add: Pre-Tax Impairment of Control Devices Assets $ (4.3)$ (6.7)$ 2.4$ (4.0)Adjusted Operating Income (Loss)
stoneridge.com © 2026 US GAAP Reconciliations 30 US GAAP Reconciliations Reconciliation of Adjusted EBITDA 2025Q4 2025Q3 2025Q2 2025Q1 20252024Q4 2024(USD in millions) $ (55.5)$ (31.0)$ (9.7)$ (9.1)$ (5.6)$ (13.6)$ (6.2)Loss Before Tax 13.63.53.83.13.214.43.4Interest expense, net 32.58.19.57.67.334.38.3Depreciation and amortization $ (9.4)$ (19.4)$ 3.6$ 1.6$ 4.8$ 35.1$ 5.5EBITDA 6.4(0.1)2.11.72.82.60.4Add: Pre-Tax Business Realignment Costs —————0.2—Add: Pre-Tax Environmental Remediation Costs 6.01.33.71.0———Add: Pre-Tax Strategic Review Costs 0.3——0.3———Add: Pre-Tax Share-Based Compensation Accelerated Vesting 21.621.6—————Add: Pre-Tax Impairment of Control Devices Assets $ 25.0$ 3.4$ 9.3$ 4.6$ 7.6$ 37.9$ 6.0Adjusted EBITDA
stoneridge.com © 2026 US GAAP Reconciliations 31 US GAAP Reconciliations Reconciliation of Electronics Adjusted Operating Income 2025Q4 20252024Q4 2024(USD in millions) $ 14.3$ 0.2$ 25.6$ 5.1Electronics Operating Income 3.80.12.30.2Add: Pre-Tax Business Realignment Costs $ 18.1$ 0.3$ 27.9$ 5.3Electronics Adjusted Operating Income Reconciliation of Control Devices Adjusted Operating Income (Loss) 2025Q4 20252024Q4 2024(USD in millions) $ (17.9)$ (22.9)$ 6.2$ (1.8)Control Devices Operating Income (Loss) ——0.2—Add: Pre-Tax Environmental Remediation Costs 0.7(0.2)0.20.2Add: Pre-Tax Business Realignment Costs 21.621.6——Add: Pre-Tax Impairment of Control Devices Assets $ 4.4$ (1.5)$ 6.6$ (1.6)Control Devices Adjusted Operating Income (Loss)
stoneridge.com © 2026 US GAAP Reconciliations 32 US GAAP Reconciliations Reconciliation of Q4 2025 Adjusted Tax Rate Tax RateQ4 2025(USD in millions) $ (31.0)Loss Before Tax (0.1)Add: Pre-Tax Business Realignment Costs 1.3Add: Pre-Tax Strategic Review Costs 0.2Add: Pre-Tax Deferred Financing Fee Write Off 21.6Add: Pre-Tax Impairment of Control Devices Assets $ (8.0)Adjusted Loss Before Tax nm$ 45.9Income Tax Expense 5.3Add: Tax Impact from Pre-Tax Adjustments (44.5)Add: After-Tax Impact of Valuation Allowance (83.3)%$ 6.7Adjusted Income Tax Expense on Adjusted Loss Before Tax
stoneridge.com © 2026 US GAAP Reconciliations 33 US GAAP Reconciliations Reconciliation of YTD 2025 Adjusted Tax Rate Tax Rate2025(USD in millions) $ (55.5)Loss Before Tax 6.4Add: Pre-Tax Business Realignment Costs 0.2Add: Pre-Tax Deferred Financing Fee Write Off 21.6Add: Pre-Tax Impairment of Control Devices Assets 6.0Add: Pre-Tax Strategic Review Costs 0.3Add: Pre-Tax Share-Based Compensation Accelerated Vesting $ (20.9)Adjusted Loss Before Tax (85.4)%47.4Income Tax Expense 8.1Add: Tax Impact from Pre-Tax Adjustments (44.5)Add: After-Tax Impact of Valuation Allowances, net (52.7)%$ 11.0Adjusted Income Tax Expense
stoneridge.com © 2026 US GAAP Reconciliations 34 US GAAP Reconciliations Reconciliation of Q4 2025 Adjusted Net Income and EPS Q4 2025 EPSQ4 2025(USD in millions, except EPS) $ (2.76)$ (76.9)Net Loss —(0.1)Add: After-Tax Business Realignment Costs 0.010.1Add: After-Tax Deferred Financing Fee Write Off 0.041.0Add: After-Tax Strategic Review Costs 0.6016.7Add: After-Tax Impairment of Control Devices Assets 1.6044.5Add: After-Tax Impact of Valuation Allowances, net $ (0.53)$ (14.7)Adjusted Net Loss
stoneridge.com © 2026 US GAAP Reconciliations 35 US GAAP Reconciliations Reconciliation of Full-Year 2025 Adjusted Net Income and EPS 2025 EPS2025(USD in millions, except EPS) $ (3.70)$ (102.8)Net Loss 0.174.8Add: After-Tax Business Realignment Costs 0.010.1Add: After-Tax Deferred Financing Fee Write Off 0.010.2Add: After-Tax Share-Based Compensation Accelerated Vesting 1.6044.5Add: After-Tax Impact of Valuation Allowances, net 0.6016.7Add: After-Tax Impairment of Control Devices Assets 0.174.6Add: After-Tax Strategic Review Costs $ (1.15)$ (31.9)Adjusted Net Loss
stoneridge.com © 2026 US GAAP Reconciliations 36 US GAAP Reconciliations Reconciliation of Sales Excluding Control Devices YTD 2025(USD in millions) $ 861.3Sales (274.5)Less: Control Devices Sales 24.7Add: Inter-segment Sales to Control Devices $ 611.5Sales Excluding Control Devices Reconciliation of EBITDA Excluding Control Devices YTD 2025(USD in millions) $ 25.0Adjusted EBITDA (10.8)Less: Control Devices Adjusted EBITDA $ 14.2Adjusted EBITDA Excluding Control Devices
stoneridge.com © 2026 US GAAP Reconciliations 37 US GAAP Reconciliations Reconciliation of Adjusted Free Cash Flow YTD 2025Q4 2025YTD 2024Q4 2024(USD in millions) $ 34.0$ 8.8$ 47.7$ 19.2Net Cash Provided by Operating Activities (21.9)(6.2)(24.3)(5.3)Capital Expenditures, including Intangibles 0.40.10.40.1Proceeds from Sale of Fixed Assets $ 12.6$ 2.7$ 23.8$ 14.1Free Cash Flow $ 5.7$ 0.1$ 2.6$ 0.4Business Realignment Related Payments 0.70.00.00.0Strategic Review Cost Related Payments $ 19.0$ 2.8$ 26.4$ 14.5Adjusted Free Cash Flow
stoneridge.com © 2026 US GAAP Reconciliations 38 US GAAP Reconciliations Reconciliation of Net Debt YTD 2025YTD 2024(USD in millions) $ 180.9$ 201.6Total Debt 66.371.8Cash and Cash Equivalents $ 114.7$ 129.7Net debt
stoneridge.com © 2026 US GAAP Reconciliations 39 US GAAP Reconciliations Reconciliation of Adjusted EBITDA for Compliance Calculation Q4 2025Q3 2025Q2 2025Q1 2025(USD in millions) (31.0)(9.7)(9.1)(5.6)Loss Before Tax 3.53.83.13.2Interest Expense, net 8.19.57.67.3Depreciation and Amortization $ (19.4)$ 3.6$ 1.6$ 4.8EBITDA Compliance adjustments: 21.70.10.1—Add: Non-Cash Impairment Charges and Write-offs or Write Downs (1.9)2.43.4(0.4)Add: Adjustments from Foreign Currency Impact 1.20.8—0.1Add: Extraordinary, Non-recurring or Unusual Items (0.6)2.11.72.8Add: Cash Restructuring Charges 1.53.71.40.3Add: Charges for Transactions, Amendments, and Refinances (0.2)0.2(0.1)(0.3)Add: Adjustment to Autotech Fund II Investment 1.11.11.41.1Add: Share Based Compensation 1.61.50.52.2Add: Accrual-based Expenses —(0.1)—(1.3)Less: Cash Payments for Accrual-based Expenses $ 5.1$ 15.4$ 10.0$ 9.4Adjusted EBITDA (Compliance) $ 39.8$ 43.9$ 37.3$ 44.2Adjusted TTM EBITDA (Compliance)
stoneridge.com © 2026 US GAAP Reconciliations 40 US GAAP Reconciliations Reconciliation of Adjusted Cash for Compliance Calculation Q4 2025Q3 2025Q2 2025Q1 2025(USD in millions) $ 66.3$ 54.0$ 49.8$ 79.1Total Cash and Cash Equivalents 20.9(16.4)(13.4)(23.3)Less: 35% of Cash in Foreign Locations $ 45.3$ 37.6$ 36.4$ 55.8Total Adjusted Cash (Compliance) Reconciliation of Adjusted Debt for Compliance Calculation Q4 2025Q3 2025Q2 2025Q1 2025(USD in millions) $ 180.9$ 171.1$ 164.4$ 203.2Total Debt Current Portion of Long Term Debt 2.11.51.51.6Outstanding Letters of Credit $ 183.0$ 172.6$ 165.9$ 204.8Total Adjusted Debt (Compliance) $ 137.7$ 135.0$ 129.5$ 149.0Adjusted Net Debt (Compliance) 3.46x3.08x3.47x3.37xCompliance Leverage Ratio (Net Debt / TTM EBITDA) 3.75x4.50x5.50x6.00xCompliance Leverage Ratio Maximum Requirement
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FAQ
How did Stoneridge (SRI) perform financially in 2025?
Stoneridge generated 2025 sales of $861.3 million but reported a GAAP net loss of $102.8 million. The loss reflects a $21.6 million Control Devices impairment and $44.5 million of tax valuation allowances, while adjusted EBITDA reached $25.0 million, or 2.9% of sales.
What drove Stoneridge’s 2025 results for its MirrorEye product?
MirrorEye was a bright spot, delivering $111 million of 2025 sales, up 69% year over year. Growth came from ramping European OEM programs, two new North American launches, and higher customer take rates, helping Stoneridge outperform weighted-average OEM end markets by 150 basis points.
What guidance did Stoneridge (SRI) provide for 2026 revenue and EBITDA?
For 2026, Stoneridge projects revenue of $625–$650 million with a midpoint of $638 million, assuming flat OEM markets. It expects adjusted EBITDA of $20–$25 million, implying an EBITDA margin of roughly 3.2%–3.8%, driven by MirrorEye growth and structural cost reductions.
What are Stoneridge’s longer-term financial targets for 2027 and 2030?
Stoneridge targets at least $715 million of revenue and $44 million of EBITDA in 2027. For 2030, it aims for $850 million–$1 billion in revenue and $80–$120 million of EBITDA, implying an EBITDA margin between about 9.5% and 12.0%.
How did Stoneridge’s cash flow and balance sheet look at year-end 2025?
At December 31, 2025, Stoneridge held $66.3 million of cash and $180.9 million of total debt, for net debt of $114.7 million. Net cash provided by operating activities was $34.0 million, and adjusted free cash flow reached $19.0 million, aided by an $18.7 million inventory reduction.
What strategic changes did Stoneridge announce regarding its business portfolio?
Stoneridge completed the sale of its Control Devices segment in January 2026, sharpening focus on higher-growth electronics and Brazil operations. Management also emphasized ongoing material cost and quality-related cost improvements and expects the new structure to support margin expansion and improved cash generation.
Who will lead Stoneridge (SRI) going forward and when does the change occur?
Effective April 1, 2026, Natalia Noblet will become president and chief executive officer and join the board. She previously led Stoneridge Electronics and has extensive commercial-vehicle experience from senior roles at WABCO and ZF, with a focus on operational excellence and technology-driven growth.
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Stoneridge
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Mar 11, 2026
[8-K] STONERIDGE INC Reports Material Event
Mar 4, 2026
[Form 4] STONERIDGE INC Insider Trading Activity
Mar 4, 2026
[Form 4] STONERIDGE INC Insider Trading Activity
Mar 4, 2026
[Form 4] STONERIDGE INC Insider Trading Activity
Mar 4, 2026
[Form 4] STONERIDGE INC Insider Trading Activity