Gentherm Inc
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
THRM$29.47-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000950170-25-098386
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001193125-25-248864
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 115 previous paragraphs and 117 current paragraphs.
62 unchanged; 41 reworded; 9 added; 10 removed; 2 previous and 5 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
During the three months ended September 30, 2025, the Company recognized expenses of $2.7 million for employee separation costs and $1.3 million for other costs.
Current report
During the three months ended September 30, 2024, the Company recognized expenses of $1.8 million for employee separation costs and $2.6 million for other costs, partially offset by $1.7 million of gain on sale of our Greenville, South Carolina facility.
Current report
During the nine months ended September 30, 2025, the Company recognized expenses of $8.4 million for employee separation costs and $2.2 million for other costs.
Current report
During the nine months ended September 30, 2024, the Company recognized expenses of $10.7 million for employee separation costs and $3.4 million for other costs, partially offset by $1.7 million of gain on sale of our Greenville, South Carolina facility.
Current report
Foreign Currency Gain (Loss)
Current report
Foreign currency loss for the nine months ended September 30, 2024 included net unrealized foreign currency loss of $6.2 million.
Current report
Other Income (Loss)
Current report
Income tax expense was $3.4 million for the three months ended September 30, 2024 on earnings before income tax of $19.4 million, representing an effective tax rate of 17.7%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate, the release of the uncertain tax position reserve accrual due to tax audit settlement, a partial valuation allowance release in the U.S. related to its capital loss carryforward, and favorable tax effects of equity vesting, partially offset by the unfavorable impact of the GILTI.
Current report
In July 2025, we committed to a restructuring plan to further optimize our manufacturing footprint by realigning our global manufacturing capacity. We expect to incur cash restructuring costs of between $3 million and $4 million for employee severance and retention costs and $1 million of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $1 million and $2 million.
Removed paragraphs (10)
Previous report
During the three months ended June 30, 2025, the Company recognized expenses of $1.5 million for employee separation costs and $0.7 million for other costs.
Previous report
During the three months ended June 30, 2024, the Company recognized expenses of $2.1 million for employee separation costs and $0.3 million for other costs.
Previous report
During the six months ended June 30, 2025, the Company recognized expenses of $5.7 million for employee separation costs and $1.0 million for other costs.
Previous report
During the six months ended June 30, 2024, the Company recognized expenses of $8.9 million for employee separation costs and $0.8 million for other costs.
Previous report
Interest expense, net for the three months ended June 30, 2025 remained relatively flat as compared to the three months ended June 30, 2024.
Previous report
Foreign Currency (Loss) Gain
Previous report
Foreign currency loss for the three months ended June 30, 2024 included net realized foreign currency loss of $0.8 million and net unrealized foreign currency gain of $0.5 million.
Previous report
Below is a summary of our foreign currency (loss) gain, in thousands, for the six months ended June 30, 2025 and 2024:
Previous report
Other (Loss) Income
Previous report
Income tax expense was $9.5 million for the three months ended June 30, 2024 on earnings before income tax of $28.4 million, representing an effective tax rate of 33.6%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate, the quarterly accrual for uncertain tax positions and the unfavorable impact of the GILTI, partially offset by certain favorable tax effects of equity vesting.
Reworded paragraphs (41)
Previous wording
For the six months ended June 30, 2025, the additional tariffs did not have a material impact on our results of operations, financial position, and cash flows. However, these matters are changing rapidly and there is significant uncertainty as to how long and to what degree that Gentherm and the automotive industry will be impacted by these additional tariffs, the adverse global trade environment and the resulting economic uncertainty. See Part II, Item 1A, “Risk Factors” in this Report for additional information.
Current wording
For the nine months ended September 30, 2025, the additional tariffs did not have a material impact on our results of operations, financial position, and cash flows. However, these matters are changing rapidly and there is significant uncertainty as to how long and to what degree that Gentherm and the automotive industry will be impacted by these additional tariffs, the adverse global trade environment and the resulting economic uncertainty.
Previous wording
Our sales are driven by the number of vehicles produced by the automotive manufacturers, which is ultimately dependent on consumer demand for automotive vehicles, our content per vehicle, and other factors that may limit or otherwise impact production by us, our supply chain and our customers. According to the forecasting firm S&P Global Mobility (July 2025 release), global light vehicle production in the three and six months ended June 30, 2025 in the Company’s key markets of North America, Europe, China, Japan and South Korea, as compared to the three and six months ended June 30, 2024, are shown below (in millions of units):
Current wording
Our sales are driven by the number of vehicles produced by the automotive manufacturers, which is ultimately dependent on consumer demand for automotive vehicles, our content per vehicle, and other factors that may limit or otherwise impact production by us, our supply chain and our customers. According to the forecasting firm S&P Global Mobility (October 2025 release), global light vehicle production in the three and nine months ended September 30, 2025 in the Company’s key markets of North America, Europe, China, Japan and South Korea, as compared to the three and nine months ended September 30, 2024, are shown below (in millions of units):
Previous wording
The S&P Global Mobility (July 2025 release) forecasted light vehicle production volume in the Company’s key markets for full year 2025 to remain consistent at 74.7 million units, in line with full year 2024 light vehicle production volumes. Forecasted light vehicle production volumes are a component of the data we use in forecasting future business. However, these forecasts generally are updated monthly, and future forecasts have been and may continue to be significantly different from period to period due to changes in macroeconomic and geopolitical conditions or matters specific to the automotive industry. Further, due to differences in regional product mix at our manufacturing facilities, as well as material production schedules from our customers for our products on specific vehicle programs, our future forecasted results do not directly correlate with the global and/or regional light vehicle production forecasts of S&P Global Mobility or other third-party sources.
Current wording
The S&P Global Mobility (October 2025 release) forecasted light vehicle production volume in the Company’s key markets for full year 2025 to increase to 76.1 million units, a 1.9% increase from full year 2024 light vehicle production volumes. Forecasted light vehicle production volumes are a component of the data we use in forecasting future business. However, these forecasts generally are updated monthly, and future forecasts have been and may continue to be significantly different from period to period due to changes in macroeconomic and geopolitical conditions or matters specific to the automotive industry. Further, due to differences in regional product mix at our manufacturing facilities, as well as material production schedules from our customers for our products on specific vehicle programs, our future forecasted results do not directly correlate with the global and/or regional light vehicle production forecasts of S&P Global Mobility or other third-party sources.
Previous wording
We believe that innovation is an important element to gaining market acceptance of our products and strengthening our market position. During the second quarter of 2025, we secured automotive new business awards totaling $620 million. Automotive new business awards represent the aggregate projected lifetime revenue of new awards provided by our customers to Gentherm in the applicable period, with the value based on the price and volume projections received from each customer as of the award date. Although automotive new business awards are not firm customer orders, we believe that automotive new business awards are an indicator of future revenue. Automotive new business awards are not projections of revenue or future business as of June 30, 2025, the date of this Report or any other date. Customer projections regularly change over time, and we do not update our calculation of any automotive new business award after the date initially communicated. Automotive new business awards in the second quarter of 2025 also do not reflect, in particular, the impact of macroeconomic and geopolitical challenges on future business. Revenues resulting from automotive new business awards also are subject to additional risks and uncertainties that are included in this Report or incorporated by reference in “Forward-Looking Statements” above.
Current wording
We believe that innovation is an important element to gaining market acceptance of our products and strengthening our market position. During the third quarter of 2025, we secured automotive new business awards totaling $745 million. Automotive new business awards represent the aggregate projected lifetime revenue of new awards provided by our customers to Gentherm in the applicable period, with the value based on the price and volume projections received from each customer as of the award date. Although automotive new business awards are not firm customer orders, we believe that automotive new business awards are an indicator of future revenue. Automotive new business awards are not projections of revenue or future business as of September 30, 2025, the date of this Report or any other date. Customer projections regularly change over time, and we do not update our calculation of any automotive new business award after the date initially communicated. Automotive new business awards in the third quarter of 2025 also do not reflect, in particular, the impact of macroeconomic and geopolitical challenges on future business. Revenues resulting from automotive new business awards also are subject to additional risks and uncertainties that are included in this Report or incorporated by reference in “Forward-Looking Statements” above.
Previous wording
During the three and six months ended June 30, 2025, the Company repurchased $10.0 million with an average price paid per share of $26.24. The 2024 Stock Repurchase Program had $110.1 million of repurchase authorization remaining as of June 30, 2025.
Current wording
During the nine months ended September 30, 2025, the Company repurchased $10.0 million with an average price paid per share of $26.24. There were no share repurchases during the three months ended September 30, 2025. The 2024 Stock Repurchase Program had $110.1 million of repurchase authorization remaining as of September 30, 2025.
Previous wording
See Note 15, “Segment Reporting,” to the consolidated condensed financial statements included in this Report for a description of our reportable segments as well as their proportional contribution to the Company’s reported product revenues, significant segment expenses, operating income (loss), and depreciation and amortization.
Current wording
See Note 15, “Segment Reporting,” to the consolidated condensed financial statements included in this Report for a description of our reportable segments as well as their proportional contribution to the Company’s reported product revenues, significant segment expenses, operating income, and depreciation and amortization.
Previous wording
The results of operations for the three and six months ended June 30, 2025 and 2024, in thousands, were as follows:
Current wording
The results of operations for the three and nine months ended September 30, 2025 and 2024, in thousands, were as follows:
Previous wording
Product revenues by product category, in thousands, for the three and six months ended June 30, 2025 and 2024, were as follows:
Current wording
Product revenues by product category, in thousands, for the three and nine months ended September 30, 2025 and 2024, were as follows:
Previous wording
Product categories have been modified, and prior-period amounts have been recast to conform with the current period presentation. Climate Control Seats (CCS) includes CCS Heat (previously Seat Heaters), CCS Vent/CCS Active Cool (previously CCS) and CCS Neck Conditioners (previously included in Other Automotive). Climate Control Interiors (CCI) includes CCI Steering Wheel Heat and CCI Interior Heat (previously included in Other Automotive). Other Automotive includes Automotive Cables, Battery Performance Solutions, non-automotive electronics and contract manufacturing electronics (previously classified as Electronics).
Current wording
Conditioners (previously included in Other Automotive). Climate Control Interiors (CCI) includes CCI Steering Wheel Heat and CCI Interior Heat (previously included in Other Automotive). Other Automotive includes Automotive Cables, Battery Performance Solutions, non-automotive electronics and contract manufacturing electronics (previously classified as Electronics).
Previous wording
Product revenues for the three months ended June 30, 2025 decreased 0.2% as compared to the three months ended June 30, 2024. The decrease in product revenues is due to unfavorable pricing, unfavorable automotive volumes and unfavorable foreign currency impacts primarily attributable to the Chinese Renminbi and Korean Won, partially offset by favorable currency impacts primarily attributable to the Euro.
Current wording
Product revenues for the three months ended September 30, 2025 increased 4.1% as compared to the three months ended September 30, 2024. The increase in product revenues is due to favorable automotive volumes and favorable foreign currency impacts primarily attributable to the Euro, partially offset by unfavorable pricing and unfavorable currency impacts primarily attributable to the Chinese Renminbi and Korean Won.
Previous wording
Below is a summary of our product revenues, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our product revenues, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Product revenues for the six months ended June 30, 2025 decreased 0.4% as compared to the six months ended June 30, 2024. The decrease in product revenues is due to unfavorable pricing and unfavorable foreign currency impacts primarily attributable to the Korean Won and Chinese Renminbi, partially offset by favorable automotive volumes and favorable currency impacts primarily attributable to the Euro.
Current wording
Product revenues for the nine months ended September 30, 2025 increased 1.1% as compared to the nine months ended September 30, 2024. The increase in product revenues is due to favorable automotive volumes and favorable foreign currency impacts primarily attributable to the Euro, partially offset by unfavorable pricing and unfavorable currency impacts primarily attributable to the Korean Won and Chinese Renminbi.
Previous wording
Cost of sales for the three months ended June 30, 2025 increased 2.3% as compared to the three months ended June 30, 2024. The increase in cost of sales is primarily due to higher labor costs, unfavorable foreign currency impacts primarily attributable to the Euro and higher quality costs, partially offset by lower automotive volumes, material purchasing savings and favorable foreign currency impacts (net of foreign currency hedges) primarily attributable to the Mexican Peso.
Current wording
Cost of sales for the three months ended September 30, 2025 increased 5.5% as compared to the three months ended September 30, 2024. The increase in cost of sales is primarily due to higher automotive volumes, unfavorable foreign currency impacts primarily attributable to the Euro, higher quality costs and higher labor costs, partially offset by material purchasing savings.
Previous wording
Below is a summary of our cost of sales and gross margin, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our cost of sales and gross margin, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Cost of sales for the six months ended June 30, 2025 increased 1.2% as compared to the six months ended June 30, 2024. The increase in cost of sales is primarily due to higher labor costs, higher automotive volumes, unfavorable foreign currency impacts primarily attributable to the Euro and higher quality costs, partially offset by material purchasing savings and favorable foreign currency impacts (net of foreign currency hedges) primarily attributable to the Mexican Peso.
Current wording
Cost of sales for the nine months ended September 30, 2025 increased 2.6% as compared to the nine months ended September 30, 2024. The increase in cost of sales is primarily due to higher automotive volumes, unfavorable foreign currency impacts primarily attributable to the Euro, higher quality costs and higher labor costs, partially offset by material purchasing savings and favorable foreign currency impacts (net of foreign currency hedges) primarily attributable to the Mexican Peso.
Previous wording
Net research and development expenses for the three months ended June 30, 2025 increased 3.2% as compared to the three months ended June 30, 2024. The increase in net research and development expenses is primarily related to higher employee compensation expenses.
Current wording
Net research and development expenses for the three months ended September 30, 2025 increased 6.2% as compared to the three months ended September 30, 2024. The increase in net research and development expenses is primarily related to lower customer reimbursements in the current year.
Previous wording
Below is a summary of our net research and development expenses, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our net research and development expenses, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Net research and development expenses for the six months ended June 30, 2025 increased 4.9% as compared to the six months ended June 30, 2024. The increase in net research and development expenses is primarily related to higher employee compensation expenses.
Current wording
Net research and development expenses for the nine months ended September 30, 2025 increased 5.3% as compared to the nine months ended September 30, 2024. The increase in net research and development expenses is primarily related to higher employee compensation expenses and lower customer reimbursements in the current year.
Previous wording
Selling, general and administrative expenses for the three months ended June 30, 2025 increased 4.3% as compared to the three months ended June 30, 2024. The increase in selling, general and administrative expenses is primarily related to higher expenses for leadership transition, leases and information technology, partially offset by lower employee compensation expenses.
Current wording
Selling, general and administrative expenses for the three months ended September 30, 2025 increased 16.3% as compared to the three months ended September 30, 2024. The increase in selling, general and administrative expenses is primarily related to higher expenses for leadership transition, leases, information technology and employee compensation and unfavorable foreign currency impacts primarily attributable to the Euro.
Previous wording
Below is a summary of our selling, general and administrative expenses, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our selling, general and administrative expenses, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Selling, general and administrative expenses for the six months ended June 30, 2025 decreased 0.7% as compared to the six months ended June 30, 2024. The decrease in selling, general and administrative expenses is primarily related to lower employee compensation expenses and favorable foreign currency impacts, partially offset by higher expenses for leadership transition, leases and information technology.
Current wording
Selling, general and administrative expenses for the nine months ended September 30, 2025 increased 4.7% as compared to the nine months ended September 30, 2024. The increase in selling, general and administrative expenses is primarily related to higher expenses for leadership transition, leases, information technology and employee compensation and unfavorable foreign currency impacts primarily attributable to the Euro, partially offset by favorable foreign currency impacts primarily attributable to the Mexican Peso.
Previous wording
Below is a summary of our restructuring expenses, net, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our restructuring expenses, net, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Below is a summary of our loss on sale of land and building, net, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our loss on sale of land and building, net, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Loss on sale of land and building, net for the six months ended June 30, 2025 is primarily related to the sale of our former headquarters building in Northville, Michigan in January 2025.
Current wording
Loss on sale of land and building, net for the nine months ended September 30, 2025 is primarily related to the sale of our former headquarters building in Northville, Michigan in January 2025.
Previous wording
Interest expense, net for the six months ended June 30, 2025 increased 4.9% as compared to the six months ended June 30, 2024. The increase in interest expense, net is primarily related to the change in fair value of an interest rate swap derivative.
Current wording
Interest expense, net for the three months ended September 30, 2025 decreased 29.7% as compared to the three months ended September 30, 2024. The decrease in interest expense, net is primarily related to the change in fair value of an interest rate swap derivative in the prior year period.
Previous wording
Below is a summary of our interest expense, net, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our interest expense, net, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Below is a summary of our foreign currency loss, in thousands, for the three months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our foreign currency gain (loss), in thousands, for the three months ended September 30, 2025 and 2024:
Previous wording
Foreign currency gain for the six months ended June 30, 2024 included net realized foreign currency loss of $0.1 million and net unrealized foreign currency gain of $2.4 million.
Current wording
Foreign currency gain for the three months ended September 30, 2025 included net realized foreign currency gain of $2.2 million and net unrealized foreign currency loss of $1.9 million.
Previous wording
Foreign currency loss for the three months ended June 30, 2025 included net realized foreign currency gain of $1.4 million and net unrealized foreign currency loss of $18.9 million. The unrealized foreign currency loss is primarily related to a non-current intercompany U.S. dollar receivable at one of our foreign subsidiaries.
Current wording
Foreign currency loss for the nine months ended September 30, 2025 included net realized foreign currency gain of $3.0 million and net unrealized foreign currency loss of $30.4 million. The unrealized foreign currency loss is primarily related to a non-current intercompany U.S. Dollar receivable at one of our foreign subsidiaries.
Previous wording
Other loss for the three months ended June 30, 2025 decreased as compared to other loss for the three months ended June 30, 2024, primarily due to a decrease in miscellaneous expenses.
Current wording
Other income for the three months ended September 30, 2025 decreased as compared to other income for the three months ended September 30, 2024, primarily due to a decrease in miscellaneous income.
Previous wording
Below is a summary of our other (loss) income, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our other (loss) income, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Other (loss) income for the six months ended June 30, 2025 was unfavorable as compared to the six months ended June 30, 2024. The change in other (loss) income is primarily due to a $1.3 million decrease in the fair value of an equity investment in the current year period and a $1.1 million increase in the fair value of an equity investment in the prior year period.
Current wording
Other (loss) income for the nine months ended September 30, 2025 was unfavorable as compared to the nine months ended September 30, 2024. The change in other (loss) income is primarily due to a $1.3 million decrease in the fair value of an equity investment in the current year period and a $1.1 million increase in the fair value of an equity investment in the prior year period.
Previous wording
Income tax expense was $2.1 million for the three months ended June 30, 2025 on earnings before income tax of $2.5 million, representing an effective tax rate of 81.2%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate and the unfavorable impact of GILTI.
Current wording
Income tax expense was $5.9 million for the three months ended September 30, 2025 on earnings before income tax of $20.9 million, representing an effective tax rate of 28.4%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate and the unfavorable impact of global intangible low-tax income (“GILTI”) and Subpart F income.
Previous wording
Below is a summary of our income tax expense, in thousands, for the six months ended June 30, 2025 and 2024:
Current wording
Below is a summary of our income tax expense, in thousands, for the nine months ended September 30, 2025 and 2024:
Previous wording
Income tax expense was $4.3 million for the six months ended June 30, 2025 on earnings before income tax of $4.6 million, representing an effective tax rate of 92.4%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the unfavorable impact of GILTI, unfavorable tax effects of equity vesting and a valuation allowance established in the U.S. related to a capital loss carryforward.
Current wording
Income tax expense was $10.2 million for the nine months ended September 30, 2025 on earnings before income tax of $25.5 million, representing an effective tax rate of 40.0%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the unfavorable impact of GILTI and Subpart F income, unfavorable tax effects of equity vesting and a valuation allowance established in the U.S. related to a capital loss carryforward.
Previous wording
Income tax expense was $13.1 million for the six months ended June 30, 2024 on earnings before income tax of $46.7 million, representing an effective tax rate of 28.0%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate, the quarterly accrual for uncertain tax positions and the unfavorable impact of the GILTI, partially offset by a one-time benefit related to the Alfmeier acquisition.
Current wording
Income tax expense was $16.5 million for the nine months ended September 30, 2024 on earnings before income tax of $66.2 million, representing an effective tax rate of 25.0%. The effective tax rate differed from the U.S. Federal statutory rate of 21.0% primarily due to the impact of income taxes on foreign earnings taxed at rates varying from the U.S. Federal statutory rate and the unfavorable impact of the GILTI, partially offset by favorable tax effects of equity vesting, a partial valuation allowance release in the U.S. related to its capital loss carryforward and a one-time benefit related to the Alfmeier acquisition.
Previous wording
As of June 30, 2025, the Company had $128.3 million of cash and cash equivalents and $288.0 million of availability under our Second Amended and Restated Credit Agreement. We may issue debt or equity securities, which may provide an additional source of liquidity. However, there can be no assurance equity or debt financing will be available to us when we need it or, if available, the terms will be satisfactory to us and not dilutive to our then-current shareholders.
Current wording
As of September 30, 2025, the Company had $154.3 million of cash and cash equivalents and $307.9 million of availability under our Second Amended and Restated Credit Agreement. We may issue debt or equity securities, which may provide an additional source of liquidity. However, there can be no assurance equity or debt financing will be available to us when we need it or, if available, the terms will be satisfactory to us and not dilutive to our then-current shareholders.
Previous wording
We continue to expect to be able to move funds between different countries to manage our global liquidity needs without material adverse tax implications, subject to current monetary policies and the terms of the Second Amended and Restated Credit Agreement. We utilize a combination of strategies, including dividends, cash pooling arrangements, intercompany loan repayments and other distributions and advances to provide the funds necessary to meet our global liquidity needs. There are no significant restrictions on the ability of our subsidiaries to pay dividends or make other distributions to Gentherm Incorporated. As of June 30, 2025, the Company’s cash and cash equivalents held by our non-U.S. subsidiaries totaled $91.3 million. If additional non-U.S. cash was needed for our U.S. operations, we may be required to accrue and pay withholding if we were to distribute such funds from non-U.S. subsidiaries to the U.S.; however, based on our current liquidity needs and strategies, we do not anticipate a need to accrue and pay such additional amounts.
Current wording
We continue to expect to be able to move funds between different countries to manage our global liquidity needs without material adverse tax implications, subject to current monetary policies and the terms of the Second Amended and Restated Credit Agreement. We utilize a combination of strategies, including dividends, cash pooling arrangements, intercompany loan repayments and other distributions and advances to provide the funds necessary to meet our global liquidity needs. There are no significant restrictions on the ability of our subsidiaries to pay dividends or make other distributions to Gentherm Incorporated. As of September 30, 2025, the Company’s cash and cash equivalents held by our non-U.S. subsidiaries totaled $98.0 million. If additional non-U.S. cash was needed for our U.S. operations, we may be required to accrue and pay withholding if we were to distribute such funds from non-U.S. subsidiaries to the U.S.; however, based on our current liquidity needs and strategies, we do not anticipate a need to accrue and pay such additional amounts.
Previous wording
Net cash provided by operating activities totaled $31.7 million during the six months ended June 30, 2025 primarily reflecting net income of $0.3 million, $69.7 million for non-cash charges for depreciation, amortization, stock based compensation, loss on disposition of property, provisions for inventory and other, including unrealized foreign currency loss, and $20.5 million related to changes in accounts payable, partially offset by $23.7 million related to changes in accounts receivable, net, $13.4 million related to changes in inventory, $12.2 million for non-cash deferred income taxes and $9.5 million related to changes in net other assets and liabilities.
Current wording
Net cash provided by operating activities totaled $87.8 million during the nine months ended September 30, 2025 primarily reflecting net income of $15.3 million, $88.9 million for non-cash charges for depreciation, amortization, stock based compensation, loss on disposition of property, provisions for inventory and other, including unrealized foreign currency loss, $33.5 million related to changes in accounts payable and $3.5 million related to changes in net other assets and liabilities, partially offset by $20.5 million related to changes in accounts receivable, net, $20.1 million related to changes in inventory and $12.8 million for non-cash deferred income taxes.
Previous wording
Net cash used in investing activities was $19.8 million during the six months ended June 30, 2025, reflecting purchases of property and equipment of $23.7 million and investments in technology companies of $0.6 million, partially offset by proceeds from the sale of property and equipment of $3.7 million and proceeds from deferred purchase price of factored receivables of $0.8 million.
Current wording
Net cash used in investing activities was $29.8 million during the nine months ended September 30, 2025, reflecting purchases of property and equipment of $33.4 million and investments in technology companies of $0.9 million, partially offset by proceeds from the sale of property and equipment of $3.8 million and proceeds from deferred purchase price of factored receivables of $0.7 million.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Product categories have been modified, and prior-period amounts have been recast to conform with the current period presentation. Climate Control Seats (CCS) includes CCS Heat (previously Seat Heaters), CCS Vent/CCS Active Cool (previously CCS) and CCS Neck
Current report — wording carried from elsewhere
Interest expense, net for the nine months ended September 30, 2025 decreased 8.7% as compared to the nine months ended September 30, 2024. The decrease in interest expense, net is primarily related to the change in fair value of an interest rate swap derivative in the prior year period.
Current report — wording carried from elsewhere
Foreign currency loss for the three months ended September 30, 2024 included net realized foreign currency loss of $0.1 million and net unrealized foreign currency gain of $8.6 million.
Current report — wording carried from elsewhere
Below is a summary of our foreign currency loss, in thousands, for the nine months ended September 30, 2025 and 2024:
Current report — wording carried from elsewhere
Below is a summary of our other income, in thousands, for the three months ended September 30, 2025 and 2024:
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Foreign currency loss for the six months ended June 30, 2025 included net realized foreign currency gain of $0.7 million and net unrealized foreign currency loss of $28.5 million. The unrealized foreign currency loss is primarily related to a non-current intercompany U.S. dollar receivable at one of our foreign subsidiaries.
Previous report — wording carried elsewhere
Below is a summary of our other loss, in thousands, for the three months ended June 30, 2025 and 2024: