Commercial Vehicle Group, Inc.
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
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.
Jun 30, 2026 · Filed Aug 3, 2026
CVGI$3.15-3.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001628280-26-030679
ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001628280-26-051962
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 63 previous paragraphs and 101 current paragraphs.
32 unchanged; 28 reworded; 29 added; 2 removed; 1 previous and 12 current paragraphs rearranged.
Tables are not compared: 5 previous and 9 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 (29)
Current report
On June 18, 2026, the Company disclosed that it entered into a Capital on Demand™ Sales Agreement (the “Sales Agreement”) with JonesTrading Institutional Services LLC (“Sales Agent”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through or to the Sales Agent, as agent or principal, shares of the Company’s Common Stock, par value $0.01 per share (“Common Stock”), having an aggregate offering price of up to $25,000,000 (the “ATM Program”).
Current report
As of June 30, 2026, the Company had sold 2.6 million shares of Common Stock in the ATM Program, generating net cash proceeds of approximately $11.6 million. As required by the Company’s secured term loan facility, all such net proceeds were used by the Company to pay down outstanding indebtedness and associated prepayment premium under such facility.
Current report
The increase in revenues of 13.5% is primarily driven by increased customer demand in international markets and the ramp of previously awarded new business wins across all three of our segments.
Current report
As a percentage of revenues, gross profit margin was 13.9% for the three months ended June 30, 2026 compared to 13.3% for the three months ended June 30, 2025. The three months ended June 30, 2026 results include charges of $0.7 million associated with restructuring programs, compared to $0.4 million for the three months ended June 30, 2025.
Current report
Selling, General and Administrative Expenses. SG&A expenses increased $0.9 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily as a result of increased incentive compensation expense.
Current report
Selling, General and Administrative Expenses. SG&A expenses were flat for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current report
As a percentage of revenues, gross profit margin was 12.6% for the three months ended June 30, 2026 compared to 8.4% for the three months ended June 30, 2025. The increase in gross profit margin was primarily due to volume leverage. The three months ended June 30, 2026 results include no charges associated with restructuring programs, compared to $0.2 million for the three months ended June 30, 2025.
Current report
Selling, General and Administrative Expenses. SG&A expenses increased $0.9 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily as a result of increased incentive compensation expense.
Current report
Consolidated Results of Operations
Current report
•a$24.0 million, or 8.6%, increase in OEM and other revenues; and
Current report
•a$1.0 million, or 1.6%, increase in aftermarket and OES sales.
Current report
The increase in revenues of $25.0 million wasprimarily driven by an increase in customer demand across all segments.
Current report
Gross Profit. The $7.2 million increase in gross profit is primarily attributable to the impact of increased sales volumes and operational efficiency improvements. Cost of revenues increased $17.8 million, or 5.8%, as a result of a increase in raw material and purchased component costs of $12.4 million, or 6.9%, and a increase in labor and overhead expenses of $5.4 million, or 4.3%.
Current report
As a percentage of revenues, gross profit margin was 12.1% for the six months ended June 30, 2026 compared to 10.9% for the six months ended June 30, 2025. The six months ended June 30, 2026 results include charges of $1.9 million associated with restructuring programs, compared to $1.6 million for the six months ended June 30, 2025.
Current report
Selling, General and Administrative Expenses. SG&A expenses increased $7.1 million compared to the six months ended June 30, 2025, primarily as a result of an increase in incentive compensation expense and advisory service fees. As a percentage of revenues, SG&A expense was 11.5% for the six months ended June 30, 2026 compared to 10.3% for the six months ended June 30, 2025. The six months ended June 30, 2026 results include charges of $0.3 million associated with the restructuring programs, compared to $0.2 million for the six months ended June 30, 2025.
Current report
Segment Results
Current report
Global Seating Segment Results
Current report
Revenues. The increase in Global Seating Segment revenues of $6.7 million was primarily driven by higher international volume, offset by customer demand in North America.
Current report
Gross Profit. The increase in gross profit of $2.5 million was primarily attributable to increased sales volumes and operational efficiency improvements. The increase in cost of revenues was driven by a increase in raw material and purchased component costs of $2.2 million, or 2.7%, and a increase in labor and overhead expenses of $2.0 million, or 4.0%.
Current report
Selling, General and Administrative Expenses. SG&A expenses increased $1.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily as a result of increased incentive compensation expense.
Current report
Global Electrical Systems Segment Results
Current report
Revenues. The increase in Global Electrical Systems Segment revenues of $15.4 million was primarily driven by new business wins.
Current report
Gross Profit. The increase in gross profit of $2.8 million is primarily attributable to volume and product mix. The increase in cost of revenues was driven by a increase in raw material and purchased component costs of $8.7 million, or 17.6%; and a increase in labor and overhead expenses of $3.9 million, or 8.8%.
Current report
As a percentage of revenues, gross profit margin was 10.6% for the six months ended June 30, 2026 compared to 9.5% for the six months ended June 30, 2025, driven by mix and volume leverage. The six months ended June 30, 2026 results include charges of $0.5 million associated with restructuring programs, compared to $1.0 million for the six months ended June 30, 2025.
Current report
Revenues. The increase in Trim Systems and Components Segment revenues of $2.9 million was primarily driven by increased customer demand in North America.
Current report
Gross Profit. The increase in gross profit of $1.9 million is primarily attributable to higher sales volume. The increase in cost of revenues was driven by a increase in raw material and purchased component costs of $1.5 million, or 2.9%, and a decrease in labor and overhead expenses of $0.5 million, or 1.7%.
Current report
Selling, General and Administrative Expenses. SG&A expenses increased $1.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily as a result of increased incentive compensation expense.
Current report
ATM Program
Current report
On June 18, 2026, the Company entered into the Sales Agreement with Sales Agent for the ATM Program which enables the Company to issue and sell shares of Common Stock in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, for a maximum aggregate offering amount of up to $25.0 million. During the three and six months ended June 30, 2026, we issue and sold 2.6 million shares of our Common Stock under the ATM program for net proceeds (after sales commissions and direct offering expenses) of $11.6 million. The direct costs of $0.2 million incurred in connection with the ATM program during the quarter ended June 30, 2026 were charged against the proceeds from the sale of Common Stock and reflected as a reduction of paid-in -capital. As of June 30, 2026, approximately $13.0 million remained available for sale under the ATM Program.
Removed paragraphs (2)
Previous report
The increase in revenues of 1.0% is primarily driven by 14% growth in our Global Electrical Systems segment, offset by softer customer demand in the Global Seats and Trim Systems & Components segments particularly in the North America heavy truck market.
Previous report
Selling, General and Administrative Expenses. SG&A expenses increased $1.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily as a result of increased incentive compensation expense.
Reworded paragraphs (28)
Previous wording
The discussion and analysis below described material changes in financial condition and results of operations as reflected in our condensed consolidated financial statements for the three months ended March 31, 2026 and 2025. This discussion and analysis should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Form 10-K.
Current wording
The discussion and analysis below describes material changes in financial condition and results of operations as reflected in our condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025. This discussion and analysis should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Form 10-K.
Previous wording
•a $2.1 million, or 1.5%, increase in OEM and other sales;
Current wording
•a$21.9 million, or 15.7%, increase in OEM and other sales;
Previous wording
•a $0.4 million, or 1.1%, decrease in aftermarket and OES sales.
Current wording
•a$1.4 million, or 4.3%, increase in aftermarket and OES sales.
Previous wording
Gross Profit. Included in gross profit is cost of revenues, which consists primarily of raw materials and purchased components for our products, wages and benefits for our employees and overhead expenses such as manufacturing supplies, facility rent and utilities costs related to our operations. The $2.0 million increase in gross profit is primarily attributable to the impact of increased sales volumes and operational efficiency improvements. Cost of revenues decreased $0.3 million, or 0.2%, as a result of a decrease in raw material and purchased component costs of $0.7 million, or 0.8%, and a increase in labor and overhead expenses of $0.4 million, or 0.7%. As a percentage of revenues, gross profit margin was 11.6% for the three months ended March 31, 2026 compared to 10.5% for the three months ended March 31, 2025. The three months ended March 31, 2026 results include charges of $1.2 million associated with restructuring programs, compared to $0.5 million for the three months ended March 31, 2025.
Current wording
Gross Profit. Included in gross profit is cost of revenues, which consists primarily of raw materials and purchased components for our products, wages and benefits for our employees and overhead expenses such as manufacturing supplies, facility rent and utilities costs related to our operations. The $5.2 million increase in gross profit is primarily attributable to the impact of increased sales volumes and operational efficiency improvements. Cost of revenues increased $18.1 million, or 11.9%, as a result of a increase in raw material and purchased component costs of $13.2 million, or 14.6%, and a increase in labor and overhead expenses of $4.9 million, or 7.9%. As a percentage of revenues, gross profit margin was 12.7% for the three months ended June 30, 2026 compared to 11.4% for the three months ended June 30, 2025. The three months ended June 30, 2026 results include charges of $0.5 million associated with restructuring programs, compared to $1.1 million for the three months ended June 30, 2025.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative ("SG&A") expenses consist primarily of wages and benefits and other expenses such as marketing, travel, legal, audit, rent and utilities costs, which are not directly or indirectly associated with the manufacturing of our products. SG&A expenses increased $2.7 million compared to the three months ended March 31, 2025, primarily as a result of increased incentive compensation expense. As a percentage of revenues, SG&A expense was 11.1% and 9.6% for the three months ended March 31, 2026 and 2025, respectively.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative ("SG&A") expenses consist primarily of wages and benefits and other expenses such as marketing, travel, legal, audit, rent and utilities costs, which are not directly or indirectly associated with the manufacturing of our products. SG&A expenses increased $4.4 million compared to the three months ended June 30, 2025, primarily as a result of increased incentive compensation expense and advisory service fees. As a percentage of revenues, SG&A expense was 11.9% and 10.9% for the three months ended June 30, 2026 and 2025, respectively.
Previous wording
Other (Income) Expense. Other expense increased $1.0 million in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily related to unfavorable change in foreign currency.
Current wording
Other (Income) Expense. Other expense increased $0.5 million in the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily related to unfavorable change in foreign currency.
Previous wording
Warrant expense. Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the outstanding warrants issued in connection with entering into the Term Loan due 2030. The change in fair value of the outstanding warrants liability during three months ended March 31, 2026 was 5.0 million. The change in fair value of stock warrants was the result of changes in market prices and other observable inputs deriving the value of the financial instruments.
Current wording
Warrant expense. Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the outstanding warrants issued in connection with entering into the Term Loan due 2030. The change in fair value of the outstanding warrants liability during three months ended June 30, 2026 was $3.4 million. The change in fair value of stock warrants was the result of changes in market prices and other observable inputs deriving the value of the financial instruments.
Previous wording
Loss on extinguishment of debt. The loss recognized from the extinguishment of debt includes a non-cash expense of $0.9 million for the write-off of deferred financing costs, as well as a prepayment premium and make-whole interest totaling $1.0 million, both of which are associated with the repayment of the Term Loan following the Sale and Leaseback transaction.
Current wording
Loss on extinguishment of debt. The loss recognized from the extinguishment of debt includes a non-cash expense of$0.5 million for the write-off of deferred financing costs, as well as a prepayment premium and make-whole interest of$0.5 million, both of which are associated with the repayment of the Term Loan. The prior year loss on extinguishment of debt reflects the write-off of deferred financing fees related to early repayment of the prior revolver $0.5 million.
Previous wording
Interest Expense. Interest associated with our debt increased $1.6 million in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase in interest expense was primarily attributed to higher interest rates from our refinancing completed during the second quarter of 2025.
Current wording
Interest Expense. Interest associated with our debt incr eased $0.7 million in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in interest expense was primarily attributed to higher interest rates from our refinancing completed during the second quarter of 2025.
Previous wording
Provision for Income Taxes. Income tax expense of $1.9 million and $2.1 million were recorded for the three months ended March 31, 2026 and 2025, respectively. The primary driver in the tax expense was the Company's mix of profitable foreign operations and losses in the US while maintaining its full valuation allowance position on U.S. deferred tax assets.
Current wording
Provision for Income Taxes. Income tax expense of $2.0 million and $1.7 million were recorded for the three months ended June 30, 2026 and 2025, respectively. The primary driver in the tax expense was the Company's mix of profitable foreign operations and losses in the U.S. while maintaining its full valuation allowance position on U.S. deferred tax assets.
Previous wording
Net Income (Loss) from continuing operations. Net income from continuing operations was $0.9 million for the three months ended March 31, 2026 compared to net loss of $3.1 million for the three months ended March 31, 2025. The increase in net income is attributable to the factors noted above.
Current wording
Net Income (Loss) from continuing operations. Net loss from continuing operations was $8.7 million for the three months ended June 30, 2026 compared to net loss of $4.1 million for the three months ended June 30, 2025. The change in net income was attributable to the factors noted above.
Previous wording
Revenues. The increase in Global Seating Segment revenues of $1.1 million primarily resulted from higher international volumes, offset by decreased customer demand in North America.
Current wording
Revenues. The increase in Global Seating Segment revenues of $5.6 million primarily resulted from higher international volumes, offset by decreased customer demand in North America.
Previous wording
Gross Profit. The increase in 2026 gross profit of $1.3 million was primarily due to the impact of increased sales volumes and operational efficiency improvements. The decrease in cost of revenues was driven by a decrease in raw material and purchased component costs of $0.9 million, or 2.4%, and a increase in labor and overhead expenses of $0.7 million, or 2.8%.
Current wording
Gross Profit. The increase in 2026 gross profit of $1.2 million was primarily due to the impact of increased sales volumes and operational efficiency improvements. The increase in cost of revenues was driven by a increase in raw material and purchased component costs of $3.1 million, or 7.8%, and a increase in labor and overhead expenses of $1.4 million, or 5.5%.
Previous wording
Revenues. The increase in Global Electrical Systems Segment revenues of $7.0 million was primarily as a result of new business wins.
Current wording
Revenues. The increase in Global Electrical Systems Segment revenues of $8.4 million was primarily as a result of new business wins.
Previous wording
Gross Profit. The increase in gross profit of $1.8 million was primarily attributable to volume and mix. The increase in cost of revenues was driven by an increase in raw material and purchased component costs of $4.1 million, or 17.1%, and an increase in labor and overhead expenses of $1.1 million, or 4.9%.
Current wording
Gross Profit. The increase in gross profit of $1.0 million was primarily attributable to volume and product mix. The increase in cost of revenues was driven by an increase in raw material and purchased component costs of $4.6 million, or 18.1%, and an increase in labor and overhead expenses of $2.8 million, or 12.7%.
Previous wording
As a percentage of revenues, gross profit margin was 10.0% for the three months ended March 31, 2026 compared to 7.9% for the three months ended March 31, 2025. The increase in gross profit margin was primarily due to mix and improved operational efficiency. The three months ended March 31, 2026 results include charges of $0.5 million associated with restructuring programs, compared to $0.5 million for the three months ended March 31, 2025.
Current wording
As a percentage of revenues, gross profit margin was 11.1% for the three months ended June 30, 2026 compared to 11.0% for the three months ended June 30, 2025. The increase in gross profit margin was primarily due to mix. The three months ended June 30, 2026 results include no charges associated with restructuring programs, compared to $0.5 million for the three months ended June 30, 2025.
Previous wording
Revenues. The decrease in the Trim Systems and Components Segment revenues of $6.4 million was primarily driven by lower sales volume as a result of softening customer demand in North America.
Current wording
Revenues. The increase in the Trim Systems and Components Segment revenues of $9.3 million was primarily driven by higher sales volume as a result of increased customer demand in North America, including improved product mix.
Previous wording
Gross Profit. The decrease in gross profit of $1.1 million was primarily attributable to lower sales volume. The cost of revenues decreased in line with the sales decrease of 13.9%, driven by a decrease in labor and overhead expenses of $1.4 million, or 9.3%; and a decrease in raw material and purchased component costs of $3.9 million, or 14.8%.
Current wording
Gross Profit. The increase in gross profit of $3.0 million was primarily attributable to higher sales volume. The cost of revenues increased in line with the sales increase of 21.1%, driven by a increase in labor and overhead expenses of $0.9 million, or 5.9%; and a increase in raw material and purchased component costs of $5.4 million, or 21.8%.
Previous wording
Gain on sale of assets. During the three months ended March 31, 2026, the Company recognized a gain of $13.7 million related to the Sale and Leaseback Transaction.
Current wording
Gain on sale of assets. During the six months ended June 30, 2026, the Company recognized a gain of $13.7 million related to the Sale and Leaseback Transaction.
Previous wording
As a percentage of revenues, gross profit margin was 14.0% for the three months ended March 31, 2026 compared to 12.4% for the three months ended March 31, 2025. The three months ended March 31, 2026 results include charges of $0.5 million associated with restructuring programs, compared to zero for the three months ended March 31, 2025.
Current wording
As a percentage of revenues, gross profit margin was 14.0% for the six months ended June 30, 2026 compared to 12.9% for the six months ended June 30, 2025. The six months ended June 30, 2026 results include charges of $1.3 million associated with restructuring programs, compared to $0.4 million for the six months ended June 30, 2025.
Previous wording
Gain on sale of assets. During the three months ended March 31, 2025, the Company recognized a gain of $13.7 million related to the Sale and Leaseback Transaction.
Current wording
Gain on sale of assets. During the six months ended June 30, 2026, the Company recognized a gain of $13.7 million related to the Sale and Leaseback Transaction.
Previous wording
Selling, General and Administrative Expenses. SG&A expenses increased $1.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily as a result of increased incentive compensation expense.
Current wording
Selling, General and Administrative Expenses. SG&A expenses increased $1.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily as a result of increased incentive compensation expense.
Previous wording
As a percentage of revenues, gross profit margin was 9.1% for the three months ended March 31, 2026 compared to 10.3% for the three months ended March 31, 2025. The decrease in gross profit margin was primarily due to lower sales volume. The three months ended March 31, 2026 results include charges of $0.2 million associated with restructuring programs, compared to zero for the three months ended March 31, 2025.
Current wording
As a percentage of revenues, gross profit margin was 11.1% for the six months ended June 30, 2026 compared to 9.3% for the six months ended June 30, 2025. This was primarily due to volume leverage. The six months ended June 30, 2026 results include charges of $0.2 million associated with restructuring programs, compared to $0.2 million for the six months ended June 30, 2025.
Previous wording
Our primary sources of liquidity as of March 31, 2026 were operating income, cash and availability under our credit facility. We believe that these sources of liquidity will provide adequate funds for our working capital needs, capital expenditures and debt service throughout the next twelve months. However, no assurance can be given that this will be the case. We also rely on the timely collection of receivables as a source of liquidity. As of March 31, 2026, we had outstanding letters of credit of$3.5 million and borrowing availability of$99.7 million from our U.S. and China credit facilities (subject to customary borrowing base and other conditions), in addition to $28.7 million of cash.
Current wording
Our primary sources of liquidity as of June 30, 2026 were operating income, cash and availability under our credit facility. We believe that these sources of liquidity will provide adequate funds for our working capital needs, capital expenditures and debt service throughout the next twelve months. However, no assurance can be given that this will be the case. We also rely on the timely collection of receivables as a source of liquidity. As of June 30, 2026, we had outstanding letters of credit of $3.5 million and borrowing availability of $91.2 million from our U.S. and China credit facilities (subject to customary borrowing base and other conditions), in addition to$36.0 million of cash.
Previous wording
As of March 31, 2026, cash of$28.7 million was held by foreign subsidiaries. The Company had a $0.2 million deferred tax liability as of March 31, 2026 for theexpected future income tax implications of repatriating cash from the foreign subsidiaries for which indefinite reinvestment is not expected.
Current wording
As of June 30, 2026, cash of$35.6 million was primarily held by foreign subsidiaries. The Companyhad a $0.1 million deferred tax liability as of June 30, 2026 for theexpected future income tax implications of repatriating cash from the foreign subsidiaries for which indefinite reinvestment is not expected.
Previous wording
Operating activities. For the three months ended March 31, 2026, net cash used in operating activities was $1.6 million compared to net cash provided by operating activities of $15.2 million for the three months ended March 31, 2025. Net cash used in operating activities is primarily attributable an increase in trade working capital for the three months ended March 31, 2026 as compared to a decrease in trade working capital for the three months ended March 31, 2025.
Current wording
Operating activities. For the six months ended June 30, 2026, net cash provided by operating activities was $0.1 million compared to net cash provided by operating activities of $34.0 million for the six months ended June 30, 2025. The decrease in net cash provided by operating activities is primarily attributable an increase in trade working capital for the six months ended June 30, 2026 as compared to a decrease in trade working capital for the six months ended June 30, 2025.
Previous wording
Investing activities. For the three months ended March 31, 2026, net cash provided by investing activities was $13.2 million compared to cash used in investing activities of $3.8 million for the three months ended March 31, 2025. The change was mainly due to $15.9 million in proceeds from the sale of assets in the current year. In 2026, we expect capital expenditures to be in the range of $13 million to $17 million.
Current wording
Investing activities. For the six months ended June 30, 2026, net cash provided by investing activities was $10.2 million compared to cash used in investing activities of $5.3 million for the six months ended June 30, 2025. The change was mainly due to $15.9 million in proceeds from the sale of assets in the current year. In 2026, we expect capital expenditures to be in the range of $13 million to $17 million.
Previous wording
Financing activities. For the three months ended March 31, 2026, net cash used in financing activities was $15.7 million compared to net cash used in financing activities of $18.1 million for the three months ended March 31, 2025. Use of cash in financing activities during the three months ended March 31, 2026 was primarily attributable to the pay down of our debt which totaled $14.9 million, of which$14.6 million was a mandatory paydown from the Sale and Leaseback Transaction.
Current wording
Financing activities. For the six months ended June 30, 2026, net cash used in financing activities was $7.1 million compared to net cash used in financing activities of $12.2 million for the six months ended June 30, 2025. Use of cash in financing activities during the six months ended June 30, 2026 was primarily attributable to the prepayment of term loan debt which totaled $26.2 million, related to mandatory paydowns from the Sale and Leaseback Transaction and at-the-market equity offering proceeds.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
The table below sets forth certain consolidated operating data for the six months ended June 30, (dollars are in thousands):
Current report — wording carried from elsewhere
Revenues. The increase in consolidated revenues resulted from:
Current report — wording carried from elsewhere
Other (Income) Expense. Other expense increased $1.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily related to unfavorable change in foreign currency..
Current report — wording carried from elsewhere
Warrant expense. Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the outstanding warrants issued in connection with entering into the Term Loan due 2030. The change in fair value of the outstanding warrants liability during three months ended June 30, 2026 was $3.4 million. The change in fair value of stock warrants was the result of changes in market prices and other observable inputs deriving the value of the financial instruments.
Current report — wording carried from elsewhere
Loss on extinguishment of debt. The loss recognized from the extinguishment of debt includes a non-cash expense of $1.6 million for the write-off of deferred financing costs, as well as a prepayment premium and make-whole interest of$1.4 million, both of which are associated with the repayment of the Term Loan. The prior year loss on extinguishment of debt reflects the write-off of deferred financing fees related to early repayment of the prior revolver $0.5 million..
Current report — wording carried from elsewhere
Interest Expense. Interest associated with our debt was $7.0 million and $4.8 million for the six months ended June 30, 2026 and 2025, respectively. The increase in interest expense was primarily attributed to higher interest rates from our refinancing completed during the second quarter of 2025.
Current report — wording carried from elsewhere
Provision (benefit) for Income Taxes. Income tax expense of $3.9 million and $3.8 million were recorded for the six months ended June 30, 2026 and 2025, respectively. The primary driver in the tax expense was the Company's mix of profitable foreign operations and losses in the U.S. while maintaining its full valuation allowance position on U.S. deferred tax assets.
Current report — wording carried from elsewhere
Net Income (loss) from continuing operations. Net loss from continuing operations was $7.8 million for the six months ended June 30, 2026 compared to net loss of $7.2 million for the six months ended June 30, 2025. The change is attributable to the factors noted above.
Current report — wording carried from elsewhere
The table below sets forth certain Global Seating Segment operating data for the six months ended June 30, (dollars are in thousands):
Current report — wording carried from elsewhere
The table below sets forth certain Global Electrical Systems Segment operating data for the six months ended June 30, (dollars are in thousands):
Current report — wording carried from elsewhere
Trim Systems and Components Segment Results
Current report — wording carried from elsewhere
The table below sets forth certain Trim Systems and Components Segment operating data for the six months ended June 30, (dollars are in thousands):
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Selling, General and Administrative Expenses. SG&A expenses increased $0.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.