CVGIHIGH SIGNALOPERATIONAL10-K

CVGI completed a major strategic reorganization into three segments while achieving a dramatic 281% revenue increase and positive operating cash flow turnaround of $78.1M.

The company underwent a significant business transformation, divesting its cab structures and Industrial Automation segments while reorganizing remaining operations into Global Seating, Global Electrical Systems, and Trim Systems segments. This strategic shift appears designed to focus on core competencies and growth opportunities, with management citing enhanced customer alignment and shareholder value creation as key objectives.

Comparing 2026-03-10 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

CVGI delivered exceptional revenue growth of 281% to $755.2M alongside a remarkable operating cash flow turnaround from -$33.5M to +$44.6M, demonstrating significantly improved cash generation capabilities. The company reduced debt by 22.5% and cut capital expenditures by 42.5%, while losses narrowed modestly with net income improving from -$27.9M to -$22.8M. The overall financial picture suggests successful execution of the strategic reorganization with stronger operational performance, improved liquidity, and a more focused business model, though profitability remains a work in progress.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+280.8%
$198.3M→$755.2M

Strong top-line growth of 280.8% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+233.5%
-$33.5M→$44.6M

Operating cash flow surged 233.5% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-42.5%
$18.5M→$10.7M

Capex reduced 42.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
-27.3%
$118.7M→$86.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Debt
Balance Sheet
-22.5%
$135.5M→$104.9M

Debt reduced 22.5% — deleveraging strengthens balance sheet and reduces financial risk.

Net Income
P&L
+18.3%
-$27.9M→-$22.8M

Net income grew 18.3% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
-13.9%
$125.8M→$108.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Income
P&L
+13.5%
-$758K→-$656K

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
-13.2%
$303.3M→$263.3M

Current assets declined 13.2% — monitor working capital adequacy and short-term liquidity.

Total Liabilities
Balance Sheet
-10.6%
$289.0M→$258.4M

Liabilities reduced 10.6% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-17
ADDED
As of March 10, 2026, 36,636,720 shares of Common Stock of the Registrant were outstanding.
and its subsidiaries, is a global provider of systems, assemblies and components to global commercial vehicle markets and electric vehicle markets.
SEGMENTS During the quarter ended March 31, 2025, the Company completed a strategic reorganization of its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components.
The reorganization was designed to enhance alignment with its customers and end markets which will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value.
As a result of the strategic reorganization, the prior period amounts have been revised to conform to the Company s current period presentation.
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REMOVED
As of March 14, 2025, 34,640,434 shares of Common Stock of the Registrant were outstanding.
and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle markets.
SEGMENTS During the year ended December 31, 2024, the Company sold its cab structures business with operations in Kings Mountain, North Carolina and its First Source Electronics (FSE) business with operations in Elkridge, Maryland.
The FSE business was the Company's Industrial Automation segment.
These divestitures represent a strategic shift in CVG's business and, in accordance with U.S.
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