Commercial Vehicle Group, Inc.CVGI
Commercial Vehicle Group, Inc. Segments Disclosure
Segment Reporting
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.
Our President and Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The CODM uses segment operating income compared to historical results, budgets, and forecasted financial information, in order to assess segment performance and allocate operating and capital resources. During the quarter ended March 31, 2025, the Company revised its method for allocating corporate expenses to segment operating income to better align with how the segments utilize corporate support activities. This change provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The prior period amounts have been revised to conform to the Company’s current period presentation.
The Global Seating segment designs, manufactures and sells the following products:
•Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market.
•Seats and components sold into the commercial vehicle channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific.
•Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.
The Global Electrical Systems segment designs, manufactures and sells the following products:
•Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.
•The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation and the military/defense industries in North America, Europe and Asia-Pacific.
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.
•Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products.
The following tables present financial information for the Company's reportable segments for the periods indicated:
| For the year ended December 31, 2025 | |||||||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Total | ||||||||||||||||||||
| Revenues | $ | 287,249 | $ | 203,186 | $ | 158,567 | $ | 649,002 | |||||||||||||||
| Cost of revenues | 251,968 | 181,694 | 146,955 | 580,617 | |||||||||||||||||||
| Gross profit | 35,281 | 21,492 | 11,612 | 68,385 | |||||||||||||||||||
| Selling, general & administrative expenses | 27,435 | 19,443 | 12,402 | 59,280 | |||||||||||||||||||
Operating income 1 | $ | 7,846 | $ | 2,049 | $ | (790) | $ | 9,105 | |||||||||||||||
Corporate and other unallocated costs 2 | 9,761 | ||||||||||||||||||||||
Other (income) expense | 1,593 | ||||||||||||||||||||||
Interest expense | 13,028 | ||||||||||||||||||||||
| Loss on early extinguishment of debt | 460 | ||||||||||||||||||||||
Loss before provision for income taxes | $ | (15,737) | |||||||||||||||||||||
| Capital expenditures, depreciation and restructuring: | |||||||||||||||||||||||
| Capital expenditures | $ | 4,036 | $ | 3,676 | $ | 2,784 | |||||||||||||||||
| Depreciation expense | $ | 5,407 | $ | 4,847 | $ | 3,262 | |||||||||||||||||
| Restructuring | $ | 2,585 | $ | 1,727 | $ | 1,037 | |||||||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Total | ||||||||||||||||||||
| Revenues | $ | 314,682 | $ | 203,128 | $ | 205,545 | $ | 723,355 | |||||||||||||||
| Cost of revenues | 277,131 | 189,946 | 183,001 | 650,078 | |||||||||||||||||||
| Gross profit | 37,551 | 13,182 | 22,544 | 73,277 | |||||||||||||||||||
Selling, general & administrative expenses 3 | 33,521 | 17,742 | 10,698 | 61,961 | |||||||||||||||||||
Operating income 1 | $ | 4,030 | $ | (4,560) | $ | 11,846 | $ | 11,316 | |||||||||||||||
Corporate and other unallocated costs 2 | 12,074 | ||||||||||||||||||||||
Other (income) expense | (2,200) | ||||||||||||||||||||||
| Interest expense | 9,174 | ||||||||||||||||||||||
| Loss on early extinguishment of debt | 509 | ||||||||||||||||||||||
Income before provision for income taxes | $ | (8,241) | |||||||||||||||||||||
| Capital expenditures, depreciation and restructuring: | |||||||||||||||||||||||
| Capital expenditures | $ | 5,082 | $ | 5,421 | $ | 3,446 | |||||||||||||||||
| Depreciation expense | $ | 5,186 | $ | 4,927 | $ | 3,279 | |||||||||||||||||
| Restructuring | $ | 1,546 | $ | 3,745 | $ | 5,329 | |||||||||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||||||||
| Global Seating | Global Electrical Systems | Trim Systems and Components | Total | ||||||||||||||||||||
| Revenues | $ | 348,690 | $ | 242,390 | $ | 244,389 | $ | 835,469 | |||||||||||||||
| Cost of revenues | 305,539 | 202,745 | 205,911 | 714,195 | |||||||||||||||||||
| Gross profit | 43,151 | 39,645 | 38,478 | 121,274 | |||||||||||||||||||
| Selling, general & administrative expenses | 34,026 | 17,088 | 17,399 | 68,513 | |||||||||||||||||||
Operating income 1 | $ | 9,125 | $ | 22,557 | $ | 21,079 | $ | 52,761 | |||||||||||||||
Corporate and other unallocated costs 2 | 12,888 | ||||||||||||||||||||||
Other (income) expense | 1,195 | ||||||||||||||||||||||
Interest expense | 10,248 | ||||||||||||||||||||||
Income before provision for income taxes | $ | 28,430 | |||||||||||||||||||||
| Capital expenditures, depreciation and restructuring: | |||||||||||||||||||||||
| Capital expenditures | $ | 8,067 | $ | 8,669 | $ | 1,891 | |||||||||||||||||
| Depreciation expense | $ | 5,039 | $ | 4,181 | $ | 3,396 | |||||||||||||||||
| Restructuring | $ | 131 | $ | 8 | $ | 678 | |||||||||||||||||
1.Segment operating income includes allocated corporate operating expenses associated with central services such as procurement, quality, logistics, environmental health and safety, information technology, insurance, finance, credit and collections, treasury and human resources. Operating expenses related to corporate headquarter functions are primarily allocated to each segment based on revenue contribution.
2.Unallocated corporate costs include enterprise and governance stewardship which include listing fees, audit fees, compliance costs, insurance costs, Board of Directors fees, and corporate management stock-based compensation expenses. Finally, interest expense, income taxes, and certain other items included in Other (income) expense, which are managed on a consolidated basis, are not allocated to the operating segments.
3.For the twelve months ended December 31, 2024, a $3.5 million gain on the sale of a building was previously reported on a full year basis in the Recast Segment Information in the selling, general and administrative expenses of the Global Seating segment and has been reclassified to the Trim Systems and Components segment herein. The reclassification is immaterial to the Company's consolidated financial statements and had no effect on the consolidated balance sheet, statement of operations or statement of cash flows as previously reported.
The following table presents revenues and long-lived assets for the geographic areas in which we operate:
| Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Revenues | Long-lived Assets | Revenues | Long-lived Assets | Revenues | Long-lived Assets | ||||||||||||||||||||||||||||||
| United States | $ | 404,502 | $ | 60,021 | $ | 504,455 | $ | 65,957 | $ | 596,620 | $ | 67,727 | |||||||||||||||||||||||
| Czech Republic | 106,557 | 6,284 | 93,106 | 6,679 | 102,786 | 8,583 | |||||||||||||||||||||||||||||
| All other countries | 137,943 | 37,491 | 125,794 | 26,253 | 136,063 | 23,983 | |||||||||||||||||||||||||||||
| $ | 649,002 | $ | 103,796 | $ | 723,355 | $ | 98,889 | $ | 835,469 | $ | 100,293 | ||||||||||||||||||||||||
Sales to two of our customers were individually in excess of 10% of total Company revenues in each of the years ended December 31, 2025, 2024 and 2023, as noted in the table below. The following table presents revenue from the above mentioned customer as a percentage of total revenue:
| Years Ended December 31, | ||||||||||||||||||||
| Customer | Primary Segment | 2025 | 2024 | 2023 | ||||||||||||||||
| Customer A | Global Seats and Trim Systems & Components | 13 | % | 13 | % | 13 | % | |||||||||||||
| Customer B | Trim Systems & Components | 11 | % | 11 | % | 10 | % | |||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 14, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.