CVG Reports Second Quarter 2026 Results

CVG Reports Second Quarter 2026 Results --> Accessibility: Skip TopNav CVG Reports Second Quarter 2026 Results August 03, 2026 16:35 ET | Source: Commercial Vehicle Group, Inc. Commercial Vehicle Group, Inc. Second quarter revenues of $195 million, EPS of $(0.25), Adjusted EBITDA of $5.4 million Strong revenue growth across all three business segments Raises full-year 2026 guidance NEW ALBANY, Ohio, Aug. 03, 2026 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its second quarter ended June 30, 2026. Second Quarter 2026 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted) Revenues of $195.2 million, up 13.5%, primarily driven by increased demand across all three segments. Gross margin expansion of 140 basis points versus Q2 2025 and 120 basis points sequentially versus Q1 2026 primarily from increased revenues and operational efficiency improvements. Operating income of $1.6 million, up $0.8 million, compared to $0.8 million. Adjusted operating income of $2.6 million, compared to $1.9 million. Net loss from continuing operations of $8.7 million, or $(0.25) per diluted share and adjusted net loss of $4.6 million, or $(0.13) per diluted share, compared to net loss from continuing operations of $4.1 million, or $(0.12) per diluted share and adjusted net loss of $2.9 million, or $(0.09) per diluted share. Net loss includes a $3.4 million pre-tax warrant liability revaluation expense. Adjusted EBITDA of $5.4 million, compared to $5.2 million, with an adjusted EBITDA margin of 2.8%, down from 3.0%. Net proceeds of approximately $11.6 million from the at-the-market equity issuance program used to pay down term loan. James Ray, President and Chief Executive Officer, said, “We are encouraged by the strong revenue growth and gross margin expansion we delivered in the second quarter. All three segments generated year-over-year revenue growth, driven by the continued ramp of new business and increased customer demand. North American Class 8 truck production began to improve late in the quarter. We continued to deliver sequential gross margin expansion, reflecting the improvements from our operational efficiency and footprint rationalization initiatives and position CVG to benefit from increased demand.” Mr. Ray continued, “Our Trim Systems & Components segment returned to year-over-year growth despite a lower Class 8 build rate compared with the prior-year quarter, driven in part by new business ramping in our wiper systems business. Global Seating continued to benefit from customer demand growth in international markets. Global Electrical Systems benefited from the ramp of new business, including the Zoox robotaxi program and a more diversified end market mix driving consistent growth. As we look to the second half of 2026, we remain focused on disciplined execution, continued margin improvement, and free cash generation. We expect CVG to be positioned to capitalize on improving market conditions." Angie O’Leary, Interim Chief Financial Officer, added, “During the second quarter, we continued to strengthen our balance sheet and execute our capital allocation priorities. Building on the progress from earlier this year, we further reduced outstanding debt with proceeds from our recently executed at-the-market equity offering program, which we expect to contribute to lower cash interest expense going forward. We also continue to make targeted investments in working capital to support key program launches and the growth opportunities across our businesses. SG&A expense increased from the prior year driven by higher incentive compensation and advisory service fees. We remain focused on driving profitable growth, generating free cash flow, and advancing toward our long-term net leverage objective of approximately two times. Based on our first-half revenue performance, and the momentum we see across all three segments, we are raising our revenue and Adjusted EBITDA guidance ranges for the year.” Second Quarter Financial Results from Continuing Operations (amounts in millions except per share data and percentages) Second Quarter 2026 2025 $ Change % Change Revenues $ 195.2 $ 172.0 $ 23.2 13.5 % Gross profit $ 24.7 $ 19.5 $ 5.2 26.7 % Gross margin 12.7 % 11.3 % Adjusted gross profit 1 $ 25.2 $ 20.6 $ 4.6 22.3 % Adjusted gross margin 1 12.9 % 12.0 % Operating income $ 1.6 $ 0.8 $ 0.8 100.0 % Operating margin 0.8 % 0.5 % Adjusted operating income 1 $ 2.6 $ 1.9 $ 0.7 36.8 % Adjusted operating margin 1 1.3 % 1.1 % Net income (loss) from continuing operations $ (8.7 ) $ (4.1 ) $ (4.6 ) NM 2 Adjusted net income (loss) from continuing operations 1 $ (4.6 ) $ (2.9 ) $ (1.7 ) 58.6 % Earnings (loss) per share, diluted $ (0.25 ) $ (0.12 ) $ (0.13 ) NM 2 Adjusted earnings (loss) per share, diluted 1 $ (0.13 ) $ (0.09 ) $ (0.04 ) 44.4 % Adjusted EBITDA 1 $ 5.4 $ 5.2 $ 0.2 3.8 % Adjusted EBITDA margin 1 2.8