Company: CVGI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051174
Chunk: 100

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 100
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, 2025 compared to the nine months ended September 30, 2024.

Trim Systems and Components Segment Results  

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The table below sets forth certain Trim Systems and Components Segment operating data for the nine months ended September 30, (dollars are in thousands):

 20252024$ Change% ChangeRevenues$124,139 $161,140 $(37,001)(23.0)%Gross profit10,606 19,259 (8,653)(44.9)Selling, general & administrative expenses10,083 7,285 2,798 38.4Operating income (loss)523 11,974 (11,451)(95.6)

Revenues. The decrease in Trim Systems and Components Segment revenues of $37.0 million was primarily driven by decreased customer demand in North America.

Gross Profit. The decrease in gross profit of $8.7 million is primarily attributable to lower sales volume. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $18.2 million, or 20.6%, and a decrease in labor and overhead expenses of $10.2 million, or 19.0%. 

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As a percentage of revenues, gross profit margin was 8.5% for the nine months ended September 30, 2025 compared to 12.0% for the nine months ended September 30, 2024. This was primarily due to lower sales volume. The nine months ended September 30, 2025 results include charges of $0.9 million associated with restructuring programs, compared to $3.3 million for the nine months ended September 30, 2024.

Selling, General and Administrative Expenses. SG&A expenses increased $2.8 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily as a result of the gain on the sale of a building of $3.5 million in the prior year period.

Liquidity and Capital Resources 

Our primary sources of liquidity as of September 30, 2025 were operating income, cash and availability under our credit facility. We believe that these sources of liquidity will provide adequate funds for our working capital needs, capital expenditures and debt service throughout the next twelve months