$THRMV

GENTHERM Inc

CIK:0000903129|SEC Filings

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Product revenues	$ 416,166	$ 375,090	$ 809,872	$ 728,944
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 319,739	$ 285,328	$ 616,218	$ 552,717
Gross margin	96,427	89,762	193,654	176,227
Operating expenses:
Net research and development expenses	24,069	22,558	48,015	46,774
Selling, general and administrative expenses	55,705	41,087	111,010	79,565
Restructuring expenses, net	5,964	2,108	12,655	6,622
Loss on sale of land and building, net				2,196
Total operating expenses	85,738	65,753	171,680	135,157
Operating income	10,689	24,009	21,974	41,070
Interest expense, net	(3,290)	(4,043)	(5,923)	(7,598)
Foreign currency loss	(237)	(17,432)	(1,297)	(27,730)
Other income (loss)	162		184	(1,124)
Earnings before income tax	7,324	2,534	14,938	4,618
Income tax expense	2,904	2,057	6,300	4,269
Net income	$ 4,420	$ 477	$ 8,638	$ 349
Basic earnings per share	$ 0.14	$ 0.02	$ 0.28	$ 0.01
Diluted earnings per share	$ 0.14	$ 0.02	$ 0.28	$ 0.01
Weighted average number of shares – basic	30,649,554	30,600,168	30,584,058	30,687,384
Weighted average number of shares – diluted	31,053,797	30,651,728	30,947,174	30,781,468

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 8,638	$ 349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,744	26,089
Deferred income taxes	(8,676)	(12,202)
Stock based compensation	7,446	6,604
Loss on disposition of property and equipment	246	2,444
Provisions for inventory	2,425	3,213
Other non-cash items, including unrealized foreign currency (gain) loss	1,456	31,364
Changes in assets and liabilities:
Accounts receivable, net	(58,121)	(23,690)
Inventory	(4,379)	(13,430)
Other assets	(3,816)	(23,102)
Accounts payable	16,224	20,522
Other liabilities	12,085	13,540
Net cash provided by operating activities	2,272	31,701
Investing Activities:
Purchases of property and equipment	(14,203)	(23,728)
Proceeds from the sale of property and equipment	70	3,745
Proceeds from deferred purchase price of factored receivables		744
Cost of technology investments	(250)	(590)
Net cash used in investing activities	(14,383)	(19,829)
Financing Activities:
Borrowings on debt	142,000	52,000
Repayments of debt	(71,072)	(63,076)
Cash paid for financing new loans	(2,761)
Taxes withheld and paid on employees' stock-based compensation	(2,302)	(1,238)
Cash paid for the repurchase of Common Stock		(10,015)
Net cash provided by (used in) financing activities	65,865	(22,329)
Foreign currency effect	(1,414)	4,620
Net increase (decrease) in cash and cash equivalents	52,340	(5,837)
Cash and cash equivalents at beginning of period	160,833	134,134
Cash and cash equivalents at end of period	213,173	128,297
Supplemental disclosure of cash flow information:
Cash paid for interest	5,774	6,757
Non-Cash Investing Activities:
Period-end balance of accounts payable for property and equipment	$ 3,287	$ 6,645

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 213,173	$ 160,833
Accounts receivable, net	338,851	281,083
Inventory:
Raw materials	116,549	128,314
Work in process	37,913	35,429
Finished goods	90,076	88,959
Inventory, net	244,538	252,702
Other current assets	83,451	82,332
Total current assets	880,013	776,950
Property and equipment, net	268,780	270,614
Goodwill	107,111	108,918
Other intangible assets, net	49,703	52,796
Operating lease right-of-use assets	50,794	56,524
Deferred income tax assets	92,957	93,552
Other non-current assets	43,846	37,075
Total assets	1,493,204	1,396,429
Current Liabilities:
Accounts payable	270,382	260,487
Current lease liabilities	8,199	9,646
Current maturities of long-term debt	868	73
Other current liabilities	146,832	134,104
Total current liabilities	426,281	404,310
Long-term debt, less current maturities	272,390	189,000
Non-current lease liabilities	43,623	48,105
Pension benefit obligation	3,313	3,748
Other non-current liabilities	24,479	30,943
Total liabilities	770,086	676,106
Common Stock:
No par value; 55,000,000 shares authorized 30,705,208 and 30,526,231 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	10,709	5,611
Paid-in capital	1,590	1,590
Accumulated other comprehensive loss	(11,905)	(964)
Accumulated earnings	722,724	714,086
Total shareholders’ equity	723,118	720,323
Total liabilities and shareholders’ equity	$ 1,493,204	$ 1,396,429