Highlights 

  • Q3 revenue totals 152.5M USD, with adjusted EBITDA of 4.6M USD. 
  • Global Electrical Systems segment posts year-over-year revenue growth. 
  • Full-year 2025 guidance updated, reflecting North American Class 8 market outlook. 

Commercial Vehicle Group (NASDAQ:CVGI) announced financial results for the third quarter ended September 30, 2025. Revenues from continuing operations reached 152.5M USD, down 11.2% from 171.8M USD in the same quarter of 2024, primarily due to softer demand in North America. Gross profit slightly decreased to 16.0M USD from 16.4M USD, while gross margin improved to 10.5% from 9.5%. Adjusted gross profit was 18.4M USD, with an adjusted margin of 12.1%, up from 11.6% a year earlier. 

The company reported an operating loss of 1.1M USD, unchanged from Q3 2024. Adjusted operating income rose to 1.6M USD, compared to an adjusted operating loss of 0.4M USD in the prior-year period, reflecting improved gross margins and lower SG&A expenses. Net loss from continuing operations was 6.8M USD, or 0.20 USD per diluted share. Adjusted net loss totaled 4.6M USD, or 0.14 USD per diluted share. Adjusted EBITDA was 4.6M USD, representing a margin of 3.0%, up from 2.5% in Q3 2024. 

As of September 30, 2025, CVG held 31.3M USD in cash and 127.8M USD in total liquidity, including available credit lines. 

Segment Performance 

  • Global Seating: Revenues decreased to 68.7M USD from 76.6M USD, down 10.4%, due to lower demand. Operating income improved to 1.4M USD from a prior-year loss of 1.5M USD. Adjusted operating income increased to 2.9M USD from a loss of 0.8M USD. 
  • Global Electrical Systems: Revenues rose 5.9% to 49.5M USD from 46.7M USD, driven by new business outside Construction and Agriculture. Operating income improved to 0.8M USD from a prior-year loss of 1.5M USD, while adjusted operating income increased to 1.4M USD from a loss of 0.2M USD. 
  • Trim Systems & Components: Revenues fell 29.2% to 34.3M USD. Operating loss was 0.9M USD, compared with the prior-year income of 5.4M USD. Adjusted operating loss was 0.3M USD. 

CEO Commentary 
James Ray, President and CEO, stated, “In the face of ongoing lower demand in our key Construction, Agriculture, and Class 8 truck end markets, we were pleased with the resilience seen in our third quarter results. We continued to benefit from our operational efficiency improvement and right sizing our manufacturing footprint and enterprise structural cost, evidenced by the continued sequential expansion in our adjusted gross margin in the quarter, despite the lower demand environment. Furthermore, as part of our efforts to preserve margins and position CVG for an eventual end market recovery, we remain focused on reducing SG&A expenses, and we have made demonstrable progress with customers as it relates to mitigating tariff impacts. I want to sincerely thank every member of the CVG team for their commitment, resilience, and focus on execution.” 

Outlook 

CVG updated its full-year 2025 guidance, projecting net sales of 640M–650M USD and adjusted EBITDA of 17M–19M USD, while maintaining a free cash flow target above 30M USD.