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Commercial Vehicle Group (CVGI) investor relations material
Commercial Vehicle Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 revenues were $152.5 million, down 11.2% year-over-year due to softening demand, especially in North America and key end markets.
Adjusted EBITDA rose 7.0% to $4.6 million, with margin improving to 3.0% from 2.5% year-over-year, driven by operational efficiencies and cost reductions.
Net loss from continuing operations was $6.8 million, or $(0.20) per diluted share; adjusted net loss was $4.6 million, or $(0.14) per share.
Year-to-date free cash flow reached $25 million, a $14 million improvement over the prior year, supported by better working capital and lower capex.
The company completed a strategic reorganization into three segments and reduced headcount by ~7% year-to-date.
Financial highlights
Q3 2025 gross profit was $16.0 million, down 2.3% year-over-year; adjusted gross profit was $18.4 million, with margin up to 12.1%.
Adjusted EBITDA was $4.6 million (3.0% margin), up from $4.3 million (2.5% margin) year-over-year.
Net loss was $6.8 million ($0.20 per share), compared to $0.9 million loss ($0.03 per share) last year.
Interest expense increased to $4.1 million due to higher rates post-refinancing.
Total liquidity at quarter-end was $127.8 million, including $31.3 million in cash and $96.5 million in credit facility availability.
Outlook and guidance
Full-year 2025 net sales guidance lowered to $640–$650 million (from $650–$670 million); adjusted EBITDA guidance reduced to $17–$19 million (from $21–$25 million).
Free cash flow expected to exceed $30 million in 2025, with proceeds targeted for debt reduction.
Net leverage expected to decline through 2026, targeting a 2x level.
North American Class 8 truck production for 2025 forecasted at 239,000 units, down 28% from 2024.
Construction and Agriculture end markets expected to decline 5–15% in 2025, partially offset by new business in Electrical Systems.
What is the plan to meet future leverage ratio covenants?
How will the new segments drive future profitability?
Quantify potential recall losses beyond accruals.
Electrical Systems 2026 growth drivers
Trim segment's operating leverage potential?
Path to 2x net leverage ratio?
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Next Commercial Vehicle Group earnings date
Q4 202510 Mar, 2026
Next Commercial Vehicle Group earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Commercial Vehicle Group, Inc. is a supplier of components and systems for the global commercial vehicle and industrial markets. The company designs, manufactures, and distributes products such as seating systems, electrical wire harnesses, trim systems, and other cab-related components. Its offerings are used in various applications, including medium- and heavy-duty trucks, construction equipment, agricultural vehicles, and specialty vehicles. The company is headquartered in New Albany, Ohio, and its shares are listed on the NASDAQ.
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