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VOXX International (VOXX) investor relations material
VOXX International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales declined 22.2% year-over-year to $105.2M for the quarter and 19.8% to $289.3M for the nine months ended November 30, 2024, driven by lower demand, divestitures, and economic conditions.
Net loss attributable to VOXX was $44.0M for the quarter and $50.8M for the nine months, compared to net income of $1.9M and a net loss of $19.9M in the prior year periods.
Significant non-cash impairment charges of $44.3M were recorded for goodwill and intangible assets due to reduced business outlook and market value.
The company entered into a merger agreement with Gentex Corporation to be acquired for $7.50 per share, with US and German regulatory approvals received; closing expected in the first half of 2025, pending shareholder and other customary approvals.
Strategic divestitures included the sale of the domestic accessories business and a manufacturing facility, generating gains used to repay debt.
Financial highlights
Gross profit fell 38.5% year-over-year to $22.3M for the quarter; gross margin declined to 21.2% from 26.9%, impacted by $7.0M in inventory write-downs.
Operating loss was $54.2M for the quarter and $70.5M for the nine months, compared to operating income of $2.3M and a loss of $17.7M in the prior year.
Adjusted EBITDA for the quarter was $(4.7)M, down from $8.0M in the prior year; for the nine months, Adjusted EBITDA was $(10.4)M versus $3.0M.
Cash and equivalents were $6.3M at quarter-end, with $15.0M outstanding on the credit facility and $81.8M in available revolver capacity.
Total debt at November 30, 2024, was $18.8M, down from $73.3M at prior fiscal year-end.
Outlook and guidance
Management expects continued sales declines in Consumer Electronics due to the August 2024 sale of the domestic accessories business.
The merger with Gentex is anticipated to close in the first half of 2025, subject to shareholder and regulatory approvals.
No conference call or forward guidance provided due to the pending Gentex merger.
The company believes it has sufficient liquidity to operate for the next twelve months.
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