Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 115

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 115
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venues resulting from automotive new business awards also are subject to additional risks and uncertainties as described in Item 1 under “Forward-Looking Statements” of this Annual Report.

Reportable Segments 

The Company has two reportable segments for financial reporting purposes: Automotive and Medical. 

See Note 20, “Segment Reporting,” to the consolidated financial statements included in this Annual Report for a description of our reportable segments as well as their proportional contribution to the Company’s reported product revenues, operating income (loss) and significant segment expenses.

Results of Operations Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 

This section discusses our consolidated results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. For a detailed discussion of our consolidated results of operations for the years ended December 31, 2023 compared to the year ended December 31, 2022, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operation” under “Results of Operations Year Ended December 31, 2023 Compared to December 31, 2022” in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 21, 2024.

The results of operations for the years ended December 31, 2024 and 2023, in thousands, were as follows:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Product revenues
     
    $
    1,456,124

    $
    1,469,076

    $
    (12,952
    )

    Cost of sales

    1,089,693

    1,117,452

    27,759

    Gross margin

    366,431

    351,624

    14,807

    Operating expenses:

    Net research and development expenses

    88,697

    94,358

    5,661

    Selling, general and administrative expenses

    155,108

    155,579

    471

    Restructuring expenses, net

    13,110

    4,739

    (8,371
    )

    Impairment of intangible assets and property and equipment