Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 116

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 116
---
850

    30,707

    (28.8
    )%

    Subtotal Automotive segment

    1,406,278

    1,422,952

    (1.2
    )%

    Medical segment

    49,846

    46,124

    8.1
    %

    Total Company
     
    $
    1,456,124

    $
    1,469,076

    (0.9
    )%

Product Revenues

Below is a summary of our product revenues, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    Variance Due To:

    2024

    2023

    Favorable / (Unfavorable)

    Automotive Volume

    FX

    Pricing/ Other

    Total

    Product revenues
     
    $
    1,456,124

    $
    1,469,076

    $
    (12,952
    )

    $
    3,931

    $
    (7,129
    )
     
    $
    (9,754
    )
     
    $
    (12,952
    )

Product revenues for the year ended December 31, 2024 decreased 0.9% as compared to the year ended December 31, 2023. The decrease in product revenues is due to unfavorable pricing and foreign currency impacts primarily attributable to the Chinese Renminbi, the Korean Won and the Japanese Yen, partially offset by favorable volumes in several product lines within the Automotive segment and favorable foreign currency impacts primarily attributable to the Euro. 

Cost of Sales

Below is a summary of our cost of sales and gross margin, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    Variance Due To:

    2024

    2023

    Favorable / (Unfavorable)

    Automotive Volume

    FX

    Operational Performance

    Other

    Total

    Cost of sales
     
    $
    1,089,693

    $
    1,117,452

    $
    27,759

    $
    (2,443
    )
     
    $
    6,603

    $
    34,026

    $
    (10,427
    )