$CVGI

Commercial Vehicle Group, Inc.

CIK:0001290900|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 195,238		$ 171,956		$ 366,733	$ 341,751
Cost of revenues	170,510		152,427		322,190	304,429
Gross profit	24,728		19,529		44,543	37,322
Selling, general and administrative expenses	23,171		18,732		42,230	35,117
Gain on sale of assets	0		0		(13,957)	0
Operating income (loss)	1,557		797		16,270	2,205
Other (income) expense	893		427		1,782	355
Warrant expense	3,443		0		8,420	0
Loss on extinguishment of debt	1,029		460		2,987	460
Interest expense	2,947		2,291		7,041	4,794
Income (loss) before provision for income taxes	(6,755)		(2,381)		(3,960)	(3,404)
Provision for income taxes	1,987		1,725		3,880	3,841
Net income (loss) from continuing operations	(8,742)	$ 902	(4,106)	$ (3,139)	(7,840)	(7,245)
Net income (loss) from discontinued operations - Note 18	(1,500)		(655)	$ (1,173)	(1,500)	(1,828)
Net income (loss)	$ (10,242)		$ (4,761)		$ (9,340)	$ (9,073)
Basic earnings (loss) per share
Income (loss) from continuing operations (in dollars per share)	$ (0.25)		$ (0.12)		$ (0.23)	$ (0.21)
Income (loss) from discontinued operations (in dollars per share)	(0.04)		(0.02)		(0.04)	(0.05)
Diluted earnings (loss) per share
Income (loss) from continuing operations (in dollars per share)	(0.25)		(0.12)		(0.23)	(0.21)
Income (loss) from discontinued operations (in dollars per share)	$ (0.04)		$ (0.02)		$ (0.04)	$ (0.05)
Weighted average shares outstanding:
Basic (in shares)	34,769		33,799		34,481	33,747
Diluted (in shares)	34,769		33,799		34,481	33,747

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (9,340)	$ (9,073)
Adjustments to reconcile net loss to cash flows from operating activities from continuing operations:
Depreciation and amortization	7,487	7,235
Noncash amortization of debt financing costs	991	142
Share-based compensation expense	2,456	1,751
Non-cash income on derivative contracts	(356)	(820)
Non-cash loss on warrants	8,420	0
Gain on sale of assets	(13,957)	0
Loss on extinguishment of debt	2,987	460
Recall expense - discontinued operations	1,500	0
Change in other operating items:
Accounts receivable	(29,726)	13,396
Inventories	(11,709)	12,636
Prepaid expenses	(1,890)	(3,146)
Accounts payable	27,131	2,096
Accrued liabilities	12,050	(4,503)
Other operating activities, net	4,079	13,867
Net cash provided by operating activities	123	34,041
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(5,735)	(5,271)
Proceeds from disposal/sale of property, plant and equipment	15,922	0
Net cash provided by (used in) investing activities	10,187	(5,271)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from at-the-market offering program	11,818	0
At-the-market offering issuance costs	(237)	0
Borrowings under Term Loan due 2030	0	95,000
Repayment of Term Loan due 2030	(26,224)	(85,000)
Repayment of prior revolving credit facility	0	(50,500)
Borrowings under ABL revolving credit facility due 2030	8,662	30,300
Repayment under ABL revolving credit facility due 2030	(747)	0
Borrowings under China credit facility	2,897	4,186
Repayment of China credit facility	(1,429)	0
Surrender of shares to pay withholding taxes	(597)	(10)
Debt issuance and amendment costs	0	(6,127)
Prepayment premium and make-whole interest payment	(1,414)	0
Other financing activities	180	(68)
Net cash used in financing activities	(7,091)	(12,219)
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH	(549)	2,109
NET INCREASE IN CASH	2,670	18,660
CASH:
Beginning of period	33,282	26,630
End of period	$ 35,952	$ 45,290

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash	$ 35,952	$ 33,282
Accounts receivable, net of allowances of $1,271 and $1,192, respectively	115,429	86,262
Inventories	129,914	118,557
Other current assets	33,234	25,226
Total current assets	314,529	263,327
Property, plant and equipment, net	62,601	66,638
Intangible assets, net of accumulated amortization of $8,606 and $8,557, respectively	3,064	3,350
Deferred income taxes, net	11,279	11,349
Other assets, net	63,055	47,050
Total assets	454,528	391,714
Current liabilities:
Accounts payable	100,469	74,180
Accrued liabilities and other	53,311	31,800
Current portion of long-term debt and short-term debt	4,844	2,371
Total current liabilities	158,624	108,351
Long-term debt	86,938	104,004
Pension and other post-retirement benefits	6,721	6,902
Other long-term liabilities	66,128	39,100
Total liabilities	318,411	258,357
Stockholders’ equity:
Preferred stock, $0.01 par value ($5,000,000 shares authorized; no shares issued and outstanding)	0	0
Common stock, $0.01 par value ($60,000,000 shares authorized; 37,650,869 and 34,185,682 shares issued and outstanding respectively)	377	342
Treasury stock, at cost: 2,635,659 and 2,409,285 shares, respectively	(17,308)	(16,706)
Additional paid-in capital	287,253	272,903
Retained deficit	(106,172)	(96,832)
Accumulated other comprehensive loss	(28,033)	(26,350)
Total stockholders’ equity	136,117	133,357
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 454,528	$ 391,714