CVGIMEDIUM SIGNALOPERATIONAL10-K

CVGI completed a strategic reorganization into three focused segments while divesting non-core businesses, leading to improved operational metrics and reduced debt levels.

The company's strategic reorganization into Global Seating, Global Electrical Systems, and Trim Systems and Components segments reflects management's effort to better align with customer needs and focus on growth opportunities. The divestiture of the cab structures and Industrial Automation businesses appears to have streamlined operations, as evidenced by improved financial metrics and reduced complexity.

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

CVGI demonstrated solid operational improvement with revenue growing 14.1% to $755.2M and net losses narrowing from -$27.9M to -$22.8M, suggesting the strategic reorganization is gaining traction. The balance sheet strengthened meaningfully, with total debt declining 22.5% to $104.9M and current liabilities falling 13.9%, while accounts receivable dropped 27.3% indicating improved collections or business mix changes. Capital expenditures were reduced significantly from $18.5M to $10.7M, reflecting either completion of major investments or more disciplined capital allocation following the restructuring.

FINANCIAL STATEMENT CHANGES
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.

Revenue
P&L
+14.1%
$662.1M→$755.2M

Revenue growing 14.1% — solid top-line momentum, watch margins for quality of growth.

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.
The Company s Chief Operating Decision Maker, its President and Chief Executive Officer, reviews financial information for these three reportable segments and makes decisions regarding the allocation of resources based on these segments.
Seats and components sold into the commercial vehicle channels that provide repair and refurbishing.
The Trim Systems and Components segment designs, manufactures and sells the following products: Plastic components ("Trim") primarily for the North America commercial vehicle market, MD/HD truck market and power sports markets.
GLOBAL SEATING SEGMENT OVERVIEW Global Seating Segment Products Set forth below is a brief description of our products manufactured in the Global Seating Segment and their applications.
We design, engineer and produce plastic components and assemblies for MD/HD trucks, power sports vehicles, specialty vehicle applications, and diversified markets.
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.
As a result, the operating results related to the cab structures business and Industrial Automation segment have been reflected as discontinued operations in the Consolidated Statements of Operations.
See Note 17, Discontinued Operations, for additional information on the divestitures.
As a result of classifying the Industrial Automation reporting segment as a discontinued operation, CVG has three reportable segments for 2024: Vehicle Solutions, Electrical Systems and Aftermarket Accessories.
The financial information reported for Vehicle Solutions and Aftermarket Accessories excludes the activity from the Kings Mountain, North Carolina facility as a result of the divestiture.
Plastic Trim components primarily for the North America commercial vehicle market, medium-duty/heavy-duty ("MD/HD") truck market, and power sports markets.
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